Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · August 19, 2019
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
143nd Meeting
August 19, 2019
The Volunteer Firefighters’ Relief Fund Committee held a regular meeting on Monday,
August 19, 2019 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
Anthony Madeira, Deputy Comptroller
Donald Leary, East Great Plain, Committee Secretary
Shane Dupuis, Taftville
Karen Mankowski, Occum
Joseph Kochanski, Laurel Hill
b. Members Absent:
Richard Benoit, Taftville Past Chair
John Salomone, City Manager
Brigid Marks, Human Resource Director, Committee Vice-Chair
John A. John, P&P Board Appointee
Ronald Stoltz, Citizen Appointee
Daniel Dennis, Citizen 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: The S&P is up 18.5% YTD; we are now in the longest expansion in US
history.
b. Page 2: International equities saw strong performance with the All World index
up 3.4%
c. Page 3: the yield curve from 3-month T-bills to 10-year Treasures has been
inverted since May 23rd which usually indicates the likelihood of a recession but
gives no reliable signal as to the timing of the economic contraction.
d. Page 4: REITs have performed best YTD up 19.3 %.
e. Page 7: The Plan has seen a return of 13.5% YTD.
f. Pages 8 & 9 each fund category was reviewed in detail.
g. The Plan has done well and we will meet in November 2019 to review 3rd quarter
performance.
3. Treasurer’s report for the quarter ended June 30, 2019
Reviewed as presented by Josh Pothier.
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
143nd Meeting
August 19, 2019
Motion made by Karen Mankowski to accept the report as presented, seconded by
Shane Dupuis. Approved
4. Minutes: Minutes from the April 15th special meeting were reviewed.
a. Motion made by Joshua Pothier to accept the minutes as presented, seconded by
Anthony Madeira. Approved.
5. Communications: None
6. Old Business: None
7. New Business:
a. Consideration of recommendation by Art Meizner for changes in the investment
portfolio to drop the Russel Inv Equity Income and Russel Inv US Strategic
Equity Funds and replace them with a Vanguard Dividend Appreciation Index
fund.
i. Motion made by Karen Mankowski to accept Art Meizner
recommendation seconded by Anthony Madeira. Approved
b. New application for benefits
i. Taftville: William Hadam – December 2019. 34 Years of Credited
Service. His paperwork needs to be submitted.
c. Refunds
i. Yantic: Daniel Lodyko – 10 years of credited service (1994-2002, 2004). Refund
of $960 contributions plus $ 734.65 interest paid on May 9, 2019.
ii. Laurel Hill: Sarah Robert – 2 years of credited service (2016-2017). Refund of
$528 contributions plus $28.75 interest paid on May 16, 2019.
iii. EGP: Matt Madore – 6 years of credited service (2005, 2008, 2009, 2014, 2015,
2018). Refund of $1,272 contributions plus $244.49 interest paid on May 23,
2019.
iv. Occum: Scott Stanley – 3 years of credited service (2012, 2013, 2015). Refund
of $696 contributions plus $113.62 paid on August 15, 2019.
d. Notification of Death
i. Yantic: David Lathrop passed away April 7, 2019. He had retired in July
2002 and was collecting $576 per month pr7or to his death. He was not
eligible for any survivorship benefits as he did not have a spouse nor any
children under the age of 18. [Sec. 8-77(d)(i)]
ii. Yantic: Joseph B. Shahan, Sr. passed away April 9, 2019. He had retired
in January 1996 and was collecting $200 per month prior to his death. He
was not eligible for any survivorship benefits as he was not an active
member when survivorship benefits were added to the plan in 2001. [Sec.
8-77(d)(i)]
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
143nd Meeting
August 19, 2019
A motion was made by Josh Pothier to adjourn the meeting, seconded by Karen Mankowski
Approved. Meeting adjourned at 17:36 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 #143
Meeting Date: Monday, August 19, 2019
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 June 30, 2019 investment results by Art Meizner from Hooker & Holcombe
Investment Advisors (to be distributed)
b. Treasurer’s report for the quarter ended June 30, 2019 (attached)
5. Approval of minutes of preceding meeting
a. Review of minutes from the Special Meeting on April 15, 2019 (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. TaftvilleWilliam Hadam – eligible December 2019. 34 Years of Credited
Service. Paperwork to be submitted.
e. Refunds
i. Yantic:Daniel Lodyko – 10 years of credited service (1994-2002, 2004). Refund
of $960 contributions plus $ 734.65 interest paid on May 9, 2019.
ii. Laurel Hill: Sarah Robert – 2 years of credited service (2016-2017). Refund of
$528 contributions plus $28.75 interest paid on May 16, 2019.
iii. EGP: Matt Madore – 6 years of credited service (2005, 2008, 2009, 2014, 2015,
2018). Refund of $1,272 contributions plus $244.49 interest paid on May 23,
2019.
iv. Occum: Scott Stanley – 3 years of credited service (2012, 2013, 2015). Refund
of $696 contributions plus $113.62 paid on August 15, 2019.
f. Notification of Death
i. Yantic: David Lathrop passed away April 7, 2019. He had retired in July 2002
and was collecting $576 per month prior to his death. He was not eligible for
any survivorship benefits as he did not have a spouse nor any children under
the age of 18. [Sec. 8-77(d)(i)]
ii. Yantic: Joseph B. Shahan, Sr. passed away April 9, 2019. He had retired in
January 1996 and was collecting $200 per month prior to his death. He was not
eligible for any survivorship benefits as he was not an active member when
survivorship benefits were added to the plan in 2001. [Sec. 8-77(d)(i)]
9. Adjournment
Please notify Thomas Quinley (rehsq@snet.net) or Brigid Marks (bmarks@cityofnorwich.org) if you
are unable to attend the meeting.
Next scheduled regular meetings:
• Monday, November 18, 2019
Next participants vested to receive benefits:
• Yantic: Robert Ladd – July 2023
• Yantic: Gregory Stott – July 2023
• Taftville: Eric Benoit – November 2023
• EGP: Patrick Daley – November 2023
• EGP: William Guile – November 2023
City of Norwich
Volunteer Firefighters' Relief Fund
Treasurer's Report
For The Quarter Ended 6/30/2019
X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2019\G. Investments\[G-3 2019 VFFRF cash & investments.xlsx]4Q
Hooker &
Checking Holcombe Total
Beginning Balance 97,533.50 2,897,734.58 2,995,268.08
Receipts:
Annual City Appropriation - - -
East Great Plain - - -
Laurel Hill - - -
Occum - - -
Taftville - - -
Yantic - - -
Interest Income 221.29 105.21 326.50
Realized Gains/(Losses) - 21,369.10 21,369.10
Unrealized Gains/(Losses) - 67,601.43 67,601.43
Dividends - 12,180.21 12,180.21
-
Total Receipts 221.29 101,255.95 101,477.24
Transfers Between Accounts (8,000.00) 8,000.00 -
Disbursements:
Refunds 3,767.89 - 3,767.89
Pensions Paid 83,570.66 - 83,570.66
Actuary Fees - - -
Postage/ Other - - -
Investment Fees - 3,389.47 3,389.47
Total Disbursements 87,338.55 3,389.47 90,728.02
Ending Balance 2,416.24 3,003,601.06 3,006,017.30
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