2023-02-02Pension Committee Meeting Minutes
February 2, 2023
4th Quarter Review
Attendees: Arosha Jayawickrema, Kevin Delaney, Denise Parsons, Paula Carabetta, Gail Erickson; union representatives: Billy DeBlasio (Blue Collar), Tom Farr (Dispatchers), John Mascia
(Mid-Manager’s), Kate Wall (Top Manager’s); Tyler Polk (Fiducient Advisors)
Absent: Jeff Cugno (BOE), Juliet Benjamin (White Collar), Patty Murphy (Nursing) and Ryan Gould (Police)
Kevin Delaney called the meeting to order at 10:00 am.
John Mascia moved to approve the minutes from the November 3, 2022, meeting. Tom Farr seconded the motion, and the motion was approved unanimously.
Kevin Delaney provided an overview of recent issues the Town has experienced with Mission Square since the major system change. The issues included executing participant contributions,
awareness of participant changes, new enrollment problems, participant dissatisfaction with the education support, and on-going reporting. Tyler Polk reviewed the RFP process and draft
document that will be distributed. The RFP is expected to be released the week of February 6th and responses will be reviewed by the Town in March. Tyler pointed at that releasing
an RFP is also part of the recommended fiduciary practice, so this effort dovetails with the Town’s overall responsibility even if the issues did not exist.
Tyler Polk reviewed the major retirement changes in the SECURE Act 2.0 that will/may affect the Town of Berlin. The only required item that affects the Town immediately is the required
minimum distribution change, and Mission Square is incorporating that into their standard process. He also commented on recent litigation and informed the group that documentation
of steps taken is critical.
Tyler Polk reviewed the Town’s overall fiduciary responsibilities. He reviewed the current Investment Policy Statement (approved in 2018) and did not have any recommended changes.
Tyler Polk reviewed the Town’s funds and had no plan change recommendations. He commented that the markets continue to be volatile driven by Federal Reserve rate actions and overall
inflation. Inflation appears to be moving in the right direction which will help the investment landscape. Quarterly performance was almost all negative (except for commodities),
but fund balances are up from their September lows.
Fiducient reviewed the fund line up. There were no recommended fund manager changes this quarter.
VI. The next meeting will be May 4, 2023, at 11:00am as in the “Doc” McIntosh Room at the Town Hall and on Zoom.
VII. The meeting adjourned at 11:10 am.
Submitted by Kevin Delaney