Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · August 12, 2013
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
129th Meeting
August 12, 2013
The Volunteer Firefighters’ Relief Fund Committee held its 129th meeting on Monday,
August 12, 2013, at 5:00 p.m. in Room 209, City Hall, Norwich, Connecticut.
1. Roll Call
a. Members Present:
Richard Benoit, Taftville
Thomas Quinley, Yantic
Art Meizner, Hooker & Holcombe (guest)
Joseph Kochanski, Laurel Hill
Donald Leary, East Great Plain
Karen Mankowski, Occum
Scott Suplita, P&P Board Appointee
Red McKeon, Occum/Past Chairman
b. Members Absent:
Joshua Pothier, Assistant Comptroller
Brigid Marks, City of Norwich Human Resources
Brian Curtin, City Treasurer
Richard Benoit called the meeting to order at 5:01p.m.
Richard Benoit noted that Art Meizner is at the top of today’s agenda.
Art Meizner, Hooker & Holcombe, reported on the Fund’s 2013 2nd Quarter status:
No recommendations currently
Moving along until mid-May
Bond markets took it on the chin.
The Fund has 50% bonds – we got hurt.
Emerging Markets are looking better
We have 4% in Foreign Equities.
Page 18: The Fund became more diversified in Bonds
Page 20: Portfolio off, down 0.99%
Page 23: Three (3) Large Blend Funds
Index Funds did better – up 2.4%
Small Blend up 4.14%
Foreign up 0.53%
Emerging down 7.78% - percentage invested 4%
Commodities down 15.39% - percentage invested 2%
Page 24:
Bonds down 2.6%
Multi-Section down 2.15%
PIMCO down 2%
Short Term down 0.98%
World Bond down 3.58%
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
129th Meeting
August 12, 2013
Hold these funds, no changes at this time.
Page 25: Up 5.2% for July; short term results punches back
Page 26: Increase – bonds up slightly
Portfolio up 2.74% for July
Art is comfortable with where we are now. Slight adjustments from the Old Portfolio to the New
Portfolio helped the Fund in the positive direction. Year-to-Date comparison: Old – 5.71%; New
– 6.28%.
Positioned with a nice assortment of Bonds
Stock market has done well so far this year.
The Fund is 50% Bonds and 50% Stocks
Art Meizner concluded his presentation at 1722 hours.
Motion made by Tom Quinley to invest $53,000.00 into the current asset allocation. The
investment may be broken up three (3) ways. The motion seconded by Donald Leary,
approved.
Next meeting November 18, 2013
Josh Pothier to provide payment schedule for Art Meizner at the next meeting for 2014.
Bank Account or out of H&H Administered Funds.
2. Minutes: May meeting minutes were reviewed. A motion to accept with Draft Ordinance
Change #1437 by Thomas Quinley. Seconded by Donald Leary, approved.
3. Treasurer’s Report – None
4. New Business
a. No refund requests
b. No bills
c. No Applicants
d. Status on vacancy on the Committee – no update provided
A motion was made by Thomas Quinley to adjourn the meeting, seconded by Joseph Kochanski.
Approved.
Meeting adjourned at 1743 hrs.
Respectfully submitted,
Thomas G. Quinley
Secretary
Agenda
To: Members of the Volunteer Firefighter Relief Fund Committee
From: Richard Benoit, Chairman of the Volunteer Firefighters’ Relief Fund
Subject: Regular Meeting #129
Meeting Date: Monday, August 12, 2013
Meeting Time: 5:00 p.m.
Meeting Location: Room 209, City Hall
Agenda Items:
1. Call to Order
2. Review of June 30, 2013 investment results by Art Meizner from Hooker &
Holcombe Investment Advisors (attached)
3. Review of minutes from the Regular Meeting on May 13, 2013 (available on the
website)
4. Treasurer’s report for the quarter ended June 30, 2013 (attached)
5. Discussion and action on proposed transfer of $53,000 into Hooker & Holcombe
Investment Advisors, calculated as follows:
Contribution from City to VFFRF 308,987
Estimated Contributions by Volunteers 15,000
Estimated Benefit Payments to be Paid during FY2014 (264,000)
Estimated Actuary Fees (7,000)
Net Amount Available for Investment 52,987
SAY 53,000
6. Refund request(s):
a.
