PENSION COMMITTEE

REGULAR MEETING

May 8, 2008

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; and Ham Wilson, members; Tom Forma, Merrill Lynch; Greg Simmons, Somers CFO. Member excused: George Warner

APPROVAL OF MINUTES: Minutes of the January 31, 2008 regular meeting were approved as written.

INVESTMENT REVIEEW AND DECISIONS:

Tom Forma reviewed the performance in the deteriorating market through March and rebound in the April-May period. Overall our funds performed well relative to their benchmarks—Marsico lagging while the other equity managers slightly outperformed. Our fixed income holdings were reviewed in detail. No investment decisions were made.

The $100,000 CD at Rockville Bank will mature—proceeds to go to Merrill Lynch to cover an upcoming g retirement and to buy out the four firefighters who moved to a Nationwide DC plan.

The Fire Department Plan was reviewed and is performing in line with investment markets. No decisions were made.

REPORT ON SEARCH FOR A NEW ACTUARY:

An RFP has been distributed—due by May 28 – seeking a new actuary and also covering investment services. This committee will review the responses.

PENSION STUDY COMMITTEE UPDATE:

The next regular meeting is scheduled for 9:00 A.M. August 7. There will be a special meeting on June 5 at 9:00 A.M., for the purpose of reviewing the proposals.

ADJOURNMENT: The meeting was adjourned at 9:50 A.M.

Respectfully submitted,

Hamline C. Wilson

Clerk