Volunteer Firefighter Relief Fund Committee

Name: Volunteer Firefighter Relief Fund Committee — Norwich, CT
Start: 2022-02-28
End: 2022-02-28
Location: Norwich, CT

Regular Meeting

Norwich, CT · February 28, 2022

Agenda Minutes

Minutes

City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 147th Meeting February 28, 2022 The Volunteer Firefighters’ Relief Fund Committee held a regular meeting on Monday February 28, 2022 at 5:00 p.m. in Room 319, 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 Joseph Kochanski, Laurel Hill Ronald Stolz, Citizen Appointee Daniel Dennis, Citizen Appointee Michael Dziavit, P&P Board Appointee b. Members Absent: John Salomone, City Manager c. Others Present: Art Meizner, guest, Hooker & Holcombe* * Via Turbobridge Thomas Quinley called the meeting to order at 5:00 p.m. 2. Roll call taken. 3. Quorum determined. 4. Reports: a. Art Meizner presented Hooker & Holcombe’s review of the plan’s investment results for the fourth quarter of 2021. i. Do not expect last year’s return this year. ii. Page 2: The treasury yield curve has gone up dramatically. iii. Page 3: Last year mid cap value funds provided the best yield at 28.3% iv. Page 4: YTD small cap growth funds are the worst place to be. v. Page 7: The S&P ended the year with an all-time high P/E of 21.2, expecting a sell off because of an expensive stock market. vi. Page 19: YTD commodities are performing best with a return of 8.8% b. Treasurer Report: For the quarter ending 31 December, reviewed as presented. i. Motion made by Thomas Quinley to accept the Report as presented, seconded by Karen Mankowski. Approved unanimously. 1 City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 147th Meeting February 28, 2022 4. Minutes: The minutes from the 15 November Meeting were reviewed. a. Motion made by Karen Mankowski to accept the minutes as presented, seconded by Joshua Pothier. Approved unanimously. 5. Communications: None 6. Unfinished Business: None 7. New Business: a. Discussion on the lack of receiving a monthly fund balance broken down by each investment. Joshua Pothier said he would contact Hooker & Holcombe and request that they provide a monthly report. b. Discussion of January 1, 2022 actuarial valuation, Milliman provided the results of the valuation using the lower interest rate (6.25%) which was approved at the last meeting and is in line with other city pension funds. i. Motion made by Karen Mankowski to accept the Milliman valuation as presented, seconded by Daniel Dennis. Approved unanimously. c. Approval of bills. i. None at this time. d. New members. i. East Great Plain 1. Paul Bartha ii. Laurel hill 1. John Roeske. e. Applications for benefits. i. Yantic: Frank Cilley – January 2022. 20 Years of Credited Service for a monthly benefit of $480. ii. Laurel Hill: Andrew Daigle – March 2022. 20 Years of Credited Service for a monthly benefit of $480. f. Refunds. i. None at this time. g. Notification of death. i. Taftville volunteer Daniel Auger passed away on January 9, 2022. His wife, Marguerite Auger, is eligible for a monthly survivorship benefit of $792 – calculated at 90% of Daniel Auger’s benefit of $880. Daniel Auger’s final $880 benefit payment was made in January 2022. Marguerite Auger’s $792 benefit. 1. Motion made by Thomas Quinley to acknowledge the survivorship benefit, seconded by Shane Dupuis. Approved unanimously. 2 City of Norwich Volunteer Firefighters’ Relief Fund Committee Minutes 147th Meeting February 28, 2022 A motion was made by Thomas Quinley to adjourn the meeting, seconded by Joshua Pothier Approved unanimously. Meeting adjourned at 5:54 p.m. Respectfully submitted, 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: Regular Meeting #147 Meeting Date: Monday, February 28, 2022 Meeting Time: 5:00 p.m. Meeting Location: Room 319, City Hall Please call to attend by phone 860-215-8140. Meeting ID 4038191. Agenda Items: 1. Call to order 2. Roll call 3. Determination of quorum 4. Reports a. Review of December 31, 2021 investment results by Art Meizner from Hooker & Holcombe Investment Advisors (to be distributed) b. Treasurer’s report for the quarter ended December 31, 2021 (attached) 5. Approval of minutes of preceding meeting a. Review of minutes from the Regular Meeting on November 15, 2021 (available on the website) 6. Communications 7. Unfinished business 8. New business a. Consideration of recommendations by Art Meizner for changes in investment portfolio, if any. b. Review of January 1, 2022 actuarial valuation results. c. Approval of bills i. None at this time d. New members i. East Great Plain 1. Paul Bartha ii. Laurel Hill 1. John Roeske e. New applications for benefits i. Yantic: Frank Cilley – January 2022. 20 Years of Credited Service for a monthly benefit of $480. ii. Laurel Hill: Andrew Daigle – March 2022. 20 Years of Credited Service for a monthly benefit of $480. f. Refunds i. None at this time. g. Notification of death i. Taftville volunteer Daniel Auger passed away on January 9, 2022. His wife, Marguerite Auger, is eligible for a monthly survivorship benefit of $792 – calculated at 90% of Daniel Auger’s benefit of $880. Daniel Auger’s final $880 benefit payment was made in January 2022. Marguerite Auger’s $792 benefit payments began in February 2022. 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 16, 2022 • Monday, August 15, 2022 • Monday, November 21, 2022 Next participants likely 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 12/31/2021 X:\Finance\Finance Public\Accounting\Audit & Fiscal YE files\Fiscal Years 2021 to 2030\YE 2022\G. Investments\[G-3 2022 VFFRF cash & investments.xlsx]2Q Hooker & Checking Holcombe Total Beginning Balance 255,274.13 3,912,096.06 4,167,370.19 Receipts: Annual City Appropriation - - - East Great Plain - - - Laurel Hill - - - Occum - - - Taftville - - - Yantic - - - Interest Income 115.51 6.39 121.90 Realized Gains/(Losses) - 14,708.30 14,708.30 Unrealized Gains/(Losses) - 48,797.76 48,797.76 Dividends - 98,157.23 98,157.23 - Total Receipts 115.51 161,669.68 161,785.19 Transfers Between Accounts - - - Disbursements: Pension Payroll 118,638.86 - 118,638.86 Actuary Fees - - - Investment Management - - - Investment Consultant - 4,890.12 4,890.12 Investment Custodian - 621.54 621.54 Advertising 305.00 - 305.00 Postage 0.73 - 0.73 Supplies - - - Refunds - - - Total Disbursements 118,944.59 5,511.66 124,456.25 Ending Balance 136,445.05 4,068,254.08 4,204,699.13 $305 is the allocated cost of making the changes in the VFFRF plan in the City's code of ordinances.

Get email alerts for Norwich

A daily email when new agendas and minutes are posted.

Report an issue with this meeting