Newtown Pension Committee
Minutes
March 15, 2010
The Newtown Pension Committee met on Monday, March 15th, 2010 in Town Hall South. The meeting was called to order at 7:30pm.
Present: Tom Murtha, Barbara Bloom, Dunham Smith, Mark Korotash, Steve Shaffer.
Also in attendance: Carole Ross, John Vaccaro and Joe Tatusko of Westport Resources.
Approval of Minutes - January 19th: Passed as written.
Approval of Bills: None
Public Participation: None
Reports or requests from retirees: None
Correspondence: As per the January meeting, Mrs. Ross reported that she had spoken with George Romer with TR Paul to ask if the check fees could be reduced from $7.00 per check as checks were now done electronically. Mr. Romer explained that the fee had never been increased and they still had to be sent out.
Mrs. Ross also advised the committee that the First Selectman requested their attendance at the Board of Finance meeting on May 27th to discuss the rate of return and the questions which were given to the committee from the previous Board of Selectmen.
Mr. Vaccaro presented the Pension Plan’s end of year report. He introduced Mr. Joe Tatusko who will replace Frank Sterneck as portfolio manager. Mr. Vaccaro discussed the account value and the expectation for the coming year. Although the fund is outperforming the market, it is still under the bench mark of 8%.
Rate of Return: After discussion, the committee with the agreement of Mr. Vaccaro decided to decrease the rate of return to 7.75%. Mr. Smith made the following motion, seconded by Mrs. Bloom and carried unanimously.
“The Pension Committee will recommend to the Board of Selectmen for the next fiscal year beginning in July, the rate of return be reduced to 7.75% for actuarial purposes at a cost to be determined by the actuary per year.” Mr. Murtha will send a letter to the Board advising them of their decision.
Meeting adjourned at 8:45
Carole Ross
Clerk
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