7. Approval of bills
a.
8. New Applications for Benefits
a.
9. Status update on draft recommendation for City Council to bring the Tax
Abatement Ordinance #1437 call and drill requirements in line with the Relief Fund’s
call & drill requirements.
10. Status update on vacancy on the Committee.
11. Adjournment
Please notify Richard Benoit (860) 886-1774 or Brigid Marks (860) 823-3786 if you are
unable to attend the meeting.
Hooker & Holcombe Investment Advisors, Inc.
PORTFOLIO SUMMARY
City of Norwich
Volunteer Firefighters' Relief Fund
June 30, 2013
Actual Allocation Assets
Actual Allocation Market Pct Target
Security Value Assets Pct
Large Cap Equity
Russell U.S. Core Equity I 144,416.19 8.0 8.00
Russell U.S. Strategic equity S 144,616.68 8.0 8.00
2.0% 1.0% Schwab S&P 500 Index - Select 144,380.37 8.0 8.00
4.0%
24.0% 433,413.24 24.0
Large Cap Equity (24.0%) 24.0
Small Cap Equity (6.0%) 6.1
44.8%
6.1% Int'l Equity (18.0%) 18.2 Small Cap Equity
Int Term Bond (45.0%) 44.8
18.2% Short Term Bond (4.0%) 4.0 Russell U.S. Small Cap Equity I 54,635.43 3.0 3.00
Specialty (2.0%) 2.0
Schwab Small-Cap Index Fund 54,473.12 3.0 3.00
Cash and Equiv (1.0%) 1.0
109,108.55 6.1
Int'l Equity
Russell Emerging Markets S 74,097.56 4.1 4.00
Russell Global Equity S 90,350.21 5.0 5.00
Russell Intl Developed Markets I 162,956.21 9.0 9.00
327,403.98 18.2
Target Allocation
Int Term Bond
Target Allocation
American Funds Capital World Bond R4 35,852.27 2.0 2.00
Loomis Sayles Global Bond R 35,726.98 2.0 2.00
Neuberger Berman Strategic Income I Fund 143,388.95 8.0 8.00
PIMCO Income P Fund 143,641.11 8.0 8.00
2.0% 1.0% PIMCO Unconstrained Bond P 71,653.28 4.0 4.00
4.0%
24.0% Pioneer Strategic Income Y 143,793.28 8.0 8.00
Large Cap Equity 24.0 Russell Investment Grade Bond I 89,726.04 5.0 5.00
Small Cap Equity 6.0
45.0%
6.0%
Int'l Equity 18.0 Russell Strategic Bond 143,495.36 8.0 8.00
Int Term Bond 45.0
18.0% Short Term Bond 4.0 807,277.28 44.8
Specialty 2.0
Cash and Equiv 1.0
Short Term Bond
Russell Short Duration Bond S 71,560.95 4.0 4.00
Specialty
PIMCO Commodity Real Return Strat A 35,208.66 2.0 2.00
1
Hooker & Holcombe Investment Advisors, Inc.
PORTFOLIO SUMMARY
City of Norwich
Volunteer Firefighters' Relief Fund
June 30, 2013
Assets
Market Pct Target
Security Value Assets Pct
Cash and Equiv
Schwab Retirement Adv - sweep 616.21 0.0 0.00
Schwab Retirement Advantage MM 17,867.41 1.0 1.00
18,483.62 1.0
TOTAL PORTFOLIO 1,802,456.29 100.0
2
Hooker & Holcombe Investment Advisors, Inc.
