2013-02-28-RB-min - Laserfiche WebLink

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Minutes of the February 28, 2013 Retirement Meetings Present: Robert Cunha, Joe Foley, Alan Fields, Marguerite Oliva, Karen Marchant Absent: Rob Addelson, Mike McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 022813 Warrant and February payroll. The January minutes were reviewed and approved. NEW MEMBERS: (5) Jessica Durling, April Cochran, Diane Hickey, IA's; Evan Mowery, SPED IA; Kathryn Santos, Webmaster RETIREMENTS: Ann Belliveau, Community Dev. Office Manager, 3129113 DECEASED: Helen Hurwitz, Clerk, Opt. A, 1/24/13 (106 yrs. old); Mary Kelley, Opt. C Survivor of Thomas Kelley, 1124113; Elizabeth Govan, Survivor of David, Firefighter, 2/15/13 LouAnn Eisenhut from Meketa presented a Quarterly Review as of December 31, 2012 and a January 31, 2013 interim report. The market value as of January 31, 2013 is $119.9 million up from $115.4 million on December 31, 2012. In the third quarter all asset classes produced positive results leading to double digit returns. Asset allocation by manager and security was reviewed with a new public funds allocation column added for comparison. A review of performance shows January up 2.8% and in 4 out of the last 6 years, outperforming PRIT. In response to the RFPs that Meketa issued there was one response from Rhumbline Advisors for the Russell 1000 Index and three responses from Maranon, Monroe and White Oak for the Senior Direct Lending Search. The managers are to be invited to a future board meeting for interviews. Gary Miller and Edward Schollmeyer from Fidelity were present for the annual review. Lexington retirement has $18.4 million invested in the large cap growth Contrafund. The fund is up 16.2% for 2012 and 3.3% year to date. They discussed investment philosophy, guiding principles, investment process, portfolio positioning and top 10 holdings. The members of the appropriation committee and Andrei Radulescu -Banu, the citizen who requested retirement information, are to be invited to the next meeting. The RFP for the actuarial study needs to be done this year by July 2013. Because of the new procurement laws Mike Sacco will be contacted to assist. It was reported we are still working on getting the minutes on the web. We have a new webmaster which will help and the town clerk's office will assist. The FY14 COLA vote has been postponed to the next meeting at the request of Rob Adddelson.