Old Saybrook Pension and Benefits Board Regular Meeting
The board reviewed pension and benefit reports, including retiree payroll data and specific efforts regarding the recovery of overpayments for deceased plan participants. Discussions covered active employee retirement plan statistics, current balances for defined benefit and contribution plans, and outreach strategies to increase employee participation in employer matching programs. Additionally, the meeting featured a detailed presentation on the pension portfolio's performance and asset allocation in the context of current economic conditions, including interest rate volatility, inflation, rising oil prices, and bond market trends.
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The board discussed several community initiatives and infrastructure projects. Key topics included the potential for a joint drone show with neighboring towns, the near-completion and budget status of the seawall project, and ongoing sidewalk planning. The board reviewed the status of various municipal projects, including the Route 1 project, Main Street improvements, the repair of the Chalkers Mill Pond dam, and the upcoming construction at the Ferry Road soccer field. Additionally, they covered the hiring process for a landscape architect, traffic safety concerns involving crosswalk visibility and signage on Main Street, and the bidding process for architectural services for the library.
Jul 1, 2026·Budget
Town of Old Saybrook FY2027 Budget
The Town of Old Saybrook's adopted budget for fiscal year 2027 (July 1, 2026 - June 30, 2027), approved by the Board of Finance and moved to referendum.
Jun 1, 2026·Board meeting
Old Saybrook Pension and Benefits Board Meeting Minutes
The Board discussed revisions to the Investment Policy Statement, including updates to bond benchmarks and references to Connecticut state statutes. A modification to the Fire Department Pension Plan was approved, requiring a minimum of 30 emergency incident responses per year for pension service qualification. The Pension Liaison provided payroll and participation updates for the Town and Fire Department defined benefit and contribution plans. The investment advisor from Morgan Stanley reviewed market conditions, noting inflationary pressures and interest rate expectations, and provided an overview of portfolio performance, risk metrics, and asset allocation strategy.
