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2013-08-21-RB-min
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2013-08-21-RB-min
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Minutes - RB - Retirement Board
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Minutes of the August 21, 2013 Retirement Board Meeting <br />Present: Robert Cunha, Joe Foley, Rob Addelson, Mike McNabb, Marguerite Oliva, Karen <br />Marchant; Absent: Alan Fields <br />Bob Cunha called the meeting to order at 8:00 AM. <br />The Board accepted and signed the 083113 Warrant and August payroll. The July minutes were <br />reviewed and approved. <br />New Members: (17) Sean Wilson, Facilities Custodian; Thomas Crehan, Plumber; Alison <br />Kaplan, Emma Keilty, Kathleen Williams, Ashley Lawton, Cynthia Gouldrup, SSI's; <br />Donna Coe, School Finance Clerk; Christine Blake, Elizabeth Thompson, Patricia <br />Argentina, ASA; Janice Griffin, Julia Lattimer, Bryan Rotundo, SPED IA Emily <br />Zehngut, IA; Sarah Robson, Asst. Database Admin; Martha Lamb, SCTA <br />Deaths: Margaret Magner, Library Tech. Opt. B depleted, 8110113 <br />The Board reviewed the "Medical Panel Review" for Dan Griffith. The three doctors are <br />unanimous that he is unable to perform the essential duties of his position. A motion was <br />made by Bob, seconded by Mike, and approved unanimously to accept the findings. The <br />necessary documents will be forwarded to PERAC for review. <br />PIMCO representatives Iggie Galaz and Sasha Taicott were in attendance for an annual <br />review for the All Asset and the Global Multi Asset Funds, The All Asset Fund is <br />structured such that Research Affiliates founded by Rob Arnott in 2002 acts as a sub - <br />advisor on tactical asset allocation decisions and PIMCO is the active manager of the <br />underlying funds. There is a 60140 split with US equity risk. The core stocks provide <br />economic growth with a disinflationary bias, core bonds reduce volatility and provide <br />income and the portfolio diversifiers provide low, negative correlation and have <br />inflationary bias. <br />The market value of the All Asset Fund as of June 2013 was $17,861,061. YTD as of <br />July 13, 2013 the fund is -1.4% before fees. Areas of emphasis are EM and global bonds, <br />credit, EM equities, and alternatives. All Asset de- emphasizes U.S. equities, U.S. Tips <br />and commodities. The fund is positioned to weather stock market volatility and capture <br />returns more evenly over the full year. <br />The Global Multi Asset Fund is broad and global to maximize opportunity and <br />diversification potential using individual securities, PIMCO mutual funds, PIMCO ETF's <br />and non - PIMCO ETF's. The value as of July 2013 was $16,868,729. YTD the fund after <br />fees is -6.6 %. <br />The Vanguard overview report for Wellington Fund Admiral Shares was reviewed by the <br />Board. After reviewing the total returns, Mike requested Vanguard be contacted to see if <br />there are similar funds the Board could invest with that might mimic the OPEB fund. <br />
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