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

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Mike voiced his concern of using PIMCO All Asset Fund to fund the new Wellington Enduring Asset Fund. There was also a discussion of investing in the CIF or the CTF for the Wellington investment. Lexington Retirement would be the first investor in the CIF and the Board is concerned that the $5,000,000 investment would not be large enough for the fund to be run the same as the other funds. The Board voiced an interest in investing in the CTF. LouAnn said she would contact Scott Brink to discuss the matter. In an e -mail that followed after the meeting, LouAnn said that Scott informed her that for this particular strategy, the Board could only invest in the CIF commingled fund for Enduring Assets. The fund has $5,000,000 in it and the Lexington investment will bring it up to $10,000,000. Scott assured LouAnn that this is enough to run the fund identically to the other funds. Alan's reply was that because we are dealing with the integrity of the firm he is OK with this. "Enduring Assets hopefully will reduce the volatility of the portfolio. If it accomplishes its objective it will add value." Information has been sent to David Driscoll at Buck to begin the 1/1/12 Actuarial Review, The Board would like him to look at assumption rates to be included in the report. If the assumption rate is dropped, the Town's appropriation will have to increase. David will be asked to run a report to see the impact of dropping the assumption 1 /4 of a point. After he notifies the Retirement staff that the actuarial report is completed, he will be asked to attend a Board meeting to present his findings. Noting an erosion of assets, the Board would like to see a report showing 3 year and 5 year earnings vs. amounts paid out. There was a discussion of the Statement of Financial Interest forms that need to be completed by the Board members and returned to PERAC no later then May 1, 2012. All the Board members After indicating that they were "progressing " each of the Board members indicated they will send their forms to PERAC. Survivor Benefits request for Laura Jones, widow of David Jones, was unanimously accepted. The Board discussed PERAC memo 914/2012 regarding s. 12(2) (d) increase in benefits from $250 per month to $500. Since no retiree would have been affected by the change when the memo was received, no .article was reserved for the present Town Meeting. Realizing that Laura Jones would have been affected, there will be a request to reserve an article for the next Town Meeting. The Board reviewed the buyback requests from Linda Judkins and Blair Ruocco. Linda is requesting to buyback her service when she was first hired by the Town, but was not eligible to be a member of the retirement system. Blair is requesting to redeposit funds from her former employment in Lexington which she withdrew in 1990. A motion was made by Bob, seconded by Joe and unanimously accepted to allow both the buyback and redeposit of fiends.