Retirement Commission - Minutes - 01/20/2021

Retirement Commission Wednesday, January 20, 2021
Special Meeting Minutes 6:00pm
Zoom Meeting
Present: Chair Susan Driscoll, Kevin Petchark, Richard Muckle, Mark Gelinas, =
Marcia Benvenuti x
Absent: Bruce Miller, a member of the Board of Selectmen .
Staff: Kimberly Allen, Director of Finance, and Maryellen McConnell, Secretary =
1. Establishment of a quorum and call to order: a
A quorum was established and a call to order was established at 6:04 pm,
January 20, 2021,
2. Election of Commission Chair for 2021:
Motion by Marcia Benvenuti and seconded by Richard Muckle to nominate
Susan Driscoll to be the chairperson.
Vote: 4-1 No: 1 Motion: Passed
3. Approval and acceptance of minutes.
Motion by Richard Muckle and seconded by Marcia Benvenuti to approve the
November 18, 2020, meeting minutes.
Vote: 5-0 Motion: Passed
4. Consideration and possible action on RFP for actuary firm to perform valuations
on the town’s retirement account.
Motion by Marcia Benvenuti and seconded by Richard Muckle to propose we
discuss the draft to submit the RFP for an actuary firm to perform valuations on
the town’s retirement account.
Discussion ensued regarding the RFP, edits and what the commission would like
the potential firm to report on. Also for the firm to join one quarterly meeting a
year to report on business.
Motion by Richard Muckle and seconded by Marcia Benvenuti to amend the RFP
as noted.
Vote: 5-0 Motion: Passed

Retirement Commission
Zoom Meeting
1/20/2021, Page 2
5. Discussion on 4Q20 update summary of Waterford Pension and OPEB Plan
performance submitted by Devon Francis FIA/Di Meo Schneider.
Discussion ensued regarding the update, Devon Francis gave her email and
phone number in case anyone wanted to ask questions of her. The commission
will be inviting Devon Francis to the April 21% meeting.
Motion by Marcia Benvenuit and seconded by Kevin Petchark to accept the
summary from Devon Francis FIA/Di Meo Schneider.
Vote: 5-0 Motion: Passed
6. Review Status of Pension Fund and OPEB Fund — Wells Fargo 44 Quarter
(10/1/20 — 12/31/20).
Discussion ensued regarding the Wells Fargo Pension and OPEB Funds.
Questions followed from the commission.
7. New Business:
a. The Board of Selectmen will meet on February 10, 2021, for the budget
hearing of the Retirement Commission.
b. Update on the state’s contribution rates. Awaiting new rates in March.
Currently using the projections for FY22 budget.
8. Adjournment:
Motion by Richard Muckle and seconded by Mark Gelinas to adjourn the
Meeting of the Retirement Commission at 6:52 p.m.
Vote: 5-0 Motion: Passed
Respectfully submitted,
Cantle
Maryellen Wakconnell, Secretary