Newtown Pension Committee
Minutes
May 4th, 2009
The Newtown Pension Committee met on Monday, May 4th, 2009 in Cyrenius Booth Library. The meeting was called to order at 7:05pm.
Present: Tom Murtha, Dunham Smith, Mark Korotash, and Barbara Bloom.
Also in attendance:, David Leonard of TR Paul, the Board of Selectmen,
Joe Borst, Herb Rosenthal, Paul Mangifico, Westport Resources, John Vaccaro, Rudy Polanski, Frank Sterneck, Bob Tait, Finance Director, Legislative Council members, Mike Portnoy, Jim Gaston and Joseph Kearney, Carole Ross, Human Resources.
Mr. Murtha opened the meeting with an explanation of why the meeting was taking place. He stated that David Leonard was asked to provide a report stating the current financial situation of the pension due to the recent market losses (attached). Mr. Murtha opened the floor for discussion.
A discussion took place regarding whether to add additional money to the plan and/or to lower the current rate of return to 7.5% from 8%.
The Pension Committee will meet on May 18th, at the regular scheduled meeting to discuss this and make their recommendation to the Trustees of the plan, the Board of Selectmen.
(meeting recorded)
Meeting adjourned at 8:45
Carole Ross
Clerk
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