2013-01-24-RB-min - Laserfiche WebLink

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Minutes of the January 24, 2013 Retirement Meetings Present: Robert Cunha, Rob Addelson, Joe Foley, Mike McNabb, Alan Fields Marguerite Oliva Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 013113 Warrant and January payroll. The December minutes were reviewed and approved. New Members: Joseph Annese, Douglas Boudrow, Robert Palardy, Firefighters /Paramedics; Jacqueline Davis, HASA; Catherine Farley, IA/ Michelle Bridges, School Support Staff Retirements: Marjorie Bulger, School Library Asst. 2/$/13, George Anderson, Detective Sgt., 3/1/13 Deceased: Florence Perry, Opt. C Survivor, 12/18/12, Erma Jordan, Opt. A, 12125/12, Anne Butler, Opt. B depleted, 12118/12; Carol McLaughlin, Opt. A., 12/13/12; Raymond Massey, Opt. C, 1/13113 LouAnn Eisenhut and Henry Jaung from Meketa presented an interim report as of December 31, 2012. The final year end figures will be presented at the February meeting. The market value as of December 31, 2012 is $115.4 million up from $113.9 on November 30, 2012. All asset classes had positive returns for the quarter and most out- performed the PRIT fund. Looking back at the one year returns, all outperformed PRIT. The RFP's for the Russell 1000 Index Fund and Senior Direct Lending Funds to possibly replace Hartford have been published. The search was triggered by notice of Saul Parnell's retirement. In the interim, the Board is seeking an index option in case a suitable manager cannot be found. The final decision may include an index manager as well as an active manager. Mike felt the RF'P finalists would be used to compliment Hartford and did not feel it would be necessary to sell off. It was noted that the Hartford Fund increased 20.7% for the year. Henry mentioned that it is better to sell high so this might be the time to replace Hartford. Meketa will discuss the responses at the February meeting. Meketa presented a Beacon Capital Track Record report. In 2007 the Board committed $7 million to Beacon Capital V a closed -ended value- added real estate fund and as of December 31, 2012, the Retirement System had $2.4 million invested. As of November 30, 2012, Beacon has returned 9% of the total capital committed. Beacon Capital is focused on minimizing additional capital calls and returning capital to investors instead. They anticipate a capital call of 3 -5% in the first quarter of 2013 and expect that at lease 10% of the equity will remain uncalled.