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Board discovers unsigned or mismatched IPS appendix A; will reconcile allocation table and benchmark
Summary
The board found that the investment‑policy appendix circulating with Chris’s quarterly review did not match the version recorded in approved minutes and that the latest approved appendix was never signed and filed; members agreed to adopt the correct allocation table (as presented by Chris), clarify the real‑assets benchmark and get the IPS signed before taking a final vote.
Board members discussed discrepancies in the investment‑policy statement (IPS) appendix A after Chris presented an allocation table that Thorn said reflected the board’s intended allocation. Thorn told the board that although the minutes show the board approved an appendix A (May 16), the version Chris had in his materials appeared to come from the wrong IPS (dated May 2024) and that the latest approved appendix had not been signed by John and therefore had not been filed.
Thorn compared the approved allocation (as recorded in minutes) to the table Chris presented and identified modest shifts — for example, a bump in fixed income to 41% and small changes in domestic and international equities. The board discussed adopting Chris’s presented table as the new Appendix A but asked Thorn to confirm the appropriate benchmark for real assets (Thorn remembered an S&P real‑asset index reference) before formalizing the change.
Thorn said he would get John to sign the approved IPS, circulate the corrected Appendix A incorporating Chris’s allocation table and the agreed benchmark, and present the revised IPS for the board’s formal vote at the next meeting.
Why it matters: the IPS establishes target allocations and benchmarks that guide how the town’s retirement assets are invested and reported; ensuring the correct, signed document is on file is important for governance and auditability.
Key next steps: get the approved appendix signed, confirm the real‑assets benchmark with Chris, and bring the corrected Appendix A back to the board for a formal vote.
