PENSION COMMITTEE

REGULAR MEETING

May 4, 2006

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; Dave Pinney, First Selectman; Ed Sullivan, Treasurer.

APPROVAL OF MINUTES OF REGULAR MEETING OF 2/10/06: Minutes of the February 10,2006 meeting were approved as written.

INVESTMENT REVIEW AND DECISIONS:

For the Town Plan, Tom Forma reviewed each investment manager’s investment diversification, risk characteristics, and performance. All are performing adequately. After discussion, a motion mad, seconded, and unanimously passed to sell the General Motors bond 6 7/8 due 9/15/11 at a price of 91 or better. At the next meeting, the committee will strategize investment of the Town’s July contribution of $148,000 and the existing cash and bond portfolios against anticipated retirements from the Town.

Bill reviewed the Fire Department Plan whose performance exceeded 4% for the quarter. In all respects, it is performing well and the strategy is to “stay the course.”

NEW BUSINESS: There was none.

NEXT MEETING: The next regular meeting is scheduled for August 3, 2006 at 9:00 AM.

ADJOURNMENT: the meeting was adjourned at 9:52 AM.

Respectfully submitted,

Hamline C. Wilson, clerk