Newtown Pension Committee
Minutes
November 18th, 2013
The Newtown Pension Committee met on Monday November 18th, 2013 in the lower meeting room of Town Hall South. The meeting was called to order at 7:32pm.
Present: Barbara Bloom, Tom Murtha, Mark Korotash, Joe DiCandido.
Also in attendance: Carole Ross, HR, David Leonard of TR Paul
Presentation by David Leonard – 2013 Actuarial Report:
Mr. Leonard presented the 2012-2013 Actuarial Report of the Town of Newtown Pension Plan. The recommended contribution from the Town to the Pension Fund is $970,249. The Board of Education amount is recommended to be $402,958. This is an increase of $149,424 for the Town from last year and an increase of $37,178 for the Board of Education.
Mr. Leonard explained there were multiple reasons for this increase. The largest of which is the investment return which was an average of 6.1% falling short of the 7.5% rate of return. The Town plan is at a funding level of 97.25% which the Police Plan is 87.38%.
Mr. Leonard suggested at this time for the Town to perform an audit to verify retirees currently receiving benefits.
Public participation: None
Approval of Minutes: The minutes of September 30th, 2013 were approved as written
Correspondence: None
Approval of bills: None
Requests from retirees: None
Motion to adjourn: adjourned at 7.56
Carole Ross
Clerk
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