GP-03 - Local 445 Board Meeting Minutes 0606

8/14/2019 GP-03 - Local 445 Board Meeting Minutes 0606

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EmployeI' Irystec!iRqss 1. Pepe

Minutes of theJoint Meeting of the Trustees of Local445 Construction Divlsion Welfare, Pension andAnnuity Funds held' June '8, 2006 nt the. Office of theFunds,Newburgh,New York

Union InlstcB,Douglas L. McCa.uleyCindyGarlinghouse

Also Present: Do-nald L, Supir, Co-CounselDavid Kramer, Co-Counsel

Milliman USA, Welfare Consultant ,By:_ .Iames E. Conlon, Jr., f.S.A., MAAAMilliman USA, 'Pension ConsultantBy; - Roscoe Haynes, P.s .A. -fund Office.By: SharonMolinelli, Fund AdministratorWachoviaSecurities, Inc., Investment ConsultantBy": 'Michael C, Chrys, 'SeniorVice President -InvestmcntsMoore Stephens, P,C" AccountantsBy: . PrmlckM. Trombetta, C.P.A.Alliance Bernstein Institutional InvestmentsBy: KevinKIng, Director, Taft-HartlngGroup Wright Investors' Service 'By: Kenneth H. Singer, SeniorVice PresidentAmit S. Khandwala, Executive VicePresideHG-K Asset MEUUlgement, Inc.By: Martin f. Maddaloni,Jr., Managing Director'. -.RlchardM. CUiIC, institutional Sales Associate

,Gwttnl (All Three F t m ( l . ~ )The M e c t i n ~ was called to order at 10:10 am . by Douglas L. McCauley, who acted .8S

Chairman.GOVERNMENTEXHIBIT

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J. The Minutes of theTrustees' Meeting heldonMarch 27, 2006were discussed. Uponmotionduly made'andseconded, the Trustees

Approved the Minutes of the Trustees" Meeting held on March 27,2006.

A, Mr. Chrys of Wachovia Securities Inc" which monitors the results of the fourInvestment Advisors. 'distributed to and reviewed with the Trustees three Analyses ofInvestrnentPerformance through March 31,2006, one each for the Welfare,Pension and Annuity Funds. Eachof the' three Analyses covered the last quarter, the year to date, as well as the one-year through fiveyear periods prior to March 31 , 2006 . Upon mot ion' duly made and seconded, the Trusteesunanimously .

Acceptedfor filing the three Analyses ofInvestment PerformanceasofMarch 31,.2006from the Investment Consultant, one each fo r theWelfare, Pension and Annutty Funds, .

B, Mr, .Chrys introduced representatives from Alliance Bernstein Institutionalrnvestments, Wright Investars' ServiceandHGKAssetMDJ1.Bgement,Tno.who madeprescntali0nsInconnectionwith the Trustees" search for an international equities advisor. TheTrustees reviewedthewri t ~ ~ n materialsdistributed by the three investment advisorsand listened to thelrrepresen tauvesdiscuss investment philosophy, past results, current clients, adherence to the AFl>CLQ Iabor-friendly guidelines and fees, In executive 'session, Ofl:CT discusslon, upon motion duly made andseconded, 'the Trustees unanimously '

Selected Wright !J1VCS(Or!>" ' Service as the international equitiesadvisor, and agreed to take 5 million dollars from Ark Asset2


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Management's equity assets in the Pension portfolio and transfer it(0 Wrtghi's ADRproduct as soonaspossible. .

C.. Chairman McCauley rioted thnt itwas lime-consuming for the fun BoardofTrusteesto hear,the various presentations. After' discussion. upo,n motion duly made and seconded. the 'Trustees

Agreed [0 form a Committee o f Two Union ' Trustees and 7\voEmploye;' Trustees '10 hear.presentatlons and 10 report back 10 theother Trustees with recommendations.

m. Rc.viQw ofFlnngcllll RCDQ.f.ta-Mr. Trombetta reviewed with the Trustees the financial reports for, the three Funds Cor the

Threemonthperiod endingMa.rch 31,2006: Copiesof the reports had previously been"mailed to theTrustees. Upon motion duly made and seconded, the Trustees unanimously

.Acceptedfor-jllf':lg the flnancial reports fo r the three month perlodending March. 3J.'2006 for the Welfare; Pension andAnrrultyFunds

, prepared by tlu: Accountants.

