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Norwalk City pension boards approve retirement benefits and shift about $25 million to Emerald manager

Food Services and Employee Pension Board (Norwalk City) · December 10, 2025
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Summary

The Norwalk City pension boards approved multiple retirement benefit requests, authorized a roughly $25 million reallocation from Principal to Emerald for small-cap growth, and denied a former employee's appeal after executive session.

Norwalk City’s pension boards approved several retirement benefit requests and authorized a roughly $25,000,000 transfer between investment managers during a meeting that also included an executive-session appeal the board ultimately denied.

Chair Jim Hendrickson opened the meeting and the board approved minutes and pension applications for multiple former employees. The board approved Paula Rossi’s deferred-retirement request (five-plus years of service), Virginia Marco’s early retirement with option 3 (a 10-year certain payout), Patricia Wilton’s normal retirement after 27 years in the tax assessor’s office with a 5-year certain option, and Katie Johnson’s retirement benefit under option 3 after 39 years of service. Each pension motion was moved, seconded and approved by voice vote with no recorded opposition.

After discussing small-cap manager candidates in executive session, the board approved a motion to move approximately $25,000,000 from Principal to Emerald as part of its small-cap growth allocation. The motion was seconded and approved by voice vote; no dissent was recorded in the public minutes.

The board also held executive session on a separate pension appeal regarding a former employee’s pension start date. Returning to open session, Hendrickson reported the board had reviewed the case with outside counsel and said, "We see no new information here to indicate a different decision should be made at this time." The board directed the human-resources office to send the former employee a letter confirming the denial.

The meeting concluded with routine scheduling items and adjournment. No dollar amounts for individual pension payouts were disclosed in the public record; vote tallies beyond voice approval were not specified.