2012-10-25-RB-min - Laserfiche WebLink

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Minutes of the October 25, 2012 Retirement Meetings Present: Robert Cunha, Rob Addelson, Alan Fields, Joe Foley, Mike McNabb, Marguerite Oliva, Carl Valente and David Kanter Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 103112 Warrant and October payroll. The September minutes were reviewed and approved. New Members: (7) Sarah Dow, Dara Tye, HASA; Sean Cooper, Courtney Bartlett, SSI; Neeti Bharatan, SSCA; Megan Williams, Instructional Assistant; Jeffrey Lerra, Master Electrician Retirements: Samira Soliman, Aide, 10110112; Ruth Lynn, Cary Library Head of Children's Services, 1/11/13 David Driscoll from Buck Consultants was present to discuss the additional actuarial reports previously forwarded to the board that was requested from him at the last meeting. Rob presented a spreadsheet that combined all the schedules. David Kanter presented a report. A review of all the materials and discussion followed. Bob suggested taking 2 separate votes, one for rate of assumption and one for extension of the funding schedule. Rob and Carl expressed their support for an 8.00% assumption. There was a motion by Mike and seconded by Alan to set a 7.75% assumption rate with Bob, Mike, Joe and Alan voting for the new rate and Rob against. For the duration Bob proposed extending to 2030. There was a motion by Alan seconded by Joe and voted unanimously to extend the funding schedule to 2030. David Driscoll also presented a Stochastic Forecast of Valuation Results to the Board that was requested from him at the last meeting. Henry Jaung from Meketa presented the quarterly update as of September 30, 2102. The market value as of 9130112 is $113.7 million up from $111.3 million as of 8131112. Henry gave an overview of performance with a comparison of PRIT and reported the GTAA is doing well and felt the Board's strategy to make small tactical decisions have paid off and believes growth will come from emerging markets. Mike questioned our exposure to Latin America and dividend/stocks issued by corporations as they may be affected depending on what happens in the election. Alan thought adding one more diversifier to Domestic Equity Assets should be considered. Charles Sortino's workers compensation case has been settled. A letter was received from PERAC waiving the annual statement of earned income filing for eight disability retirees. This is in response to a change in the law and affects those who have been retired under a disability for more than 20 years and have not reported any earnings for the prior 10 years.