HomeMy WebLinkAboutMinutes - Pension Advisory Committee - 01/17/2023
Pension Advisory Committee (PAC)
Quarterly Meeting
Tuesday, January 17, 2023 2:00 p.m.
City Hall Conference Room 301, 180 Market Street
MINUTES
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Attendees: Martha Machar, Daisy Brayton, Tom Hubbard, Dan Chappell, Erik Schait, Tim
Barrit, Dan Boyer, and Larry Kupferman and Spencer Baker. Absent: Todd Gregory,
Donna Kinville, Pat Blizzard, Marc Hachey
1) Welcome & Introductions
2) Additions, deletions, or changes to agenda – There were no additions, deletions or
changes to the agenda.
3) Approve prior meeting minutes – There were no prior minutes to approve.
4) Appoint member to record minutes – Daisy Brayton, agree to record the minutes.
5) SEI review of Q4 Net Performance Report – Pat Blizzard – SEI
Dan Cappell, from SEI, gave an overview of the 2022 Fourth Quarter.
Overview – Markets have not performed well in 2022. From an economic point of
view, this is the worst market drop since 1931. Feds expect to continue raising
interest rates in 2023.
6) Pension valuation Report, 2022 – Erik Schait, Newport Group
Overview - Portfolio in 4th quarter is up 7.15%, which for the entire year is up
11.65%. There are still contributions from current employees who were in the
fund before May 2019.
7) Other business – The group discussed potentially having Erik Schait come back in
October to discuss lowering from 7.25% to 7.0%.
8) Adjourn – Meeting was adjourned at 3:30 p.m.
Respectfully submitted,
Daisy Brayton, Human Resources Director