2009-06-25-RB-min - Laserfiche WebLink

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MINUTES OF THE JUNE 25, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Michael McNabb, Rob Addelson, Marguerite Oliva Absent: Alan Fields Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 063009 warrant and the June payroll. New Members: Carrie Johnson, Senior Service Asst. Director Request for Retirement: (3) Elaine McBride, School Aide, 811109; Ann Marie Cuccinello, School Sec., 6/26109; Gloria Foster, School Aide, 9/18/09 Deceased Retirees: Robert E. Walton, Fire Lt., Opt. B depleted, 619109 LouAnn Eisenhut and Fran Peters from Meketa Investment Group presented the interim update for 5/31109. Market value is $86.1mm with an increase of 8.3% for the year. They presented a report on Global Tactical Asset Allocation. Discussed was the Wellington Opportunistic Funds and the Wellington Diversified Inflation Hedge Fund and also the PIMCO All Asset Fund and PIMCO Multi -Asset Fund. There are over- lapping strategies. Meketa will check to see if either new fund could be added to the portfolio with just a letter to PERAC. Meketa will put together a request to PERAC and if required, will do a quick RFP. Next was the Earnest Partners Mid -Cap update. Market value is now $2.8mm. Lexington Retirement has been invested with them since 2005. Meketa still feels they are a decent and solid company. They are ranked in the top third Mid-cap space. They could be used for future funding. There was a review of the Opportunistic Credit Manager search. Meketa reported on Loomis Sayles from Boston which is focused on corporate credit and Seix Advisory from Upper Saddle River, NJ who is a more conservative bond manager. Fran Peters mentioned that credit opportunities are a little less attractive today because the yields have fallen. Mike discussed the need for more fixed income exposure which is currently at 6% in the portfolio. The choice to move to Credit Opportunities is still on the table. There was a discussion of moving into PRIT for hedge fund exposure. There would be a maximum 10% exposure allowed. The Town of Lexington has appropriated $440,000 for Post Retirement Health and will be sent to Vanguard in July.