Old Saybrook Pension and Benefits Board Meeting Minutes
The board reviewed payroll updates for Town and Fire Department defined benefit plans, including participant counts and asset values. An overview of employee health insurance benefits and 2026 renewal rates was provided, noting premium adjustments and adjustments to retiree Medicare coverage. The investment advisor presented an update on market conditions, portfolio positioning, and pension plan performance relative to benchmarks. Additionally, administrative and governance updates were discussed regarding plan documents and investment policy statements, along with an announcement regarding the upcoming retirement of the Finance Director.
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Old Saybrook Pension and Benefits Board Meeting Minutes
The board received an update on membership, including the resignation of one member and the recommendation of a replacement. The Pension Liaisons provided a detailed report on payroll updates for Town and Fire Department defined benefit plans, as well as current participant statistics and asset performance for various plans. The investment advisor from Morgan Stanley reviewed market conditions, economic outlook, and portfolio performance, noting adjustments in equity allocations and expectations for future volatility. Additionally, the status of the finance director search was discussed, indicating a potential delay in the hiring timeline to prioritize the ongoing budget process.
