2011-04-14-RB-min - Laserfiche WebLink

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MINUTES OF THE APRIL 14, 2011 RETIREMENT MEETING Present: Robert Cunha, Rob Addelson, Joseph Foley, Michael McNabb, Alan Fields, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 042911 warrant and the April payroll. The March minutes were reviewed and signed. New Members: (3) Erik Gitschier, Water /Sewer Superintendent; Nancy Fedan, School Secretary; Cristen Termine, Instructional Assistant Retirements: (1) Margaret Braga, Instructional Assistant, 6 /30 /11 Deceased: (2) Thomas Burke, Firefighter, ADR Opt. B, 3 /16 /11; Euphemia Ward, School Secretary, Opt. A, 418/11 Luanne from Meketa presented a March 31, 2011 interim update. The market value for 3/31/11 was 112.4 million, an increase of 2.2 million since 12/31/10 and up 2.6% for the 1 St quarter 2011. Luanne also presented information on the RFP response for the Global Equity Manager Search. Meketa identified two finalist candidates for the Retirement System; Aberdeen Asset Management and First Eagle Management. A document was presented describing and analyzing the two finalists and outlining the strategies and characteristics that differentiate one from the other followed by a discussion. The funding source was discussed and it was suggested an investment of 5 %, 2.5% from international equity and 2.5% from domestic equity. The Board requested to have both managers in for interviews at the May 26 meeting. Christopher Lazzaro from Loomis Sayles presented the 3/31/11 investment report highlighting calendar year returns, annualized returns, historical characteristics summary, distribution and sector allocation changes. As of 3/31/11 he reported a strong performance with annualized returns at 13.91% with a benchmark of 11.07 %. Sergio DeMango, Facilities Engineer, has an electrical license which he uses on the job and has requested a Group 2 Classification. It is not in his job title or description. The board agreed he needs to go back to the town and have an accurate job title and description written to obtain a Group 2 Classification. A formal response to him citing Chapter 32 was requested. The increase in s.101 survivor benefits was approved by Town Meeting and will be effective with the May 31 payroll. Notification will be sent to PERAC.