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Minutes of the August 27, 2012 Retirement Meetings
<br />Present: Robert Cunha, Rob Addelson, Alan Fields, Joe Foley, Marguerite Oliva
<br />Absent: Mike McNabb
<br />Bob Cunha called the meeting to order at 8:00 AM.
<br />The Board accepted and signed the 83112 Warrant and August payroll. The July minutes
<br />were reviewed and approved.
<br />New Members: Kaitlin Evanson, Special Class Teacher Aide; Patrick Fay, Katherine
<br />Powers, SSI; Kelly Axteli, Assistant Director Senior Services; James Tocio, DPW Parks
<br />Laborer; Lindsay Dahlberg, Purchasing Director
<br />Retirements: Norrine Leger, Guidance Secretary, 9130112; Donna Albers, Instructional
<br />Assistant, 911/12; William Shaw, DPW Crew Chief, 10/17/12; Paul Gentile, Electrician,
<br />9/28/12
<br />Deaths: Janet Brown, Opt. D Survivor, Aug. 3, 2012; Joan Walsh - Vuorenmaa, Aug. 12,
<br />2012, Tutor, Inactive Member
<br />David Driscoll from Buck Consultants presented a draft of the January 1, 2012 actuarial
<br />valuation report. The prior valuation report was prepared as of January 1, 2010. The
<br />actuarial assumptions and methods used in this valuation are unchanged from those used
<br />in the prior valuation except for a recent change to Actuarial Standard of Practice No. 35
<br />which updated the RP -2000 table and requires that mortality assumptions used in
<br />valuations prepared as of June 30, 2011 reflect a provision for future improvements in
<br />longevity. A table that compares the principal results from the current and most recent
<br />prior valuations was reviewed. The unfunded actuarial accrued liability as of 1/1112 is
<br />$29,792,297 as compared to $14,897,208 as of 1 /l /10 and the market value of assets is
<br />$104,215,807 as compared to $100,211,610. If the Board decides to maintain a full
<br />funding schedule of 2020 using the schedule presented, the total town contribution from
<br />FY2013 of 54,205,537 would increase to $7,310,276 for FY2014. David also provided
<br />funding schedules with $13k and $14K COLA base and lower assumed interest rates of
<br />7.5% and 7.00 %. For the next meeting the Board requested David to provide additional
<br />schedules keeping town contribution at $4.2 million per year, extending the amortization
<br />period to 2025, 2030, 2035 and 2040 and an assumed interest rate of 7.75 %.
<br />Henry Jaung from Meketa presented a quarterly review as of June 30, 2012 and an
<br />interim update as of July 31, 2012. He reported the market value as of 7/31/12 was
<br />$109.6 million up from $108.4 million on 6/30/12. A breakdown of asset allocation was
<br />provided giving allocation by manager, allocation by security and actual asset allocation
<br />vs. target allocation with a 20 year expected return. Alan requested the addition of a 10
<br />year expected return added to column. Henry also presented portfolio reviews and
<br />reported that Artio was underperforming to the benchmark. There was a motion by Bob,
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