Newtown Pension Committee
Minutes
November 15th, 2010
The Newtown Pension Committee met on Monday, November 15th, 2010 in the lower meeting room of Town Hall South. The meeting was called to order at 7:30pm.
Present: Tom Murtha, Barbara Bloom, Frank Krasowski and Mark Korotash.
Also in attendance: David Leonard of TR Paul, Carole Ross, Human Resources Administrator.
The committee discussed a Special Meeting when Mr. Leonard is back in town on December 13th in order to further discuss any changes to the Plan.
Presentation of the Actuarial Report
David Leonard gave his presentation of the annual Actuarial Report to the committee. He stated that the pension funding level was adequate for both plans especially with the market being as it is. He gave an overview of the calculations and assumptions for contributions. A discussion took place regarding lowering the rate of return. A recommendation of 7.75% was forwarded to the Board of Selectman who have not acted upon it at this time. Lowering the wage assumption was also discussed. The committee decided that Mrs. Ross should look at a 10 year history for wages and let the committee and the First Selectman know what the average has been. The committee felt that lowering it from 5 to 4 would be a possible target. Once that is established, David Leonard will determine the level
of town contribution. The decision to lower the wage assumption would then rest with the Board of Selectman.
Public participation: None
Approval of Minutes: The minutes of September were approved as written.
Approval of Bills: None
Communications: None
Mr. Murtha asked that Mrs. Ross send a letter to the Police Union notifying them of the lack of representation by the union as stated in their contract. The meeting for January will be held on the 24th instead of the 17th in observance of Martin Luther King Day.
Mr. Korotash moved to adjourn. Mr. Krasowski seconded
Meeting adjourned at 8:05
Carole Ross
Clerk
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