Another quick update on last night's Pension Board meeting... if I understood everything correctly... of the ten or so funds in the Town's pension... Cheshire has nothing related to the Madoff scandal. However, one of our funds is related to a fund impacted by the Madoff scandal. So there was some discussion about having a special meeting in case the Board decides to take quick action in the next couple weeks. Stay tuned.
Also, I asked about the less-than-wonderful relationship between Citigroup and Legg Mason that recently unfolded. I was assured that no such relationships exist between Citi and any of the funds in the Town's pension.
Tim White
The town has to look realistically at all the retirement programs.
ReplyDeleteHowever the investment return was figured in the past no longer holds true for the future, it's a new world and just like the private sector has been scaling back, the public sector has to realise change is necessary.