2012-12-20-RB-min - Laserfiche WebLink

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Minutes of the December 20, 2012 Retirement Meetings Present: Robert Cunha, Rob Addelson, Joe Foley, Mike McNabb, Alan Fields Marguerite Oliva Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 123112 Warrant and December payroll. The November minutes were reviewed and approved. New Members: (3) Joanne Doherty, SSI; Frank Goucher, Custodian; Lindsay Reardon, SPED IA, Amy Sullivan, Registrar of Adult Ed. Retirements: Kathleen Quinlan, Asst. Director, Cary Library, 1118113 Deceased: Irene Stone, Opt. D Survivor, 11/8112 David Driscoll from Buck Consultants presented a draft report on actuarial valuation of the Retirement System as of January 1, 2012. After a review of the report there was a motion by Rob, second by Alan and voted unanimously to accept the proposal as presented. Buck will send directly to PERAC. Alan Leventhal and Dane Rasmussen from Beacon Capital attended the meeting for the annual review. They provided a fund update, a report on dispositions completed and a summary of remaining assets and projected sale year as well as an update on target office market conditions. Lou-Ann Eisenhut and Henry Jaung from Meketa presented a quarterly review as of September 30, 2012 with a November 30, 2012 Interim Report. The market value as of November 30, 2012 is $113.9 million up from $113.2 on October 31, 2012. The retirement system returned 5.6% for the quarter, as all asset classes produced positive returns. Year to date, the system is up 11.9 %. A Hartford Fund update was also provided. Saul Pannell announced his retirement and portfolio manager, Kent Stahl will begin managing 10% of the fund as part of a succession plan. It was agreed by the Board to identify other investment options for the Hartford Fund. Meketa will send out an RFP the first week of January for R1000 Index, Fixed Income and Private Debt Funds. PERAC Appropriation memo for FY14 has been received. Rob informed the Board that the Town will pay the extra $1 mil in 2 installments on January 1 and April 1, 2013. James Weston's pension modification was received. As of January 31, 2013 his pension will stop with the exception of covering his health insurance. Dental insurance will be out of pocket. Mike Sacco will notify him by letter and the possibility of securing the outstanding debt will be explored. Evaluation has been scheduled for Don Barter.