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Granby board creates Pension Plan Committee and appoints finance director
Summary
The Board of Selectmen voted 5-0 to create a Pension Plan Committee aligned with the Pension Plan Labor Agreement and appointed Finance Director Kimi Cheng to a five-year term through Jan. 13, 2032, with town staff to update pension documents with counsel and designate a plan administrator.
Town Manager Michael P. Walsh presented a memorandum on June 15 recommending a refresh of the Pension Committee charge to align the committee with current pension law and IRS requirements.
Walsh told the board that the town’s Pension Plan Labor Agreement and Pension Plan Document date to 2003 and need updates. He recommended formally creating a Pension Plan Committee under the Pension Plan Labor Agreement, designating the Town Manager as plan administrator, reviewing the annual pension report and engaging pension counsel to update plan documents.
On a motion by Selectman Mark C. Neumann, seconded by Selectwoman Kimberly L. Becker, the board voted unanimously (5-0-0) to create the committee and to appoint Finance Director Kimi Cheng to a five-year term ending Jan. 13, 2032, or until a successor is appointed and qualified. The committee’s next steps include reviewing pending matters in the plan and initiating work with pension counsel to ensure compliance with current law.
No changes to benefits or funding levels were adopted at the meeting; the action was procedural to establish a standing committee and to meet plan-document compliance requirements.
