Personnel & Pension Board

Personnel & Pension Board Minutes Page 1 of 1 March 12,2020 Special Meeting Room 213,2"d floor,4:00 PM,City Hall Building Norwich,Connecticut 06360 I. Roll Call Meeting called to order by Paul Schroder at 4:00 pm. A. Members Present 1. Paul Schroder,Chair (voting member) 2. Chris Colas(voting member) 3. Shiela Hayes(voting member) 4. Nate Kannas(voting member) 5. Richard Morelli(alternate - seated as a voting member) B. Members Absent 1. John John (voting member) 2. Rob Dempsky (alternate) C. Others Present 1. Brigid Marks,Director of Human Resources 2. Sandra Pimentel,P&P Board Secretary 3. Marc Shegoski, UBS(via phone - Item IILA only) II. Minutes A. Minutes of the February 18,2020 Personnel & Pension Board Meeting. Motion to approve the February 18, 2020 meeting minutes, as amended, made by Shiela Hayes,seconded by Chris Colas,all in favor. III. New Business A. Market update with UBS. Marc Shegoski provided the market update: The current market is being driven by fear, uncertainty and the unknown. The three things impacting it are short-term financing, OPEC and the coronavirus. Economically, the effects are expected to last two-three months. As of mid-day today, the Pension Fimd was down 10.1%, the OPEB Fund was down 10.18% while the S&P was down 17%.UBS believes adjustments should be made to the portfolio to move towards the known. Motion to authorize the sale of $10,000,000 of the S&P 500 index and purchase short-term bonds tomorrow. Made by Shiela Hayes,seconded by Nate Kannas, all in favor. IV. Adjournment Motion to adjourn made by Shiela Hayes, seconded by Nate Karmas, all in favor. Meeting was adjourned at 4:30 pm. Respectfully submitted, Sandra Pimentel,Secretary