Retirement Commission - Minutes - 11/18/2020

Retirement Commission Wednesday, November 18, 2020
Meeting Minutes 5:00pm
Zoom Meeting
Present: Chair Susan Driscoll, Kevin Petchark, Richard Muckle, Mark Gelinas, ms
Marcia Benvenuti, Bruce Miller (5:16pm) =
Absent: Robert J. Brule, First Selectman i
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Others: Devon Francis of Di Meo Schneider formerly of FIA a
Staff: Abbas Danesh, Treasurer, Kimberly Allen, Director of Finance, and Matyellean
McConnell, Secretary
1. Establishment of a quorum and call to order:
A quorum was established and a call to order was established at 5:06 pm,
November 18, 2020.
2. Approval and acceptance of minutes.
Motion by Richard Muckle and seconded by Marcia Benvenuti to approve the
August 12, 2020, hearing minutes.
Vote: 5-0 Motion: Passed
3. Review of 3Q20 performance of Waterford Pension and OPEB Plans July-Oct
2020; presentation by Devon Francis FIA/Di Meo Schneider.
Discussion ensued regarding the pension portfolios that is handled by De Meo
Schneider. Questions followed from the commission.
4. Review Status of Pension Fund and OPEB Fund — Wells Fargo 3 Quarter (7/1/20
— 9/30/20).
Discussion ensued regarding the Wells Fargo Pension and OPEB Funds.
Questions followed from the commission.

Retirement Commission
Zoom Meeting
11/18/2020, Page 2
5. Consider and act upon proposed Retirement Commission FY21-22 budget
Discussion ensued with Susan Driscoll and Kimberly Allen regarding raising the
contribution rates. The Town has not received numbers yet from the state so we
originally went with an across the board increase. Based on 5-year rate
projections provided by the state in February, the committee discussed
increasing the rate for town salaries from 16.24% to 16.75% and police/fire
salaries from 21.95% to 22.45%, for a new total for the FY21-22 Contribution
Rate of $4,348,776. With this change, it brings us to a reduction of .36%.
Motion by Marcia Benvenuit and seconded by Richard Muckle to approve the
budget as amended with the increased contribution rates to 16.75% and 22.45%
for the FY21-22 budget.
Vote: 6-0 Motion: Passed
6. Update on Retirement Commission Annual Report for FY19-20 to be included in
Board of Finance’s Annual Report for Town of Waterford.
Susan Driscoll and Kimberly Allen are updating the report, which will be
distributed to the committee.
7. Establishment of 2021 Meeting Schedule
The following quarterly schedule for 2021 was presented, all meeting times are
at 5:00 pm:
January 20, 2021
April 21, 2021
July 21, 2021
November 17, 2021
Motion by Marcia Benvenuti and seconded by Mark Gelinas to approve the 2021
Meeting Schedule.
Vote: 6-0 Motion: Passed

Retirement Commission
Zoom Meeting
11/18/2020, Page 3
8. New Business:
According to the ordinances’, there will be new appointments from the Board of
Selectmen, Fire Services, Police Commission and the Board of Education are
scheduled to appoint a member to serve on the Retirement Commission in
December.
9. Adjournment:
Motion by Marcia Benvenuti and seconded by Richard Muckle to adjourn the
Meeting of the Retirement Commission at 6:11 p.m.
Vote: 6-0 Motion: Passed
Respectfully submitted,
Lag 2
Maryellen McConnell, Secretary