IY. . ~ I f l l r e FundMr. Conlon reviewed with the Trustees the Annual Report ofFinancial Position forFisca.l

. .Year Ending December 31,2005: "'TIle Annual Report ..hcd previously been mailed to' the Trustees:. ,Mr. Conlon stated that theWelfure Fundwas fully reserved and strongly capitalized. Upon motion.

duly made and seconded, the,Trustees unenlrnouslyAcceptedforfiling theAnnualReport o fFinancialPosltlonforFiscal ,Year ending December31, 2005.

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V. PensIon FundA. Mr. Hnynes presented aschedule contal I'll ngtwopension appli cationswhichhed. been

reviewed byand received prior approval from the office of the Consultant. Thepension schedule,which wa.s previously.mailed to the T r u s t ~ e g ) is annexed hereto as Exhlbit A. Upon motion dulymade and seconded, tho Trustees unanimously

Approvedandconflrmedandral!(led thepaymentofth Pensionssetforth in Exhibit ./A. "

B. Mr. Haynes noted that theTrustees had agreed. to a planamendment onadministrativepractice'authorizing the recovery of Pension overpayments in the discretion of tbe FundAdministrator and setting forth the procedures for such recovery. He presented the plan amendmentfor signature and it was signed by the Chairman andCoChairman.

, ., , ,C. Mr. Raynes advised the Trustees that hewould review the Actuarial Valuation as of. . .

JanuaryI, 2006 with theTrustees at-theSeptemberMeeting. The Actuarial Valuatlonasof January1,2006 had previously been mailed to the Trustees.

D. Chairman McCau ley and Ms.Molinelli reportedtotheTrustees [hat Ibey had receivedproposals from Pension Consultants, including the Segal Company, Savasta & Company, MillimanUSA.Summit Actuarial Services. ,Inc., and Buck Consultants, After interviewing several of the~ p p l y i n g consultants, they recommendSummit Actuarial Services, Jnc.'to the Trustees to replace:Milliman USA 8S the Pension COD5UltlUlt. In executive session, upon motion duly made andseconded, the Trustees unanimously.

Agreed10replaceMilliman USAwith SummitActuarialServices, Inc.

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-......,..-_ ._ .._ ._ - '-----'---'- --as Pension Consultant. terminating Milliman USA by December 31.2006 and hiringSummit Actuarial Services, Inc., effective NovemberJ. 2006.

Mr. Haynes reviewed with the Trustees an Annuity Beneflts Report prepared by the FundOffice and approved by the Consultant for the period ofMarch 3,2006 toJune 2, 2006. This report .was previously mailed to the Trustees. The report contains,the participant's name, typeof benefit,. ; . \aridamount of benefit paid. Uponmotion duly-made and seconded, the .Trustces

Approved the AnnuityBenefits Reportfo r the periodMarch 3, 200610 June 2. 2006 prepared by (he Fund Office and approved by 'heConslJlta.'1l, '

. .VII. ]kwpIQy,or.,.J:uyr'm:iJt Stfltu3 RepodMs.Molinelli 'distributed to the: Trustees copies of an Employer PaymentStatus Report as

, .of June 7, 2006,rconsisting of three pnges, a one page delinquency report, 11 one. page late charges,report, 0 one page list 'o f audit s due, and a one page list of late charge payments received. Mg.'Molinelli reviewed tile list ofdelinquent employers with ~ h Trustees. UpCJn motion dulymadeandseconded, the Trustees unanimously

Acceptedforflllng {he EmployerPayment StatusReport as of,'June 7,'2006, a three page delInql..Ie/JcY report; late charges report, a listo faudits due, and alist oj [ate charge payments received, al l of onepage.

vrn, Fynd Office ReportA. Ms. Mofinelll reviewed the FundOffice Summary PensionReport with theTrustees.

