Retirement Commission Special Meeting Materials (linked)

Retirement Commission Wednesday, August 3, 2022
Special Meeting Minutes 5:30pm, BOE Conference Room
Present:
Absent:
Staff:
4.
2.
3.
A.
Chair Susan Driscoll, Richard Muckle, Chris Gamble, Kevin Petchark, Robert Brule, First
Selectman (left at 6 p.m. due to scheduling conflict)
Linda Finnegan, Craig Merriman
Kimberly Alten, Director of Finance, Maryellen McConnell, Secretary
Establishment of quorum and call to order by Chair at 5:30 pm.
Consideration and possible action on the minutes of the February 16, 2022, meeting.
Motion by Susan Driscoll and seconded by Chris Gamble to approve the minutes as
presented,
Vote: 3-0-2 Abstain: Kevin Petchark and Robert Brule Motion: Passed
Review of Pension and OPEB portfolios’ performance for 1% and 2TM quarters of 2022.
Devon Francis of Fiducient Advisors reported on the OPEB and pension portfolios’
performance during the “worst six-month period to hit the stock market” in 50 years,
due to global issues and U.S. economic downturn. She noted that the impact on the
pension portfolio was more naticeable due to its smaller size, but the much-largor OPEB
trust fund portfolio was better able to absorb the shock. Both plans are moving in the
right direction, and there are no red flags warranting any major changes in our current
strategy, but Fiducient will continue to monitor and anticipates the market will follow its
- usual trend of showing signs of recovery a few months before the economy comes out
of recession. She also reported that a review of our IPS shows that it remains in good
shape; liquidity guidelines are not necessary because we have no hedge funds
investments and Fiducient has no recommendations for any IPS changes at this time.
Review of Pension and OPEB Funds 1* and 2" quarters’ status report from Principal.
Director Allen noted that for the past two years our OPEB trust fund contributions were
underfunded, but we are now fully funded for FY23. She added that if any members
have specific questions about these reports they can direct them to Abbas Danesh,
Town Treasurer.

Consideration and possible-action regarding request for an FY22 In Series Transfer of
$17,400 to cover management fees.
Director Allen explaitied that because Fiducient’s mariagement fees had not been
separated from the OPEB investment dollars in the original fund:transmittal they were
invested rather than paid. But FY22 staff turnover resulted in lower-than-projected
payouts from our pension.contributions line,-so she requested a'transfer from the
petision line:surplus to the OPEB line-to cover the management fees,
Motion by Susan Driscoll arid:seconded by Robert Brule to approve the In Series
Transfer as presented
Vote: 4-0-1 Abstain: Richard Muckle Motion: Passed
New Business:
Susan Driscall noted'that in our'2021 REP we had requested arvannual in-person
meeting with our actuarial firm-and asked when we might see a'representative from’
Hooker. & Holcombé.. Director Allen expected them-to attend our final 2022 meeting,
after they have completed our OPEB trust fund valuation, :
Adjournment:
Motion by Richard Muckle and seconded by Chris Gamble to adjourn.at 6:28 pm.
Vote: 4-0 Matiot: Passed
Respectfully submitted,