Retirement Commission - Minutes - 12/15/2021

Retirement Commission Wednesday, December 15, 2021
Meeting Minutes 5:30pm
Zoom Meeting
Present:
Staff:
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Chair Susan Driscoll, Mark Gelinas, Marcia Benvenuti, Richard Muckle, Kevif;
Petchark, Linda Finnegan, Robert Brule, First Selectman o:
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Kimberly Allen, Director of Finance, Abbas Danesh, Treasurer and Maryellen=
McConnell, Secretary
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Quorum was established and called to order 5:30 pm.
Election of Chair for December 2021 — November 2022 term.
Susan Driscoll was nominated.
Motion by Richard Muckle and seconded by Robert Brule to close nominations.
Vote: 7-0-0 . Motion: Passed
Motion by Marcia Benvenuti and seconded by Kevin Petchark to approve the
nomination of Susan Driscoll for Chair.
Vote: 6-0-1 Abstain: Susan Driscoll Motion: Passed
Public Comment: There was no public comment.
Approval of minutes from the meeting of July 21, 2021.
Motion by Marcia Benvenuti and seconded by Mark Gelinas to approve the
minutes as presented.
Vote: 6-0-1 Abstain: Linda Finnegan Motion: Passed
The Chair noted that some members might have to leave early due to scheduling
conflicts and asked the members to consider addressing the FY 23 budget
(Agenda Item 6) before the 3Q21 Quarterly Investment Review (Agenda Item 5).
Motion by Richard Muckle and seconded by Kevin Petchark to reverse the order
and start with the budget.

Retirement Commission Meeting Minutes
Page 2, December 15, 2021
5. Consideration and action on proposed Retirement Commission FY23 budget:
Finance Director Kimberly Allen presented the proposed FY 23 budget and
backup material, and pointed out the addition of a note explaining the breakout
_ of the recommended $2.2 million ADEC amount. She had discovered that
portions of the ADEC had been double-counted in different line items previously;
the note shows the proper allocations. She also added Valuation Reports from
Hooker & Holcombe and letters from the OSC Retirement Services Division to
justify amounts and rates used in preparing the budget. Discussion and
questions ensued, resulting in the following changes to be made before
submitting the proposed budget and backup:
Budget Summary, page 2:
First paragraph: change the total budget and percentage increase to $6,479,536
and 14.02%; change “decrease” to “increase”
Second paragraph: correct typo in “Hpyertension”; put parentheses around
“one widow of a former police officer, one widow of a former fire fighter”; fix
letter spacing
Last paragraph: Change 2021-2022 to 2022-2023.
Budget Summary, Page 4:
Last paragraph: change unfunded accrued liability amount to $19,277,319 and
change ARC to $2,231,121.
2022- 2023 Proposed Budget:
Line item 51940: while the budget shows 64, 207,520 for 2020/21 Actual Costs,
the backup info for Pensions Contributions has a total of $4,296,620. Director
Allen will check with Payroll to confirm and correct the line item and department
total if needed.
Motion by Marcia Benvenuti and seconded by Richard Muckle to approved the
budget as amended by the changes discussed
Vote: 6-0-1 Abstain: Robert Brule Motion: Passed
6. Discussion of 3Q21 Quarterly Investment Review: There were no questions on
the review; members will contact Devon Francis of Fiducient Advisors directly.
7. New Business: Next meeting is tentatively scheduled for Wednesday, January
19, 2022, 5:30pm.

Retirement Commission Meeting Minutes
Page 3, December 15, 2021
8. Adjournment:
Motion by Richard Muckle and seconded by Marcia Benvenuti to adjourn at 5:59
p.m.
Vote: 7-0-0 Motion: Passed
Respectfully submitted,
Leaplan Uefa
Maryelled McConnell, Sdcretary