2010-04-21-RB-min - Laserfiche WebLink

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MINUTES OF THE APRIL 21, 2010 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Rob Addelson, Michael McNabb, Marguerite Oliva Absent: Alan Fields Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 043010 warrant and the April payroll. The March minutes were reviewed and signed. New Member: Bridget Roy, Student Support Instructor Retirement: Barbara Stevens, Utility Enterprise Manager, 511110 Deceased Retirees: Regina Newell, Opt. A, March 17, 2010, School Lunch Program; Catherine Spiers, Opt. A., April 6, 2010, School Lunch Program Marguerite asked to address the Board regarding the I% pay increase that was granted last month. After voicing her disappointment, she stated she knew that no COLA's were being granted this year, but had hoped to receive at least a step increase of 2.5 %. Other non -union employees were receiving their step increases of between 2.5% and 4.5% and some were receiving longevity as well. Mentioned was the amount of counseling the position entails as well as the amount of time spent dealing with all the investments, and the active and retired members. Knowing that the Board is unsure of what the administrator position entails, she stated she would be willing to bring manuals and training material to a meeting and walk the Board through some of the aspects of the job. The salary surveys that have been completed in the past have not aided the Board in making a decision. The Board was asked to reconsider the increase and was told the Board will take her request under advisement. Fran Peters from Meketa presented the quarterly review. The Retirement System's investment value at the end of March was $100.8 million, an increase of $3.1 million since December 2009. Domestic equities outpaced international equities due in part to the strengthening dollar. Commodities performed the worst, experiencing their first quarterly decline in a year. All sectors except telecom and utilities had positive returns for the quarter. During the first quarter, the global economy continued to show signs of stabilization. There was discussion of risk allocation versus asset allocation. The Board looks at asset allocation knowing the system is measured on return. They must remain cognitive of asset allocation vs. risk allocation. Fran Peters had information on three International Equity Managers as possible replacements for Acadian. The firm overview and terms for Artisan, First Eagle, Polaris and Acadian are included in the report. Meketa feels the three proposed All Cap managers offer attractive opportunities. Five -year returns are 8.2% for Artisan, 9.7% for