I. Roll Call Meeting called to order by Paul Schroder at 6:02 pm. Old Business

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1 Personnel & Pension Board Minutes Page 1 of 5 I. Roll Call Meeting called to order by Paul Schroder at 6:02 pm. A. Members Present 1. Paul Schroder, Chair (voting member left after Item IV.B)) 2. Scott Suplita, Vice Chair (voting member) 3. Shiela Hayes (voting member- entered at Item III.B) 4. Chris Golas (voting member) 5. Andre Rosedale (alternate) 6. Richard Morelli (alternate-seated as a voting member thru Item III.A) B. Members Absent 1. John John (voting member) C. Others Present 1. Mike Gualtieri, Comptroller 2. Sandra Pimentel, P&P Board Secretary 3. Josh Pothier, Comptroller 4. Mike Driscoll, Corporation Counsel 5. Marc Shegoski, UBS (left after Item IV.B.) 6. Ashley Martella, UBS (left after Item IV.B.) II. III. Minutes A. Minutes of the March 20, 2018 Personnel & Pension Board Meeting. Motion to approve the March 20, 2018 meeting minutes made by Scott Suplita, seconded by Chris Golas, all in favor. Old Business A. Review of procedure for unclaimed pension refunds. Corporation Counsel Mike Driscoll to advise on disposition of funds. Tabled to the April 2018 meeting. Mike Driscoll presented the IRS Memo Describes Due Diligence Safe Harbor for Missing 403(b) Plan Participants and the state statutes applicable to escheatment of municipally held funds. He advised the board that a pension refund, property held by the City for a former pension participant, which has remained unclaimed for more than three years is presumed to be abandoned. The issuance of an unclaimed check is evidence of abandonment. Additional notice must be given within 180 days before a presumption of abandonment and escheatment to the state of the abandoned property. The board recommended a written procedure. B. Review updated draft version of the investment policy and asset allocation with UBS. Tabled for review with Josh Pothier at the April 2018 meeting. Reviewed the annual benchmark section of the draft policy with Josh Pothier. The board discussed the determination of the similar municipalities, factors that could skew a comparison and the rationale for inclusion in the policy.

2 Personnel & Pension Board Minutes Page 2 of 5 Motion to remove the Annual requirement from Section 7 Definition of Benchmarks from Draft 2.0 of the Statement of Investment Policy made by Shiela Hayes, seconded by Chris Golas, all in favor. Motion to approve Draft 2.0 Statement of Investment Policy as amended above and to change Bank Loans to Direct Bank Loans in Prohibited Cash Equivalents Securities made by Paul Schroder, seconded by Shiela Hayes, all in favor. Motion to adopt an annual comparison of similar Pension/OPEB plans as outlined in Section 7 Definition of Benchmarks Annual of Draft 2.0 Statement of Investment Policy made by Scott Suplita, seconded by Shiela Hayes, all in favor. C. Request for prior service buyback from Bonnie Cuprak. A legal opinion was requested from Corporation Counsel. Mike Driscoll will review with the board at the April meeting and Brigid Marks will provide a summary on the types of prior service buybacks available. Tabled to the April 2018 meeting. Brigid Marks provided a summary on the types of prior service buybacks available. In Mike Driscoll s opinion none were applicable in this situation and requested further discussion with the Board and Brigid Marks at the May 2018 meeting. Motion to table the request for prior service buyback from Bonnie Cuprak to the May 2018 meeting made by Shiela Hayes, seconded by Chris Golas, all in favor. IV. New Business A. Notification of the re-appointment of Shiela Hayes as a regular member of the board. Her term expires March 1, 2020 or until a successor is appointed. Motion to acknowledge the re-appointment of Shiela Hayes made by Paul Schroder, seconded by Scott Suplita, all in favor. B first quarter investment review with UBS. Marc Shegoski and Ashley Martella presented the UBS House View: We are still in the late stages of a bull market with a low probability of recession. Global economic growth is positive. Growth, inflation and earnings will continue to grow with fair valuations given the environment. They recommend large-cap value versus growth stocks and global and emerging market stocks versus US government bonds. At this time, political and geopolitical risks appear contained. The pension portfolio was reviewed by Ashley Martella: The current asset allocation is 70.3% equity, 29.7% fixed income. After a volatile February, the portfolio was down.56% for the quarter. The pension fund decreased from $175,226,489 on December 31, 2017 to $173,362,376 as of March 31, The OPEB portfolio was reviewed by Ashley Martella: The current asset allocation is 69.9% equity, 30.1% fixed income. The portfolio was down.76% for the quarter. The OPEB fund increased from $17,659,273 as of December 31, 2017 to $17,794,985 as of March 31, UBS is forecasting returns from US large-cap equity funds will drop to approximately 7% and non-us equity will increase to approximately 9%. They

