 |
Newtown Pension Committee
Minutes
November 3rd, 2008
The Newtown Pension Committee met on Monday, November 3rd, 2008 in the Cyrenius Booth Library. The meeting was called to order at 6:30pm. Present: Tom Murtha, Barbara Bloom, Steve Shaffer, Dunham Smith, Dana Schubert, Mark Korotash, Frank Krasowski.
Also in attendance: Joe Borst, First Selectman, Herbert Rosenthal, Selectman, Paul Mangiafico, Selectman, Robert Tait, Finance Director, Westport Resources representatives: John Vaccaro, Rudy Polanski, Frank Sterneck, and Carole Ross.
1. Approval of bills – T.R. Paul - $1981 for distributions and check-writing fees. Motion to approve – unanimous.
2. Minutes of March 24th, 2008 – motion to approve – unanimous
3. Fred Hurley, Director of Public Works requested a buyback from the pension committee for almost 19 years of service. The cost to the town if he retires at age 65 would be $131,887 while if he waits until age 72, the cost would be $60,540. He explained that it was his intention to retire at 72 years of age thereby extending the time for the buyback. ½ would be paid in a lump-sum with the rest financed by the town for 18 months. The Pension Committee discussed the request and made the following motion: The Pension Committee will recommend to the Trustees that this request for a buyback be denied as there is no current language
in the plan to address this.
4. Westport Resources presentation of the portfolio as of October 31st, 2008. (attached)
Meeting adjourned at 7:30
Carole Ross
Clerk
| |
