Newtown Pension Committee
Minutes
September 21st, 2009
The Newtown Pension Committee met on Monday, September 21st, 2009 in the lower meeting room of Town Hall South. The meeting was called to order at 7:30pm.
Present: Tom Murtha, Steve Shaffer, Dana Schubert, Barbara Bloom, Frank Krasowski and Mark Korotash.
Also in attendance: Westport Resources, John Vaccaro, Rudy Polanski, Frank Sterneck, Bridget McLoughlin, Carole Ross, Human Resources Administrator.
Public participation: None
Approval of Minutes: The minutes of July 20th were approved as written.
Approval of Bills: None
Communications: None
The questions from the Board of Finance were discussed and modified. Mr. Krasowski will make the changes and forward it back to Mrs. Ross for distribution to the committee.
Mr. Vaccaro presented the financial report as of September 18th. A discussion took place regarding the graph and why the graph changes. This is because a five year rolling period is used and therefore the graph would change month to month, year to year.
As of this date, the portfolio has an ending value of $26,037,155.42. It was noted that the fund is now back to the March amount with an net rate of return of 11.42% for the period 6/30/09 to date.
The quarterly report for June 30th was also presented.
A discussion took place regarding lowering the rate of return by ¼ of one percent. It was noted that this would cost the town between $400,000 and $500,000 if lowered and would be a greater risk to the plan if increased. It would also mean changing the investment policy. It was decided to table this discussion to the next meeting.
Mr. Sterneck reported on the bond portfolio and Mr. Polanski reported on the equity portion. A discussion took place regarding the language in the policy addressing the purchase of lower rated bonds. This was also tabled to the next meeting.
Mr. Krasowski asked if Westport Resources was audited each year. Mr. Vacarro stated that it was and he will send the report to the committee.
Mr. Korotash moved to adjourn. Mrs. Bloom seconded
Meeting adjourned at 8:45
Carole Ross
Clerk
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