The monthly meeting of the Widows and Orphans Aid Association was called to order by President Matt Gardner on Tuesday, January 3, 2012 at 1:47 p.m. in Room 150 at the Hall of Justice.
President Gardner opened the meeting with the Pledge of Allegiance.
Roll Call of Officers:
President Matt Gardner, Vice-President Mark McDonough, Secretary Joe Reilly, Treasurer Dean Taylor, Trustees John Centurioni, John Keane, Bob Mattox and Harold Vance were present. Trustee Al Luenow was excused.
Installation of Association Officers for 2012:
President Gardner swore in the new Officers and Trustees for 2012: President Mark McDonough, Vice-president Bob Mattox, Treasurer Dean Taylor and Trustee Sally Foster.
President Gardner then turned the meeting over to the new President, Mark McDonough, before stepping down. President McDonough thanked outgoing President Gardner for his many years of service to the Association.
Report of the Trustees (taken out of order)
Mr. Jerome Paolini and Ms. Janet Walker of Wells Fargo Bank reported on the Association’s portfolio performance through November 30, 2011. In spite of positive U.S economic data, Eurozone debt is still weighing heavily on global markets. U.S. equities experienced a strong October but were flat in November although they did rally again toward the end of the month.
The Association’s portfolio is down -4.41% year to date, however December performance figures are yet to be factored in. The year’s performance summary will be reported in the Association’s annual letter.
Approval of the minutes of the December meeting:
A motion made by Centurioni, seconded by Vance to approve the December minutes passed without objection.
Receiving applications for new members, suspensions and reinstatements:
The following members of the Association were suspended on September 13, 2011 after non-payment of dues for six months: Alex Bini, William Darr, James Escobar, Robert Gin, Jerry Lankford, Axel Lunn, Alfredo Matteoni, Stephen Morimoto, John Poelstra, Kimberly Reynolds, and Joyce Watkins. (Article III, Section 3) Pursuant to Article III, Section 4, these suspended members, now delinquent in payment of dues for over one year, are to be dropped from membership. President McDonough directed that they be dropped from the membership rolls.
If you know any of these members, please have them contact the Association immediately. The Secretary will notify each person in writing at their last known address. (Article III, Section 4)
Report of the Trustees:
Secretary Joe Reilly reported that 25 Association members were reported deceased during 2011: Thomas P. Callen, Wayne E. Clement, William R. Cook, James M. Curran,
Thomas G. Dempsey, Peter M. Dito, Richard R. Duane, Layton M. Duffy, Andrew J. Farren, Louis H. Feder, Ward L. Holmes, Cornelius J. Lucey, Carol F. Marshall, Martin F. Moser, Kevin J. Mullen, Preston J. Nolan, Hadie Redd, Ralph E. Schaumleffel, Elmer H. Schenck, Lawrence R. Sheerin, Stephen R. Spranger, Christopher B. Sullivan, Richard H. Trueb,
Richard H. Van Winkle, Robert C. Werner.
No additional reports of member deaths were received through the end of December.
Communications:
Routine correspondence and the normal monthly bills were received in December.
Bills Payable:
Treasurer Taylor presented the routine monthly expenses of the Association and requested approval for their payment. A motion by Centurioni, seconded by Keane to approve payment passed without objection.
Unfinished Business:
Treasurer Dean Taylor reported that the Association has contacted an attorney for advice regarding the Association’s reporting requirements under ERISA, the Employee Retired Income Security Act of 1974 and will be making an appointment soon.
New Business
None
Good of the Association:
If you are a Widows and Orphans member whose dues are deducted from your paycheck and are retiring soon, or if you have retired in the last year, please remember that payroll deductions for dues stop once you are retired. Dues payments are not deducted from retirement checks. (Automatic payment through the credit union is not affected) Please contact the Association for instructions on maintaining your membership. Members can contact the Association at woaasfpolice@gmail.com in addition to the Association’s voice mail phone number (415) 681-3660, or speak to any one of the Association officers.
Adjournment:
President McDonough set the next meeting for Tuesday, February 14, 2012 at 1:45 p.m. in Room 150 at the Hall of Justice. A moment of silence was observed for all our deceased members. The meeting was adjourned at 2:36 p.m.