2011-10-24-RB-min - Laserfiche WebLink

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Minutes of the October 24, 2011 Retirement Meeting Present: Robert Cunha, Joseph Foley, Rob Addelson, Marguerite Oliva Alan Fields and Michael McNabb were absent Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 103111 Warrant and October payroll. The September minutes were reviewed and signed. New Members: (5) Sped IA's: Kimberly Conroy, Martha Evanson, Nyesha Smith; Adrian Leone, Secretary; Emily Fiorentino, Student Support Instructor Deceased: M. Marguerite Barrett, October 15, Clerk, Opt. B Depleted Luanne Eisenhut and Henry Jueng from Meketa presented an interim update as of September 30, 2011. The market value as of September 30, 2011 was $98.2 million down from $107.1 million on August 31, 2011. A discussion followed regarding current market conditions and the difference between top down and bottom up stocks and that the ratio of small caps to large caps has declined in the third quarter. Meketa also suggested switching to a different State Street money market fund due to the current STIF account having a European bank risk. Mariko Boswell and Alan Isenberg from PIMCO presented an update and overview as of September 30, 2011. August and September created a challenging quarter. They discussed the reasons for the volatile third quarter being global concerns of sluggish economic growth, Europe's accelerating debt crisis and Washington's debt ceiling debate. They also highlighted the all asset performance review, forward looking portfolio strategies and goals and key asset allocations themes. Anthony Previte owes $7,962.36 in 2008 overearnings and has requested repayment in $300.00 monthly installments until paid in full. The Board was not in favor of this request since there isn't any collateral to secure the funds in the event Mr. Previte should pass away. Mike Sacco will be asked to draft a letter to Mr. Previte explaining the circumstances. The Treasurer for the Town of Lexington is looking to change the town's account with Bank of America and wants to know if the Lexington Retirement System should be included in the RFP. It was agreed that that the Retirement System should be included in the RFP. An Involuntary Accidental Disability Retirement application has been received from Facilities for Charles Sortino, Mr. Sortino is to be contacted and brought into the office for a meeting with him and whomever he wants to bring with him to have all of his options explained to him.