COLCHESTER RETIREMENT BOARD
SPECIAL MEETING
THURSDAY, NOVEMBER 13, 2008
COLCHESTER TOWN HALL – 7:30 P.M.
Members Present: Chairman Brenden Healy, Dan Eberle, Jon Sandberg
Members Absent: Stan Soby, Ron Goldstein,
Others Present: Maggie Cosgrove, CFO
1. Call Meeting to Order: Chairman Healy called the meeting to order at 7:40 p.m.
2. Citizens’ Comments: None
3. Approval of the July 24, 2008 Meeting Minutes: J. Sandberg motioned to approve the minutes of the July 24, 2008 meeting correcting the spelling of his name to Jon and under item 5 changing to read the meeting would tentatively be held in October, seconded by D. Eberle. All members present voted in favor. MOTION CARRIED.
4. Chief Financial Officer’s Report: M. Cosgrove distributed the ING access report and performance update for review. She noted as a reminder that the town does not have any officers that qualify to draw on their pension in the near future and if any of the officers were to leave they would only be able to take with them the portion in which they have contributed.
The actuaries have begun their evaluation. They will then give the board a percentage of payroll that will need to be budgeted for contribution. J. Sandberg said he will relay the information to the BOF but recommended that Chairman Healy attend the BOF meeting when the Police budget is reviewed providing explanation as to how the pension contribution amount was determined.
Additional items that M. Cosgrove has budgeted for under the Retirement Board were discussed.
Natalie Welsh of Shipman and Goodwin has informed M. Cosgrove that some minor changes will need to be made to the town’s ordinance, section 415, to meet new IRS regulations. M. Cosgrove will discuss this further with Ms. Welsh
5. Review Investments: The interest on that amount would be at today’s rate. J. Sandberg commented that the funds are down 20% which is really not all that bad considering the overall stock market is down 36%.
Ed Jolly of ING will be invited to the next meeting to discussion the investments with the board.
6. Discussion and Possible Action on Potential 2009 Meeting Dates:
• Thursday, January 22, 2009
• Thursday, April 23, 2009
• Thursday, July 23, 2009
• Thursday, October 22, 2009
J. Sandberg motioned to approve the 2009 meeting dates as presented, seconded by
D. Eberle. All members present voted in favor. MOTION CARRIED.
7. Board Policies Discussion: Chairman Healy received only minor changes from
J. Sandberg and R. Goldstein. He will review the changes with Natalie Welsh of
Shipman and Goodwin
8. Adjournment: J. Sandberg motioned to adjourn the meeting, seconded by D. Eberle. All members present voted in favor. MOTION CARRIED.
Chairman Healy adjourned the meeting at 8:25 p.m.
Dawn LePage, Clerk
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