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Publicly Reviewing Westport’s Pension, OPEB Fund to Improve Transparency

The Board of Finance will hold a public hearing at Westport Town Hall Wednesday at 8 p.m.

 

One reason the board will during a public hearing Wednesday is to improve transparency by sharing investment performance and strategies with the public, according to Westport Board of Finance Chair Avi Kaner.

The board will also, “ future insights to help recommend an 'investment return assumption' to our actuarial firm – Milliman,” Kaner said.

Milliman, , will use the board’s recommendation to complete the pension and OPEB valuations as well as the town’s annual required contribution, which is currently more than $8 million.

Milliman's analysis will likely be presented to the finance board during a work session on September 24. It will then be formalized at the October 3 Board of Finance meeting, Kaner said.

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Kaner serves on Westport's Investment Committee along with Finance Director Gary Conrad and Carl Leaman.

“We meet regularly to review fund performance, assess portfolio managers, and adjust allocations among the investment types and managers. We utilize the service of Fiduciary Investment Advisors (FIA) to help strategize on these analyses and recommendations,” Kaner said.

The Board of Finance will meet at Wednesday at 8 p.m on the following agenda items:

1. Financial report from the finance director
2. Status update from the internal auditor
3. Pension and OPEB investment performance review
4. Discussion of the Selectman’s Five-Year Capital Forecast

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