2009-04-29-RB-min - Laserfiche WebLink

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MINUTES OF THE APRIL 29, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Alan Fields, Michael McNabb, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 043009 warrant and the April payroll. The Board noted 1 new member: Kathryn Melescius, METCO Secretary The Board noted two requests for retirement: Anne Seaquist, 5/1/09, School Admin. Assistant, Carolyn Griffith, 6/30/09, Adult Day Care Coordinator The Board noted four deceased retirees: Edward Stevens, School Custodian, Ordinary Disability C, 4/ 3/09; Catherine Nickerson, School Secretary., Opt B depleted, 3/29/09; Robert Sweeney, Dispatcher, ADR Opt. B, 4/9/09; Elizabeth Cross, Opt. B depleted, 4/17/09, Library Asst. Fran Peters from Meketa presented the first quarter review. The total funds were valued at $75.7 Million as of March 31, 2009. It was noted that the April returns to date have increased 4.5% and hopefully the trend will continue. Preliminary reports show the market value for 4/30/09 is $80.5 million. The current sectors are: 0 32% - fixed income and cash ® 53% - equities 0 15% - real return On March 31 St , $ 2,500,000 was transferred from Artio International Equity to Wellington AsiaPC ex Japan. $2,000,000 was transferred from Earnest Partners to Hartford and $600,000 from SSgA to Wellington Opportunistic Fund. Beacon Capital continues to lag. There was a 30% decline in the fourth quarter and the holdings are now approximately $2,500,000. There was a general discussion regarding the securities lending in the SSgA Passive Bond Market and the issues involved. Fran Peters recommended the board gradually decrease the fund and not increase the exposure. SSgA adopted revised investment guidelines for their collateral pools that will allow withdrawals of only 2% or 4% of the investment value total per month. SSgA will require five days notice prior to withdrawals. As of March 31, $5.4 million was invested with SSgA. Doug Thompson and Tim Baker presented the quarterly review for the Hartford Capital Appreciation Fund overseen by Saul Pannell. It was noted that Saul Pannell consistently