Pension & Retirement Board
East Windsor, Connecticut
Minutes of January 16, 2008
The Pension & Retirement Board was called to order by Mary Szabo at 7:01PM at the East Windsor Town Hall.
Present: Mary Szabo, Denise Menard, Marie Desousa, Dale Nelson, Jack Mannette, Jason Bowsza, John Pica, Noreen Farmer, Jack Little, Lorraine Devanney and Tim Howes
I. Election of Pension Chair
Tim Howes volunteered to be chair for the Pension and Retirement Board
Upon motion by Lorraine Devanney
Seconded by Dale Nelson
Voting for Motion: it was unanimously
II. Process Report on Selection of Actuarial Firm
The pension board sent out 10 RFP’s for Actuarial Services, of the 10 they chose three (3 )firms to the interviewed: Milliman, Hooker & Holcomb, and USI: the reason for choosing these three (3) firms was: 1 cost, 2. location of the firm, and most importantly the ability to complete the GASB 45 (OPEB) project. The 3 firms were interviewed on December 10, 2007 by a panel that consisted of Denise Menard, Dale Nelson, Noreen Farmer, Linda Savitsky, (consultant) Kim Scavotto, and Mary Szabo. Milliman was chosen for the project because they presented the most comprehensive information, and they were instrumental in the MassMutual unbundling process with another municipality. The Contract was approved by the Town pension attorney, Bruce Barth; copies of the contract were
handed to all board members. Milliman will have pension budget numbers for the 2009 fiscal year. The town is remaining with MassMutual for the investments and administration pieces for now.
III Set date for the next pension meeting
The next pension board meeting is scheduled for April 16, 2008
III. Adjournment
Motion to adjourn by Dale Nelson seconded by Tim Howes it was unanimous.
Vote: to Adjourn at 7:20PM
Respectfully submitted
Lori Butenas
Recording Secretary
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