Pension Board of Trustees

Regular Meeting

Norwalk, CT · March 12, 2025

Minutes

CITY OF NORWALK PENSION BOARD REGULAR MEETING MARCH 12, 2025 ATTENDANCE: Frank Nash, Chair; Richard Baskin, James Hendrickson, David Pramer, Robert Raleigh, Eileen Romeo; Jared Schmitt, CFO STAFF: Chitsamay Lam, Comptroller; Tina Fogell, Personnel Director OTHERS: Britt Murdoch, Callan LLC; Kevin Schmidt, Callan LLC; Alan Edington, Walter Scott; Laura McDonald, Walter Scott; Ed Koebel, CavMac Actuarial Consulting Services; I. CALL TO ORDER Mr. Nash called the meeting to order. II. ROLL CALL Mr. Nash requested everyone introduce themselves. A quorum was present. III. ACCEPTANCE OF MINUTES A. Regular Meeting: February 12, 2025 The following correction was noted: Page 1, under Approval of Minutes: please change the following motion from: ** MR. HENDRICKSON MOVED THE MINUTES OF THE JANUARY 8, 2025 MEETING. ** MR. BASKIN SECONDED. ** THE MOTION PASSED UNANIMOUSLY. To: ** MR. HENDRICKSON MOVED THE MINUTES OF THE JANUARY 8, 2025 MEETING. ** MR. BASKIN SECONDED. ** THE MOTION TO APPROVE THE MINUTES OF THE JANUARY 8, 2025 MEETING PASSED UNANIMOUSLY. ** MR. PRAMER MOVED THE MINUTES OF THE FEBRUARY 12, 2025 REGULAR MEETING AS CORRECTED. ** MR. HENDRICKSON SECONDED. City of Norwalk Pension Board Regular Meeting March 12, 2025 Page 1 ** THE MOTION TO APPROVE THE MINUTES OF THE FEBRUARY 12, 2025 REGULAR MEETING AS CORRECTED PASSED UNANIMOUSLY. B. Regular Meeting: OPEB meeting - December 11, 2024 These were not discussed at this time. IV. PUBLIC PARTICIPATION There was no one present who wished to address the Board at this time. V. APPROVAL OF PENSION APPLICATIONS A. Grid Sheet of Applicant Names NAME YEARS OF SERVICE TYPE OF PENSION OPTION SELECTED Mark Campaniello 20 years Disability Standard City/DPW Class 1 Mechanic Commencement date 03/01/2025 Brenda Ray 9 Years Vested Benefit Standard BOE Nurse Commencement date 06/01/2024 Vested Benefit Standard Richard Darling 14 years Vested Benefit Option 3 City/Finance Director of Bgt. & Mgmt Commencement date 01/01/2025 Mr. Nash announced that the Board would be entering Executive Session at 602pm. Upon their return to Public Session at 621pm, Ms. Fogell presented the three pension applications. ** MR. PRAMER MOVED TO APPROVE THE PENSION APPLICATION FOR MARK CAMPANIELLO AS PRESENTED. ** MR. HENDRICKSON SECONDED. ** THE MOTION PASSED UNANIMOUSLY. Ms. Fogell answered the Board Members’ questions and presented Ms. Ray’s application. City of Norwalk Pension Board Regular Meeting March 12, 2025 Page 2 ** MR. HENDRICKSON MOVED TO APPROVE THE PENSION APPLICATION FOR BRENDA RAY PENDING CLARIFICATION OF THE FORM FOR 50% DESIGNATION. ** THERE WAS A SECOND. ** THE MOTION PASSED UNANIMOUSLY. Ms. Fogell then presented the information for Mr. Darling’s application. Mr. Nash announced that the Board would be entering Executive Session at 625pm. Upon their return to Public Session at 653pm, Mr. Nash stated for the record that after some discussion, the Board has agreed that the application for Mr. Darling should be tabled at this time. ** MR, BASKIN MOVED TO TABLE THE APPLICATION FOR RICHARD DARLING PENDING FURTHER INFORMATION FROM THE CORPORATION COUNSEL ON THE CORRECT COMMENCEMENT DATE. ** MR. HENDRICKSON SECONDED. ** THE MOTION PASSED UNANIMOUSLY. VI. REPORTS • Walter Scott International Equity Presentation Ms. Laura McDonald, a client investment manager with Walter Scott, greeted the Board. She introduced her team member, Mr. Edington. Ms. McDonald and Mr. Edington presented an overview of the portfolio and answered the Board Members questions. • Pension Plan Experience Study Follow Up Mr. Koebel greeted the Board members and presented the study follow up. He then proceeded to field the comments and answer the Board Members questions. • Approval of Actuary's Recommended Assumption Changes Resulting From the Pension Experience Study Mr. Nash noted that the decision to change the pension plan strategy would be a City administration decision. Discussion about the details followed. • Fixed Income Review This discussion was postponed until the April Pension Board meeting. • Cash Raise Discussion Mr. Murdoch presented the review and fielded comments from the Board throughout the presentation. City of Norwalk Pension Board Regular Meeting March 12, 2025 Page 3 ** MR. BASKIN MOVED TO MOVE $9 MILLION FROM THE BLACK ROCK RUSSELL 1000 INDEX INTO CASH FOR THE CASH NEEDS FOR THE REMAINING PORTION OF THE 24/25 FISCAL YEAR. ** MR. HENDERSON SECONDED. ** THE MOTION PASSED UNANIMOUSLY. • Performance Review Mr. Murdoch reviewed the recent market environment and the monthly performance report as of 1/31/25. He fielded comments from the Board throughout the presentation. VII. COMMITTEES A. OPEB Committee 1. Performance Review These were not discussed at this time. ADJOURNMENT ** MR. PRAMER MOVED TO ADJOURN. ** MR. BASKIN SECONDED. ** THE MOTION PASSED UNANIMOUSLY. The meeting adjourned at 8:31 p.m. Respectfully submitted S. L. Soltes Telesco Secretarial Services City of Norwalk Pension Board Regular Meeting March 12, 2025 Page 4

