Newtown Pension Committee
Minutes
March 16th, 2009
The Newtown Pension Committee met on Monday, March 16th, 2009 in the lower conference room at 3 Main Street. The meeting was called to order at 7:30pm. Present: Tom Murtha, Barbara Bloom, Steve Shaffer, Dunham Smith, Dana Schubert, Mark Korotash, Frank Krasowski.
Also in attendance: Carole Ross, Human Resources Administrator
1. A discussion took place regarding the current budget situation. Mr. Murtha stated that he had been asked to attend the Board of Finance meeting to explain the Pension Committee’s decision not to include any additional funding based on market loss to the Pension. He stated that due to the zero percent requests by the Board of Selectmen, he did not feel it would be honored. He also stated that the town actuary, David Leonard had not requested those funds in the 2007-2008 actuarial report. However, the Board of Finance decided to add $250,000 to the Pension account.
2. In lieu of this discussion, Mrs. Ross was directed by the committee to contact David Leonard with the following: 1. Could he provide a “ballpark” figure of a contribution increase due to current assets being down? 2. What would the cost of a mid-year actuarial study be? 3. Could this be provided in writing? 4. For every million dollars of loss what would the town contribution need to be?
3. The committee also requested Mrs. Ross contact Mr. Vacarro of Westport Resources to ask if due to Mr. Leonard’s response would they still feel the investment policy was realistic or should they come to the next meeting to discuss this.
4. Mr. Murtha requested a copy of the insurance policy for Boards and Commissions. Mrs. Ross will provide that to the committee.
5. It was decided to hold an additional meeting on April 20th.
6. Should the Selectmen decide that they want to have a meeting with the Pension Committee, they would be happy to do so.
7. The minutes of November 17th, 2008 were approved as presented.
Meeting adjourned at 8:45
Carole Ross
Clerk
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