Volunteer Firefighter Relief Fund Committee

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting November 16, 2020 The Volunteer Firefighters’ Relief Fund Committee held a virtual Special Meeting on Monday, November 16, 2020, at 2:00 p.m. utilizing the City of Norwich Turbobridge account. Roll Call a. Members Present: Thomas Quinley, Yantic, Committee Chair Brigid Marks, Human Resource Director, Committee Vice-Chair Joshua Pothier, Comptroller, Committee Treasurer Donald Leary, East Great Plain, Committee Secretary Shane Dupuis, Taftville Karen Mankowski, Occum Joseph Kochanski, Laurel Hill Daniel Dennis, Citizen Appointee b. Members Absent: Richard Benoit, Taftville Past Chair John Salomone, City Manager Ronald Stolz, Citizen Appointee Nate Kannas, P&P Board Appointee c. Others Present: Art Meizner, guest, Hooker & Holcombe Thomas Quinley called the meeting to order at 2:01p.m. 2. Art Meizner presented Hooker & Holcombe’s review of the plan’s investment results thru 14 November a. Page 1: The S&P had been down 35% this year but has recovered to a gain of 4%. b. Page 2: U.S. stocks, large cap Growth – up 24.3% YTD and 13.2% for the quarter c. Page 3: MSCI ex US up 3.6% and Emerging Markets were up 8.8% for the quarter. d. Page 4: fixed income reversed quickly, the 30 year US treasures were up 23.9% e. Page 8 the investment return was 5.8% for the period f. Page 10: Large Blend with 18% of the portfolio was up 9.1% and Large Growth was up 12.96%. g. Mr. Meizner recommended that the committee sell all Russell Inv Small Cap Equity and invest the 2% of the proceeds into Schwab Small Cap Index and 1% into the existing Vanguard Mid Cap Index and to sell all Russell Inc Strategic Bond and invest the proceeds into American Funds Bond Fund of America. h. Joshua Pothier made a motion to accept the recommended changes, seconded by Karen Mankowski. Approved, unanimously. 1  City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting November 16, 2020 3. Treasurer Report: For the quarter ending 30 September, reviewed as presented by Josh Pothier. a. Motion made by Thomas Quinley to accept the Report as presented, seconded by Karen Mankowski. Approved, unanimously. 4. Minutes: Minutes: Minutes from the October 13, 2020 Special Meeting were reviewed and corrections made: Corrected the spelling of Stoltz to Stolz, remove the second period after the “etc” on page one and list the names of dissenting voters. a. Motion made by Thomas Quinley to accept the minutes as revised, seconded by Karen Mankowski. Approved, unanimously. 5. Communications: None 6. Old Business: None 7. New Business: a. Update on proposed changes to VFFRF Plan ordinance forwarded to City Council i. The council forwarded the proposed revisions to the Public Safety committee, their zoom meeting was disrupted and adjourned before the topic was discussed, it is on tonight’s council meeting agenda. A motion was made by Karen Mankowski to adjourn the meeting, seconded by Joshua Pothier Approved, unanimously. Meeting adjourned at 14:40 hours Respectfully submitted, Donald Leary, Secretary 2