Retirement Commission - Minutes - 03/27/2024

FIFTEEN ROPE FERRY ROAD
PHONE: 860-442-0553
WATERFORD, CT 06385-2886
wwwwaterfordetorg
Retirement Commission
Wednesday, March 27, 2024
Special Meeting Minutes 5:30pm Waterford Town Hall
Present: Susan Driscoll, Mark Gelinas, Craig Merriman, Michael Rocchetti (arrived 6:06pm)
Other: Devon Francis, Fiducient Advisors
Absent: Linda Finnegan, Rob Brule, Paul Goldstein
Staff: Kimberly Allen, Director of Finance, and Rebecca Hall, Secretary
1, Meeting called to order at 5:35pm. After confirmation of fourth member in transit, consensus of
members present to move the Fiducient presentation to the first order of business, so that items
requiring votes would be considered once quorum was achieved. (Note: Quorum established at 6:06pm.)
2 Devon Francis from Fiducient Advisors led discussion of the OPEB and pension portfolios’ performance
the 4"-quarter of 2023 and explained data from their Jan/Feb 2024 Flash Report. Major takeaways were
that despite lingering volatility in the stock market post-Covid, we met our targets in 2023; Fiducient
adjusted our portfolio to increase fixed income investments because these traditional safety nets are now
income generators since the Feds ended their interest rate hike campaign; and while we did not quite hit
our benchmarks in the first two months of 2024, overall performance was good and benchmarks should
be hit after the anticipated interest rate cut by the Feds. Fiducient will manage as necessary to provide
sufficient diversity to weather any storms as inflation continues to fluctuate, the Feds set new rates, and
we await the inevitable recession that, Francis said, rolls around about every 6.5 years.
= 2
3. Election of Commission Chair for 2024: Outgoing Chair Driscoll asked for coho by
Motion by Rocchetti and seconded by Merriman to nominate Driscoll as Chit for 2024, S32
Vote: 3-1-0 No: Driscoll Motion Passed 0) = mG
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4. Public Comment: None 2S v 33
en > 8S
Ss. Approval and acceptance of minutes of Special Meeting on November 3 @ 20
Motion by Gelinas and seconded by Rocchetti to approve the minutes as pragented- 3
Vote: 2-0-2 Abstain: Rocchetti, Gelinas Motion: Passed 2 9°
6 Consideration of Pension and OPEB Funds 4"-quarter 2023 status reports from Principal Custody
Solutions. Director Allen briefly explained the reports in layperson’s terms, noting that they track our
cash flow and show where/when/whether expenses and income are occurring as reported elsewhere.
7 New Business: Chair noted the next biennial valuation of the pension plan's unfunded pension liability is
scheduled for late this summer and asked Director Allen to invite-a Hooker & Holcomb representative for
a presentation of data at the October Retirement Commission meeting. Director Allen will follow up.
8 Adjournment:
‘Motion by Rocchetti and seconded by Gelinas to adjourn at 6:31pm.
Vote: 4-0-0 Motion: Passed
Respectfully subr
ted,
Rebéca L. Hall, Secréta