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The Pension Report for the period of January I through June 1, 2006 contained the number of. .Retirees and the total monthly amounts of pension c1:ecks to Retirees. The Pension Report hod

previously been mailed to the Trustees. Upon motion duly made and seconded. the TrusteesAcceptedfo r filing the Fund Office Summary Pension Reportlor theperiod January J through June J, .2006 '

8, Ms. Molinelli reviewed the FundOffice SummaryWelfare Reportwith theTrustees.The Welfare Repor t for. the p'criod January I through May 31, 2006 contained the amounts ofinsurance premiums. claims and prescriptions paid, tbenumber of insuredmembers and the numberof COBRAparticipants: Thereport had previously been mailed (0 the Trustees. Upon motion dulymade !U1d seconded, the Trustees

Acceptedfor flling the Fund Office Summary Welfare Report/or theperiod January 1 through May JJ, 2006.

C. .Ms . Molinelli reviewed with the Trustees the report on Aetna payments covering the. . . .period of January 1 through May 31 , 2006. Upon motion duty made and seconded, the Trustees '

Acceptedfor fi t ing the Fund Office. report on Aetna payments fromJanuaryI through May31, 2006.

D. Ms. Molinelli reviewed with the Trustees the report on J\.1VP Select Care paymentsfrein) "Jaouary 1 through May 31,2006. The report hod previously been mailed 10 theTnistees. Uponmotion dulymade and seconded, the Trustees

Accepted for f il ing the Fund Office report on ]o.fVP Select Carepayments from january 1 through May31, 2006.

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E, Ms. Molinelli reported to the Trustees on t l ~ c 'participant and the Fund Officeexperience with the newMedicare PartD)'prescrij:>tion plan. Sbe noted that, thus far, the planwasworking out well for both participants and the FundOffice,

, 'F. Chairman McCauley noted thatMs.Molinelli formerly held the title of


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X. . The date .of the I1t::XC Meeting.of the Trustees is 10:00B.m. . Monday. September J8,2006 ... .There being no further business to'come .before theMeeting, the some was ~ J motion

adjoumed at 1:05 p.rn.

5 . I n C ~ f. McCaulty

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LOCAL 445 CONSTRUCTION D r V I S PENSION FUND

l.'RUSTEES MEETING

Exhibit HAJJ


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1QCAL 445 C Q . N ~ J R L J ~ T l O N D 1 V J S l Q N . . . . . I . R U S T ~ ~ T I N G

NAME QEBALQ IRAYliliAGE U2 .'r(PE OFRctI;REMENTEARi-J::.EFFECTIVE DATE 4/11012N A M E ~AGE 62 ' ,TYP"b OF Rsrrn.EMENT ~ C EFFECflVE DATE 4/1/06

MONTHLY A.MOCNT ~ ! , 2 ; ; 6 A : LCREDIT27.9QiCONST 2.30/fRT 25.60 'CO c r ' r ~ , . ' .. '5.0% 'SURVtVOR' OPTION ~ J , : E C T E D L R E S T Q R A T r O N

. ,MONTIU...Y Alv10UNT $1.943.5,3C ~ O I T ~ ~ . 4 Q / Q N $ t ; Z 8 I f R T ~ 7 , 4 0 ,CO CALLANAN IND ' 100%SURVIVOR OPTIONRECTED/RESTORATlON

, .ALL OF THE ABOVE FINDXNGS fIAVE BEENVERIFIED ACTUAlUALLY


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CQ1YSTRUCT)ON orVTSrON DE;CASED r N S I Q ~ I J . S

NAME 5?ANJ( PAVELQCKRETIRED w.&2. EXPIRED 3/15/06NAME K E N N E T I i ~ H A E a RRETfRED 1111193EXPIRED 4/28/06

DATE OF B r R T H ~AGE . p ~ N S r O N AMT $l,386,.ill.AGE j1 PENSION AMT $1,451:50

DATE O BIRTH 009/21AGE 6i PENSION AMT $U.5;2,22AGE 78 PENSION AMT .1.1.223.86

GP-03 - Local 445 Board Meeting Minutes 0606

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Transcript of GP-03 - Local 445 Board Meeting Minutes 0606