2013-10-24-RB-min - Laserfiche WebLink

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Minutes of the October 24, 2013 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Marguerite Oliva, Karen Marchant, Mike McNabb was absent Bob Cunha called the meeting to order at 8:00 AM, The Board accepted and signed the 103113 Warrant and October payroll. The September minutes were reviewed and approved as well as the cashbooks for August 2013. NEW MEMBERS: (9) Charlotte Devir, SPED IA; Kourtney Souza, Jennifer Lucey, Heather Rowe, SSI; Fiorella Meoli, Secretary; Robert Saggese, Mark Harmon Custodian; Ryan Fedel, Christopher Lively, Firefighters RETIREMENTS: Jacqueline Buck, Aide, 12/6/13; Elizabeth Dickinson, Reference Librarian, 12/13/13 DEATHS: Clara Abbatangelo, survivor of Dominic, 10/5/13 Bladen Burns from Fiduciary Management, Inc. was present for an annual review. He presented an overview of the company and reported performance was up 20% net of fees with a market value of $7,709,373. He explained that Lexington Retirement is in a large cap Mutual Fund and could save on fees if it were in a separate account. LouAnn from Meketa will check with PERAC regulation about doing that. LouAnn Eisenhut from Mcketa presented an interim update as of 09/30/13. The market value as of 9/30/13 was $124 mil, up from $120 mil as of 8/31/13. Also provided was the asset allocation compared to PRIT and by manager and performance. GTAA performance was down from the usual benchmarks. The Board expressed concerns with Pimco Global Multi Asset's exposure in emerging markets and discussed options. The Vanguard Wellington Fund was suggested but would need an RFP search which would take too long. Meketa will look at the portfolio and present a redistribution plan for the board at the next meeting. It was reported to the Board that Ryan Bugler missed one of his medical review appointments and it had to be rescheduled. The Town has sent him a letter informing him if he misses the rescheduled appointment that he will ne terminated and his 111 F benefits will be discontinued. There were 5 actuarial RFP responses that were narrowed down to 2, Sherman and Stone. Both companies are to be invited to the next meeting. The final PERAC audit has been received with 2 findings. The first finding concerns a board member who has missed 42% of the meetings. To address this finding, it was reiterated that the Board had previously adopted remote participation procedures. The second finding is in regards to the Town payroll neglecting to put employees who qualify