Newtown Pension Committee
Minutes
July 16, 2012
The Newtown Pension Committee met on Monday, July 16, 2012 in the lower meeting room of Town Hall South. The meeting was called to order at 7:30 p.m.
Present: Tom Murtha, Frank Krasowski, Dunham Smith, Joe DiCandido, Mark Korotash, Barbara Bloom
Also In Attendance: Patricia Llodra, Robert Tait, John Vaccaro, Joseph Tatusko, Chris DeLaura, Herbert Rosenthal, Rudy Polanski
Public Participation: None
Approval of Minutes: Dunham Smith made a motion to approve the minutes of February 13, 2012. It was seconded by Frank Krasowski and was passed.
Presentation by Westport Resources: John Vaccaro introduced the rest of the members of his group. He explained that Westport Resources started working with the Newtown Pension Committee in 1999 and that it has been a good working relationship. Joe Tatusko is in charge of the fixed income portfolio. Chris DeLaura works on the equity funds with help from Rudy Polanski. John then went through a PowerPoint presentation of how the Pension Fund is doing. Patricia Llodra voiced her concern about last year’s investment results and asked how it was going to be avoided in the future. John Vaccaro and Herb Rosenthal pointed out that the loss is smoothed out over 5 years. Rudy described the strategy they use to narrow down investment choices. He feels they are back on the right track.
The possibility of lowering the assumed interest rate from 7.75% to 7.50% was also discussed. Patricia Llodra asked that we also consider lowering the wage assumption at the same time so that there wouldn’t be a large increase in the town’s contribution.
Correspondence: None
Approval of bills: 2 invoices were presented. One was in the amount of $6210 ($5750 from July, included in the new fiscal year and $460 from June). The other was in the amount of $2226. A motion to approve was made by Frank Krasowski and seconded by Dunham Smith. Motion passed.
Report or requests from retirees: None
Motion to adjourn: adjourned at 8:50 p.m.
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