2009-10-29-RB-min - Laserfiche WebLink

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MINUTES OF THE OCTOBER 29, 2009 RETIREMENT MEETING Present: Robert Cunha, Joseph Foley, Michael McNabb, Rob Addelson, Alan Fields, Marguerite Oliva Bob Cunha called the meeting to order at 8:00. The Board accepted and signed the 103109 warrant and the October payroll. New members: (11) Alana Silvey, CARE Instructional Assistant; Sucheta Bboite, Christine Daigle, Amy Furtado, Instructional Assistants; Christine Connor, Amy Furtado, Jennifer Mawn Carney, Donna Merrell, ,Student Support Instructors; Kyle Hamilton, Field Technician; Laura Cricenti, Special Class Assistant; James McCarthy, Custodian Request for Retirement: Edward O'Brien, Police Sergeant, 10/28/09 Deceased Retirees: Helen MacDonald, DPW clerk, Opt. A, 9126109; Carl Wilson, School Custodian, Opt. C, 9/30109 Fran Peters from Meketa Investments presented the September 30, 2009 quarterly review. Market value is $94.6 mm, an increase of $9.4 mm from June 30, 2009. Year to date increase is 19.9 %. All asset classes except real estate are within their respective target range. During the third quarter Matthews Pacific Tiger Fund was funded with the assets from the Wellington Asia x Japan strategy. Wellington Emerging Co. strategy was terminated and assets were split between Acadian and Artio. Loomis Sayles Credit Asset strategy was funded from cash and the SSgA Bond Index Fund. Acadian representatives Jason Chalmers and Matthew Cohen attended the meeting to present the quarterly review. The current market value is $6.1 mm which includes the funds transferred from Wellington Emerging Co. in September. They discussed the investment process overview, portfolio construction, risk control, and research process. Beacon Capital representatives Alan Leventhal and Jeff Brown presented their quarterly review. The current market value for the real estate fund is $1.7 mm. Mr. Leventhal noted he sees a period of continued weakness before any recovery. They are seeing a period of stabilization but do not anticipate new construction for the next five years. This period mirrors the early 90's. For Beacon Capital Strategic Partners V, 2012 will be a problem year as debt will be coming due. There was a general discussion regarding the Laura Creedon/Joseph Haynes complaint. Since Atty. Sacco has also received a summons, he will not be able to represent the Board. The Board will request that Town Counsel handle the matter. Paul Shanley at Amity Insurance will be notified of the pending lawsuit and a request will