City Council

MINUTES Vol. 2, Page 402 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 August 5, 2024 A 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, August 5, 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 Stephen Ivain, Molly Spino, and Paul Cavagnero. Councilors Anne Ruwet, Drake Waldron, and Member Sheryl Lewis joined via Zoom. Also present were Members of the Board of Trustees of the Police & Firemen’s Pension Fund Battalion Chief Thomas Sterling, and Lieutenant Edward DeLisle. Commissioner Gregg Cogswell and Joseph McElroy joined via Zoom. and Sargeant Nicholas Lettieri. Councilor David Oliver, Commissioners Douglas Benedetto, Tylar Young, Glenn McLeod, and Darlene Battle, Police Sargeant James Foley, Police Sargeant Nicholas Lettieri, Supervisor Edward Tousey, Supervisor Tim Cote, Members James Clavette, Ralph Boscarino, Chris Autunno, and Chris Paganini were absent. Mayor Carbone called the meeting to order at 6:46 p.m., beginning with the Pledge of Allegiance. Minutes On a motion by Councilor Spino, seconded by Lieutenant DeLisle, 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 Special Joint Meeting held on June 17, 2024. Councilor Cavagnero arrived at 6:50 p.m. Presentation: Fiducient Advisors Mr. Christopher Kachmar updated the Boards on the market performance for the second quarter that ended June 30, 2024. He reported that the City Employees Plan is at $45,025,084 and the Police & Firemen’s Plan is at $78,926,736. Mr. Kachmar doesn’t recommend any changes to the plans currently. Councilor Ivain asked if this was the model used for municipalities of similar size, Mr. Kachmar said that the allocations are comparable. Councilor Ivain asked why the funded ratios are very different, Mr. Kachmar said they are like what you would see statewide. Mr. Kachmar provided the Boards with a quick update on the second quarter for OPEB, he said as of June 30, 2024, the market value was $1,854,599, and growing. Councilor Ivain asked if the allocations were more conservative, Mr. Kachmar said that the account continues to grow, and there is no active management. Lieutenant DeLisle asked what OPEB was and who was in it, Mayor Carbone explained the account is to provide insurance coverage for the pay-as-you-go system. The account was established about nine years ago, and the City makes yearly contributions. Pension Computations – City Hall Employees Retirement Fund On a motion by Councilor Ivain, seconded by Councilor Cavagnero, the Board of Trustees of the City Employees' Retirement Fund voted unanimously to accept the pension computation effective March 9, 2024, for Nancy Michna, Senior Account Clerk, for the City of Torrington Finance Department, after 17 years of service. On a motion by Councilor Spino, seconded by Councilor Ivain, the Board of Trustees of the City Employees' Retirement Fund voted unanimously to accept the pension computation effective July 1, 2024, for Lona Kirk, Senior Secretary for the City of Torrington Planning & Zoning Department, after 30 years of service. Pension Computations – Management Resolution On a motion by Councilor Ivain, seconded by Councilor Spino, the Board of Trustees of the City Employees' Retirement Fund voted unanimously to accept the pension computation effective May 7, 2024, for Rose Ponte, Economic Development Director for the City of Torrington, after 7 years of service. Pension Computations – Police Department On a motion by Lieutenant DeLisle, seconded by Battalion Chief Sterling, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to table the revised pension calculation and retroactive payment effective April 15, 2024, for Brian Fox, Patrolman for the City of Torrington Police Department, after 10.01 years of service. MINUTES Vol. 2, Page 403 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 August 5, 2024 Pension Computations – Fire Department On a motion by Battalion Chief Sterling, seconded by Lieutenant DeLisle, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to accept the pension computation effective January 6, 2024, for Michael Zavatkay, Lieutenant for the City of Torrington Fire Department, after 27 years of service. On a motion by Battalion Chief Sterling, seconded by Lieutenant DeLisle, the Board of Trustees of the Police and Firemen's Pension Fund voted unanimously to accept the revised pension calculation and retroactive payment effective March 9, 2024, for Philip Hearn, Deputy Fire Marshal for the City of Torrington Fire Department, after 26.06 years of service. Adjournment On a motion by Councilor Spino, seconded by Councilor Ivain, the Boards voted unanimously to adjourn the meeting at 7:14 p.m. Respectfully submitted by ATTEST: Heather Abraham, Asst. City Clerk CAROL L. ANDERSON, CITY CLERK