PENSION COMMITTEE

REGULAR MEETING

February 16, 2007

TOWN HALL 9:00 A.M.

CALL TO ORDER: The meeting was called to order at 9:00 AM.

MEMBERS PRESENT: Bill Kirkpatrick, chair; George Warner and Ham Wilson members; and Tom Forma of Merrill Lynch.

APPROVAL OF MINUTES OF REGULAR MEETING OF 11/2/06: Minutes of the November 2, 2006 meeting were approved as written.

METLIFE INFORMATION:

Ham Wilson reported, after talking with the rep, that this was routine sales mailing. At this time we had no need for their services.

REPORT ON IMPACT OF HEALTHCAREW FUNDING FOR RETIREES:

Bill Kirkpatrick reported, after talking with Ed Sullivan and Dave Pinney, that they town had no involvement in such plans, except in the School Department, which will handle their own finances.

INVESTMENT REVIEW AND DECISIONS:

Tom Forma reviewed reports for calendar year 2006, for which the Town Pension Fund was up 9.53%. The four funds are performing well and we agreed that no changes were necessary at this time. We continue to keep a large reserve of liquid investments for anticipated retirees and this is holding back returns.

The Fire Department return for the year was 16.07%. That fund has only a small amount in liquid investments and the Vanguard 500 Index and Value Index Fund both performed well ((15.64 and 22.15% respectively). No changes were made in these investments.

NEW BUSINESS:

PENSION STUDY COMMITTEE: Ham Wilson is our representative on the committee. He reported that the committee’s first step is gather information by surveying surrounding and similar towns in Connecticut to see how they are handling their retirement funds

ADJOURNMENT: The meeting was adjourned at 9:40.

Respectfully submitted,

William Kirkpatrick, Acting C. Wilson, Clerk