City Council

MINUTES Vol. 2, Page 401 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 June 17, 2024 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, June 17, 2024, in the City Hall Auditorium and via Zoom. Those in attendance included Mayor Elinor Carbone, Treasurer Dan Fairly, Members of the Board of Trustees of the City Employees’ Retirement Fund, Councilors Drake Waldron, Stephen Ivain, Molly Spino, Anne Ruwet, Paul Cavagnero, David Oliver. Attending via Zoom were Member Sheryl Lewis and Supervisor Ed Tousey. Also present were Members of the Board of Trustees of the Police & Firemen’s Pension Fund Commissioners Darlene Battle, Glenn McLeod, and Battalion Chief Thomas Sterling. Attending via Zoom were Commissioner Gregg Cogswell and Sargeant Nicholas Lettieri. Commissioners Douglas Benedetto, Joseph McElroy, Tylar Young, Police Sargeant James Foley, Fire Lieutenant Edward Delisle, Supervisor Tim Cote, Members James Clavette, Ralph Boscarino, Christ Autunno, and Chris Paganini were absent. Mayor Carbone called the meeting to order at 6:45 p.m. Minutes On a motion by Councilor Ivain, seconded by Councilor Spino, the Board of Trustees of the City Employees' Retirement Fund and the Board of Trustees of the Police and Firemen's Pension Fund voted to approve the minutes of the Regular Joint Meeting held on February 5, 2024. Commissioner McLeod abstained. Presentation: Pension Tool Calculator Steve Lemanski and Marc Condon of USI Consulting Group demonstrated for the Boards a Pension Tool Calculator. This tool allows employees to calculate their retirement by putting their retirement date into the calculator. Councilor Ivain asked what employees are currently using, Mayor Carbone said that they would go to the Finance Department to speak with the Accounts Payable Clerk, provide dates of retirement, and then they would receive calculations. She told the Boards that this is becoming more frequent. Commissioner McLeod said that a company he worked for used this tool and they were able to find errors on both sides. Mayor Carbone added that this is a good thing for the employees. Pension Administration Services On a motion by Commissioner McLeod, seconded by Councilor Spino, 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 authorize the Mayor to sign the engagement letter dated April 16, 2024, from Hooker and Holcombe of Glastonbury, CT for Enhanced Pension Administration Services at the rates described therein. This will be funded through the Pension funds. Adjournment On a motion by Councilor Ruwet, seconded by Councilor Oliver, the Boards voted unanimously to adjourn the meeting at 7:03 p.m. Respectfully submitted by ATTEST: Heather Abraham, Asst. City Clerk CAROL L. ANDERSON, CITY CLERK