Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 125th Meeting May 14, 2012 The Volunteer Firefighters’ Relief Fund Committee held its 125th meeting on Monday, May 14, 2012, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call a. Members Present: Richard Benoit, Taftville Joshua Pothier, Assistant Comptroller Red McKeon, Occum/Past Chairman Thomas Quinley, Yantic Brigid Marks, City of Norwich Human Resources Art Meizner, Hooker & Holcombe (guest) Joseph Kochanski, Laurel Hill b. Members Absent: Donald Leary, East Great Plain Frank Davis, Citizen Appointee Karen Mankowski, Occum Joseph Ruffo, Comptroller Brian Curtin, City Treasurer Richard Benoit called the meeting to order at 5:06 p.m. Motion made by Thomas Quinley, seconded by Josh Pothier to allow Art Meizner to report on the Volunteer Firefighters’ Relief Fund’s financial status. Approved. Mr. Benoit called on Mr. Art Meizner for the report. Art Meizner reported on the Fund’s 1st Quarter status, ending March 31, 2012:  Page 3:  Today the Stock Market is down 120+ points.  Overall a great 1st quarter. Risk on market – they did better than conservative  Large Growth did better.  Page 4:  International – Germany up 21%, EAFE up 10%  India leading the emerging market.  Page 5:  Government Bonds did not fare well  Page 6:  REIT’s did well  Commodities had a slight recovery  Page 7:  Greece, Europe, and Germany – these factors have all had an adverse impact on US Market.  Page 11:  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 125th Meeting May 14, 2012  50% / 50% level, total portfolio at $1,633,929, as of 3/31/12.  Will probably have to move to TIPS, Bond Side versus Equity.  Later this year the Committee will have to look at a re-distribution.  Bond Market will have to be more defensive for the Fund. Risk anchors.  Page 12:  Up 7.1%  Since inception up 3.56%  Portfolio up 4.99% from 01/01/12 – 5/11/12  Page 15:  Russell Core up 13.54%  Russell Small up 14.29%  International up 12.14%  Emerging up 13.83%  PIMCO Commodity up 3.17%  Russell Bonds up 1.6%  Short Duration up 1.75%  World Bonds up 2.92%  Fund Summary – up 7.22%  Funds performed well. Active investments, spread across many managers. Better than passive benchmarks.  Art Meizner recommends no change to the Fund allocations at this time.  International  World Allocation Funds may require a closer look going forward.  Next meeting August 13, 2012; 4th quarter meeting November 13, 2012. Motion made by Thomas Quinley to return to the regular meeting. Seconded by Josh Pothier, approved. Committee returned to the regular meeting. 2. Minutes: The February meeting minutes were reviewed. Motion made to accept the meeting minutes by Joshua Pothier, seconded by Joe Kochanski. Approved. 3. Treasurer’s Report – The Treasurer’s Report was reviewed, noted up approximately $60,000. A motion to accept the report as presented was made by Thomas Quinley, seconded by Joe Kochanski. Approved. a. Mr. Pothier noted that the next contribution to the VFFRF will be deposited on or about July 1, 2012. b. Motion made by Josh Pothier to add the Actuarial Report, seconded by Thomas Quinley. i. Allocating $310,000 ii. Plan - $308,987 iii. Eric Conley’s application from Yantic may have been miss-placed or never turned in by Mr. Conley. Josh Pothier and Thomas Quinley will  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 125th Meeting May 14, 2012 recheck the files/paperwork submitted and advise if a signed application is required. 4. New Business a. Item 5 on the Agenda: Section 4.2 i. Costa (Taftville) 05/2008, 1st calendar year of participation starts the clock. 2nd year is allowed to be purchased. ii. Taftville had an administrative error for years 2010 and 2011. iii. Motion made by Thomas Quinley, seconded by Josh Pothier to accept the correction and confirm that Mr. Costa’s time of service is now correct. Approved. b. Taftville: request for refund by James Kimrey. i. 14 years of service ii. Reason for refund – moving to South Carolina. iii. Motion made by Thomas Quinley, seconded by Joe Kochanski to approve the request for refund based on the Comptroller’s Office verification of service time. Approved. A motion was made by Thomas Quinley to adjourn the meeting, seconded by Joe Kochanski. Approved. Meeting adjourned at 1758 hrs. Respectfully submitted, Thomas G. Quinley Secretary