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__ <br /> PRIT's holding in timber was discussed and it was noted that it is part of the entire PRIT <br /> portfolio and not a single investment within which retirement systems can invest. <br /> Alan spoke about Hadley Harbor, a new Wellington product that will be overseen by Saul <br /> Parnell and the group will consist of the best analysts from Wellington. <br /> The Board reviewed the actuarial reports and Rob will speak to Carl to see if Dan Sherman <br /> should run some other scenarios before Dan attends the July 23`d meeting. <br /> Bob started the discussion of increasing the COLA base to $13,000. The Pension Holiday and <br /> ERI will be completed in FY'15. The increase to the appropriation will be approximately <br /> $125,000, 1% of the fund. If the actuarial report showing $150,000 incremental increases is <br /> adopted, the schedule will be shortened to 2026. <br /> There has been no response to the letter sent to Joe Connarton on May 22, 2014 discussing the <br /> concerns the Board has about on-going training requirements and the request that Joe attend a <br /> Board meeting. A motion was made by Rob, seconded by Joe and adopted unanimously that a <br /> follow-up letter will be sent with Sen. Donnelly, Rep. Kaufman, Carl Valente and the Chairman <br /> of the Selectmen being ec'd on the letter. <br /> Alan asked that a report showing the year net out amount be determined. <br /> Disability retiree Charles Sortino is to be re-examined by PERAC. <br /> Tom O'Donnell has asked that the Board host a PERAC Legal Panel on September 30th in the <br /> evening. Board members attending will be granted 3 credits toward the educational <br /> requirements. It will be held in the Selectmen's Meeting Room from 7-9 pm. <br /> An Administrator's compensation study has begun. <br /> A motion was made, seconded and approved unanimously to adjourn the meeting at 9:26. <br /> The next meeting will be held June 25, 2014, 5:00 AM at Cary Memorial Library in the Learning <br /> Center. <br /> Absent <br /> Robert Cunha, Chairman Michael McNabb, Appointed Member <br /> Robert Addelson, Ex Officio Member Joseph Foley, Elected Member <br /> Alan Fields, Appointed Member <br />