CHESTER RETIREMENT BOARD MEETING
NOVEMBER 14, 2016
CHESTER TOWN HALL
203 MIDDLESEX AVENUE
CHESTER, CT
CALL TO ORDER
Chairman Van Standke called the meeting to order at 6:03 p.m. In attendance included Larry Sypher, Ray Archambault and Lori Ann Clymas.
Absent: James Grzybowski, James Schaefer
APPROVAL OF MINUTES
Larry Sypher made a motion to approve the minutes from the August 22, 2016. Lori Ann Clymas seconded the motion. The motion passed unanimously.
BUSINESS
The assets in the Plan include $1,632,000. This figure reflects the addition of the $149,600 (budgeted amount for Pension) and the Town's contribution, paid quarterly, and the 2% employee contribution.
The adjusted to date shows $312,000 which represents the portion not invested last fall but invested in the spring. At this time, investments have been made. There was a retiree who opted to take a periodic payment. Funds were invested, $50,000 into the bond fund, $50,000 into the balance fund and $50,000 into the stock fund. The cash balance is now approximately $88,000. Regarding the Van Guard Fund, a $35,000 deposit was made to the plan as budgeted.
Van Standke reported on the account balances as follows:
Pension Plan Balance: $1,646,244.26 as of 9/30/16
Pension Plan Balance: $1,459,730.85 as of 6/30/15
VSAP Plan Balance: $540,968.80 as of 9/30/16
VSAP Plan Balance: $607,059.84 as of 6/30/16
Pension Balance (9/30/16) includes FY deposit of 150,563.00
VSAP Balance (9/30/16) includes FY deposit of $35,827.00
The Retirement Board's submission to the Town's Annual Report was included in the Board's packet. The highlight of the reports shows that there was an Asset balance of $1,459,000 after payments and contributions.
Lori Ann Clymas made a motion to approve 2017 meeting dates as follows: 2/27/17, 5/22,17, 8/28/17 and 11/13/16. Larry Sypher seconded the motion. The motion passed unanimously.
Van reported that he has been re-appointed and sworn in until 2019. Lori Ann's term, as BOF representative, expires in December, James' term expires in 2017, Larry's in 2018 and Ray's in 2018.
Van reported that he has been approached by a gentleman requesting that the Retirement Board review Prudential's 457 Plan for employees. This plan is currently in place in the Town with Voya. Van will develop information on both the Voya and Prudential plan for further comparison/review.
NEXT MEETING - 2/27/17 – 6:00 p.m.
ADJOURNMENT
Larry Sypher made a motion to adjourn the meeting at 6:24 p.m. Ray Archambault seconded the motion. The motion passed unanimously.
Respectfully Submitted,
Suzanne Helchowski
Clerk
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