City Council

Approved by the Board of Trustees of the City Employees' Retirement Fund and the Board of Trustees of the Police & Firemen's Pension Fund September 6, 2023 Vote: Unanimous MINUTES Vol. 2, Page 394 SPECIAL JOINT MEETING OF THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES’ RETIREMENT FUND AND THE BOARD OF TRUSTEES OF THE POLICE & FIREMEN’S PENSION FUND City Hall Auditorium / Zoom March 6, 2023 A SPECIAL JOINT MEETING of the Board of Trustees of the City Employees’ Retirement Fund and the Board of Trustees of the Police & Firemen’s Pension Fund was held on Monday, March 6, 2023, in the City Hall Auditorium and via Zoom. Those in attendance included Mayor Elinor Carbone, Corporation Counsel Victor Muschell, Treasurer Dan Farley, members of the Board of Trustees of the City Employees’ Retirement Fund, Councilors Anne Ruwet, Armand Maniccia, Paul Cavagnero, Supervisors Edward Tousey, and Tim Cote. Attending via Zoom was Councilor Drake Waldron. Also present were members of the Board of Trustees of the Police & Firemen’s Pension Fund Commissioner Darlene Battle, Joseph McElroy, and Glenn McLeod. Attending via Zoom were Commissioner Gregg Cogswell, Sergeant Nicholas Lettieri, and Officer James Foley. Also, present via Zoom was City Comptroller Robin Stanziale. Members Sheryl Lewis, Ralph Boscarino, Craig Audia, Chris Paganini, Councilor Keri Hoehne, Councilor David Oliver, Commissioner Douglas Benedetto, Commissioner Molly Spino, Battalion Chief Thomas Sterling, and Lieutenant Edward DeLisle were absent. Mayor Carbone called the meeting to order at 6:35 p.m. beginning with the Pledge of Allegiance. Minutes On a motion by Councilor Maniccia, seconded by Commissioner McLeod, the Board of Trustees of the City Employees' Retirement Fund and the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to approve the minutes of the Regular Joint Meeting held on August 1, 2022. On a motion by Commissioner McLeod, seconded by Commissioner McElroy, the Board of Trustees of the Police and Firemen’s Pension Fund voted unanimously to approve the minutes of the Special Meeting held on March 1, 2023. Presentation: Fiducient Advisors Mr. Christopher Kachmar updated the boards on the market performance for quarter four and year-end 2022. He reported that the City Employees Plan is at $41,815,275 and the Police & Firemen’s Plan is at $70,911,315. Mr. Kachmar also gave the Board a brief update on the total amount in the OPEB fund as of December 31, 2022, which was $1,467,410. Mr. Kachmar said that he has some recommendations for changes to the portfolios at this time. *See addendum 1* Proposed update to Asset Allocation Targets On a motion by Commissioner Battle, seconded by Commissioner McLeod, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to approve the recommended changes to the target allocations, as presented by Fiducient Advisors, for the Police and Firemen’s Pension Fund, as itemized on page 11 on the 4th quarter report from 2022. *See addendum 1* On a motion by Councilor Maniccia, seconded by Councilor Ruwet, the Board of Trustees of the City Employees' Retirement Fund voted unanimously to approve the recommended changes to the target allocations, as presented by Fiducient Advisors, for the City Employees' Retirement Fund, as itemized on page 11 on the 4th quarter report from 2022. *See addendum 1* Pension Computation – City Hall Supervisors On a motion by Councilor Maniccia, seconded by Mr. Cote, the Board of Trustees of the City Employees’ Retirement Fund, voted unanimously to accept the pension computation effective December 3, 2022, for Gail Sartori, Deputy Assessor for the City of Torrington, after 18.26 years of service. Pension Computations – Board of Education On a motion by Councilor Maniccia, seconded by Councilor Ruwet, the Board of Trustees of the City Employees’ Retirement Fund, voted unanimously to accept the pension computation effective January 27, 2023, for Richard Stary, Custodian for the City of Torrington Board of Education, after 26.08 years of service. Pension Computations – Police Department On a motion by Commissioner McLeod, seconded by Commissioner McElroy, the Board of Trustees of the Police and Firemen’s Pension Fund, voted unanimously to accept the pension computation effective MINUTES Vol. 2, Page 395 SPECIAL JOINT MEETING OF THE BOARD OF TRUSTEES OF THE CITY EMPLOYEES’ RETIREMENT FUND AND THE BOARD OF TRUSTEES OF THE POLICE & FIREMEN’S PENSION FUND City Hall Auditorium / Zoom March 6, 2023 July 31, 2022, for Thomas Rouleau, Lieutenant for the City of Torrington Police Department, after 25.12 years of service. On a motion by Commissioner Battle, seconded by Commissioner McElroy, the Board of Trustees of the Police and Firemen’s Pension Fund, voted unanimously to accept the pension computation effective September 30, 2022, for James Delay, Sergeant for the City of Torrington Police Department, after 20.05 years of service. On a motion by Commissioner McLeod, seconded by Mr. Foley, the Board of Trustees of the Police and Firemen’s Pension Fund, voted unanimously to accept the pension computation effective January 19, 2023, for Kevin Tieman, Detective for the City of Torrington Police Department, after 25.02 years of service. Adjournment On a motion by Commissioner McLeod, seconded by Commissioner McElroy, the Boards voted unanimously to adjourn the meeting at 6:59 p.m. Respectfully submitted by ATTEST: Heather Abraham, Asst. City Clerk CAROL L. ANDERSON, CITY CLERK *Addendum 1*