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PENSION INVESTMENT COMMITTEE MEETING =
JULY 2, 1997
A special meeting of the Pension Investment Committee was called to order at 3:06 p.m. in
Caucus Room A of the Town Hall by Bonnie Therrien, Town Manager.
PRESENT: Chairman Gary Clinton, Bonnie Therrien, Nicholas Chirico, Nancy Lockwood,
Robert Smith, Judy Varley, Trudy Ferguson, and Dorothy Chase.
OTHERS PRESENT: Paul Ireland and Tim Sullivan of the First Albany Corporation.
Bonnie Therrien, Town Manager, invited and introduced Paul Ireland and Tim Sullivan,
representatives of the First Albany Corporation in Hartford.
Tim Sullivan distributed copies of their presentation to all members present.
Mr. Sullivan stated that the First Albany Corporation was founded in 1953, and that there are 21
offices located throughout the northeast.
Paul Ireland stated that the Town of Wethersfield started investing with their company in 1990
and has done relatively well.
Chairman Clinton stated that Town employees have defined contributions, and that the Town
guarantees defined benefit investments. He further stated that the investment company we are
with currently offers a variety of mutual funds and reinforced that we would prefer the same type
of investment options.
Jim D'Errico was seated at 3:40 p.m.
Chairman Clinton stated that we currently have pension that guarantees 50% of an individual's
income.
Mr. Sullivan recommended the following investment vehicles: guaranteed or money market,
bonds, high quality stock fund, growth oriented fund, international fund and small capital funds
just to name a few.
Mr. Sullivan encouraged Town employees to think long term, and further stated that a health fund
or specialty fund could be added to the list of investments available to the Town's employees.
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Chairman Clinton stated that Town employees need to be educated on what FirstAlbany
Corporation offers. He suggested educational meetings be set up in the future.
Mr. Ireland agreed to holding educational meetings.
Mr. Sullivan stated that First Albany will meet with their investors quarterly and will provide
reports on a quarterly basis.
Bonnie Therrien asked what First Albany could do for the Town of Berlin?
Mr. Ireland stated that he would do an age analysis of the Town's employees. He suggested that
we look into the defined benefit plan as well as compensated mutual fund approach.
The meeting was adjourned at 3:59 p.m.
Respectfully submitted,
Tina M. DeGrandi c
Pension Committee Secretary
cc: Mayor Ida Ragazzi
Bonnie Therrien, Town Manager
Commission Members
Todd Lentini, Police Union President