Board of Trustee Minutes
CHARTER TOWNSHIP OF BLOOMFIELD
BOARD OF TRUSTEES
Study Session
April 25, 2007
PRESENT: Payne, Devine, Stefanes, Buckley, Barnett,
Roncelli, Savoie
Also present, Ray Perkins, Finance Director, Edward and
Wally Schwartz, Schwartz and Co., Inc., Matthew Wallace, Great
West Retirement Services
ABSENT: None
PENSION PLAN:
This is a brief market overview of the latest monthly
statement.
The first quarter of 2007 had good performance results. The
Dow was down slightly, high quality fixed income investment
returns have improved, the rate of inflation has been about
three percent and small cap stock funds have been performing
better than the large cap in the U.S. Stock Market.
The S&P 500 was reviewed by decade. It was then noted that
in the next 8 – 12 months a relatively strong equity market is
expected; however, certain unpredictable circumstances such as
the war in Iraq could impact the projections. Also,
historically, the third year of a presidential cycle has
coincided with strong market returns. This trend, although
interesting to observe, would not be used as a basis for
market strategy.
As of March 31, 2007, the portfolio has earned a positive
return of 13.7 percent since being moved to RBC Dain in June
2006. It was noted that market returns for the month of April
2007 have been very strong and have bolstered the overall rate
of return on the portfolio.
New monies coming into the pension plan are to be deposited
into the equities portfolio and are to remain there until a
transfer to the guaranteed portfolio is required. It was noted
that the equity portfolio is currently limited to a maximum of
30 percent of total plan assets. The Township retirees’
annuities are guaranteed by Prudential and the assets that
provide for these annuity payments make up the guaranteed
portion of the Township’s pension plan portfolio. Schwartz and
Co. does not automatically rebalance the equity portfolio, but
they do watch the investments closely and forward periodic
recommendations to Dan Devine, Township Treasurer. Devine
commended Schwartz and Co. on their communication with the
Township in this regard.
Meeting adjourned at 11:58 a.m.
__________________________
JANET RONCELLI
TOWNSHIP CLERK
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