CITY OF EAST PROVIDENCEFIREMEN’S & POLICEMEN’S RETIREMENT PENSION FUNDDOCKET
A regular quarterly meeting of the Firemen’s and Policemen’s Retirement Pension Fund Board of Trustees will be held on Monday, the 20th of November 2023 in Conference Room A at City Hall, 145 Taunton Avenue, East Providence, RI 02914 at 9:00 a.m.
Trustees:
Capt. James Nelson, Chairman, Police Representative
Lt. Adam Christina, Vice Chairman, Fire Representative
James Bellamy, Retiree Representative
John F. Wallace, Civilian Representative
Frank Fogarty, Councilman, City Council Representative
Roberto L. DaSilva, Mayor
Malcolm Moore, Director of Finance, Administrator
Other Attendees:
Jen Turk, Nyhart, part of FuturePlan by Ascensus
Michael Dwyer, Wainwright Investment Council LLC
Jeff Frabrizio, Wainwright Investment Council LLC
Michael J. Marcello, City Solicitor
Kim Brown, Pension Clerk
AGENDA
I Call to Order
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
II Presentation by Nyhart – Pension Actuary.
1. Review of the Actuarial report @ 10/31/22
2. Discuss / recommend changes to the payroll and salary scale assumptions
3. FIP projection and the need for notification to the whole body
4. The current percentages in funding for police and fire, review the historical chart and explain it's trending over the past 10 years
Vote to accept handouts into record
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
Vote to accept recommendations
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
III Review of September 2023 Performance Report and Recommendations by Wainwright Investment Counsel, LLC
Vote to accept handouts into record
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
Vote to adapt the best practices recommended by Wainwright
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
Vote for any investment or liquidity items
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
IV To Approve the Consent Calendar
All items under “Consent Calendar” are considered to be of routine and noncontroversial nature by the Board and will be enacted by one motion. There will be no separate discussion on these items unless a Board member so requests, in which event, the item will be removed from the “Consent Calendar” and will be considered in it’s normal sequence on the docket.
1. Pension meeting journal for August 15th 2023
2. COLA listing for September, October and November 2023
3. Barings Invoices 2nd and 3rd Qtr.
4. IME invoice disability pension request
5. City of East Providence invoice – clerk stipend for FY23
6. IR+M Invoices 2nd and 3rd Qtr.
7. Principal Custody Solutions Fee Advise 3rd Qtr.
8. RhumbLine Invoice 2nd Qrt.
9. Wainwright Investment Counsel, LLC 3rd Qtr.
10. Principal U.S. Property Account 3rd Quarter Highlights
11. Principal Custody Solutions letter to members re.enhanced access to accounts on-line
12. Disbursement – Capital Call, Dover Street X L.P.
13. Disbursement – Capital Call, Lexington Capital Partners IX LP
14. Redemption – Principal U.S. Property Account
15. Nyhart Actuarial Valuation Report as of 10/31/22
16. Nyhart Cost Projections Report as of 10/31/22
17. Siguler Guff Schedule K-1 2022
18. APRA request from With Intelligence – Kim replied
19. APRA request from Fin News – Kim replied
20. APRA request from M. Nasso – Kim replied
Vote to accept Consent Calendar items
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
V Request to return contributions to the pension fund from a former employee who has returned to employment with the City.
Vote to accept W. Caldwell III return of prior funds paid out to the pension system
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
VI Set a date for a special meeting in December to review Disability Pension Requests
Vote to set date for a special meeting in December
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
VII Discussion / Recommendations / Action / Review / Vote regarding the three bids received from the RFQ for legal counsel to assist the Board with updating the ordinances, creating forms and setting policies that was issued
Vote to interview, award or repost RFQ for legal counsel
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
VIII Adjournment
Motion: By_____2nd_____
Nelson ____ Christina_____ Bellamy ____Wallace ____Fogarty ____ DaSilva______Moore____
