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Minutes of the February 29, 2012 Retirement Meeting Present: Robert Cunha, Rob Addelson, Joe Foley, Alan Fields, Michael McNabb, Marguerite Oliva, Karen Machant Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 2/29/12 Warrant and February payroll. The January minutes were reviewed and signed. New Members: (5) Robert Green, Sean McCallister, Firefighters; Laura Woods, SSI; Sally Tesoro, Special Class Aide; Melisa Tintocalis, Economic Development Director Retirements: Maryann Loveday, Tutor, 2 /1 /12 Retirements: Marcia Cavatorta, School Secretary, 3/30/12 Deceased: (4) Virginia Sullivan, School Lunch, Opt. B depleted, 2/5/12; Coleman Connolly, DPW Laborer, Opt. C pop -up, 2/13112; Allen McSherry, Lieutenant, Opt. B depleted, 2/16/12; Mary Trant, School Nurse, Opt, A, 2/7/12 Gary Miller and Bob Lyttle from Fidelity presented the annual review. In the fourth quarter of 2011 U.S. small cap led a rally, Europe and emerging markets led international markets although emerging markets struggled for the year. As of 2/24/12, Contrafund was up 10.64 %. Bob Lyttle presented an overview. The fund seeks long -term growth, normally investing primarily in common stocks, in either growth or value stocks or both. Will Danoff is always looking for the "best in breed" which is defined as companies having a leading presence in industry with the potential for high earnings growth, possessing sustainable operating advantages and led by proven management teams. As of 12/31/11, some of Contrafund's top holdings were Apple, Google, Berkshire Hathaway and McDonalds. LouAnn Eisenhut attended the meeting and presented an overview of the managers who had responded to the RFP for a Domestic Equity High Quality Manager search. Meketa received 36 responses. Of the 36, eight were deemed not eligible. One submitted an incomplete RFP and seven do not offer a mutual fund or commingled fund. The three finalists were Fiduciary Management, Inc. of Milwaukee, Neuberger Berman, and Wellington Management Co. The evaluation performed by Meketa was based on organization, the investment team, their philosophy, the investment process and performance and the management fees. The report shows that for the 1, 5 and 10 year returns, all far exceeded the benchmark of Russell 1000. Meketa also included calendar year returns for 2001 2010.