Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · November 19, 2018
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
141st Meeting
November 19, 2018
The Volunteer Firefighters’ Relief Fund Committee held a regular meeting on Monday,
November 19, 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
John A. John, P&P Board Appointee
Ronald Stoltz, Citizen Appointee
Daniel Dennis, Citizen Appointee
b. Members Absent:
Richard Benoit, Occum Past Chair
John Salomone, City Manager
c. Others Present:
Art Meizner, guest, Hooker & Holcombe
Thomas Quinley called the meeting to order at 5:00 p.m.
Thomas Quinley introduced Daniel Dennis as the new citizen appointee, replacing Robert Aldi
2. Art Meizner presented the Hooker & Holcombe reviewed the plan’s 3rd Quarter
performance.
a. Page 2 the All World index was up 4.8% for the 3rd quarter.
b. Page 3: Treasury yields moved higher during the quarter.
c. Page 5: Small caps are up11.5 YTD while Emerging Markets, last year’s winner
is down 7.4%.
d. Page 6: Hooker & Holcombe announced an alliance with Pensionmark, this is not
a merger or acquisition.
e. Page 13: Recommendations:
i. To bring down Emerging Markets to 5% by reducing T Rowe Price
Emerging markets to 3%,
ii. To increase Intermediate Bond to 10% by selling Russell Inv Strategic
Bond and adding fidelity Total Bond 5%.
iii. Reduce PIMCO Corporate Grade Credit Bond to 3%
iv. Reduce world Bond Funds to 4% total exposure by reducing American
Funds Capital World Bond to 1% and reducing Loomis Sayles Global
Bond to 1%.
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
141st Meeting
November 19, 2018
f. Motion made by Karen Mankowski to accept Art Meizner’s recommendations as
presented, seconded by John A. John. Approved
3. Treasurer’s report for the quarter ended September 30, 2018
Reviewed as presented by Josh Pothier.
Motion made by John A. John to accept the report as presented, seconded by
Joseph Kochanski. Approved
4. Minutes: Minutes from the August 20th were reviewed.
a. Motion made by John A. John to accept the minutes as presented, seconded by
Karen Mankowski. Approved.
5. Communications: None
6. Old Business: None
7. New Business:
a. New applications for benefits:
i. EGP Joseph Jackson, all paper work received payments will begin in 2019
after payment for this year is received.
Next eligible individuals:
1. Yantic Robert Allen – eligible in August 2019
2. Taftville William Hadam – eligible in December 2019
b. Discussion of P&P Board’s investment advisory services request for proposals
process.
i. Joshua Pothier informed the committee that the City had hired Hooker &
Holcombe to run the Request For Proposal for the P&P board.
8. Election of Officers:
a. Motion made by Brigid Marks to reappoint the current slate of officers, seconded
by John A. John. Approved unanimously.
b. The slate of officers for 2019 is
i. Thomas Quinley, Committee Chair
ii. Brigid Marks, Committee Co-Chair
iii. Donald Leary Secretary
iv. Joshua Pothier, Treasurer
9. 2019 Meeting Schedule:
a. A motion was made by Karen Mankowski to set the following of regular meetings
for 2019, second by John A. John. All meetings will take place in Room 213, City
Hall, at 5:00 p.m.
i. Tuesday, February 19, 2019
ii. Monday, May 20, 2019
iii. Monday, August 19, 2019
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
141st Meeting
November 19, 2018
iv. Monday November 18, 2019
10. Discussion of electronic delivery of benefit payments. 41 of 52, or 78.8%, receive them
Electronically.
Joshua Pothier provided a list of 11 beneficiaries that are receiving pension payment
notifications by mail and requested that the department representatives contact each of their
respective members on the list and ask them to provide an authorization and email address to
Joshua Pothier to switch from mail to email notification.
A motion was made by John A. John to adjourn the meeting, seconded by Karen Mankowski
Approved. Meeting adjourned at 17:42 hrs.
Respectfully submitted,
Donald Leary, Secretary
Agenda
To: Members of the Volunteer Firefighter Relief Fund Committee
From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund
Subject: Regular Meeting #141
Meeting Date: Monday, November 19, 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 September 30, 2018 investment results by Art Meizner from Hooker &
Holcombe Investment Advisors (to be distributed)
b. Treasurer’s report for the quarter ended September 30, 2018 (attached)
5. Approval of minutes of preceding meeting
a. Review of minutes from the Regular Meeting on August 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. None at this time
c. New members
i. None at this time
d. New applications for benefits
i. Next eligible individuals:
1. EGP Joseph Jackson – needs one more year of service
2. Yantic Robert Allen – eligible in August 2019
3. Taftville William Hadam – eligible in December 2019
e. Refunds
i. None at this time
f. Discussion of P&P Board’s investment advisory services request for proposals process.
g. Election of officers for 2019.
h. Schedule of Regular Meetings for 2019. All meetings will take place at 5:00 p.m. in
Room 213 of City Hall
i. Tuesday, February 19, 2019
ii. Monday, May 20, 2019
iii. Monday, August 19, 2019
iv. Monday, November 18, 2019
i. Discussion of electronic delivery of benefit payments. 41 of 52, or 78.8%, receive them
electronically.
j. 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 (if approved above):
• Tuesday, February 19, 2019
• Monday, May 20, 2019
• Monday, August 19, 2019
• Monday, November 18, 2019
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Quarter Ended 9/30/2018
X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2019\G. Investments\[G-3 2019 VFFRF cash & investments.xlsx]1Q
Hooker &
Checking Holcombe Total
Beginning Balance (2,809.29) 2,797,750.85 2,794,941.56
Receipts:
Annual City Appropriation 182,734.50 - 182,734.50
East Great Plain - - -
Laurel Hill - - -
Occum - - -
Taftville - - -
Yantic - - -
Interest Income 366.18 57.14 423.32
Realized Gains/(Losses) - 9,082.70 9,082.70
Unrealized Gains/(Losses) - 54,391.54 54,391.54
Dividends - 12,872.47 12,872.47
-
Total Receipts 183,100.68 76,403.85 259,504.53
Transfers Between Accounts (8,000.00) 8,000.00 -
Disbursements:
Refunds - - -
Pensions Paid 83,142.66 - 83,142.66
Actuary Fees 2,100.00 - 2,100.00
Postage/ Other - - -
Investment Fees - 3,253.86 3,253.86
Total Disbursements 85,242.66 3,253.86 88,496.52
Ending Balance 87,048.73 2,878,900.84 2,965,949.57
($150) refund of actuary fees related to QDRO calculation and $2,250 fee for GASB footnote
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