Volunteer Firefighter Relief Fund Committee
Regular MeetingNorwich, CT · February 18, 2020
Minutes
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
145th Meeting
February 18, 2020
The Volunteer Firefighters’ Relief Fund Committee held a regular meeting on Tuesday
February 18, 2020 at 5:15 p.m. in Room 213, City Hall, Norwich, Connecticut.
1. Roll Call
a. Members Present:
Thomas Quinley, Yantic, Committee Chair (TQ)
Brigid Marks, Human Resource Director, Committee Vice-Chair (BM)
Joshua Pothier, Comptroller, Committee Treasurer (JP)
Joseph Jackson (in place of Donald Leary), East Great Plain, Committee Secretary (JJ)
John A. John, P&P Board Appointee (JAJ)
Karen Mankowski, Occum (KM)
Ronald Stoltz, Citizen Appointee (RS)
Daniel Dennis, Citizen Appointee (DD)
b. Members Absent:
Richard Benoit, Taftville Past Chair
Shane Dupuis, Taftville
Joseph Kochanski, Laurel Hill
John Salomone, City Manager
c. Others Present:
Art Meizner, guest, Hooker & Holcombe
1. Thomas Quinley called the meeting to order at 5:15 p.m.
2. Roll call taken
3. Quorum determined
4. Reports
a. Art Meizner from Hooker & Holcombe Investment Advisors reviewed the investment
results for the quarter ended December 31, 2019 investment results. Motion to approve
Art Meizner’s report made by JP; seconded by KM. Approved.
i. Page 2 – The overall US economy continues to have momentum
ii. Page 3 – The US dollar weakened in 2019, which improved the returns for US
investments in foreign markets, but US equities had the best returns in 2019
iii. Page 4 – US equities have consistently outperformed foreign equities since 2011
iv. Page 7 – there was some concern when the US Treasury interest yield curve was
inverted in mid-2019 as inverted yield curves are often leading indicators of
recessions. The yield curve returned to normal later in 2019.
v. Page 12 – HHIA is evaluating the Russell Inv US Small Cap Equity S for possible
future changes because it has been lagging the small cap benchmarks
vi. Page 13 – If the US dollar strengthens, HHIA may also recommend reducing the
fund’s foreign currency exposure.
vii. Page 13 – The fund portfolio has outperformed benchmarks for the quarter and the
past year. The portfolio increased 5.69% in the last quarter of 2019 and 21.31% for
calendar year 2019.
b. JP reviewed the Treasurer’s report for the quarter ended December 31, 2019. Motion to
approve the Treasurer’s report made by JJ; seconded by DD. Approved.
5. Motion made by KM to approve the minutes from the Regular Meeting on November 19, 2019;
seconded by DD. Approved
6. Communications
a. None at this time.
7. Unfinished business
a. None at this time
City of Norwich
Volunteer Firefighters’ Relief Fund Committee Minutes
145th Meeting
February 18, 2020
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. Motion made by JJ to approve the following new members; seconded by DD. Approved
i. East Great Plain
1. Kourtney Eddy
2. Dale Huntley
3. Kala Huntley
4. Kyle Wilson
ii. Laurel Hill
1. Peter Clark
2. Krystal McCarthy
3. Megan McKeever
iii. Occum
1. Marilu Barrientos
iv. Taftville
1. Brandon Jencks
v. Yantic
1. Christopher A. Feder-Craney
d. New applications for benefits
i. None at this time
e. Refunds
i. None at this time
f. Notification of Death
i. None at this time
9. Other business
a. TQ noted that he had met with Mayor Nystrom and President Pro Tem Bettencourt
regarding Public Act No. 19-36 – “An act increasing the property tax abatement for certain
first responders.” The Mayor forwarded the proposed ordinance text as approved by the
State Legislature to Corporation Counsel on Monday, January 13, 2020 for his review and
action with a target of presenting the ordinance for a vote by June 2020. Corporation
Counsel Michael Driscoll has been asked to draft an ordinance to phase-in increases in the
property tax abatement beginning in fiscal year July 1, 2021-June 30, 2022.
b. JP noted that Milliman has received all of the data to perform the 1/1/2020 actuarial
valuation. Milliman is on target to complete the valuation before the Committee’s next
regular meeting.
10. Motion made by RS to adjourn the meeting; seconded by DD. Approved. Meeting adjourned at
5:46 pm.
Respectfully submitted,
Joshua A. Pothier, Treasurer
Agenda
To: Members of the Volunteer Firefighter Relief Fund Committee
From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund
Subject: Regular Meeting #145
Meeting Date: Tuesday, February 18, 2020
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 December 31, 2019 investment results by Art Meizner from Hooker &
Holcombe Investment Advisors (to be distributed)
b. Treasurer’s report for the quarter ended December 31, 2019 (attached)
5. Approval of minutes of preceding meeting
a. Review of minutes from the Regular Meeting on November 19, 2019 (available on the
website)
6. Communications
a. None at this time.
7. Unfinished business
a. None at this time
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. East Great Plain
1. Kourtney Eddy
2. Dale Huntley
3. Kala Huntley
4. Kyle Wilson
ii. Laurel Hill
1. Peter Clark
2. Krystal McCarthy
3. Megan McKeever
iii. Occum
1. Marilu Barrientos
iv. Taftville
1. Brandon Jencks
v. Yantic
1. Christopher A. Feder-Craney
d. New applications for benefits
i. None at this time
e. Refunds
i. None at this time
f. Notification of Death
i. None at this time
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, May 18, 2020
• Monday, August 17, 2020
• Monday, November 16, 2020
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 12/31/2019
X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2020\G. Investments\[G-3 2020 VFFRF cash & investments.xlsx]2Q
Hooker &
Checking Holcombe Total
Beginning Balance 94,538.10 3,025,664.22 3,120,202.32
Receipts:
Annual City Appropriation - - -
East Great Plain - - -
Laurel Hill 792.00 - 792.00
Occum - - -
Taftville - - -
Yantic - - -
Interest Income 225.56 88.09 313.65
Realized Gains/(Losses) - 9,416.01 9,416.01
Unrealized Gains/(Losses) - 95,668.28 95,668.28
Dividends - 67,695.51 67,695.51
-
Total Receipts 1,017.56 172,867.89 173,885.45
Transfers Between Accounts (4,000.00) 4,000.00 -
Disbursements:
Pension Payroll 85,918.66 - 85,918.66
Actuary Fees 4,000.00 - 4,000.00
Investment Management - - -
Investment Consultant - 3,782.08 3,782.08
Investment Custodian - 500.81 500.81
Postage - - -
Supplies - - -
Refunds 487.74 - 487.74
Total Disbursements 90,406.40 4,282.89 94,689.29
Ending Balance 1,149.26 3,198,249.22 3,199,398.48
Refund was for Jeffrey Desrosier
Actuary fees were for GASB footnote disclosure
Get email alerts for Norwich
A daily email when new agendas and minutes are posted.