Pension Sub Committee Special Meeting March 27, 2013 - Approved

Pension Sub-Committee
Minutes of Special Meeting

Wednesday, March 27, 2013 at 5:00 p.m.
Board of Education Conference Room
Simsbury Town Hall – 933 Hopmeadow Street

I. Call to Order

The following Sub-Committee Members were in attendance:  Paul Henault and Nick Mason from the Board of Finance; Lisa Heavner and Moira Wertheimer from the Board of Selectmen; Phil Schulz and Paul McAlenney, members-at-large.

Also in attendance were: Thomas Cooke, Administrative Chair and Director of Administrative Services; Burke LaClair, Business Manager, Board of Education; and Mary Ann Harris, Director of Finance/Treasurer.

Mr. Cooke called the meeting to order at 5:00 p.m.

II. Acceptance of Minutes

a. February 14, 2013

Mr. Henault moved the acceptance of the minutes of the February 14, 2013 meeting.  Mr. Mason seconded the motion.  There were no changes and the motion passed unanimously.

III. Executive Session

a. Review of responses to request for proposal for an Advisor to the Town of Simsbury and Town of Simsbury Board of Education on implementation of Defined Contribution Plans and oversight Of Defined Contribution Plan and 457 Plan funds

Mr. Cooke explained that the both the Town of Simsbury and the Town’s Board of Education have recently concluded labor contract negotiations calling for the implementation of a defined contribution plan for new employees covered by the labor contracts.  The Town and the Board of Education issued a request for proposal seeking an advisor to assist with the creation and implementation of the new defined contribution plans. He also noted that the Town of Simsbury currently has a 457 Plan with over $7 million in employee assets with The Hartford and that there is no mechanism for review of plan assets by an investment advisor.  The request for proposal also sought ongoing oversight of the investment options in both the new defined contribution plan(s) and the existing 457 Plan.

Ms. Heavner noted that she would have to recuse herself from any discussion or action taken by the Sub-Committee with respect to The Hartford.  Mr. Cooke stated that no such discussion or action would be taken by the Sub-Committee at this meeting.  He then asked for a motion to enter executive session for the purpose of discussing the financial terms and the merits of the responses to the request for proposal.  Ms. Wertheimer made a motion to move into Executive Session.  Mr. Mason seconded the motion and it passed unanimously.  In addition to the Sub-Committee members, Mr. Cooke, Mr. LaClair and Ms. Harris participated as staff members knowledgeable of the responses to the request for proposal and as staff members responsible for implementing the new defined contribution plans.

Ms. Heavner moved to come out of Executive Session at 5:15 p.m. and Ms. Wertheimer seconded the motion.  The motion passed unanimously.

IV. Possible recommendation to Boards in connection with retention of advisor for implementation of Defined Contribution Plans and oversight of Defined Contribution Plan and 457 Plan funds

Mr. Mason made a motion to accept the proposal of Fiduciary Investment Advisors and to recommend acceptance of the proposal to the Board of Selectmen and the Board of Education.  Mr. McAlenney seconded the motion and it passed unanimously.

V. Adjourn

Mr. Henault made a motion to adjourn the meeting at 5:18 p.m.  Mr. Mason seconded the motion and it passed unanimously.

Respectfully submitted,

Thomas F. Cooke II
Director of Administrative Services