2014-02-20-RB-min - Laserfiche WebLink

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Minutes of the February 20, 2014 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Rob Addelson, Michael McNabb, Marguerite Oliva, Karen Marchant, Absent: Alan Fields Bob Cunha called the meeting to order at 8:00 AM, The Board accepted and signed the 022814 Warrant and February payroll. The January minutes were reviewed and approved as well as the cashbooks for December 2013. NEW MEMBERS: (4) Tina Porto, Human Resources Assistant; Stephanie Davison, SST; Matthew Lynch, DPW Laborer; Aban Unwalla, SPED IA Henry Jaung from Mcketa presented the interim for January. The market value as of 1131114 was $127.7 mil down from $130.8 mil as of 12131113. He also presented calendar year and quarterly performances, allocation by manager and security and a comparison with PRIT. A discussion followed about asset allocation. Mike's suggestion is to decrease domestic equity index exposure now with Rhumbline by 5 million and increase international equity with Acadian. He will discuss with Alan before next meeting. Mike and Henry will call Sean Duff of Monroe Capital this afternoon to get answers as to why they keep calling funds and then distributing them back. Mark Osyf from Acadian Asset Management was present for an annual review. He presented an organizational overview as of 12/31/13 and reported performance up 27.2% and a 23.5% benchmark. He discussed positioning, industry allocations, approach, top 10 holdings and outlook. Ed Schollmeyer from Fidelity Asset Management was present for an annual review. He presented a Contrafund tenure performance, strategy overview, investment philosophy, investment process, buy and sell discipline and portfolio characteristics. Year to date performance is 34.15% vs. 32.53% for the S &P 500 up from 12.58% since inception date of 511194 with a market value of $18.7 mil as of 12131/13. There was a motion by Bob, second by Joe and voted unanimously to grant a 3% increase on the 1" $12,000 for the FYI COLA. A discussion followed on the COLA base amount. The last time it was changed was 15 years ago when it was raised form $9,000 to $12,000. It will be part of the actuarial study being done now for the Board's review. Memo 424 regarding Board member training was distributed to Board as well as an ethics test reminder for those who still need to take it. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:00. The next nneeting will be held March 26, 2014, 8:00 AM at Cary Memorial Library in the Learning Center.