Summary

Board approves pension investment shift

NorwichMay 19, 20262 min read

At a glance

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The board unanimously approved transferring 2% of both the pension and OPEB portfolios from the S&P 500 to Carlyle AlpInvest Private Market Secondaries. As of March 31, 2026, the pension portfolio was 70.5% equities, 27.5% fixed income and 2.1% real estate; the OPEB portfolio was 73% equities and 27% fixed income.

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Personnel & Pension Board

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LaborBudget & Tax

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What this means

The approved investment change shifts a small portion of two municipal benefit funds into a private-market investment. Board members also asked for additional information about the impact and cost savings of Ordinance 1885 before taking further action. Pension adjustment and retiree cost-of-living scenarios were postponed to September 15, while a proposed Merit System Rules amendment was postponed to June 16.

Key decisions

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Approved unanimously a 2% transfer from the S&P 500 to Carlyle AlpInvest Private Market Secondaries for both the pension and OPEB portfolios.
Requested additional information on Ordinance 1885's effect on OPEB and its associated cost savings.
Tabled pension adjustment and retiree cost-of-living adjustment scenarios until September 15, 2026.
Tabled the proposed amendment to the Merit System Rules until June 16, 2026.
Approved retirement applications for Donald F. Sholes Jr. and Susan T. Welch, with Sholes's retirement type corrected to normal retirement.
Approved Susan T. Welch's annual pension calculation of $17,510.39.
Approved pension contribution refunds or rollovers totaling $71,347.48 for three former employees.
Extended four eligibility lists for six months, including the Meter Technician I internal list by a 5-1 vote.
Approved a $15,223.90 survivor benefit for Rebecca McDougal and determined that no further benefit was due for Mary D. Larson.
Approved admission of six employees into the City of Norwich Employees' Retirement Fund and approved a prior-service buyback request for Lisa Friday.

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