PENSION COMMITTEE

REGULAR MEETING

AUGUST 4,2005

TOWN HALL 9:00 A.M.

CALL TO ORDER: The meeting was called to order by chairman Bill Kirkpatrick at 9:00 A.M.

MEMBERS PRESENT: Bill Kirkpatrick, chair, Members George Warner and Ham Wilson; also attending were Tom Forma of Merrill Lynch and David Pinney, First Selectman.

APPROVAL OF MINUTES: Minutes of the regular meeting of May 5, 2005 were approved as amended.

THE FUNDED RATIO: The communications among David Pinney, Rob Michalski, and Bill Kirkpatrick were discussed regarding possible changes, modifications, and enhancements to the Town Pension Plan, as well as projected funding costs. Dave Pinney will ask Michalski to project effects of retirement and lump sum payouts for the next five years, and will pursue various alternatives to the plan with Michalski and Town Attorney Carl Landolina.

INVESTMENT REVIEW: Tom Forma reviewed individually the Marsico, Levin, and Bond accounts in comparison to Market activity for both stocks and bonds. Marsico has performed exceptionally well year-to-date while Levin has slightly underperformed. The Fire Department investments were also reviewed and found to be performing well. The Short-Term Bond to Money Market transfer has been completed.

INVESTMENT DECISIONS: With both plans at or near their target asset allocations, no further actions were deemed appropriate at this time.

OTHER BUSINESS: Bill is planning to draft the annual pension report to employees. He will also produce an annual report of the Pension Committee for inclusion in the town Annual Report.

The next regularly scheduled meeting of this committee is for 9:00 A.M. on November 3, 2005.

ADJOURNMENT: There being no other business, the meeting adjourned at 10:23 A. M.