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MINUTES OF THE SEPTEMBER 27, 2010 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson Alan Fields, Joe Foley, Mike McNabb, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 0 93 010 warrant and the September payroll. The August minutes were reviewed and signed. New Members: (26) Enid DeCastro, Administrative Assistant; Barry Kutz, Electrical Inspector; Nicole MacLean, Seryn Bedell, Cheryl Kerr, Christy Sciucco, Student Support Instructors; Eric Duffy, Joan Walsh Vuorenmaa, Janette Patel, Sarah Kane, Brittany Gorham, Allison Lydon, Christina Vallas, Reed Powers, Hannah Loynd, Caroline Fales, Kristen Korzeniowski, Stacey Melin, Tory Thompson, Instructional Assistants; Emily Lawson, Daniella Flori, Amanda Boulay, Meredith Hayward, Shannon Jaffe, Melissa Frazier, Special Class Aides; Theresa Pentz, Technology Maintenance Associate Retirements: Elizabeth Bradshaw, Aide, 1014110 Deceased: Abboe Pearson, Opt. C Survivor, 8/23/10; Jeanne McLean, Aide, Opt. B, 9 /7 /10; Mary Anne Bridges, Aide, Opt. B, 9/19/10 Atty. Mike Sacco attended to discuss membership requirements. Hourly requirements can be done through a policy change but granting of creditable service needs to be done through supplementary regulation changes. If there is no regulation in place, there can be no hourly pro - ration. Mike suggested a buyback regulation that limits acceptance of liability to Lexington service only for Lexington members. The Board is in agreement that membership hourly requirements should be increased to 20 /wk to bring it in line with benefit requirements. Rob asked to withhold the final vote until the October meeting so he can review the change with Denise and Bob Harris. Mike and the Board discussed the ADR application from school custodian Phil Walker. The Physician Statement indicated that Phil is not permanently disabled and he can perform the essential duties of his position. The Board voted to take no action on his application. He will be notified of the Board's decision. Peter May and Brian Holland presented the Artio review. The report is on file. LouAnn Eisenhut presented the 8 /31update from Meketa. The market value is $979 mm as of 8131/10, an increase of $3.6 mm. Mike suggested looking at Emerging Market Debt as a new mandate. LouAnn said there is 6% exposure with existing managers. Mike feels there should be a strategic allocation and we should have an Emerging Mkt. Debt manager on board. Alan wondered which fund would be used to fund a new mandate and mentioned Loomis. There was a conference call with Christian Halvorsen and Richard Gao from Matthews. The portfolio increased 18% y -t -d. There is an over - weight in the SE Asian market. .