Newtown Pension Committee
Special Meeting
Minutes
June 1st, 2009
The Newtown Pension Committee met on Monday, June 1st, 2009 in the lower meeting room of Town Hall South. The meeting was called to order at 7:32pm.
Present: Tom Murtha, Dunham Smith, Steve Shaffer, Dana Schubert and Frank Krasowski.
Also in attendance: Carole Ross
Public participation: None
Approval of Minutes: The minutes of May 4th were approved as written.
Correspondence: Parenteau Associates, LLC submitted a request to be considered as an investment firm for the pension fund. The Pension Committee will send a letter acknowledging receipt but declining interest.
Approval of Bills: A bill in the amount of $1310 for professional services was submitted for approval. $270 is for the Board of Education. The bill for Selectmen is $1040 and was approved for payment.
A discussion took place regarding lowering the rate of return from 8%. After much discussion a motion was made by Mr. Smith to revisit this at the September meeting and invite Westport Resources to attend. Mr. Shaffer seconded. Motion carried.
A discussion took place regarding whether to recommend to the Board of Selectmen an additional contribution to the pension fund based on the recent market losses. As per the attached letter to the Selectmen, Mr. Smith moved the motion to not make an additional contribution at this time however the committee would not object should the Board decide to do so. Mr. Krasowski seconded. Motion carried.
Meeting adjourned at 8:37
Carole Ross
Clerk
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