2013-03-21-RB-min - Laserfiche WebLink

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Minutes of the March 21, 2013 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Mike McNabb, Rob Addelson, Marguerite Oliva, Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 032913 Warrant and March payroll. The February minutes were reviewed and approved. NEW MEMBERS: (7) Michael Patenaude Jr, Water Dept Maintenance; Dane Bertrand, Meter Reader. Blythe Sloan, IA; Michael Naughton, Fire Fighter; Alissa Lauzon, Library Head of Children Services; Caren Venuti, SSI; Mary Zeytoonian, Library Aide RETIREMENTS: Claudia Sheffield, Benefits Coordinator, 5113/13 DECEASED: Evelyn Burnell, School Sec., Opt B depleted, 3/2/13 The FY' 14 COLA of 3% on the first $12,000 was accepted after Joe made the motion to grant the COLA increase and Bob seconded. Henry and LouAnn from Meketa were present for the meeting. There was a discussion of which investment to use to fund the Index Fund provider once approved by PERAC. Originally there had been talk of transferring all of Hartford to the index fund after hearing of Saul Pannell's pending retirement and noting some concern of the performance. It was determined that currently Hartford has been doing well and since Mr. Pannell is not leaving immediately, withdrawing the funds is not urgent. In reviewing the aggregate assets it was noted that 66% of the assets are equity investments with a target allocation of 59 %. Fidelity Contrafund is the largest holding with a market value of $19.4mm. RhumbLine was the only RFP responder to the request for a Russell 1000 Pooled Index Fund. Zela Zstarjian and Norm Meltz made the presentation. RhumbLine has been in business for 22 years and have $28.5 Billion in assets under management and have a diversified client base. Mike asked if RbumbLinc offers a Russell 2000 and was told by Mr. Meltz that he would check on it. A motion was made by Alan, seconded by Mike and approved unanimously to invest $5mm with RhumbLine. Henry and LouAnn provided an interim update of the system. The market value on Feb. 28' was $119.8 mm. It was noted that the total equity is above the target and fixed income is below target. A return to equity target was discussed and the decision was .made to maintain the equity overweight at this time. There was a discussion of transferring $5mm for PIMCO All Asst to a debt manager when chosen and to transfer $5mm from Contrafund to the Russell 1000 upon approval from PERAC. In January Meketa posted an RFP for Private Debt/Opportunistic Debt managers to enhance LRS fixed income allocation. There were responses from Maranon, Monroe and White Oak. Meketa had spoken with several managers who declined to respond, some due to PERAC RFP