2012-09-27-RB-min - Laserfiche WebLink

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Minutes of the September 27, 2012 Retirement Meetings Present: Robert Cunha, Rob Addelson, Alan Fields, Joe Foley, Marguerite Oliva Absent: Mike McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 92812 Warrant and September payroll. The August minutes were reviewed and approved. New Members: (26) , Laura Baker, Katie Brunelle, Nicole Sapienza, Student Support Instructors; Alison Barnes, Lauren Dotola, Laura Marchese, Cara Stringer- Proulx, Hastings Autism Support Assistants; Katherine Esposito, BCBA; James Athens, Elyse Berberian, Anne Carlock, Tom Chandonnet, Sean Curran, Alexandra Doty, Meghan Fitzgerald, Tracey Gallagher, Jaime Gaudet, Lucy Hackett, Maureen McCabe, Meghan Mickle, Jose Oliveira, Janette Patel, SPED IA's; Lynne Shannon, Desk Top Support Tech; Catherine Severance, Office Manager /Events Coordinator; Theresa James, Department Assistant; Nicolas Burke, Laborer /Truck Driver Retirements: Marie McDonnell, Office Manager, 9/14112 Deaths: John Delorey, May 31, 2012, Opt. B depleted David Driscoll and Kai Petersen from Buck Consultants attended the meeting to discuss the materials previously forwarded to the Board including a gain and loss analysis of the unfunded liability from 111110 to 111/12; amortization schedules showing the total appropriations needed to achieve full amortization of the unfunded liability in 2025, 2030, 2035 and 2040 under both 8% and 7.75% interest assumptions. All reports were generated using a smoothing method taking in the major losses in 2008, keeping the COLA base at $12,000 and utilizing the new mortality tables adopted by GASB. Kai Petersen discussed a report on the projections of the distribution of expected returns for the System's asset mix. Town Manager, Carl Valente, attended the meeting and questioned if there are any PERAC restrictions that would prevent the Town from making a supplemental appropriation to the System. David noted that PERAC would readily accept additional funds. Rob requested David rerun the reports assuming the Town adds $1 mm to the FYI 3 Appropriation and holding the increase to the Town to $600,000 from FY' 13 to FY' 14 and FY' 14 to FY' 15. Rob also asked who would bear the financial statement responsibility reflecting the GASB changes. The auditors will need more information compiled and disclosed including the assumed rate of return on individual classes of investments. The new