2012-11-28-RB-min - Laserfiche WebLink

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Minutes of the November 28, 2012 Retirement Meetings Present: Robert Cunha, Rob Addelson, Joe Foley, Mike McNabb, Marguerite Oliva Absent: Alan Fields Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 113012 Warrant and November payroll. The October minutes were reviewed and approved. New Members: (9) Ashley Mulkay, Jesse Sullivan, SSI's; Sheila Busa, Receptionist; Laurie Renna, Vicki Gerry, IA's; Thomas Geary, James Coughlin, Custodians; Kurtis Mazzone, DPW /Mechanic; David Laing, Electrician Retirements: Judy Dec, Library Technician, 115113 Two buybacks were accepted. Teresa Koba was a part -time aide prior to becoming a member, seeking a buyback for 8 years, 9 months and Kathy Carcione was a part -time secretary, now working full time, seeking a 9 month buyback. Notification from PRIM was received regarding the Private Equity Commitment Deadline of December 31, 2012. Mike feels the Board will probably not invest at this time but will discuss this matter with Alan. There was a discussion regarding the latest invoice from Buck for $18,378. $10,000 was for the Stochastic report. The Board feels this is an excessive amount and that there should have been notification prior to the invoice being sent. The Buck contract and the amount budgeted for the 111112 study was $12,000. Thru 10131112, invoices totaling $16,977 have been paid. The total including the newest invoice will bring the year to date to $35,355, 3 times the budgeted amount. Rob mentioned the Town is willing to reimburse the Retirement System for part of the invoice because some of the extra reports were for the Town's benefit. Mike will contact David Driscoll for a breakdown of the amount and to see if Buck will be willing to reduce the amount. Once Mike informs the Board of Buck's decision, Rob and Maggie will ascertain the amount the Town should pay. The Board voted last month to decrease the assumption rate to 7.75% and increase the schedule to 2030. Rob spoke with David Driscoll to see if PERAC would accept some smoothing for the first couple of years. Maggie was asked to check with David to see if Jim Lamenzo is in agreement. Town Meeting voted to appropriate an additional $1 million for FY' 13. Mariko Boswell and Alan Isenberg from PIMCO attended the meeting for the annual review. Mariko presented the All Asset Fund review. As of 10/31/12 the All Asset Fund after fees has increased 12.5 %. Value is added by tactical asset allocation through broad