Retirement Commission - Minutes - 01/04/2023

Retirement Commission Wednesday, January 4, 2023
Special Meeting Minutes 5:30pm Zoom Meeting
Present: Susan Driscoll, Richard Muckle, Kevin Petchark, Robert Brule, James A. Dimmock,
Craig Merriman (5:36pm)
rm
. . Lad Oo
Absent: Linda Finnegan = = m
AM
Staff: Kimberly Allen, Director of Finance, and Shea Moses, Secretary S 3s
1. Meeting called to order at 5:33 pm. a, > a2
. aX 2 om
2. Public Comment: None Sei Q AS
3. Election of Commission Chair for 2023. \ oa ©
Motion by Muckle and seconded by Petchark to appoint Driscoll Commission Chair for 2023.
Vote: 5-1-0 No: Driscoll Motion: Passed
4. Approval of minutes from the meeting of August 3, 2022.
Motion by Muckle and seconded by Petchark to approve the minutes as presented.
Vote: 5-0-1 Abstain: Dimmock Motion: Passed
5. Consideration and possible action regarding revised proposed FY24 RC budget.
Chair thanked Director Allen for her efforts on the last round of revisions following the delayed
2022 unfunded pension liability valuation. Discussion followed on various layout and formatting
edits; clarification was needed on a few amounts and statements in the budget and summary.
Motion by Dimmock and seconded by Muckle to approve the FY24 Retirement Commission
budget with corrections noted. (see attached)
Vote: 5-0-1 Abstain: Brule Motion: Passed
6. New Business.
Chair noted that we are overdue fora quarterly review of our pension investment portfolios.
Consensus to meet in April, with representatives from Fiducient Advisors and Hooker &
Holcombe to review the first quarter 2023 report and the latest pension valuations.
7, Adjournment.
Motion by Muckle and seconded by Petchark to adjourn at 6:07 p.m.
Vote: Unanimous Motion: Passed
Respectfully submitted,
chon Trese,
Shea Moses, Secretary
encl: Approved FY 24 changes

Retirement Commission January 4, 2023
Special Meeting Minutes page 2 of 2
Final Approved FY24 Budget Package Changes
Budget Function, pg 1:
Second paragraph: Insert space between the two sentences. Edit second sentence to say The
trust was set up in February 2017 and the first contribution was funded in the FY18 budget.
Budget Summary, pg 2:
First sentence: Delete the zero in 11.320%
Second paragraph, 1* sentence: Change worker’s to workers’
Third paragraph: Delete second sentence.
Fourth paragraph, 1% sentence: Change 10.43% to 9.58%. Second sentence: Delete everything
after plan.
Last paragraph, 1° sentence: Change fees to fee
Budget Summary, pg 3:
First paragraph, last sentence: Change required to require
Last paragraph (under OPEB subhead): Insert the first paragraph from pg 4 (re: the GASB
Statement) so that it is now the first paragraph in this section.
Budget Summary, pg 4:
1* full paragraph (moved from bottom of pg 3): Insert space between the two sentences. Edit
second sentence to say The trust was set up in February 2017 and the first contribution was
funded in the FY18 budget.
Last paragraph, first sentence: Add a comma after 2022
Last paragraph, last sentence: Change to This contribution is funded in account lines 51945 and
51949 of the Retirement Commission budget and in account line 52251 of the Insurance budget.
Backup, pg 8
Pension Contributions section: Delete the asterisk after Actuarial Fee
Backup, pg 9
Contribution Rate footnote, 2" sentence: Replace to with until