Volunteer Firefighter Relief Fund Committee

Name: Volunteer Firefighter Relief Fund Committee — Norwich, CT
Start: 2021-07-30
End: 2021-07-30
Location: Norwich, CT

Regular Meeting

Norwich, CT · July 30, 2021

Agenda Minutes

Minutes

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting July 30, 2021 The Volunteer Firefighters’ Relief Fund Committee held a Special Meeting on Friday 30 July, 2021, at 3:00 p.m. in room 335, City Hall, Norwich, Connecticut and also 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* Karen Mankowski, Occum Aaron Westervelt, Laurel Hill Ronald Stolz, Citizen Appointee Daniel Dennis, Citizen Appointee Michael Dziavit, P&P Board Appointee* * Via Turbobridge b. Members Absent: Richard Benoit, Taftville Past Chair John Salomone, City Manager c. Others present: Art Meizner, guest, Hooker & Holcombe Thomas Quinley called the meeting to order at 3:01 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 1 July, 2021 and an update of 17 May. i. Page 1 Large and mid-size growth were the best performing for the quarter. ii. Page 2 The treasury yields are going up so expect bonds to go down. iii. Page 3 The S&P PE ratio is 21.5, expect it to drop to around 19. iv. Page 4 real GDP growth declined and then rose very rapidly during the pandemic. v. Page 7 asset class returns REITs have performed best YTD. vi. Page 10 the funds assets are up 27.6% in the 1 year rolling average and up 8.3% YTD. b. Josh Pothier presented the treasures report for the quarter ending 30 June, 2021. i. Motion made by Thomas Quinley to accept the treasures report as presented, seconded by Daniel Dennis. Approved. 1 City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting July 30, 2021 5. Minutes: The minutes from the May 17, 2021 Special Meeting were reviewed. a. Motion made by Thomas Quinley to accept the minutes as presented, seconded by Karen Mankowski. Approved. 6. Communications: 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 and voted down by the City Council on 1 June has been placed on the agenda for the August 2nd meeting. 8. New Business: a. Reviewed the recommendations by Art Meizner for changes in the investment policy statement and investment portfolio. i. Remove: Vanguard Dividend Growth Investor Shares and add proceeds to existing US Large Cap Funds. ii. Remove T. Rowe Price Emerging Markets Stock and add proceeds to new Fidelity® Advisor Emerging Markets K. iii. Remove Pioneer Strategic Income Y and add proceeds to existing Multisector Bond Fund: Neuberger Berman Strategic Income I. b. Motion made by Daniel Dennis to accept the above recommendations to the investment account, seconded by Karen Mankowski. Approved. c. Approval of bills. i. None at this time. d. New members i. No new applications at this time. e. Applications for benefits i. None at this time. f. Refunds i. None at this time. g. Notification of death. i. Thomas Leffingwell, East Great Plain passed away on 30 June, 2021. h. Motion by Donald Leary to have Joshua Pothier email the monthly Charles Schwab investment reports to the committee, seconded by Thomas Quinley. Approved. i. Consideration of cancelling the August 16 meeting, i. Motion made by Thomas Quinley to cancel the August 16 meeting. Seconded by Karen Mankowski. Approved. Chairman Quinley welcomed Michael Dziavit to the committee. A motion was made by Thomas Quinley to adjourn the meeting, seconded by Daniel Dennis. Approved. Meeting adjourned at 15:50 hours. Respectfully submitted, 2 City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes Special Meeting July 30, 2021 Donald Leary, Secretary 3

Agenda

To: Members of the Volunteer Firefighter Relief Fund Committee From: Thomas Quinley, Chairman of the Volunteer Firefighters’ Relief Fund Subject: Special Meeting Meeting Date: Friday, July 30, 2021 Meeting Time: 3:00 p.m. Meeting Location: Human Resources Office, Room 213, City Hall Agenda Items: 1. Call to order 2. Roll call 3. Determination of quorum 4. Reports a. Review of June 30, 2021 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) b. Treasurer’s report for the quarter ended June 30, 2021 (attached) 5. Approval of minutes of preceding meeting a. Review of minutes from the Special Meeting on May 17, 2021 (available on the website) 6. Communications a. None 7. Unfinished Business a. Recommended Relief Fund Plan changes which were approved by the Committee on October 13, 2020 and voted down by the City Council on June 21, 2021. 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. None at this time e. Refunds i. None at this time f. Notification of Death i. None at this time g. Consideration of cancellation of August 16, 2021 meeting. 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: • EGP: William Guile – November 2023 • Monday, August 16, 2021 • Monday, November 15, 2021 Next participants likely to receive benefits: • Yantic: Frank Cilley – January 2022 (dependent on purchase of 2021 credited service) • Laurel Hill: Andrew Daigle – March 2022 (dependent on purchase of 2021 credited service) • Yantic: Robert Ladd – July 2023 • Yantic: Gregory Stott – July 2023 • Taftville: Eric Benoit – November 2023 • EGP: Patrick Daley – November 2023 City of Norwich Volunteer Firefighters' Relief Fund Treasurer's Report For The Quarter Ended 6/30/2021 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\Fiscal Years 2021 to 2030\YE 2021\G. Investments\[G-3 2021 VFFRF cash & investments.xlsx]4Q Hooker & Checking Holcombe Total Beginning Balance 80,879.01 3,756,991.71 3,837,870.72 Receipts: Annual City Appropriation - - - East Great Plain - - - Laurel Hill - - - Occum - - - Taftville - - - Yantic - - - Interest Income 31.37 8.77 40.14 Realized Gains/(Losses) - 24,806.83 24,806.83 Unrealized Gains/(Losses) - 150,668.89 150,668.89 Dividends - 13,577.23 13,577.23 - Total Receipts 31.37 189,061.72 189,093.09 Transfers Between Accounts - - - Disbursements: Pension Payroll 89,760.66 - 89,760.66 Actuary Fees - - - Investment Management - - - Investment Consultant - 4,696.24 4,696.24 Investment Custodian - 591.08 591.08 Advertising - - - Postage - - - Supplies - - - Refunds - - - Total Disbursements 89,760.66 5,287.32 95,047.98 Ending Balance (8,850.28) 3,940,766.11 3,931,915.83

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