Agenda

REGULAR MEETING – PENSION BOARD OF TRUSTEES AGENDA MARCH 12, 2025, 6:00 PM ZOOM AND ROOM 220 To allow public access, anyone may access a meeting by telephone and/or Zoom, or a recording in the City of Norwalk YouTube channel. Specific instructions and links can be found at norwalkct.gov/meetings. Members of the public may call in to participate. Callers will not be able to see the meeting participants. All participants will be muted upon entering the meeting. To speak, dial *9 on the phone and you will be called on by the host of the meeting during the public comment section. All speakers must state their name and address. Comments must be on a topic on the agenda, and are limited to three minutes. Anyone disrupting the orderly conduct of the meeting, including by using threatening, hateful, or sexually-explicit language, will be removed. Please find the information using the link above. Members of the public who wish to provide "live comments" may also use the Zoom meeting platform. All participants will be muted upon entering the meeting. To speak, click the “raise your hand indicator” and you will be called by the host of the meeting during the public comment section. All speakers must state their name and address. Comments must be on a topic on the agenda, and are limited to three minutes. Anyone disrupting the orderly conduct of the meeting, including by using threatening, hateful, or sexually-explicit language, will be removed. Please find the information using the link above. Members of the public who wish to provide public comment are encouraged to submit those via email in advance of the meeting. For these comments to be included into the record, they must be submitted by 12:00 p.m. the day of the meeting. Please email Tina Fogell at tfogell@norwalkct.gov with the subject line “Public Comment” to provide written public comment prior to the meeting. I. CALL TO ORDER II. ROLL CALL III. ACCEPTANCE OF MINUTES A. Regular Meeting: February 12, 2025 B. Regular Meeting: Disability meeting - June 14, 2023 IV. PUBLIC PARTICIPATION V. APPROVAL OF PENSION APPLICATIONS A. Grid Sheet of Applicant Names VI. REPORTS A. Walter Scott International Equity Presentation B. Fixed Income Review C. Pension Plan Experience Study Follow Up D. Approval of Actuary's Recommended Assumption Changes Resulting From the Pension Experience Study E. Cash Raise Discussion F. Performance Review VII. COMMITTEES A. Disability Committee VIII. ADJOURNMENT UPCOMING MEETINGS April 9, 2025