2011-09-28-RB-min - Laserfiche WebLink

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Minutes of the September 28, 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 AM. The Board accepted and signed the 093011 Warrant and September payroll. The August minutes were reviewed and signed. New Members: (34) SPED IA' s: Melissa Berla, Stephanie Boggs, Mary Boudreau, Patrick Corbett, Paige Hall, Kathryn Nelson, Katie Lukowicz- Simon, Valerie Mathews; Antonio Nicolazzo,Hillary O'Connor, Lisa Olson, Jason Pratt, Christina Thomas, William Toomey; HASA: Gabrielle Helfgott, Jennifer Hirsch, Lauren Liuzzo, Racquel Mangie, Richard Shara III, Michael Stringer, Heather Tinkham; SST's: Christina Coleman, Alysa Holber, Alison Martin, Lianne Nihan, Jennifer Seller, Abigail Taylor, Meaghan Webster; IA's Emily D'Errico; Lauren Jigarjian Custodians David DeMango; Juan McFaline; Daniel Buckley, Laborer /Truck Driver; Jennifer Forgit, Librarian; LouAnn Eisenhut and Henry Jaung from Meketa presented an update as of August 31, 2011. The market value August 31, 2011 was $107.1 million, a decrease of $5.9 million from 7/31/11. "Ugly" was how LouAnn described August, hurt by the European problems. There was a discussion of how to best dampen risk in the portfolio. Henry suggested the Board should look at strategies and not "jockeys ". Meketa presented an analysis on four different strategies that could be used to improve the system's Global Equity Aggregate. The strategies are Quality, Stability, and Income (QSI) managed by RhumbLine, Dow Jones Global Index and the S &P 100 Index Funds offered by SSgA, and Vanguard's Dividend Growth Fund. PERAC regulations would require a full search to invest in Vanguard DG. Meketa is inquiring about QSI. The Board discussed rebalancing the Global Tactical portfolio by moving funds from the Wellington Opportunistic Fund to PIMCO Global Multi -Asset Fund; withdrawing assets from the International Equity Asset funds Acadian and Artio and adding Dow Jones 150 ETF and for Domestic Equity withdrawing 4% from both Fidelity Contrafund and Hartford and purchasing a DVY with the 8 %. A motion was made by Alan Fields, seconded by Bob Cunha and unanimously accepted for the following defensive moves: rebalance the Global Tactical Asset Allocation by transferring $2 mm from the Wellington Opportunistic fund to PIMCO Global Multi - Asset Fund; add a Dow Jones 150 ETF to the International Equity Assets resulting in 1/3 to Artio, 1/3 to Acadian and 1/3 Dow Jones; for the Domestic Equity portfolio have Meketa begin the RFP search for a high dividend paying strategy with requests to respond to Vanguard DG and Wellington New Infrastructure Fund. There will be a withdrawal of 1/3 from both Hartford and Fidelity to purchase 'the new fund.