2014-01-30-RB-min - Laserfiche WebLink

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Minutes of the January 30, 2014 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Marguerite Oliva, Karen Marehant ; Absent: Michael McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 013114 Warrant and January payroll, The December minutes were reviewed and approved as well as the cashbooks for November 2013. New Members: Meagan Parker, Librarian; Anthony Patti, Matthew Sullivan, Custodian; Abigail McWilliams, Megan Dumais, Katelin Egan, Ashley McMahon, SPED IA; Evan Beauvais, ASA; Timothy Malone, DPW Laborer /Truck Driver; William Thompson, Public Safety Dispatcher Retirements: John Fallon III, Custodian, 1/3/14; Steven Garabedian, Detective, 2/21/14 Deaths: Paul Little, Custodian,; William Kealy, Project Manager,; Robin Glabe, Tutor,; Doris Barclay, Clerk,; Lynn Chao, DPW Clerk, 1 /19 /14 The Board reviewed the letter received from Atty. Michael Sacco regarding Ryan Bugler. Atty. Sacco was asked to review the medical panel findings and medical documents before the Board sought clarifications. Atty. Sacco feels there is no need for clarification as the pre - employment physical indicated the Ryan had revealed his prior injuries and surgeries and the medical panels all were in the affirmative that his injury was job related. A motion was made by Rob Addelson, seconded by Joe Foley and voted unanimously to accept the findings and grant the accidental disability retirement. Notice was made that the FY' 15 COLA will be voted on at the February meeting. The Board discussed the possible increase in the COLA base. An actuarial study will need to be completed and information distributed. Bob would like to see the base increase request on next year's warrant. Bob was asked to appear before the Senate regarding the OPEB funding and the Town's support. Town Meeting maybe appropriating an additional $1mm for FY' 15 to the Vanguard fund. The Vanguard balance for the OPEB fund was $4,210,000 as of 12/31113. Scott Brink, Jake Brown and Bradley Huggins from Wellington attended the meeting for the annual review. Jake Brown discussed the Opportunistic Investment discussing the process of research, implementation and monitoring of the portfolio. The shift in China to more consumption and less manufacturing was discussed as well as the pre - crisis imbalances in Europe beginning to correct. Charts are included in the report showing top and bottom contributors by theme, sector and region. The balance of the fund on 12/31/13 was $16,195,567. The gross annualized return for one year was 12.04% and S% since the inception date of 12/1/04.