2009-01-31_Minutes--Procès-verbalJanuary 31 , 2009
10 - 2009
Minutes of the Portion of the Committee of the Whole Meeting Open to the Public
January 31, 2009, 9 :00 a .m. Council Chamber City Hall.
present
Ivan Court, Mayor
Deputy Mayor Chase and Councillors Court, Farren, Killen, Higgins,
McGuire, Mott, Snook, Sullivan, and Titus
- and -
T. Totten, City Manager; P. Woods, Deputy City Manager; J. Nugent,
City Solicitor; G. Yeomans, Commissioner of Finance and Treasurer; P.
Groody, Commi ssioner of Municipal Operations; E. Gormley, Common
Clerk and J. Taylor, Ass istant Common Clerk.
Committee of the Whole Open Session
1 . Introductory Remarks by the Chair of Trustees
Referring to a submitted report, the May or offered opening remarks with respect to the S pecial
Committee of the Whole Pension meeting. He introd uced himself as Chair of the Board of
Trustees of the City of Saint John Pension Plan and introduced the other members of the
Pension Board of Trustees as follows: Claude MacKinnon , John Nugent , Pat Woods , Deputy
Mayor Chase, Councillor Court, Fred Slipp, Bill Buckley, Pat Hogan, Andrew Belyea, Elizabeth
Gormley, Gr eg Yeomans, Cathy Graham and Andrea Kane and he introduced the external
;
advisors as Hugh Wright, Fred Lewis, Vaino Keelman and Robert Crowley.
2(a) Outline of presentation
Hugh Wright , Partner at McInnes Cooper, provided an outline of the pension plan presentation.
(Councillor McGuire withdrew from the meeting)
(b) Presentation of Hugh Wright
Refer ring to a submitted report, a presentation , and the submitted summary of citizen’s
questions with responses from the Pension Board of Trustees , Hugh W right provided an
overview of The City of Saint John’s pension plan . Mr. Wright outlined following items: the
regulatory regime; key participants in the plan; the Ferguson claim, the historical overview of the
plan; the activities of the trustees; the disa bility provision; the fund investment function; the
liabilities of the plan; the role of Ernst & Young; and Council’s recent plan reform consideration.
Referring to a submitted presentation , Vaino Keelman, Principal and Consultant of API Asset
Performan ce Inc., provided an executive summary of the investment plan performance for The
City of Saint John ’s Pension Plan.
(c) Speaking Notes of Fred Lewis
January 31 , 2009
11 - 2009
Referring to a submitted report and presentation , Frederick Lewis, Principal in Morneau Sobeco,
outlin ed the role of the Actuary, the valuati on process, and asset/liability reconciliation.
Referring to a submitted presentation, Robert Crowley, Senior Man ager Assurance of Ernst &
Young outlined the accounting and auditing standards that have been implemen ted with respect
to The City of Saint John pension plan.
(Councillor McGuire reentered the meeting)
Referring to a submitted presentation, Hugh Wright outlined the recent pension reform efforts
that have been made from 2002 - 2008 and the possible next st eps that could be taken.
On motion of Councillor Titus
Seconded by Councillor McGuire
RESOLVED that the meeting the Committee of the Whole
meeting of January 31, 2009 continue without recess.
Question being taken, the motion was carried with Councillor Higgins voting nay.
(Councillor Killen withdrew from the meeting)
Res ponding to a question , Hugh Wright, Robert Crowley, Frederick Lewis, and Vaino Keelman
each stated that to their knowledge there have been no illegal activities committed b y the board
of Pension Trustees.
The Mayor invited citizens and council members to pose any further questions that they may
have and the advisors responded to each individual question.
3 . Adjournment
The Mayor decl ar e d the meeting adjourned at 3:0 5 p.m.
Common Clerk