2014-07-23-RB-min - Laserfiche WebLink

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Minutes of the July 23, 2014 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Joe Foley, Rob Addelson, Marguerite Oliva, Karen Marchant; Absent: Mike McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 073114 Warrant and July payroll. The June minutes were reviewed and approved as well as the cashbooks for May 2014. NEW MEMBERS: (5) Ryan Cunningham, John Farnsworth, Suzanne Gallo, Michaela McKenna, SSI's; Maureen Cavanaugh, Director of Planning & Assessment RETIREMENTS: (5) Sally Tesoro, SPED, 6/30/14; Michael Fulton, Fire Captain, 8/1/14; Margaret Donovan, Library Tech, 9/1/14; Paul Picariello, School Custodian, 8/1/14; Janice Ciccone, School Admin. Asst., 8/18/14 LouAnn Eisenhut and Henry Juang from Meketa presented the June 30, 2014 Interim Update. The market value on 6/30/14 was $137.9 mil up from $135.9 mil on 5/31/14. They reported all asset classes were positive with a system gain of 0.2 %. Also on the agenda for review were Risk Statistics with actual vs. benchmark numbers, PRIT Private Equity Program, a real estate review and a basic overview of the Wellington Hadley Harbor Private Equity Fund. We would need to commit by December to invest in PRIT and Meketa is hesitant to commit for 2015. For real estate investment Meketa recommends two non -core real estate managers, AEW Partners Fund VII and TA Realty Fund XI. Dane Rasmussen and his associate from Beacon Capital Strategic Partners were present for the annual review. They presented a fund overview including debt maturities, dispositions and remaining assets. Of the remaining assets they reported the properties that are currently under agreement or close to sales. They also discussed current real estate market trends with urban markets outperforming suburban markets. They are currently accepting investors for Fund 7 with final close in one year. Dan Sherman presented a primary results comparison of the Actuarial Funding Schedule. His report provided an analysis of funding alternatives with current and proposed assumptions. He also included an actuarial value of assets, a salary scale assumption and assumptions including COLA base for $13000, $14,000 and $15,000 as well as an appropriation forecast. Discussion on response from Joe Connarton was tabled to next meeting. It was reported that the 1St qtr FY15 appropriation of $1,229,788.50 has been received. It was reported the Vanguard balance as of 6/30/14 is $5,601,338.00. Disability retiree George Grundhoff is to be reevaluated by PERAC. Memo #22 & 23/2014 for Board Member Training and Ethics Test Reminder were given to Board Members.