Board notes drop in funded status after delayed contribution; approves prior meeting minutes

A John Hancock representative told the Portsmouth Retirement Board that the plan—s funded status fell in the quarter largely because the typical annual contribution had not been received as of March: "This is entirely due to the fact that the, the annual contribution to the plan, which we usually see in February, had still not been funded, as of the March." The representative reported funding rates around 68.8% for the fire and police plan and about 72% for the supplemental plan as of the report.

Board members asked whether the contribution would be made and how the funded status would look if the contribution had been posted. The representative replied that the funding decrease was due to the delayed contribution and that they would "report back" on timing; the exact funded-ratio figure if the contribution had been made was not provided in the meeting transcript.

The board also received routine administrative information from the plan administrator: participant counts were slightly down, driven in part by reported deaths; webinars on Social Security and a new May session on navigating market uncertainty were added to the schedule; and plan cash-flow trends were described as "relatively steady." The transcript recorded counts for quarter activity: one newly eligible retiree in the main plan and six deceased participants in the supplemental plan during the quarter.

The board conducted two procedural votes during the meeting. Minutes for the November meeting were approved by voice vote; minutes for the February meeting were likewise approved by voice vote. The transcript records the motions and unanimous "Aye" responses but does not record the individual names of the mover/second or a roll-call tally.

No other formal funding decision or contribution authorization was recorded during the meeting.