2011-12-23-RB-min - Laserfiche WebLink

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Minutes of the December 23, 2011 Retirement Meeting Present: Robert Cunha, Rob Addelson, Joe Foley, Alan Fields ,Michael McNabb, Marguerite Oliva Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 12/29/11 Warrant and December payroll. The November minutes were reviewed and signed. New Members: (4) Victoria Tassone, Heather Leonard, HASA; Brendan Carr, Dispatcher; Jeanette Rebecchi, Transportation Coordinator Retirements: (3) Ron Russo, DPW Parks, 113112; Charles Toomey, DPW Water Foreman, 113112; Robert Simmons, Police Lieutenant, 1130/12 Deceased: (4) Susanna Banks,School Lunch, 10/31/1, Opt. A; John Vassallo, DPW, 111/29/11, Opt. C; Mary McDonough, Town Clerk, 1218111, Opt. B depleted; Marion Snow, Secretary, 12115/11, Opt. A. Henry Jueng from Meketa presented the interim review for November 30, 2011. The market value as of November 30, 2011 was $103.3 million down from $105.9 million on October 31, 2011. A response was received from PERAC denying the Board's request to allow the Board to invest in ETF's without undertaking a search. Joe Martin in his response stated, "The proposed investments represent a direct investment by the LRB which is not permitted by Chapter 32 and "PERAC" Investment Regulations." It was decided to not to go forward with the RFP process for ETF funding. After much discussion of the current portfolio and where the Board felt it should be positioned, Alan stated there had to be a plan in place before leaving the meeting using the current holdings to reduce the international exposure. The Board agreed to transfer funds from the Wellington Opportunistic Fund to PIMCO All Asset Fund and to transfer funds from Acadian and Artio and move those funds to Fidelity Contrafund. A motion was made by Rob to transfer 3 % of the Wellington Opportunistic Fund to the PIMCO All Asset Fund and transfer 3% from both Acadian and Artio to Fidelity Contrafurnd. It was seconded by Bob and unanimously accepted. This rebalancing will create less global equity risk. A motion was made by Alan, seconded by Rob and unanimously accepted to initiate formal searches for long -only domestic equity managers and long -only global equity infrastructure managers. Proposals are to be either commingled accounts or mutual