Volunteer Firefighter Relief Fund Committee

Name: Volunteer Firefighter Relief Fund Committee — Norwich, CT
Start: 2021-02-16
End: 2021-02-16
Location: Norwich, CT

Regular Meeting

Norwich, CT · February 16, 2021

Agenda Minutes

Minutes

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting February 16, 2021 The Volunteer Firefighters’ Relief Fund Committee held a virtual Special Meeting on Tuesday, February 16, 2021, at 2:00 p.m. utilizing the City of Norwich Turbobridge account. 1. 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 Joseph Kochanski, Laurel Hill Ronald Stolz, Citizen Appointee (joined at 2:36 pm) Nate Kannas, P&P Board Appointee Daniel Dennis, Citizen Appointee b. Members Absent: Richard Benoit, Taftville Past Chair John Salomone, City Manager Karen Mankowski, Occum c. Others present: Art Meizner, guest, Hooker & Holcombe Thomas Quinley called the meeting to order at 2:01 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, 2020 investment results. Motion to approve Art Meizner’s report made by Thomas Quinley; seconded by Daniel Dennis. Approved. i. Page 2 small cap stocks outperformed all other returning 20% ii. Page 3 large growth stocks yielded 38.5% iii. Page 4 energy stocks were down 33.7% iv. Page 5 global PMI had its sharpest drop and recovery. v. Page 7 ex-US stocks are attractive with a PE of 16.7 vs 22.3 for US. vi. Page 9 the treasury yield curve is less than 0.1%, expect bond yields to go down further as inflation increases. 5. Minutes: Minutes from the November 16, 2020 Special Meeting were reviewed. a. Motion made by Thomas Quinley to accept the minutes as presented, seconded by Joshua Pothier. Approved. 1 City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting February 16, 2021 6. Communications. a. None 7. Unfinished Business. a. Joshua Pothier reported that the recommended changes to the Relief Fund Plan which were approved by the Committee on October 13, 2020 are on the Council agenda for 15 March. 8. New Business: a. No bills at this time. b. Motion made by Thomas Quinley to accept the following new members; second by Joseph Kochanski. Approved i. East Great Plain 1. Jenifer Fitts 2. Stephen Sieczkowski ii. Taftville 1. Joshua Gilot 2. Santiago Gonzalez c. New application for benefits. i. None at this time. d. Motion made by Thomas Quinley; seconded by Nathan Kannas; to acknowledge and accept a refund for the following person: i. Taftville: Terrence Dugas – 15 years of credited service (9 years purchased in 1988, 1989, 1992-1996). Refund of $948 contributions plus $1,387.84 interest paid on February 11, 2021. e. Notification of death i. None at this time. f. Joshua Pothier provided an update on the Volunteer Responder Incentive Protection Act (VRIPA) a Federal law that exempts up to $600 per year from Federal income tax starting with incentives received in 2020. The IRS has not provided guidance so the City is unable to provide revised 1099 forms to reflect the exemption, Josh will revisit guidance in the fall. A motion was made by Daniel Dennis to adjourn the meeting, seconded by Joshua Pothier. Approved. Meeting adjourned at 1443 hours. Respectfully submitted, Donald Leary, Secretary 2

Agenda

The meeting of the Volunteer Firefighter Relief Fund Committee (Committee) will seek to comply with the directive of Executive Order 7B-1 issued by Governor Ned Lamont on March 14, 2020, together with any Executive Orders subsequently issued which pertain to such meetings. To participate in the meeting Committee members, staff and the public will use the City’s Turbobridge account by dialing 860-215-8140 and when prompted enter the conference ID # 4038191, followed by the # sign. To: Members of the Volunteer Firefighter Relief Fund Committee From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund Subject: Special Meeting Meeting Date: Tuesday, February 16, 2021 Meeting Time: 2:00 p.m. Meeting Location: Turbobridge Conference Call Agenda Items: 1. Call to order 2. Roll call 3. Determination of quorum 4. Reports a. Review of December 31, 2020 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) b. Treasurer’s report for the quarter ended December 31, 2020 (attached) 5. Approval of minutes of preceding meeting a. Review of minutes from the Special Meeting on November 16, 2020 (available on the website) 6. Communications 7. Unfinished Business a. Status update on the recommended changes to the Relief Fund Plan which were approved by the Committee on October 13, 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. New members i. East Great Plain 1. Jennifer Fitts (need forms) 2. Stephen Sieczkowski (need forms) ii. Taftville 1. Joshua Gilot 2. Santiago Gonzalez d. New applications for benefits i. None at this time e. Refunds i. Taftville: Terrence Dugas – 15 years of credited service (9 years purchased in 1988, 1989, 1992-1996). Refund of $948 contributions plus $1,387.84 interest paid on February 11, 2021. ii. f. Notification of Death i. None at this time g. Discussion of Volunteer Responder Incentive Protection Act (VRIPA) $600 per year exemption. 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 17, 2021 • Monday, August 16, 2021 • Monday, November 15, 2021 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 12/31/2020 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\YE 2021\G. Investments\[G-3 2021 VFFRF cash & investments.xlsx]2Q Hooker & Checking Holcombe Total Beginning Balance 254,143.10 3,278,284.84 3,532,427.94 Receipts: Annual City Appropriation - - - East Great Plain - - - Laurel Hill - - - Occum - - - Taftville - - - Yantic 5,016.00 - 5,016.00 Interest Income 299.77 9.60 309.37 Realized Gains/(Losses) - 56,842.39 56,842.39 Unrealized Gains/(Losses) - 247,538.95 247,538.95 Dividends - 70,520.19 70,520.19 - Total Receipts 5,315.77 374,911.13 380,226.90 Transfers Between Accounts - - - Disbursements: Pension Payroll 87,582.66 - 87,582.66 Actuary Fees 6,000.00 - 6,000.00 Investment Management - - - Investment Consultant - - - Investment Custodian - 4,629.46 4,629.46 Advertising 259.08 - 259.08 Postage - - - Supplies - - - Refunds 2,278.94 - 2,278.94 Total Disbursements 96,120.68 4,629.46 100,750.14 Ending Balance 163,338.19 3,648,566.51 3,811,904.70 The advertising cost was for a legal ad for the proposed changes to the VFFRF plan.

Get email alerts for Norwich

A daily email when new agendas and minutes are posted.

Report an issue with this meeting