Volunteer Firefighter Relief Fund Committee

To: Members of the Volunteer Firefighter Relief Fund Committee From: Richard Benoit, Chairman of the Volunteer Firefighters’ Relief Fund Subject: Regular Meeting #136 Meeting Date: Monday, May 16, 2016 Meeting Time: 5:00 p.m. Meeting Location: Room 209, City Hall Agenda Items: 1. Call to Order 2. Tabled from 10/19/15 Meeting: Election of officers for 2016. 3. Review of December 31, 2015 and March 31, 2016 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) 4. Consideration of recommendations by Art Meizner for changes in investment portfolio. 5. Review of January 1, 2016 Actuarial Valuation Report (to be distributed) 6. Review of minutes from the Special Meeting on October 19, 2015 (available on the website) 7. Treasurer’s report for the quarters ended December 31, 2015 and March 31, 2016 (attached) 8. Refund requests 9. Bills a. $1,850 Hooker & Holcombe actuary fees for the GASB 67/68 reporting for the annual audit. Paid in November 2015. b. $379.21 advertising cost for the VFFRF Plan revision ordinance. Paid in November 2015. c. $352 for MuniCode costs to incorporate VFFRF Plan revision ordinance into the Code of Ordinances d. $6,500 for Hooker & Holcombe fees for January 1, 2016 valuation 10. New members a. EGP – Ellen Guile b. Yantic – Ryan Mocek c. Yantic – William Murray d. Yantic – Richard Spence 11. New applications for benefits a. Yantic: Joseph Murray – January 2016. 20 Years of Service. $440 monthly payment. Benefit payments started in March 2016 retroactive to January 2016. 12. Consideration of Proposed Administrative Procedures to streamline administration of Relief Fund between Committee meetings. (see attached) 13. Adjournment Please notify Richard Benoit (860) 886-1774 or Brigid Marks (860) 823-3786 if you are unable to attend the meeting. Proposed Administrative Procedures Approval of Bills Committee will approve a budget for each fiscal year. Any expenditures which were not anticipated when the budget was approved will need to be approved by the Committee. The Committee would not need to approve the payment of bills that were already approved in the budget. The Treasurer of the Committee will continue to provide quarterly Treasurer’s reports which give detail of the revenues and expenditures of the Fund. Refund Requests When a refund request is received from a Plan Member, the Finance department will contact the Plan Member’s department and compare its contribution history records to the Finance department’s records. If they match, the Finance department will calculate the interest and issue the refund. If they do not match, the member’s department and Finance department will research and resolve the discrepancy and then the Finance department will calculate the interest and issue the refund. If there are any questions regarding the validity of the refund request or the party to whom the payment should be issued, the matter will be brought up at the next meeting of the Committee. Refunds will be listed in the quarterly Treasurer’s report. New Applications for Benefits Plan Members who have reached the minimum number of years of service and who will be turning the minimum age to receive benefits within the next six months will be added to the agenda of the next meeting of the Committee for approval of benefits at the appropriate rate for the years of credited service purchased as of the date of approval and effective in the month of the member’s next birthday. (Next one to fit this criteria is Yantic’s Paul O’Connell in April 2017) Plan Members who have reached the minimum age to receive benefits and are expected to reach the minimum number of years of service within the next six months will be added to the agenda of the next meeting of the Committee for approval of benefits at the minimum number of years of service effective in the month of the City’s receipt of payment by the Plan Member for the purchase of the credited service and the annual roster verifying the satisfaction of the training and call requirements certified by the chief of the member’s department. (Next one to fit this criteria is Yantic’s Hugh Schnip in January/February 2017) In the event that the Committee is not able to hold a meeting to approve a new application for benefits prior to the Plan Member’s Normal Retirement Date, the Finance department may begin benefit payments as long as it is satisfied that there are no questions about years of credited service purchased and all requisite forms have been received from the Plan Member. Increases in Benefit Payments for Retired Members Who Earn Additional Years of Credited Service The monthly benefit payments for Retired Members who have earned and purchased additional years of Credited Service will be increased effective in the month of the City’s receipt of payment by the Plan Member for the purchase of the Credited Service and the annual roster verifying the satisfaction of the training and call requirements certified by the chief of the member’s department. No action is required by the Committee. City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 12/31/2015 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2016\G. Investments\[FY 2015-16 VFFRF cash & investments.xls]2Q Hooker & Checking Holcombe Total Beginning Balance 262,903.83 2,083,131.38 2,346,035.21 Receipts: Annual City Appropriation - - - East Great Plain - - - Laurel Hill 264.00 - 264.00 Occum - - - Taftville - - - Yantic - - - Interest Income 65.63 - 65.63 Realized Gains/(Losses) - 1,248.30 1,248.30 Unrealized Gains/(Losses) - (58,991.43) (58,991.43) Dividends - 98,878.51 98,878.51 - Total Receipts 329.63 41,135.38 41,465.01 Transfers Between Accounts (28,000.00) 28,000.00 - Disbursements: Refunds 1,544.60 - 1,544.60 Pensions Paid 73,294.00 - 73,294.00 Actuary Fees 1,850.00 - 1,850.00 Postage/ Other 379.21 - 379.21 Investment Fees - 2,254.69 2,254.69 Total Disbursements 77,067.81 2,254.69 79,322.50 Ending Balance 158,165.65 2,150,012.07 2,308,177.72 Note: The "Postage/Other" is the advertising cost for the VFFRF Plan revision ordinance The refunds were for Paul Tardif, Jr. and David Houseman, Jr. Actuary fees were for the GASB 67/68 reporting for the annual audit City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 3/31/2016 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2016\G. Investments\[FY 2015-16 VFFRF cash & investments.xls]3Q Hooker & Checking Holcombe Total Beginning Balance 158,165.65 2,150,012.07 2,308,177.72 Receipts: Annual City Appropriation - - - East Great Plain 5,808.00 - 5,808.00 Laurel Hill - - - Occum 1,584.00 - 1,584.00 Taftville 2,904.00 - 2,904.00 Yantic 5,280.00 - 5,280.00 Interest Income 60.10 - 60.10 Realized Gains/(Losses) - (57.80) (57.80) Unrealized Gains/(Losses) - 12,681.39 12,681.39 Dividends - 7,509.71 7,509.71 - Total Receipts 15,636.10 20,133.30 35,769.40 Transfers Between Accounts (14,200.00) 14,200.00 - Disbursements: Refunds - - - Pensions Paid 76,215.00 - 76,215.00 Actuary Fees - - - Postage/ Other - - - Investment Fees - 2,143.71 2,143.71 Total Disbursements 76,215.00 2,143.71 78,358.71 Ending Balance 83,386.75 2,182,201.66 2,265,588.41 Note: