Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 126th Meeting August 13, 2012 The Volunteer Firefighters’ Relief Fund Committee held its 126th meeting on Monday, August 13, 2012, at 5:00 p.m. in room 209, City Hall, Norwich, Connecticut. 1. Roll Call a. Members Present: Joshua Pothier, Assistant Comptroller Thomas Quinley, Yantic Brigid Marks, City of Norwich Human Resources Art Meizner, Hooker & Holcombe (guest) Joseph Kochanski, Laurel Hill Donald Leary, East Great Plain Frank Davis, Citizen Appointee Karen Mankowski, Occum b. Members Absent: Red McKeon, Occum/Past Chairman Joseph Ruffo, Comptroller Brian Curtin, City Treasurer Richard Benoit, Taftville Pre-Meeting Discussion: Scott Suplita – Paid Norwich Firefighter, member of the City of Norwich Employees Personnel and Pension Board, Vice-President of Norwich Local Firefighter’s Union, Tax-Payer, resident of Occum, has been appointed to the VFFRF Committee as of May 2012. That appointment notification was not made to the VFFRF Committee Board Members until the evening of this meeting at 1645 hours. Due to potential concerns for “A Conflict of Interest”, Scott recused himself for this meeting. Scott further stated that he had volunteered for this position and intends to fulfill his obligation going forward. Brigid Marks called the meeting to order at 5:10 p.m. Brigid Marks noted that Art Meizner is at the top of today’s agenda. The Committee requested that the next scheduled meeting be moved to December 3, 2012, due to the Veteran’s Holiday and financial summary reporting considerations. A motion was made to move the meeting to December 3, 2012 made by Thomas Quinley, seconded by Donald Leary. Approved. Art Meizner reported on the Fund’s 2nd Quarter status, ending June 30, 2012:  Page 3: nd  2 quarter snapshot st  Was a reversal of the 1 quarter – the Market was down  Overall, the portfolio is up for the year nd  2 quarter – risk was off  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 126th Meeting August 13, 2012  Best performing were spicy stocks  Page 10: 50% Stocks, 50% Bonds  Page 11: Portfolio Summary Time Weighted Performance  Down 2.26 quarter to date  Year to date – Up 4.68, up since inception, just under 3%  07/01-08/08 – up 2%  Page 13: YTD – up 7.01%  Page 16:  In this quarter – Large Blend down about 5%  US Small Cap off – down about 5%  Emerging down 8.72%  Bonds up about 2%  Short Duration up 7/8%  Static Portfolio down 2.23% YTD  Page 17:  Large Cap – up 2.73%  Internationals up 3.5%  Emerging up 3.5%  PIMCO – up 7.15%  Bonds up 1.12%  Portfolio up 2%  Rest of the year will be choppy at best.  Election  Spending cuts  Art states that Portfolio performance is not projected to be all that bad. Overall the economy seems to be just slightly a little bit better.  Obama, Art believes he will be re-elected  Stock Market is up about 13%  Overall – positive  Page 19  Russell U.S. Defensive  U.S. Large Cap Equities  Approximately 500 stocks in Consumer Stables  Will go up with the Stock Market, but ups and downs will not be as much.  Russell 1000 Dynamic – opposite our portfolio – will be the defensive.  Overall we have 8.5% invested  Change in strategy:  We will stick to Defensive for 2-3 quarters and then re-evaluate.  More information next time.  This change will be automatic, no change required.  Committee agrees.  Originally went with Russell due to good money management techniques.  Page 12 & 13: What are the small contributions and withdrawals? Art Meizner to provide the answer.  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 126th Meeting August 13, 2012 Motion made by Thomas Quinley to accept the report with the outstanding action item, seconded by Joseph Kochanski. Approved. 2. Minutes: The March meeting minutes were reviewed. Motion made to accept the meeting minutes by Frank Davis, seconded by Joe Kochanski. Approved. 3. Treasurer’s Report – The Treasurer’s Report was reviewed a. Refunded James Kimrey’s money on May 17, 2012 b. 2012-2013 Annual City Appropriation was deposited to the account in one lump sum. c. $62,000 per quarter expenses are being paid by the VFFRF. d. Thomas Quinley made a motion to move $62,000 to Hooker & Holcombe (Art Meizner) for investment. Seconded by Donald Leary, approved. 4. New Business a. Laurel Hill Volunteer Fire Department – Refund request from Steven Handleman, 15 year member, who has since moved and left the area. Refund with interest $2,307.92. Motion made by Thomas Quinley, seconded by Frank Davis to refund Mr. Handleman his contributions with interest. Approved. b. Occum Volunteer Fire Department – Kyle Seitz, 1 year member, requested a refund. Motion made by Thomas Quinley to refund Mr. Seitz his money, seconded by Joseph Kochanski. Approved. c. Actuary bill for Hooker & Holcombe Actuarial fees for 2 years - $5,795. Motion made by Thomas Quinley to pay the fees, seconded by Frank Davis. Approved. d. Brigid Marks: City Personnel and Pension Board i. Divorce issues: ex-spouse ii. Actuarial fees will now be assessed to the Requestor iii. Motion that all actuarial fees due to divorce issues will be assessed to the requester was made by Thomas Quinley, seconded by Josh Pothier. Approved. iv. Based on Corporation Council Resolution we will bill accordingly going forward. These fees typically range from $500-700 per instance. A motion was made by Thomas Quinley to adjourn the meeting, seconded by Frank Davis. Approved. Meeting adjourned at 1756 hrs. Respectfully submitted, Thomas G. Quinley Secretary