2012-04-26-RB-min - Laserfiche WebLink

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Minutes of the March 26 and April 26, 2012 Retirement Meetings The March 26 meeting was cancelled due to the lack of a quorum. The agenda was forwarded to all the Board members for approval of the 3/30/12 payroll and payables warrants. Each Board member made notification of their approval and came to the office review the paperwork and to sign the documents. All other items on the agenda were postponed until the April meeting. Minutes of the April 26, 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 4/30/12 Warrant and April payroll. The February and March minutes were reviewed and signed. New Members: (5) Mary Segars, Holly Lonergan, IA, Thomas Corazzini, Dispatcher; Kerry Daley, Admin. Asst., Ryan Lennon, Veteran Services Officer Retirements: (2) Sandra Hart, Financial Clerk, 6/30/12; Linda Labourene, Sped. Ed. Tutor, 6/3 0/12 Deceased: (2) Theodore Setterlund, Firefighter, ADR Apt, A, 3/7/12; David. Jones, (Active Member), Custodian, 3/19/12 LouAnn Eisenhut and Henry Jaung attended the meeting to present the March 31, 2012 Quarterly Review. It was a very strong quarter with the Retirement System valued at $111.7 million on March 31 an increase of $9.4 million from December 31 The Retirement System returned 9.3% for the quarter, as all asset classes produced positive returns. The largest return was domestic equities with again of 16.1 %. International equities were up 11.2 %, Global Tactical Assets were up 7.3 %, Real Return assets were up 6.2% and the aggregate fixed income investments were up 3.5% with Loomis Sayles Credit Asset returning 5.1 %. Most of the other funds outperformed their benchmarks except Matthews Pacific Tiger Fund which returned 10.9% vs. MSCI AC Asia Pacific return of 12.2 %. The fund was hurt by it underweight to industrials. The Board reviewed the top holdings of the domestic equity managers Fidelity Contrafund and Hartford Capital Appreciation Fund and noted the top holdings for each were entirely different which contributed to domestic equity having the largest return for the quarter. Hartford was the System's best performer with a gain of 16.7% driven by security selection in the consumer discretionary, financials, and industrials sectors.