2014-03-31-RB-min - Laserfiche WebLink

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Bob questioned if the Board would look for another real estate fund after Beacon closes. Alan said that if the Board decides to invest in another real estate fund there would be no return of the investment for at least five years. The Board discussed Karen's increase. An earnings report of other retirement assistants was presented along with the LEMA step chart. Her hourly rate was increased to $26.47 and she will receive the COLA in July. Vacation will remain at three weeks and there will no longer be any comp time granted for attending conferences. There was a class action settlement for Wellington Enduring Assets of $1,023.63 which was re- deposited into the Wellington Enduring fund. Distributions were received from Monroe, $29,604 and Beacon, $41,584.16. Funds will be left on account in the State Street account to help defray monthly costs. The upcoming election posting was done on March 27 for Bob's seat on the Board. His term expires 6130114. Monroe representatives will be attending the April meeting and Loomis representatives will be requested to attend. The Board was presented with notices from PERAC of educational credits earned to date. The Board will be notified as soon as the PERAC memo for 2nd quarter credits is received. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:00. The next meeting will be held April 24, 2014, 8:00 AM at Cary Memorial Library in the Learning Center. Robert W. Cunha, Chairman Absent Michael McNabb, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Alan Fields, Appointed Member