Newtown Pension Committee
Minutes
November 21st, 2011
The Newtown Pension Committee met on Monday, November 21st, 2011 in the lower meeting room of Town Hall South. The meeting was called to order at 7:00pm.
Present: Tom Murtha, Barbara Bloom, Mark Korotash, Dunham Smith.
Also in attendance: David Leonard of TR Paul, Carole Ross, and Human Resources Administrator.
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. He gave an overview of the calculations and assumptions for contributions. The recommended town contribution for both the Police and Town Plan would be $824,277 with the Board of Education at $421,807. A discussion took place regarding lowering the rate of return another .25%. All agreed.
The committee and Mr. Leonard discussed the survey which had been requested a few months back to contact area towns for information regarding rate of return, results, fund balance, level of funding, fees and investment managers. Mr. Leonard stated that he had been having trouble getting the towns to respond. The committee discussed the need to continue and decided the information should be obtained. Mr. Leonard will work at this further.
Public participation: None
Approval of Minutes: The minutes of September were approved as written, motion by
Mrs. Bloom, seconded by Mr. Korotash
Approval of Bills: Invoice #31747 - $2248, Invoice #31749 $6770. Motion by Mr.
Smith, seconded by Mrs. Bloom
Communications: None
New Business: Meeting dates for 2012 – accepted, motion by Mr. Smith, seconded
by Mr. Korotash
Annual Report accepted as written, motion by Mr. Korotash,
seconded by Mrs. Bloom
A discussion took place regarding the replacement of Mr. Shaffer who has moved out of town. Mrs. Ross believed the First Selectman had this information but will confirm.
Mr. Korotash moved to adjourn. Mr. Smith seconded
Meeting adjourned at 7:52
Carole Ross
Clerk
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