Pension Board of Trustees

Regular Meeting

Norwalk, CT · April 9, 2025

Minutes

CITY OF NORWALK PENSION BOARD OF TRUSTEES REGULAR MEETING APRIL 9, 2025 ATTENDANCE: Frank Nash, Chair; James Hendrickson; Eileen Romeo; Francis Nash; David Pramer; Richard Baskin, Robert Raleigh OTHER: Jared Schmitt, Chief Financial Officer; Chitsamay Lam, Kevin Schmidt, Callan; Britt Murdoch, Callan; Brenden Walsh, Empower CALL TO ORDER Chairman Nash called the meeting to order at 6:02 P.M. There was a quorum present. ROLL CALL A roll call of those present was performed. ACCEPTANCE OF MINUTES A. REGULAR MEETING: MARCH 12, 2025 ** MR. HENDRICKSON MOVED TO APPROVE THE MINUTES OF MARCH 12, 2025 AS SUBMITTED. ** MR. BASKIN SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. B. REGULAR MEETING: DEFINED CONTRIBUTION - JANUARY 8, 2025 ** MR. HENDRICKSON MOVED TO APPROVE THE MINUTES OF JANUARY 8, 2025 AS SUBMITTED. ** MR. PRAMER SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. PUBLIC PARTICIPATION There was no Public Comment at this time. APPROVAL OF PENSION APPLICATIONS A. GRID SHEET OF APPLICANT NAMES – NONE City Of Norwalk Pension Board of Trustees Regular Meeting April 9, 2025 Page 1 of 2 While there were no applications to approve, an update was provided on an application that was currently being researched. COMMITTEES DEFINED CONTRIBUTION COMMITTEE EMPOWER (RECORDKEEPER) PRESENTATION Mr. Walsh from Empower came forward to deliver his report and presentation. Information regarding the 457b and 401a plans was provided in the meeting documentation. He provided an overview of the Norwalk DC plans and answered the Board Members Questions. REPORTS A. PERFORMANCE REVIEW Mr. Murdoch came forward to provide the performance reviews of the March Pension Flash Report and the 4Q24 DC Plans Performance Report. Information regarding the Performance reviews was provided in the meeting documentation. He reviewed the market environment and investment performance for the Board. Questions and comments were fielded throughout the presentation. B. FIXED INCOME DISCUSSION Mr. Schmidt came forward to provide a report on the Fixed Income Discussion. Information regarding the Fixed Income Discussion was provided in the meeting documentation. Discussion followed. Callan agreed to provide a review of the fixed income structure in the Pension and OPEB Plans at the June meeting. ADJOURNMENT ** MR. BASKIN MOVED TO ADJOURN. ** MR. HENDRICKSON SECONDED THE MOTION. ** THE MOTION PASSED UNANIMOUSLY. The meeting adjourned at 7:59 P.M. Respectfully Submitted Ian A. Soltes Telesco Secretarial Services City Of Norwalk Pension Board of Trustees Regular Meeting April 9, 2025 Page 2 of 2

Agenda

REGULAR MEETING – PENSION BOARD OF TRUSTEES AGENDA APRIL 9, 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: March 12, 2025 B. Regular Meeting: Defined Contribution - January 8, 2025 IV. PUBLIC PARTICIPATION V. APPROVAL OF PENSION APPLICATIONS A. Grid Sheet of Applicant Names - none VI. COMMITTEES A. Defined Contribution Committee 1. Empower (recordkeeper) Presentation 2. Performance Review VII. REPORTS A. Performance Review B. Fixed Income Discussion VIII. ADJOURNMENT UPCOMING MEETINGS May 14, 2025