Norwalk board unanimously authorizes collective investment trusts in IPS; tables one pension, approves another
February 12, 2026 | Norwalk City, Fairfield, Connecticut
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At its Feb. 11 meeting the Norwalk City Pension Board voted unanimously to add explicit authorization to its investment policy statement (IPS) allowing investments in collective investment trusts (CITs), following an outside counsel review of a contract with Brightgray (trustee for Emerald).
Unidentified staff reported that outside counsel had returned comments and concerns on the Brightgray–Emerald agreement and flagged that the IPS did not specifically authorize investments in CITs. Speaker 5 moved to add that specific authorization; the motion was seconded and approved by voice as unanimous.
On pension approvals, trustees heard questions during public comment about how beneficiary language was recorded on pension paperwork (references to an "annuitant" versus a named spouse or beneficiary) and about the effective start date for benefit payments when an intended retirement date differed from the application filing date. The board voted to table the pension for (Larry) Menzie until staff resolves the start-date/payment question. Separately, the board approved the second pension for Elulik/Eluik Pagan; that approval passed unanimously.
Under other business, trustees discussed OPEB (other post-employment benefits) performance and were briefed on OPEB asset levels and quarterly performance. No votes were taken on OPEB items.
The meeting adjourned following a motion that carried on a voice vote.
Unidentified staff reported that outside counsel had returned comments and concerns on the Brightgray–Emerald agreement and flagged that the IPS did not specifically authorize investments in CITs. Speaker 5 moved to add that specific authorization; the motion was seconded and approved by voice as unanimous.
On pension approvals, trustees heard questions during public comment about how beneficiary language was recorded on pension paperwork (references to an "annuitant" versus a named spouse or beneficiary) and about the effective start date for benefit payments when an intended retirement date differed from the application filing date. The board voted to table the pension for (Larry) Menzie until staff resolves the start-date/payment question. Separately, the board approved the second pension for Elulik/Eluik Pagan; that approval passed unanimously.
Under other business, trustees discussed OPEB (other post-employment benefits) performance and were briefed on OPEB asset levels and quarterly performance. No votes were taken on OPEB items.
The meeting adjourned following a motion that carried on a voice vote.
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