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Minutes of the August 31, 2011 Retirement Meeting Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Michael McNabb, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 083111 warrant and August payroll. The July minutes were reviewed and signed. New Members: (16) Shawn Burke, DPW Laborer /Truck Driver; Jay Carney, Laborer /Operator; Jeffrey Tocio, Laborer /Truck Driver; Theodore Kalivas, Budget Officer; Blair Ruocco, DPW Account Clerk; Olga Frias de Aquino, Felix Lopez, Stephen Martin, Dennis Reddington, School Custodians; Ashley Fail, Nicole Lucey, SSI's; Maria Liza Granada, Instructional Aide; Annmarie Kelleher, Municipal Clerk; Ryan Bugler, Firefighter /Paramedic; Beverly Quirk, SPED Data Specialist; Debra Psilopoulos, School Sec. Retirements: Pamela Ikauniks, Librarian, 9 /1111 Deceased: Donald MacGillavray, Fire Captain, 8113/11, Opt B depleted; Olive Frost, School Clerk, 8116/11, Opt. A; Frances Duggan, Opt C Survivor, 8115/11 Jodi Borkowitz from Matthews Tiger Fund presented an update and overview as of June 30, 2011 via a conference call. She highlighted their investment philosophy and approach, Asian valuations, investment tearer, investment process and strategy, and returns. Luanne and Henry from Meketa presented an interim update as of July 31, 2011 and a quarterly review as of June 30, 201 /.The market value as July 31, 2011 was $113 million up from $112.6 million on June 30, 2011. A discussion followed regarding the shift in the market and the need to further diversify and broaden our global equity holdings. It was suggested to look at the S &P 500, S &P 50 and top 10 companies. Meketa will research and come back to the next meeting with a proposal of a 2 step analysis with 3 possible scenarios that can be voted on at the next meeting. There was a buyback request by Julie LaFlamme. She was employed by a temp agency for the Town of Lexington in 2004 -2005 and has now become full time with the Town. She wants to buyback that time and provided payroll records. There was a motion by Bob, second by Joe and voted unanimously to deny the buyback request citing the policy for buybacks doesn't include temp time. There was a buyback request from Susan Hayes. Susan worked part time at the fire station and paid into OBRA. Her hours have now increased and she wants to buyback that time. A discussion followed regarding the calculations of buybacks. The vote on the