Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · August 20, 2018
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
140th Meeting
August 20, 2018
The Volunteer Firefighters’ Relief Fund Committee held a special meeting on Monday,
August 20, 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
Donald Leary, East Great Plain Committee Secretary
Shane Dupuis, Taftville
Karen Mankowski, Occum
Joseph Kochanski, Laurel Hill
Ronald Stoltz, Citizen Appointee
b. Members Absent:
Brigid Marks, Human Resource Director, Committee Vice-Chair
Richard Benoit, Taftville Past Chair
John Salomone, City Manager
John A. John, P&P Board Appointee
c. Others Present:
Art Meizner, guest, Hooker & Holcombe
Thomas Quinley called the meeting to order at 5:00 p.m.
2. Art Meizner presented the Hooker & Holcombe 2nd Quarter review of the plan’s
performance.
a. Page 1: Small caps did better than large caps.
b. Page 2: Emerging markets were off 7.9%, The US exports portion of the economy
is only 8% so tariffs should not have a large affect.
c. Page 3: Bonds are not doing nearly as well as equities.
d. Page 9: Large blend mutual funds were up 2.88%
e. Page 10: Emerging markets were down 8.78% as the strong dollar reduced returns
in non US funds.
f. He then presented a hand out of a Weekly Market Review which indicated the
yield curve is flattening and looking to stay short term so stay away from long
term bonds.
g. Page 2: Plan investments for the – Quarter up 1.67%, YTD up 1.87%, one year up
8.91%.
h. Reviewed each allocation in detail and determined that no modifications were
necessary at this time.
i. The Plan has done well and we will meet in November 2018 to review 3th quarter
performance.
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City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
140th Meeting
August 20, 2018
3. Treasurer Reports: Reviewed as presented by Josh Pothier.
a. Refunds made in June to Brian Lamothe of Yantic.
b. Motion made by Thomas Quinley to accept the Report as presented and for
Joshua Pothier to provide an updated balance sheet for the 1 July to 20 August
period, seconded by Joseph Kochanski. Approved
4. Minutes: Minutes from the 30 April 2018 Special Meeting were reviewed.
a. Motion made by Joseph Kochanski to accept the minutes as with editorial
changes, seconded by Thomas Quinley. Approved.
5. Communications: Joshua Pothier made a motion to accept the resignation of Robert Aldi,
seconded by Joseph Kochanski. Approved.
6. Unfinished Business: None
7. New Business: None
8. Bill Payments:
a. Josh Pothier presented a detailed projection of bills, revenues and transfers for the
Fiscal Year 2018-19 year and noted that one half of the City’s contribution to the
fund was deposited into the investment account.
9. Discussion on the results of actuarial services proposals reviews.
a. Josh Pothier stated that seven proposals were received and reviewed, three
companies were interviewed and Milliman was selected.
b. Discussion on how Milliman was selected, Hooker and Holcombe will remain the
Funds investment advisors.
A motion was made by Ronald Stoltz to adjourn the meeting, seconded by Karen Mankowski.
Approved. Meeting adjourned at 5:51 p.m.
Respectfully submitted,
Donald Leary, Secretary
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Agenda
To: Members of the Volunteer Firefighter Relief Fund Committee
From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund
Subject: Regular Meeting #140
Meeting Date: Monday, August 20, 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. Review of March 31, 2018 and June 30, 2018 investment results by Art Meizner from
Hooker & Holcombe Investment Advisors (to be distributed)
b. Treasurer’s report for the quarter ended June 30, 2018 (attached)
5. Approval of minutes of preceding meeting
a. Review of minutes from the Special Meeting on April 30, 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. Yantic: Brian Lamothe – 5 years of credited service (2008-2012). Refund of
$1,008 contributions plus $243.19 interest paid on June 21, 2018.
f. Discussion of results of actuarial services request for proposals process.
g. 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, November 19, 2018
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Quarter Ended 6/30/2018
X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2018\G. Investments\[G-3 2018 VFFRF cash & investments.xlsx]4Q
Hooker &
Checking Holcombe Total
Beginning Balance 93,958.92 2,770,164.94 2,864,123.86
Receipts:
Annual City Appropriation - - -
East Great Plain - - -
Laurel Hill - - -
Occum - - -
Taftville - - -
Yantic - - -
Interest Income 125.64 42.55 168.19
Realized Gains/(Losses) - 9,238.46 9,238.46
Unrealized Gains/(Losses) - (1,317.21) (1,317.21)
Dividends - 10,346.71 10,346.71
-
Total Receipts 125.64 18,310.51 18,436.15
Transfers Between Accounts (12,500.00) 12,500.00 -
Disbursements:
Refunds 1,251.19 - 1,251.19
Pensions Paid 83,142.66 - 83,142.66
Actuary Fees - - -
Postage/ Other - - -
Investment Fees - 3,224.60 3,224.60
Total Disbursements 84,393.85 3,224.60 87,618.45
Ending Balance (2,809.29) 2,797,750.85 2,794,941.56
Refund of contributions was for Brian Lamothe
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