PORTFOLIO SUMMARY
City of Norwich
Volunteer Firefighters' Relief Fund
June 30, 2013
Time Weighted Performance Activity
PERFORMANCE HISTORY SUMMARY From 03-31-13 to 06-30-13
9 Portfolio Value on 03-31-13 1,819,727.35
8 Contributions 758.76
7
Withdrawals 0.00
6
Realized Gains 69.97
Unrealized Gains (22,697.70)
5
Interest 0.16
TWR 4
Dividends 7,350.06
3
Management Fees (2,308.87)
2 Portfolio Fees (443.45)
1
Portfolio Value on 06-30-13 1,802,456.29
0
-1
Quarter To Year To Date Latest 1 Year Latest 3 Year Latest 5 Year Since 02-29-08
Date
Dates
Quarter Year Latest 1 Latest 3 Latest 5 Since
To Date To Date Year Year Year 02-29-08
Account (0.99) 2.82 8.64 8.62 4.46 3.88
Portfolio Growth
From 02-29-08 to 06-30-13
From 12-31-12 to 06-30-13
2000
1800 Portfolio Value on 12-31-12 1,751,530.39
1600
Contributions 1,520.97
Withdrawals 0.00
1400
Realized Gains 36,150.46
Market Value (in Thousands)
1200
Unrealized Gains 8,781.56
1000 Interest 0.27
800
Dividends 9,901.52
600
Management Fees (4,553.92)
Portfolio Fees (874.97)
400
Portfolio Value on 06-30-13 1,802,456.29
200
0 Feb-08
Apr-08
Jun-08
Aug-08
Oct-08
Dec-08
Feb-09
Apr-09
Jun-09
Aug-09
Oct-09
Dec-09
Feb-10
Apr-10
Jun-10
Aug-10
Oct-10
Dec-10
Feb-11
Apr-11
Jun-11
Aug-11
Oct-11
Dec-11
Feb-12
Apr-12
Jun-12
Aug-12
Oct-12
Dec-12
Feb-13
Apr-13
Jun-13
Time Period
Account
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Fiscal Year Ended 6/30/2013
X:\Finance\Finance Public\Pension & OPEB Information\Volunteer Firefighter Relief Fund Info\Investment statements\[FY 2012-13 VFFRF cash & investments.xls]FY2013
Hooker &
Checking Holcombe Total
Beginning Balance 894.48 1,597,044.20 1,597,938.68
Receipts:
Annual City Appropriation 310,000.00 - 310,000.00
East Great Plain 5,400.00 - 5,400.00
Laurel Hill 864.00 - 864.00
Occum 1,512.00 - 1,512.00
Taftville 2,376.00 - 2,376.00
Yantic 4,536.00 - 4,536.00
Interest Income 160.87 0.65 161.52
Realized Gains/(Losses) - 37,123.57 37,123.57
Unrealized Gains/(Losses) - 68,210.90 68,210.90
Dividends - 47,206.33 47,206.33
-
Total Receipts 324,848.87 152,541.45 477,390.32
Transfers Between Accounts (62,000.00) 62,000.00 -
Disbursements:
Refunds 5,404.77 - 5,404.77
Pensions Paid 250,570.00 - 250,570.00
Actuary Fees 6,895.00 - 6,895.00
Postage/ Other - - -
Investment Fees - 9,129.37 9,129.37
Total Disbursements 262,869.77 9,129.37 271,999.14
Ending Balance 873.58 1,802,456.28 1,803,329.86
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Quarter Ended 6/30/2013
X:\Finance\Finance Public\Pension & OPEB Information\Volunteer Firefighter Relief Fund Info\Investment statements\[FY 2012-13 VFFRF cash & investments.xls]Jun
Hooker &
Checking Holcombe Total
Beginning Balance 65,208.72 1,819,727.35 1,884,936.07
Receipts:
Annual City Appropriation - - -
East Great Plain - - -
Laurel Hill - - -
Occum - - -
Taftville - - -
Yantic - - -
Interest Income 5.86 0.16 6.02
Realized Gains/(Losses) - 828.73 828.73
Unrealized Gains/(Losses) - (22,697.70) (22,697.70)
Dividends - 7,350.06 7,350.06
-
Total Receipts 5.86 (14,518.75) (14,512.89)
Transfers Between Accounts - - -
Disbursements:
Refunds - - -
Pensions Paid 64,341.00 - 64,341.00
Actuary Fees - - -
Postage/ Other - - -
Investment Fees - 2,752.32 2,752.32
Total Disbursements 64,341.00 2,752.32 67,093.32
Ending Balance 873.58 1,802,456.28 1,803,329.86
Get email alerts for Norwich
A daily email when new agendas and minutes are posted.