Newtown Pension Committee
Minutes
November 17th, 2008
The Newtown Pension Committee met on Monday, November 17th, 2008 in the lower meeting room of Town Hall South. The meeting was called to order at 7:35pm. Present: Tom Murtha, Barbara Bloom, Steve Shaffer, Dunham Smith, Dana Schubert, Frank Krasowski.
Also in attendance: Carole Ross, David Leonard of TR Paul, Michael Portnoy (member of the public)
1. David Leonard presented the 2007-2008 Actuarial Report. He began with stating that the trust was up 3.7% when other municipalities barely broke 0%. The report is based on 5-year blended calculation. The contribution numbers are up across the board due to the economy. This is based on an assumption of a 5% loss. The recommended contribution is $192,441 for the Town, $299,781 for the Board of Education and $342,670 for the Police. The Board of Education includes the contribution in their budget. The Elected Officials plan cost is $15,520.
2. The committee discussed the possible need for a decrease in the rate of return to 7.5%. Mr. Leonard would have to calculate the cost and would charge $1000 for this service. After much discussion it was decided to wait until September of 09 to possibly lower the rate.
3. A motion was made by Mr. Smith to accept the recommendation of the contribution amount. Seconded by Mrs. Bloom. Motion carried.
4. A discussion took place regarding the budget and any changes to the services and supplies line item. It was decided to let it remain the same as previous years.
5. Mr. Leonard also recommended updating the mortality chart, which is now 10 years old. A motion was made by Mr. Smith to update the tables to the most current available. Seconded by Mr. Shaffer. Motion carried.
6. Mr. Portnoy was asked if he had any comments or questions of the committee. He stated that he was interested in the comments of the board as it pertained to the 09-10 budget.
7. Mrs. Ross stated that Mr. Hurley has withdrawn his request for a buyback.
8. Minutes of November 3rd, 2008 – motion to approve – unanimous
Meeting adjourned at 8:25pm
Carole Ross
Clerk
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