Volunteer Firefighter Relief Fund Committee

Name: Volunteer Firefighter Relief Fund Committee — Norwich, CT
Start: 2014-05-19
End: 2014-05-19
Location: Norwich, CT

Regular Meeting

Norwich, CT · May 19, 2014

Agenda Minutes

Minutes

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 131st Meeting May 19, 2014 The Volunteer Firefighters’ Relief Fund Committee held its 131st meeting on Monday, May 19, 2014, at 5:00 p.m. in Room 209, City Hall, Norwich, Connecticut. 1. Roll Call a. Members Present: Richard Benoit, Taftville Thomas Quinley, Yantic Karen Mankowski, Occum Joshua Pothier, Assistant Comptroller Donald Leary, East Great Plain Red McKeon, Occum/Past Chairman John John, P&P Board Appointee Joseph Kochanski, Laurel Hill Robert Aldi, Citizen Appointee Art Meizner, Hooker & Holcombe b. Members Absent: Scott Suplita, P&P Board Appointee - resigned Brian Curtin, City Treasurer Brigid Marks, City of Norwich Human Resource Anthony Madeira, Deputy Comptroller Richard Benoit called the meeting to order at 5:00p.m. 2. Review of Investments: Thomas Quinley made a motion to have the investment review go first, seconded by Donald Leary. Approved. a. Art Meizner reviewed the investment portfolio i. Page 1, Returns: the Market was all over the place. Our funds are very diversified. The Growth Mutuals were negative for the quarter. ii. Page 10: 50/50, Stocks/Bonds – very diversified, up 1.7%. iii. Page 11: 30% U.S. and 18% International iv. Page 12 & 13: Redundant v. Page 14: Large Blend – 3 approaches, up 1.81%; Small up 1.27%; and foreign up 0.44%. Commodities did better vi. Page 15: Bonds – International bonds did well, up 1.74%; multi-sector up 2.71%. Non-traditional up 1.31%. World Bond Fund up 2.59%. vii. Art recommends no changes or modifications to the Fund’s current investment strategy. 3. Minutes: the March special meeting minutes were reviewed. A motion to accept by Robert Aldi, seconded by Joshua Pothier. Approved. No meeting or minutes for April due to cancelation. City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 131st Meeting May 19, 2014 4. Treasurer’s Report: presented by Josh Pothier, reviewed by the Committee. Fund balance $2,111,575.01 as of 3/31/2014. A motion to accept the report as presented by Thomas Quinley. Seconded by Joseph Kochanski, approved. 5. New Business a. John John was appointed the new P&P and Republican Town Committee representative to the Volunteer Firefighters’ Relief Fund (VFRF) Committee in April. Scott Suplita resigned. b. No refund requests have been submitted to the Committee. c. The next special meeting to be held June 16, 2014 at 5:00 pm. i. Discussion agenda- 5-year Plan Improvements. d. No new member applications submitted to the Committee. e. Impact on Fund by inconsistently participating active volunteers was presented by Hooker & Holcombe. Impact reviewed as of 4/21/2014. i. Motion to maintain funding at $330,000 as previously recommended by Hooker & Holcombe without any changes to assumption methodology previously adopted by the VFRF Committee was made by Thomas Quinley; seconded by Donald Leary. Approved 7 to 1. f. Career Benefits Summary provided with regard to recent Police and Firefighter Contract changes. i. Discussion relative to the information provided by Brigid Marks, Human Resources, City of Norwich. Thank you Brigid. ii. Proposed changes to the current VFRF Ordinance will be discussed at the special meeting on 6/16/2014 at 5:00 pm. g. Codification: Joshua Pothier obtained an estimate cost of $1,550.00 for codification of the VFRF Ordinance from the company currently performing codifications for the City of Norwich. i. Motion made by Thomas Quinley to accept with a fixed price of up to $1,800 maximum. Seconded by Donald Leary, approved. ii. Codification Draft of the VFRF Ordinance to be verified and accepted by the VFRF Committee prior to payment. A motion was made by Thomas Quinley to adjourn the meeting, seconded by Joseph Kochanski. Approved. Meeting adjourned at 1750 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 #131 Meeting Date: Monday, May 19, 2014 Meeting Time: 5:00 p.m. Meeting Location: Room 209, City Hall Agenda Items: 1. Call to Order 2. Review of March 31, 2014 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) 3. Review of minutes from the Special Meeting on March 17, 2014 (available on the website) 4. Treasurer’s report for the quarter ended March 31, 2014 (attached) 5. Resignation of Scott Suplita and appointment of John B. John as the new representative from the Personnel & Pension Board 6. Refund requests 7. Approval of bills 8. New Members 9. New Applications for Benefits 10. Discussion of impact of non-participating members on actuarial valuation. 11. Review of January 1, 2014 actuarial valuation results. 12. Discussion of recent changes in career firefighter pension benefits. 13. Discussion of changes to Volunteer Firefighter Relief Fund Plan. 14. Consideration of appropriating up to $2,000 for the codification of Volunteer Firefighter Relief Fund plan into the City of Norwich Code of Ordinances. 15. Adjournment Please notify Richard Benoit (860) 886-1774 or Brigid Marks (860) 823-3786 if you are unable to attend the meeting. City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 3/31/2014 X:\Finance\Finance Public\Pension & OPEB Information\Volunteer Firefighter Relief Fund Info\Investment statements\[FY 2013-14 VFFRF cash & investments.xls]Mar Hooker & Checking Holcombe Total Beginning Balance 125,840.86 2,011,579.10 2,137,419.96 Receipts: Annual City Appropriation - - - East Great Plain 4,320.00 - 4,320.00 Laurel Hill - - - Occum 864.00 - 864.00 Taftville 1,944.00 - 1,944.00 Yantic 3,672.00 - 3,672.00 Interest Income 29.40 - 29.40 Realized Gains/(Losses) - 238.02 238.02 Unrealized Gains/(Losses) - 27,471.41 27,471.41 Dividends - 7,011.01 7,011.01 - Total Receipts 10,829.40 34,720.44 45,549.84 Transfers Between Accounts - - - Disbursements: Refunds 6,488.62 - 6,488.62 Pensions Paid 65,205.00 - 65,205.00 Actuary Fees - - - Postage/ Other - - - Investment Fees - (298.83) (298.83) Total Disbursements 71,693.62 (298.83) 71,394.79 Ending Balance 64,976.64 2,046,598.37 2,111,575.01 Note: Refunds were for Greg Ensling, Lisa Ensling, Jeff Bochese, Louis Fusaro, Jr., Charles Newman, Larry Smith, Michael Hodges, and William Wrobel.

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