2014-08-27-RB-min - Laserfiche WebLink

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Rob asked that the discussion of the actuarial study be postponed to the September meeting. Bob wants to include discussing an increase in the COLA base and perhaps shortening the funding schedule now that the pension holiday and ERI have been retired. A decision should be made before October when the actuarial information needs to be sent to PERAC. There was a discussion of the "once a member, always a member" issue as school employees who have been members are being let go as their assignment ends in June and then rehired in September with fewer hours and being placed into OBRA. The Board will consider adopting a regulation. Atty. Mike Sacco will be queried on the issue and asked for recommended language. Permission was granted to allow a short term subscription to "People Finders" in order to try to find some of the inactive members whose statements are being returned. It was decided to have the PERAC Funded Ratio study and the State Street performance report entered on the Town website along with the minutes. State Street will be asked to add Lexington Retirement System's 60/40 target to the report. Joe Haynes failed to submit his 91Form to PERAC. A certified letter was sent to him noting he needed to respond to the Board if he wanted a hearing. No response received. The Board completed new signature authorization forms for the investment companies. A motion was made by Bob, seconded by Joe and was approved unanimously for Marguerite to act on behalf of the Board with the investments held in the portfolio. The Board was reminded of the upcoming Emerging Issues meeting on September 18th and the PERAC meeting that will be held here on September 30th The Administrator's Annual Review was postponed to the next meeting. The annual meeting for Matthews will be held on September 304 FMI and PIMCO will be held on October 23rd and PRIM will be held on December 22nd. The election notice for Joe's term which ends on 12/29/14 will be sent out on September 19th. A. motion was made. , seconded and approved unanimously to adjourn the meeting at 10:00. The next meeting will be held September 30, 2014, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Michael McNabb, Appointed Member Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Alan Fields, Appointed Member