Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · April 30, 2018
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
Special Meeting
April 30, 2018
The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday,
April 30, 2018, at 5:00 p.m. in Room 213, City Hall, Norwich, Connecticut.
1. Roll Call
a. Members Present:
Thomas Quinley, Yantic, Committee Chair
Joshua Pothier, Comptroller, Committee Treasurer
Brigid Marks, Human Resource Director, Committee Vice-Chair
Donald Leary, East Great Plain Committee Secretary
Shane Dupuis, Taftville
Karen Mankowski, Occum
Joseph Kochanski, Laurel Hill
Ronald Stoltz, Citizen Appointee
b. Members Absent:
Richard Benoit, Taftville Past Chair
Robert Aldi, Citizen Appointee
John Salomone, City Manager
John A. John, P&P Board Appointee
c. Others Present:
Steve Lemanski, guest, Hooker & Holcombe
Thomas Quinley called the meeting to order at 5:00 p.m.
a. A motion was made by Joshua Pothier to move the Hooker & Holcombe
presentation to first on the agenda seconded by Donald Leary. Approved.
2. Review of the 1 January 2018 actuarial valuation by Steve Lemanski from Hooker &
Holcombe
a. The funded ratio increased to 44.6% from 39.3%
b. The Actuarially Determined Employer Contribution (ADEC) is $365,469 for FY
2019 & 20 verses approximately $373,322 for FY 2018 & 18.
c. The return on assets averaged approximately 11% for the two year period.
d. The assumption was changed to reflect the most recent mortality improvement
scale (MP-2017), as published annually by the Society of Actuaries.
e. A motion was made by Joshua Pothier to accept the report; seconded by Joseph
Kochanski. Approved.
3. The committee reviewed the March 31, 2018 investment results provided by Art
Meizner from Hooker & Holcombe Investment Advisors.
a. The portfolio was slightly negative -0.4% for the quarter and up 10.1% for one
year
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
Special Meeting
April 30, 2018
b. Equites cooled off after a torrid 2017, with Large Cap stocks down about 1%.
Intra-year declines were down 10% in Q1, 3 times the decline in all of 2017.
c. 1st quarter proved challenging for bond holders as the Barclays Aggregate lost
1.5%.
d. Equity Market Neutral turned negative in the quarter, reversing a positive trend
for one and three years.
Motion made by Joseph Kochanski to accept the investment results, seconded by Shane
Dupuis. Approved
4. Treasurer Report: The 1st quarter Treasurer Report was presented by Josh Pothier.
a. Actuary fees were as follows: $150 for Paul O'Connell QDRO update; $2,250 for
GASB Statement 67/68 disclosure; $6,500 for 1/1/18 actuarial valuation.
b. Investment Fees were $3,232.52.
c. Projected Revenues, Expenditures, and Transfers were reviewed.
i. Projected $14,000 in contributions,
ii. $2,250 for the GASB report
iii. $6,000 in refunds.
iv. $32,000 transferred to the investment account.
d. A motion was made by Thomas Quinley to accepted the reports as presented,
seconded by Karen Mankowski. Approved.
4. Minutes: Minutes from the February 20th Regular Meeting were reviewed.
e. Motion made by Shane Dupuis to accept the minutes as presented, seconded by
Karen Mankowski. Approved.
5. Communications: None
6. Old Business: None
7. New Business:
a. Motion made by Joseph Kochanski to appoint Thomas Quinley and Donald Leary
to serve on the actuarial services proposal review panel seconded by Karen
Mankowski. Approved.
b. Joshua Pothier presented options to cover the costs incurred when a Qualified
Domestic Relation Order (“QDRO”) Calculations is required; have the Plan
Member or the Committee cover the cost, members agreed to have the Plan
Member responsible for the incurred cost pay the Plan the fee quoted by the
actuary.
i. The full text of the amendment: Qualified Domestic Relation Order
(“QDRO”) Calculations:
If the Plan incurs costs for calculating QDRO benefits and adjustments for
a Plan Member and his/ her ex-spouse, such costs shall be recovered from
such Plan Member. Prior to authorizing the actuary to perform the
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
Special Meeting
April 30, 2018
calculations, such Plan Member shall pay the Plan the fee quoted by the
actuary.
If the Plan has already paid the actuary for the QDRO calculation before a
Plan Member has paid, the Treasurer of the Committee shall send the Plan
Member a letter requesting that he/she reimburse the Plan. If the Plan
Member is receiving benefits, the Treasurer of the Committee shall give
the Plan Member the option of having the reimbursement withheld from
his/her next monthly benefit payment.
If the Plan Member does not reimburse the Plan, he/she will be precluded
from purchasing additional years of Credited Service until he/she does
reimburse the Plan.
ii. Motion made by Joshua Pothier to accept the policy/procedure for
recovering costs of QDRO Calculations, seconded by Karen Mankowski.
