PENSION BOARD OF TRUSTEES - POLICE/FIRE

MINUTES 07-02

January 24, 2007 10:00 a.m.

PRESENT ABSENT

Eugene Terkoski, Chairman

Sgt. Mike Casey, V. Chairman, Police Dept.

Sgt. Scott Elliott, Secretary, Police Dept.

Capt. Jimmy Haggas, Fire Dept. Member

Gerald Kowalski, Member

Scott Glover, Financial Adviser

Bonni S. Jensen, Esq., Attorney

Jan Acker, Recording Secretary

I. CALL TO ORDER AT 10:00 A.M.

Chairman Terkoski called the meeting to order at 10:00 a.m.

II. APPROVAL OF MINUTES 07-01 – November 9, 2006

Sgt. Elliott moved to approve the minutes as written. Capt. Haggas seconded. Motion passed unanimously.

III. REPORT FROM SCOTT GLOVER

The calendar year to date return for the pension portfolio through December 31, 2006 is +11.85%; the policy index return for the same period is +12.23%.

The fiscal year to date return for the portfolio through December 31, 2006 is +4.42%; the policy index return for the same period is +4.80%.

At this point in time, no changes are recommended to the Asset Allocation Model.

Mr. Kowalski moved to accept Mr. Glover’s report. Sgt. Casey seconded. Motion passed unanimously.

IV. DETERMINATION OF PENSION BENEFITS

Request from Sam Myers – continued from November 9, 2006.

Attorney Jensen sent a letter certified mail return receipt to Mr. Myers informing him of the analysis of the Board and that he had the opportunity to appeal this decision. Attorney Jensen received the return receipt showing that Mr. Myers received this letter; Mr. Myers did not send any notification stating that he was interested in appealing the decision of the Board of Trustees. Mr. Terkoski will ask the Town Clerk to determine the amount Mr. Myers contributed which should be returned to him plus simple 6% interest. Chairman Terkoski requested that the matter be continued to the next meeting.

V. OTHER

A. Actuarial Report as of October 1, 2006 by Doug Lozen of Foster & Foster, Inc.

Sgt. Casey motioned to approve the Actuarial Report. Mr. Kowalski seconded. Motion passed unanimously.

B. Approval of change in method to determine funding requirements. Mr. Lozen explained that the change would assist the Town budgeting process.

Mr. Kowalski motioned to approve the change in method. Sgt. Elliott seconded. Motion passed unanimously.

Mr. Kowalski recommended that Foster & Foster prepare an Experience Study.

Sgt. Elliot motioned to approve that Foster & Foster prepare an Experience Study not to exceed $2,500. Mr. Kowalski seconded. Motion passed unanimously.

Mr. Lozen explained the on-line benefit calculator, located on their website, which determines benefit projections. The actual fee is $16.00 per member per year.

Mr. Lozen will prepare a letter explaining the program.

Sgt. Casey motioned for a month long free trial of the on-line benefit calculator.

Capt. Haggas seconded. Motion passed unanimously.

C. Approval of invoice from Foster & Foster in the amount of $6,673 for actuarial services. Sgt. Elliott motioned to approve the invoice for actuarial services. Mr. Kowalski seconded. Motion passed unanimously.

D,E,F. Approval of attorneys fees up to November 20, 2006 ($1,234.75); December 19, 2006

($175); January 17, 2007 ($232.64) totaling $1,642.39.

Sgt. Casey motioned to approve three (3) invoices totaling $1,642.39. Mr. Kowalski seconded. Motion passed unanimously.

The items below were brought up for discussion at this meeting but were not on the Agenda.

G. Drop Program.

Mr. Kowalski motioned to authorize their attorney to revise the prepared Ordinance to include the suggestions in the Town Manager’s letter dated January 17, 2007.

Sgt. Casey seconded. Motion passed unanimously.

H. Sgt. Casey requested that he be reappointed to the Board.

Mr. Kowalski motioned to reappoint Sgt. Casey to the Board. Sgt. Elliott seconded.

Motion passed unanimously.

I. Sgt. Elliott requested that Carmine Siniscal’s written request for refund of contributions be added to the next Agenda.

J. Attorney Jensen distributed a Draft Trustee Expense Policy for the Board’s consideration and adoption to be added to the next Agenda.

VI. ADJOURNMENT

The meeting was adjourned at 11:30 a.m.

______________________________

Eugene Terkoski, Chairman

Julie Anne Holmgren, Secretary