2013-04-25-RB-min - Laserfiche WebLink

Browse Search

Minutes of the April 25, 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 043013 Warrant and April payroll. The March minutes were reviewed and approved. NEW MEMBERS: James Schweizer, Jr., Payables Admin. Asst.; Brenda Tabak, Department Clelrk RETIREMENTS: Charles Walton, W -9 Foreman, DPW, 4/19/13; Eric Huoppi, Highway Foreman, DPW, 5.13.13; Robert O'Keefe, Jr., Firefighter, 4/16/13; Barbara Laye, Aide, 6130/13; Garry Rhodes, Building Commissioner, 7/26/13 Raymond Mui and Keith Wosneski from Acadian Asset Management were present for the annual review. Lexington Retirement has $2,601,660 invested in the Acadian International All -Cap Fund. The fund is up 17.2% for 2012 and 7% year to date. They presented an organizational overview and discussed investment approach, investment process, portfolio performance, attribution, key characteristics and outlook. Henry and LouAnn from Meketa presented an interim report as of March 31, 2013. The market value as of March 31, 2013 is $121 million up from $119.8 million on February 28, 2013. They also provided an historical GTAA fund allocations and current themes as well as an opportunistic debt search summary. Monroe and White Oak are to be invited to the next meeting. It was suggested by the board that in the future Meketa provide the monthly report at least 2 days ahead of time to have time to review the material before the meeting. The Opt. D request from Terry Lavin, spouse of Judy Pearson, was approved by the Board. It was reported the Vanguard balance as of 3/31/13 is $3,031,799. Town meeting has appropriated an additional $775,000 for this fund on July 1, 2013. Because some town meeting members have questioned the fund and if the Board is adhering to the original language of the Act Authorizing the Town of Lexington to Establish a Post Retirement Insurance Liability Fund, it was suggested this item be put on the June agenda and review the language and special act. There are 3 retirees who have failed to return their Benefit Verification Form. Their direct deposit will be changed to a check and held in the office until the forms are returned.