News Brief: Retirement Board Hears TD Bank Plan

Members of the on August 15 heard a plan by TD Bank to manage the town's $42 million pension fund.

The board initally took no action on the presentation.

"Sometimes it's better just to absorb the information where you can think about it and make a logical vote," Board Chairman Joseph DiCarlo said in an interview before the meeting, held at the senior center.

Near the end of the session, the board voted unanimously to allow  Town Solicitor William Conley to begin negotiations with TD Bank on a contract and to bring the contract back to the retirement board for a vote at its next meeting in two weeks.

During their presentation, representatives of the bank outlined the potential role it could take in managing the finds, which include about $13 million currently kept in various accounts.

DiCarlo expained that the panel's Request for Proposal (RFP) included plans for the successful bidder to bring the accounts together in a single pension plan.

"The objective is to make this ethical and get a good return on our investments," DiCarlo said.

Caren Chabora, vice president of Private Client Services, told the board that the bank was ready to lower its annual fees to $50,000 from the original $55,000 estimated in TD Bank's proposal.

TD Bank Vice President Arthur Wasserman, in response to questions from the board, said the bank would be willing to offer other services, like bringing the town's accounts into compliance with financial regulations.

"There'd be a fee assessed with it," Wasserman said, adding the bank would be willing to respond to future RFPs that the town may issue.

Watch for additional coverage of this meeting tomorrow on JohnstonPatch.

Update: Information about the board's vote to authorize negotiation of a contract with TD Bank was added after first publication of this article.