TO BE APPROVED AT THE NEXT BOARD MEETING PENSION AND RETIREE BENEFITS BOARD WEDNESDAY, OCTOBER 28, 2020 – 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 October 28, 2020 Pension and Retiree Benefits Board Meeting was accessible through Microsoft Teams by dialing +1 929- 235-8441, access code 292 601 385#. This call was recorded. Clerk took roll call and the meeting was called to order by Chairman Lee Griffin at 5:52 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 1. PUBLIC PARTICIPATION: None 2. ACCEPTANCE OF MINUTES: a. Acceptance of Minutes of Regular Meeting of July 22, 2020 Motion by Mr. Martin seconded by Mr. Thompson to approve the Minutes of the July 22, 2020 Regular Meeting as presented. Motion was voted; Motion was approved. b. Acceptance of Minutes of Regular Meeting of September 23, 2020 Motion by Mr. Martin seconded by Mr. Thompson to approve the Minutes of the September 23, 2020 Regular Meeting as presented. Motion was voted; Motion was approved. 3. COMMUNICATIONS: a. Tracy O’Connell – Police – DROP 8/14/2020 b. Anna Smith, BOE – retired 8/23/2020 c. David Viera – BOE – retired 8/21/2020 d. Theodore Branon – Police – DROP 8/14/2020 e. William Spragg – Police – DROP 8/14/2020 f. Bonnie Lemire – BOE – retired 9/18/2020 Pension & Retiree Benefits Board 10/28/20 TO BE APPROVED AT THE NEXT BOARD MEETING Withdrawals of Contributions: a. Akahsa Cruz – Dispatcher – withdrawal of contributions, terminated 8/10/2020 4. OLD BUSINESS: Occupational Doctor search A discussion amongst the members ensued. 5. NEW BUSINESS: Scott Thompson’s Replacement on the Board A discussion amongst the members ensued. 6. REPORTS: a. Pensions and OPEB Trust: 1. Summary of Portfolio Asset – September, 2020 – Linda Trzetziak 2. Summary of Expenses - September, 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 September 30, 2020. 3. Fiduciary Investment Advisors, LLC Report – Chris Kachmar Mr. Kachmar reviewed the Fixed Income Account Report as of September 30, 2020 for both the Pension and OPEB accounts which were valued at $79,725,086 and $5,400,474 respectively. FISC QTD YTD 1YR. 3YR 5YR Pension 1.7 1.7 6.0 4.4 4.2 Benchmark 1.0 1.0 6.8 5.1 4.2 OPEB 1.8 1.8 7.3 5.3 4.7 Benchmark 0.7 0.7 6.9 5.1 4.1 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 September 30, 2020. It shows the Equity portion of the investment value is at $147,444,757.81 and $9,091,041.81 respectively. MTD YTD 1YR 3YR 5YR Pension Investment -2.31 -10.84 -3.40 0.31 6.33 Pension Cash 0.00 0.11 0.23 0.44 0.28 OPEB -2.16 -10.23 -2.95 0.17 6.06 7. APPROVAL OF DISBURSEMENTS: a. Segal Invoice #393816 dated 10/1/2020 $ 7,675.00 b. Segal Invoice #394517 dated 9/29/2020 $ 1,925.00 c. Clerk for Pension & Ret. Benefits Board Meeting July 22, 2020 $ 125.00 d. Clerk for Pension & Ret. Benefits Board Meeting October 28, 2020 $ 125.00 Pension & Retiree Benefits Board 10/28/20 TO BE APPROVED AT THE NEXT BOARD MEETING Motion by Ms. McCreery, seconded by Mr. Martin to approve disbursement 7a. Motion was voted; Motion was unanimously approved. Motion by Ms. McCreery, seconded by Mr. Martin to approve disbursement 7b. Motion was voted; Motion was unanimously approved. Motion by Mr. Martin, seconded by Mr. Thompson to approve disbursement 7c. & d. Motion was voted; Motion was unanimously approved. 8. QUESTIONS BY BOARD MEMBERS: None 9. ADJOURNMENT: There being no further business, Motion by Mr. Thompson, seconded by Mr. Martin to adjourn meeting at 6:35 PM. Motion was voted; Motion was unanimously approved. Respectfully submitted, Elizabeth Watson, Clerk Pension & Retiree Benefits Board 10/28/20 .