3 Personnel & Pension Board Minutes Page 3 of 5 recommended reallocating about 6% from US large-cap to international equity markets to boost expectations without significant risk. Motion to decrease MFS Value from 10% to 9%, Clearbridge Large Growth from 12% to 10%, Eagle Mid Growth from 4% to 3% and increase Lazard International from 4% to 6% and Delaware International from 4% to 6% in the Pension Fund made by Shiela Hayes, seconded by Paul Schroder, all in favor. Motion for a friendly amendment to add the OPEB Fund to the prior motion to reallocate made by Shiela Hayes, seconded by Paul Schroder, all in favor. C. Applications for retirement: 1. Marcella Jodoin, Police Records Computer Operator, for a normal retirement effective June 2, Motion to approve the application for retirement made by Shiela Hayes, seconded by Chris Golas, all in favor. D. Pension Calculations: 1. Peter Barber, retired March 1, His pension is calculated for $68, annually. His application for retirement was approved at the November 2017 meeting. 2. Deborah Thompson, retired March 3, Her pension is calculated for $20, annually. Her application for retirement was approved at the February 2018 meeting. 3. Jonathan Ley, retired March 14, His pension is calculated for $56, annually. His application for retirement was approved at the February 2018 meeting. Motion to approve the pension calculations made by Shiela Hayes, seconded by Chris Golas, all in favor. E. Application for refund/rollover of pension contributions: 1. Ryan Flaherty, Firefighter, who terminated March 1, Refund of $35, with interest (thru 02/28/2018). Motion to accept the refund application made by Shiela Hayes, seconded by Chris Golas, all in favor. 2. Kathy (Muscarella) Longo, Secretary-BOE, who terminated on July 31, Refund of $24, with interest (thru 02/28/2018). Motion to a made by Shiela Hayes, seconded by Chris Golas, all in favor. F. Notification of death: 1. Patricia Mereen, DOD March 25, 2018, surviving spouse of Samuel Mereen, Registrar, who retired on September 5, No further benefit due. Motion to acknowledge the notification of death made by Shiela Hayes, seconded by Chris Golas, all in favor. G. Request from Sandra Pimentel to rescind the previously approved deferred General City retirement for Kathryn Crees. She is to be re-admitted to the fund at this meeting effective March 19, 2018.

4 Personnel & Pension Board Minutes Page 4 of 5 NAME Motion to rescind Kathryn Crees deferred pension and combine the service time from the deferred pension with her current service time made by Shiela Hayes, seconded by Chris Golas, all in favor. Shiela Hayes made a motion to add under suspension of rules the appointment of a member to represent the board to review the results of the RFP for Actuarial Services. G1. Request from Josh Pothier for a P&P Board Member to act as representative for the review and interview process for the RFP results for Actuarial Services. Josh Pothier explained the review and interview process for the RFP. Motion to appoint Shiela Hayes as representative of the board to review the results and participate in the interview process for the RFP for Actuarial Services made by Scott Suplita, seconded by Chris Golas, all in favor. H. Employee(s) to be admitted into the City of Norwich Employees Retirement Fund: Motion to admit the following employees into the City of Norwich Employees Retirement Fund made by Shiela Hayes, seconded by Chris Golas, all in favor. POSITION DATE OF HIRE ACADAMY GRADUATION DATE LAST DAY ON PROBATION REQUEST /EVAL RECEIVED Marie Tayaye Paraeducator-BOE 8/28/2017 n/a 01/24/ /29/2018 Kathryn Crees Community Development Supervisor 9/19/2017 n/a 3/18/ /22/2018 Julie Torres Paraeducator-BOE 10/2/2017 n/a 3/15/ /20/2018 Colleen Donahue Paraeducator-BOE 10/11/2017 n/a 3/15/ /22/2018 Susan Doutre School Nurse-BOE 01/02/2018 n/a 04/01/ /09/2018 I. New Employees: Motion to acknowledge the new employees made by Shiela Hayes, seconded by Chris Golas, all in favor. NAME POSITION DATE OF HIRE CITY/STATE Christine Poscich Katrina Rosedale Partnership for Success Coordinator (YFS) General Assistance Administrative Coordinator (HS) 04/09/2018 Norwich, CT 04/11/2018 Norwich, CT V. Correspondence Letter from Andrew Thomasson. Andrew Thomasson requested the board consider allowing Veterans Preference points be added to promotional exams if they were not used previously to gain permanent employment at the entry level.

5 Personnel & Pension Board Minutes Page 5 of 5 The board reviewed his request in conjunction with the Merit System Rules and past practice. Will review further with Brigid Marks at the May 2018 meeting. Motion to table Andrew Thomasson s request to the May 2018 meeting made by Shiela Hayes, seconded by Chris Golas, all in favor. VI. Adjournment Motion to adjourn made by Shiela Hayes, seconded by Chris Golas, all in favor. Meeting was adjourned at 8:04 pm. Respectfully submitted, Sandra Pimentel, Secretary