2011-03-24-RB-min - Laserfiche WebLink

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MINUTES OF THE MARCH 24, 2011 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson, Joseph Foley, Michael McNabb, Marguerite Oliva Absent: Alan Fields Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 033111 warrant and the March payroll. The February minutes were reviewed and signed. New Members: (5) Koren Stembridge, Library Director; Elizabeth Murphy, School Administrative Assistant; Vickie Fotis, School Finance Clerk; Kenneth Giblin, School Custodian; Benjamin Stoller, Instructional Assistant Deceased: (1) Sue Kozel, Survivor of Peter Kozel, 314111 Retirements: (3) Richard Lacoy, School Maintenance, 411111; Joe Nugent, Assessor, 411111; Amy Kornetsky, Instructional Assistant, 6130111 It is anticipated that $550,000 will have to be transferred to cover the March payroll and payables warrant. A decision was made to transfer the funds from Acadian. Mike McNabb felt that for the foreseeable future, the U. S. market may be more stable and funds should be taken from the international side to cover the shortfall. The Board reviewed the February 2011 interim update sent by Meketa. The market value for 2128111 was $1111m, an increase of $1 m since 1131111. The Board signed the completed 2010 PERAC Annual Statement. While reviewing it, the receipts and disbursements were studied to determine the reason for cash shortages each quarter. Mike will discuss with Alan to determine the best way to cover the problem in the future. Gary Miller from Fidelity presented the year -end report for Contrafund which is categorized as a large growth domestic equity asset class. As of 12/31/10 the balance for the Lexington Retirement System was $13,498,415. The year to date cumulative return for Contrafund was 16.93 %. Will Danoff has managed Contrafund for 21 years and has no plans to leave. He is an all cap manager with a growth basis and favors small and medium cap stocks. The total net asset of the fund is $75.5b. There is no indication the fund will be closed. When asked who the next rising star may be at Fidelity, Gary Miller said it would be Chuck Myers. He manages the US small cap Discovery Fund and the US small cap Value Fund. He has been with Fidelity for five to six years. The Board requested that Fidelity be asked to attend each February meeting for presentation of more current material. Gary Miller will be asked to forward a first quarter 2011 report as soon as it is available,