PENSION COMMITTEE

REGULAR MEETING

AUGUST 2, 2007

TOWN HALL 9:00 A.M.

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

MEMBERS PRESENT: Bill Kirkpatrick Chair, George Warner, Tom Forma of Merrill Lynch, and Greg Simmons Somers’ CFO. Members absent: Ham Wilson.

APPROVAL OF MINUTES OF REGULAR MEETING OF SPECIAL MEETINGS OF 11/1/07 AND 11/29/07:

Minutes of 11/1/07 and 11/29/07 were approved as written.

INVESTMENT REVIEW AND DECISIONS:

Tom Forma reviewed the performance in the deteriorating market of December and January. Our funds declined with the rest of the market but performed well in relation to their benchmarks and the overall market.

Discussion was held on how to invest the $125,000 transferred from the Finance Board to cover the lump sum payouts of 2007. A motion was made, seconded, and passed unanimously to put the money into the Merrill Institutional Fund or (if returns on CD’s could be found at .5% higher than the MIF) to invest $100,000 in CD’s and the remainder in the MIF.

The Fire Department’s Pension Fund results for calendar 2007 were discussed, and no changes were made in the allocation.

ADJOURNMENT: The meeting was adjourned at 8:50.

Respectfully submitted,

Bill Kirkpatrick, Acting Clerk