Approved
8. Bill Payments: None
Action by Joshua Pothier to contact Alderwoman Gould to find a replacement for Robert Aldi
due to lack of attendance.
A motion was made by Thomas Quinley to adjourn the meeting, seconded by Joshua Pothier.
Approved. Meeting adjourned at 6:40 p.m.
Agenda
To: Members of the Volunteer Firefighter Relief Fund Committee
From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund
Subject: Special Meeting
Meeting Date: Monday, April 30, 2018
Meeting Time: 5:00 p.m.
Meeting Location: Room 213, City Hall
Agenda Items:
1. Call to order
2. Roll call
3. Determination of quorum
4. Reports
a. Written review of March 31, 2018 investment results by Art Meizner from Hooker &
Holcombe Investment Advisors (to be distributed)
b. Treasurer’s report for the quarter ended March 31, 2018 (attached)
5. Approval of minutes of preceding meeting
a. Review of minutes from the Regular Meeting on February 20, 2018 (available on the
website)
6. Communications
7. Unfinished business
8. New business
a. Consideration of recommendations by Art Meizner for changes in investment policy
statement, investment portfolio, if any.
b. Approval of bills
i. Projected revenues, expenditures, and transfers for FY2018-19
c. New members
i. None at this time
d. New applications for benefits
i. None at this time
e. Refunds
i. None at this time.
f. Review of actuarial valuation by Steve Lemanski from Hooker & Holcombe (to be
distributed)
g. Appointment of a Committee member to serve on the actuarial services proposal review
panel.
h. Discussion of policy/procedure for recovering costs of QDRO calculations.
9. Adjournment
Please notify Thomas Quinley (thomas.g.quinley@dominionenergy.com) or Brigid Marks
(bmarks@cityofnorwich.org) if you are unable to attend the meeting.
Next Scheduled Regular Meetings:
• Monday, August 20, 2018
• Monday, November 19, 2018
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Quarter Ended 3/31/2018
X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2018\G. Investments\[G-3 2018 VFFRF cash & investments.xlsx]3Q
Hooker &
Checking Holcombe Total
Beginning Balance (2,528.59) 2,773,604.53 2,771,075.94
Receipts:
Annual City Appropriation 186,661.00 - 186,661.00
East Great Plain 5,016.00 - 5,016.00
Laurel Hill 528.00 - 528.00
Occum 1,584.00 - 1,584.00
Taftville 1,320.00 - 1,320.00
Yantic 5,280.00 - 5,280.00
Interest Income 241.17 44.35 285.52
Realized Gains/(Losses) - 2,854.24 2,854.24
Unrealized Gains/(Losses) - (24,095.82) (24,095.82)
Dividends - 8,490.16 8,490.16
-
Total Receipts 200,630.17 (12,707.07) 187,923.10
Transfers Between Accounts (12,500.00) 12,500.00 -
Disbursements:
Refunds - - -
Pensions Paid 82,742.66 - 82,742.66
Actuary Fees 8,900.00 - 8,900.00
Postage/ Other - - -
Investment Fees - 3,232.52 3,232.52
Total Disbursements 91,642.66 3,232.52 94,875.18
Ending Balance 93,958.92 2,770,164.94 2,864,123.86
Actuary fees were as follows: $150 for Paul O'Connell QDRO update; $2,250 for
GASB Statement 67/68 disclosure; $6,500 for 1/1/18 actuarial valuation
City of Norwich
Volunteer Firefighters' Relief Fund
Projected Revenues, Expenditures, and Transfers
Fiscal Year 2018-19
July August September October November December January February March April May June TOTAL
Beginning balance (1,584) 145,437 117,832 90,206 54,560 21,637 (6,061) 154,305 123,153 94,977 58,780 30,556 (1,584)
City Contribution 182,735 182,735 365,469
Volunteers' contributions 14,000 14,000
Interest Income - 109 88 68 41 16 - 116 92 71 44 23 668
Pension payments (27,714) (27,714) (27,714) (27,714) (27,714) (27,714) (28,268) (28,268) (28,268) (28,268) (28,268) (28,268) (335,892)
GASB 67/68 Actuarial Report (2,250) (2,250)
Biennial Actuarial Valuation - -
Refunds (3,000) (3,000) (6,000)
Advertising/MuniCode Costs for Ordinance Change -
Postage/tax forms (100) (100)
Transfers to investment account (8,000) (8,000) (8,000) (8,000) (32,000)
-
Ending Balance 145,437 117,832 90,206 54,560 21,637 (6,061) 154,305 123,153 94,977 58,780 30,556 2,311 2,311
Notes and Assumptions:
No actuarial valuation in 2018-19. The GASB 67-68 report is for the annual audit.
Refunds have been averaging about $6,000 per year.
Assumed annual interest rate 0.90%
The City's 2018-19 contribution is split in July and January so that the TCD Fund doesn't have negative cash flows during the year.
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