2012-01-26-RB-min - Laserfiche WebLink

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Minutes of the January 26, 2012 Retirement Meeting Present: Robert Cunha, Rob Addelson, Joe Foley, Alan Fields, Marguerite Oliva Absent: Michael McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 1/26/12 Warrant and January payroll. The December minutes were reviewed and signed. New Members: (1) David Kucharsky, Part Time Planner Retirements: Maryann Loveday, Tutor, 2/1/12 Deceased: Louisa Barron, Ord. Dis. Opt. C. Survivor, 10 /27/11 Henry Jueng from Meketa presented the interim review for December 31, 2011. The market value as of December 31, 2011 was $102.4 million down from $103.7 million on November 30, 2011. Scott Brink and Sarah Gilfillan from Wellington Management Company presented an update and overview as of December 31, 2011. Wellington's assets under management total $651 billion; 40% equity, 46% fixed income, and 14% multi- strategy and have 128 partners. The market value of the opportunistic investment allocation as of December 31, 2011 was $15,587,197, down 13.51% for the year. They were disappointed with the performance of the fund. The reasons for the underperformance were weak performance in key structural themes, tactical increase to key themes, contrarian tactical ideas, minimal exposure to safety and minimal exposure to market leaders. In moving forward they highlighted the changes they made in investment allocations and current positioning. There was a motion by Bob, second by Joe and voted unanimously to adopt contract amendments for investment companies effective 1/1/12 — 12/31/17 for each of the following investments companies; Fidelity, Pimco, Hartford, Matthews and SSgA. Engagement Contracts and Placement Agent Policies were received from Acadian, Artio, Loomis Sayles, Wellington, Atty. Sacco, Street Street and Pension Technology Group. Luanne Eisenhut from Meketa presented its amended contract with fee adjustments. There was a motion by Bob, second by Rob and voted unanimously to accept the amended contract. Chris from Meketa presented the results for the Domestic High Quality Manager and the Global Infrastructure searches. There were 26 respondents, narrowed down to 7 for Domestic High Quality Managers and 7 respondents for Global Infrastructure, narrowed down to 4. Due to PERAC's procurement regulations, the RFP process will have to be undertaken again as contracts could not be finalized by 2/16/12. Meketa will contact the respondents as to the reason for the reissue. After a discussion and Meketa review, the Board noted they would like to meet with Domestic High Quality managers Fiduciary Management, Inc., Neuberger Berman Core Equity and Wellington Management, LLP at the February 29 meeting. There will be another meeting set for the week of 3/12/12 for Infrastructure Managers. The Board would like to meet with Duff & Phelps Investment Co., RARE Infrastructure and Wellington Management, LLP.