The stock market has been a robust vehicle for investments, but that will have little effect on Wilton\u2019s bottom line. Stock market analysts expect an average earnings growth of 8%-10% in 2015 for companies in the S&P 500, according to Anne Kates Smith\u2019s article in the January 2015 issue of Kiplinger\u2019s Personal Finance magazine. \u201cBroad U.S. stock market indexes are expected to rise by high-single-digit percentages,\u201d Ms. Smith wrote. According to Board of Finance Chair Warren Serenbetz, Wilton\u2019s pension and OPEB trusts are the only town assets with investments in the stock market. \u201cThe town has a pension plan for its employees and it\u2019s funded with a combination of stocks, bonds and some other investments,\u201d said Bob Kelso, chair of the Investment Committee for the pension trust. \u201cThe town has a liability, in the form of pension payments, to its employees, so the stock is part of the investment pool that goes towards paying those pensions.\u201d For as long as the town has had pension liability \u2014 which Mr. Kelso said \u201cgoes back quite a few years\u201d \u2014 the town has \u201cgenerally\u201d invested in funds rather than \u201cspecific stocks.\u201d Mr. Serenbetz said each trust has an investment policy dictating \u201chow much money can be in what kind of investment, including stocks.\u201d \u201cSince these trusts are for the \u2018long haul,\u2019 the day-to-day movement in the stock market isn\u2019t really a factor,\u201d said Mr. Serenbetz. \u201cIn fact, Hooker Holcomb, the actuary for the trusts, uses 20-year smoothing to calculate the impact of movement in the value of investments on the value of the trusts.\u201d Mr. Kelso said the town\u2019s investment portfolio is \u201cconservatively invested in a diverse group of assets consisting of equities, fixed income and other assets,\u201d with equities constituting approximately 60% of the portfolio. \u201cWhen the stock market goes up, the valuation of the equity portion of the portfolio goes up, and vice versa,\u201d said Mr. Kelso. \u201cWhile the stock market valuation has taken many twists and turns over the years, the market, as measured by the S&P 500, has increased by about 8% per year over the last 10 years.\u201d While last year was \u201ca good year\u201d for the stock market, said Mr. Kelso, \u201cit\u2019s hard to come up with a simplistic answer\u201d as to how the market affected \u2014 or will affect \u2014 town investments. \u201cBusiness went up, in simple terms, but we\u2019re talking about $100-billion funds, so one stock is a very small part of the total picture,\u201d he said.