Pension Board 03-11-2026

The City of Norwalk Connecticut Pension Board held a meeting on March 11, 2026, primarily focused on pension application processing, investment performance reviews, and portfolio management decisions. A significant portion of the meeting addressed a delayed pension application from a retiree, Mr. Larry Manzy, discussing administrative challenges and the board's precedent on retroactive pension payments. The board unanimously approved a motion to make a decision on whether retroactive payments to his last day of employment were appropriate. The meeting also included a detailed review of the pension fund's investment performance, asset allocation, and rebalancing strategies amid market volatility, with discussions on manager performance and potential adjustments to investment policy statements (IPS). Additionally, the board approved cash withdrawals totaling $10 million for pension benefits and $3 million for the Other Post-Employment Benefits (OPEB) fund, with plans to rebalance the portfolio accordingly. Revisions to the IPS to allow investments in pooled vehicles such as collective investment trusts and mutual funds were also approved. Overall, the meeting involved key procurement-related decisions on fund management, cash allocations, and policy updates affecting future investment activities.