2013-12-19-RB-min - Laserfiche WebLink

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Minutes of the December 19, 2013 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Mike McNabb, Marguerite Oliva, Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 123113 Warrant and December payroll. The November minutes were reviewed and approved as well as the cashbooks for October 2013. New Members: (2) Kelley DeCola, SPED IA; Carole Kelly, Municipal Account Clerk Retirements: Paul Jenkins, Patrolman, 2123114; Gary Ganley, DPW W -9 Laborer, 216114 Deaths: Gerald Jones, Firefighter, Opt. A., 1217113; Priscilla Pendergast, Switchboard Operator, Opt. B depleted, 1219113 The final medical panel certificate for Ryan Bugler has been received. After review of the report the Board determined that clarification is needed regarding a question that there was a pre- existing condition. The ADR application is for a back injury but the report refers to a knee injury. There was a motion by Mike, seconded by Rob and voted unanimously to submit a request to PERAC and/or medical panel for additional information for clarification. LouAnn Eisenhut, and Sean Bowen from Meketa presented an interim update as of 11/30/13. The market value as 11/30/13 was $129.4 mil up from $128.6 mil. There was a review of asset allocation which reflected the PIMCO transfer. They also presented a performance review by asset class and manager. The PRIT fund continues to do really well and we should consider increasing the fund. After a discussion about liquidity and covering what is needed, there was a motion by Alan, seconded by Mike and voted unanimously liquidate the PIMCO Global Multi Asset Fund, which is about 5% of the portfolio and invest it with the PRIT Hedge Fund. Sharon Hayman and Richard Gao from Matthews Asia were present for the annual review. They gave an overview of the history and strategies of the fund as well as discussed the investment philosophy, approach and outlook. Alan Leventhal and Dan Rasmussen from Beacon Capital Partners were present for the annual review. They reported it was a difficult environment but the market continues to recover. Their focus was on maximizing returns for their clients and taking risk off the table for investors. They presented an overview of real estate fundamentals, a fund update and portfolio diversification as well as completed dispositions and a summary of remaining assets. They informed the Board they will be calling 4% at the first of the year. The discussion for the COLA Base increase was tabled to next meeting.