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Trustees update investment policy to reference Bloomberg bond index and Connecticut statutes
Summary
Trustees unanimously amended the town's Investment Policy Statement to replace the Barclays Aggregate Bond Index with the Bloomberg Aggregate Bond Index and to specify Connecticut state statutes in the document; the change was approved by voice vote.
Old Saybrook pension trustees unanimously approved amendments to the town Investment Policy Statement to update the bond benchmark and to reference Connecticut state statutes.
Trustees discussed that Bloomberg has acquired the Barclays aggregate bond indices, prompting a clean indexing substitution in the IPS. Staff had circulated a memo explaining the technical index change and an additional update that replaces a generic statutory reference with a direct reference to Connecticut state statutes.
A motion to adopt the recommended IPS changes was moved by Leland and approved by the trustees without recorded opposition. The IPS amendment was enacted by the trustees during the meeting and will govern benchmarking and index references moving forward.
The trustees recorded no separate fiscal impact tied to this technical indexing update; it was described in the meeting materials as an administrative update to ensure the IPS names an available benchmark and clarifies statutory references.
