2010-06-17-RB-min - Laserfiche WebLink

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MINUTES OF THE JUNE 17, 2010 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson, Alan Fields, Marguerite Oliva Absent: Joe Foley, Mike McNabb Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 063010 warrant and the June payroll. The May minutes were reviewed and signed. New Members: Donald Johnson, H.S. Facilities Director Retirements. Charles Sargent, Police Captain, 614110 Deceased Retirees: Mary DeFelice, Survivor of Nicholas DeFelice, 5111110; Mary Commito, Non - Contributory Survivor of Ado Commito, 5128110 LouAnn Eisenhut presented the interim report for May 31, 2010. The market value decreased $6.2 million from April 30 All asset classes declined except the bond market. Most of the managers performed better than their benchmarks. There was a general discussion about investing with Lazzard to increase emerging market exposure. LouAnn mentioned the high regard Meketa has for Lazzard and noted that the f and is closing to new investors on July 19 th . Alan made a motion to invest $3mm with Lazzard, Bob seconded the motion and it was approved unanimously. Alan suggested transferring $2mm from Acadian and $1 mm from Artio for the investment. Because of PERAC regulations, LouAnn will contact Lazzard to see if it would be possible for the System to invest a small amount prior to July 19 in case the RFP process and approval from PERAC is not completed by that date. Alan also discussed the possibility of adding another manager to diversify domestic equity. Mcketa will be asked to do some research on FPA and First Eagle and report back to the Board. It was felt by adding another domestic manager the system will see more capitalization.. The expected cash shortfall for June is $308,000. The Board determined that funds should be transferred from Hartford to State Street. Bob inquired about the System receiving the full Town Appropriation on July 1, 2010. Noting that the appropriation to the System is a Town obligation, Rob mentioned that both the Town and System are in need of the funds. It was requested that David Driscoll from Buck be contacted to see if he had ever done an analysis of any Board that received the full appropriation at the beginning of the fiscal year.