Retirement Commission - Minutes - 08/12/2020

WATERFORD RETIREMENT COMMISSION
MEETING MINUTES ~ REMOTE ACCESS
WEDNESDAY, AuGuST 12, 2020, 5:00PM
Members Present: Susan Driscoll, First Selectman Robert Brule, Marcia Benvenuti
Bruce Miller, Kevin Petchark
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Members Absent: — William Auwood, Richard Muckle
Staff Present: Kim Allen, Finance Director, Abbas Danesh, Treasurer and
Maryellen McConnell, Secretary
1. Call to Order.
An establishment of a quorum and call to order was at 5:00 p.m.
2. Approval of meeting minutes from May 20, 2020 meeting as amended, as the
, call to order time was 5:06pm and not 7:06pm.
Motion by Marcia Benvenuti, seconded by Kevin Petchark, to approve the
minutes from May 20, 2020.
VOTE: Unanimous Motion: Passed
3. Consideration/review of FIA’s Quarterly Investment Review for Waterford
Pension and OPEB Plans April — June 2020.
Devon Francis has extended her offer to answer any and all questions that the
commission has on the portfolio. In general, we have bounced back for the
second quarter. Devon stated that we have made up the initial loss and we were
removed from the high yield high risk funds, as they have served their purpose
and they returned 7.9% since mid-April which significantly outperformed our
broad fixed income conservative strategies.
If anyone would like to email Devon you can reach her at dfrancis@fialle.com
and copy Kim Allen at kallen@waterfordct.org, as Kim may have an answer that
is simpler to understand.

Retirement Commission
Regular Meeting, 8/12/2020
Page 2
4.
Consideration of schedule for final 2020 meetings(s) for portfolio performance
review by Devon Francis of FIS and FY22 Proposed Retirement Commission
budget.
The last scheduled meeting will be on November 18, 2020 at 5pm on Zoom. This
meeting will be for the Q3 2020 portfolio review by Devon Francis of FIA, with
the latest data for the preparation of the Retirement Commission’s FY22
proposed budget.
Also, a special meeting was set up for December 2, 2020 at 5pm on Zoom. This
will be to review/approval of the FY22 proposed budget and consideration of our
2021 meeting schedule. It was agreed that if there is an in person meeting the
commission would like to meet at 7pm, however; if we are doing a Zoom
meeting 5pm would be preferred.
New Business
Finance Director, Kim Allen reported that FY21 deposits to both plans have been
made. The deposits into the OPEB and pension were as budgeted. Just to let
everyone know, one of our retirees from the pension plan has passed away, that
now drops us down to 9 participants.
Statement from Rob Brule: | received a call from William Auwood who has
officially resigned from the Police Commission and the Retirement Commission
due to health issues. Rob has reached out to the Police Commission for a
representative and Mark Gelinas has agreed to be the new liaison from the
Police Commission to fill in for the rest of William Auwood’s term.

Retirement Commission
Regular Meeting, 8/12/2020
‘Page 3
6. Adjournment
There being no further business to come before this Commission, motion made
by Marcia Benvenuti, seconded by Kevin Petchark to adjourn at 5:26 pm.
VOTE: Unanimous Motion: Passed
Respectfully submitted,
Sue Distal TM
Susan Driscoll Maryellen
Chair Recording Secretary