2010-07-22-RB-min - Laserfiche WebLink

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MINUTES OF THE JULY 22, 2010 RETIREMENT MEETING Present: Robert Cunha, Alan Fields, Joe Foley, Mike McNabb, Marguerite Oliva Absent: Rob Addelson Absent: Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 073010 warrant and the July payroll. The June minutes were reviewed and signed. New Members: (9) Paul Bernier, LHA Maintenance Supervisor; Brian Ham, Patrolman; Gregory Ford, Thomas Grome, Kenneth Russell, DPW Drivers /Laborers; Katherine Smith, BCBA; Judith Seppala, GIS Database Admin; Philip Boisvert, Assistant Fire Chief, Richard Melaragni, DPW Arborist Retirements: Cara Shapiro, Human Services Dept. Clerk, 8/7/10; Philip Walker, H >S. Custodian, 8/13/10 Deceased Retirees: Norma Carlson, Opt. C Survivor, 6/24/10; Steven Celata, Police Officer, ADR, Opt. B, 7/7/10; Tom Elliott, Active Member, Custodian, 7/13/10 Fran Peters and LouAnn Eisenhut presented the June 30 quarterly report. Second quarter 2010 saw a loss of $7 million with a market value on June 30`" of $94.3 million. July to date is up about 5 %. Looking at the world market, TIPS and investment grade bonds performed the best and foreign developed equities performed the worst. All asset classes except fixed income outperformed the benchmarks. The investment with Lazzard could not go forward. They closed the fund on July I9 and are no longer submitting RFP's. There was a general discussion of having Meketa review dedicated emerging market managers to increase emerging market exposure. Also the use of ETF's was discussed to prevent missed opportunities. Fran mentioned there is a PERAC process to enter into an ETF but there is no process in getting out. Meketa will research and report back. David Driscoll from Buck discussed the actuarial reports. He initially presented 4 reports. The first is figured on market asset value and maintains the 2015 funding schedule. Beginning in FY 12, the Town appropriation would increase to over $12 million. The second used smoothed asset value but still used the 2015 schedule. Town contribution would increase to over $6 million. The next 2 extended the funding schedule to 2030. Market asset value increased the appropriation to over $5 million and smoothing maintained it at $3.6 million. He then presented four more scenarios — market extension to 2020 and 2025 and smoothing to 2020 and 2025. After much discussion, it was decided to narrow the options to smoothing with an added 5 year extension to 2020 and