2011-11-28-RB-min - Laserfiche WebLink

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Minutes of the November 28, 2011 Retirement Meeting Present: Robert Cunha, Rob Addelson, Marguerite Oliva, Alan Fields and Michael McNabb; Joe Foley was absent Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 113011 Warrant and November payroll. The October minutes were reviewed and signed. New Members: (2) Emily Fiorentino, Student Support Instructor; Patrick Gryp, PO Retirements: None Deceased: None Luanne Eisenhut, Henry Jueng and Fran Peters from Meketa presented a quarterly review as of September 30, 2011 highlighting the current economic situation and the global outlook. Three issues of primary concern are a stagnant U.S. economy, the solvency of sovereign governments and banks in Europe and slowing growth in China. They also presented an interim update as of October 31, 2011. The market value as of October 31, 2011 was $105.9 million up from $98.2 million on September 30, 2011. A letter was sent to PERAC requesting a supplementary regulation relative to the normal procurement process for an investment related service in order to add two index funds to the manager roster. Meketa was only able to identify one ETF offering for each index. PERAC is still reviewing the request and hasn't given their approval. It was agreed that Mike will contact PERAC directly. It was also suggested that following an investment review, the follow up items be detailed in the minutes and then be discussed at the next meeting. Anthony Previte sent a letter accepting the Board's proposal to sign a promissory note that would secure his obligation to repay his overearnings. Charles Sortino had a meeting with Maggie and his attorney regarding the involuntary retirement application. Mr. Sortino will not challenge the application and has requested a joint medical panel at the same time. The employer statement has also been received. There was a motion by Rob, second by Mike and voted unanimously to send the application to PERAC for the medical panel appointment. Adrian Leone has requested a buyback. Adrian was hired with the school department part time and paying into OBRA. In 2008 her hours increased making her eligible for retirement system membership but it was never changed by the payroll department. She requested a buyback of that time. There was a motion by Bob, second by Ron and voted unanimously to approve the buyback.