January 27, 2021 Pension and Retiree Benefits Board Meeting Was Accessible Through Microsoft Teams by Dialing +1 929- 235-8441, Access Code 401 855 939

TO BE APPROVED AT THE NEXT BOARD MEETING

PENSION AND RETIREE BENEFITS BOARD WEDNESDAY, JANUARY 27, 2021 – 5:45 PM REGULAR MEETING MINUTES

Due to the coronavirus outbreak, Town Hall is closed. Pursuant to Governor Lamont’s Executive Order No. 7B, the January 27, 2021 Pension and Retiree Benefits Board Meeting was accessible through Microsoft Teams by dialing +1 929- 235-8441, access code 401 855 939#. This call was recorded.

Clerk took roll call and the meeting was called to order by Chairman Lee Griffin at 5:55 P.M.

PRESENT: Lee Griffin – Chairman Scott Thompson, Member Ellen McCreery, Member Connor Martin, Member

ALSO PRESENT: Linda Trzetziak, Director of Finance Chris Kachmar, FIA John O’Connor, 3D Ben Lavine, 3D Henry Nearing, Segal Sara Monde, Segal

1. PUBLIC PARTICIPATION: None

2. ACCEPTANCE OF MINUTES:

a. Acceptance of Minutes of Special Meeting of December 9, 2020

Motion by Mr. Martin, seconded by Ms. McCreery to Accept the of Minutes of the December 9, 2021 Special Meeting. Motion was voted; Motion was approved.

3. COMMUNICATIONS: a. Andres Orejuela – BOE – retired 11/28/2020 b. Julie Miller – Fire – retired 11/30/2020 c. Mary Beth Natalie – BOE – retired 12/1/2020 d. Robert Rohner – Police – DROP 12/1/2020 e. Francis McGeough – Police – DROP 12/2/2020 f. Robert Jones – Police – retired 12/2/2020 g. James Dowling – BOE – retired 12/4/2020 h. Anne Wickersham – BOE – retired 12/10/2020 i. Alfred Cameron – Town – retired 12/11/2020 j. William Zern – Town – retired 12/12/2020

Pension & Retiree Benefits Board 1/27/2021 TO BE APPROVED AT THE NEXT BOARD MEETING

Withdrawals of Contributions: None

4. OLD BUSINESS: Kenneth Sullivan – Police, Service-connected disability request

Chairman Griffin chose to table this item until the end of the meeting to discuss with board members only while in Executive Session.

5. NEW BUSINESS: None

6. REPORTS: a. Pensions and OPEB Trust: 1. Summary of Portfolio Asset – December 2020 – Linda Trzetziak 2. Summary of Expenses – December 2020 – Linda Trzetziak

Ms. Trzetziak summarized the Market Value of Investments spreadsheet and the Pension and OPEB Funds Year to Date Budget reports as of December 31, 2020.

3. Fiduciary Investment Advisors, LLC Report – Chris Kachmar

Mr. Kachmar reviewed the Fixed Income Account Report as of December 31, 2020 for both the Pension and OPEB accounts which were valued at $81,726,174 and $5,532,907 respectively.

FISC QTD YTD 1YR. 3YR 5YR Pension 2.5 4.2 8.0 5.2 4.7 Benchmark 1.0 2.0 7.7 5.3 4.6

OPEB 2.5 4.3 9.0 6.0 5.3 Benchmark 0.7 1.4 7.4 5.2 4.4

4. 3 D Asset Management Report – John O’Connor, Ben Lavine

Mr. O’Connor and Mr. Lavine reviewed The 3D Asset Management report for Pension and OPEB as of December 31, 2020. It shows the Equity portion of the investment value is at $162,034,395.19 and $10,406,105.78 respectively. MTD YTD 1YR 3YR 5YR Pension Investment 4.91 2.63 2.63 3.36 8.37 Pension Cash 0.00 0.11 0.11 0.43 0.28

OPEB 4.76 2.79 2.79 3.12 8.04

5. Segal Report – Sara Monde/Henry Nearing

Mr. Nearing and Ms. Monde discussed the 2020 Valuation Results for town council meeting.

7. APPROVAL OF DISBURSEMENTS: a. FIA Quarterly Invoice #3522004 dated 12/31/2020 $ 8,750.00

Pension & Retiree Benefits Board 1/27/2021 TO BE APPROVED AT THE NEXT BOARD MEETING

b. Segal Invoice #399487 Dated 1/1/21 $ 7,675.00 c. Segal Invoice #400078 Dated 12/18/2020 $ 350.00 d. Clerk for Pension & Ret. Benefit Board Meeting December 9, 2020 $ 125.00

Motion by Ms. McCreery, seconded by Mr. Thompson to approve disbursement 7a. Motion was voted; Motion was unanimously approved.

Motion by Ms. McCreery, seconded by Mr. Thompson to approve disbursement 7b. Motion was voted; Motion was unanimously approved.

Motion by Ms. McCreery, seconded by Mr. Thompson to approve disbursement 7c. Motion was voted; Motion was unanimously approved.

Motion by Ms. McCreery, seconded by Mr. Thompson to approve disbursement 7d. Motion was voted; Motion was unanimously approved.

Executive Session: Motion by Mr. Thompson, seconded by Ms. McCreerey to move into Executive Session at 7:09 pm with only Board members, Ms. Trzetziak and clerk present. Motion was voted; Motion was approved.

Motion by Mr. Thompson, seconded by Ms. McCreery to move out of Executive Session at 7:16 pm. Motion was voted; Motion was approved

Motion by Mr. Thompson, seconded by Ms. McCreery to accept Kenneth Sullivan - Police, Service Connected Disability Retirement Motion was voted; Motion was approved.

8. QUESTIONS BY BOARD MEMBERS: None

9. ADJOURNMENT: There being no further business,

Motion by Ms. McCreery, seconded by Mr. Martin to adjourn meeting at 7:17 PM. Motion was voted; Motion was unanimously approved.

The next regular meeting of the Pension and Retirement Benefits Board is scheduled at 5:45 on Wednesday, February 24, 2021

Respectfully submitted, Elizabeth Watson, Clerk

Pension & Retiree Benefits Board 1/27/2021 TO BE APPROVED AT THE NEXT BOARD MEETING

Pension & Retiree Benefits Board 1/27/2021