2012-07-26-RB-min - Laserfiche WebLink

Browse Search

Registrations for the PERAC Emerging Issues Forum at Holy Cross on Sept. 20 have been confirmed for all Board Members and staff: The Board has requested that David Driscoll from Buck be invited to attend the next meeting in order to discuss the actuarial report as well as a report showing how changing the assumption rate to 7 112% and 7% would impact the Town's appropriation. The Board would also like to see how extending the date for full funding from 2020 would impact the system. Rob would like to meet with David as soon as possible since the Town will begin planning next years' budget early in the fall. He would like to have an agreement by the Board by the end of September if possible on a new funding schedule. There was a discussion of the impact of tutors requesting buyback of service prior to 1995. A request will be forwarded to Bob Harris and Lorraine Gryp to see if a report can be created that would indicate the number of tutors that may be involved. Bob Cunha asked that the policy report written by Mike Sacco be forwarded to the Board for review again. There was a short interim review by LouAnn Eisenhut from Meketa. The market value at the end of June was $108.4 mm, up $2.7 from May. The performance of the managers was mixed. A lot of active managers underperformed as sentiment is impacting the market. It was noted that even though Hartford has been hurt by stock selection. Meketa still has a strong conviction that Hartford is an asset to the portfolio. Matthews had a strong quarter as did Loomis, which had the largest increase for the quarter. Fiduciary Management and Wellington Enduring Assets were funded in May so only the June figures are included. Future meetings have been reserved at the library for September 27, October 25, and November 28. The December meeting will be moved to Dec. 20 1h . The next meeting will be held August 23, 2012, 8:00 AM at Cary Memorial Library. A motion was made, seconded and approved unanimously to adjourn the meeting at 9:30. Robert W. Cunha, Chairman Michael McNabb, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Alan Fields, Appointed Member