PENSION COMMITTEE

SPECIAL MEETING

NOVEMBER 10, 2005

TOWN HALL 9:00 A.M.

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

MEMBERS PRESENT: Bill Kirkpatrick, Chair; George Warner and Ham Wilson, members; Tom Forma of Merrill Lynch; and David Pinney, First Selectman

INVESTMENT REVIEW AND DECISIONS:

After Tom Forma and the Committee reviewed the Town’s pension plan, performance, and cash needs, it was voted unanimously to take $50,000 from the Levin assets and $50,000 from cash and invest it in the NWQ Global Fund. This should take place as soon as possible.

The Fire Department’s plan was reviewed and determined to be performing adequately with respect to asset allocation and performance. The plan has a strong funded ratio and relatively small payouts.

REPORT FROM PLAN ADMINISTRATOR:

This agenda item will be reviewed at the next regular meeting.

ANNUAL REPORT TO EMPLOYEES:

Bill Kirkpatrick’s draft letter to employees was reviewed and minor changes were made. The letter should be ready for inclusion in next week’s payroll distribution.

MEETING SCHEDULE FOR 2006:

The following dates were agreed upon for the Committee’s 2006 schedule:

February 10 (Friday), May 4 (Thursday), August 3 (Thursday), and November 2 (Thursday). All meetings are scheduled for 9:00 A.M. at the Town Hall.

OTHER BUSINES:

Annual contributions to the Town’s pension plan have been made for the current fiscal year pursuant to the budget. However, due to several factors, the actuary has recommended an increased contribution of approximately $15,000. This will be addressed by the Selectmen and the Finance Board later in the year. Dave Pinney will also check on contributions to the Fire Department plan.

ADJOURNMENT: the meeting was adjourned at 10:13 A. M.

Respectfully Submitted,

Hamline C. Wilson

Clerk