2015-03-26-RB-min - Laserfiche WebLink

Browse Search

Minutes of the March 26, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Marguerite Oliva and Karen Marchant Alan Fields joins the meeting remotely via a conference call Absent: Rob Addelson, Frederick Weiss Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (4) Kristie Demirev, Youth Family Services Social Worker; Kathleen McGowan, SPED IA; Diane Dennehy, School Receptionist; Carly Edelstein, SSI RETIREMENTS: Manny Ferro, Police Captain, 3/16/15; Gary Bevington, Mechanic, 6/20/15; David Hargrave, Firefighter /Paramedic 5/9/15 DECEASED: None The Board accepted and signed the 033115 Warrant and March payroll. The February 2015 minutes were reviewed and approved as well as the cashbooks for January 2015. Motion by Bob and seconded by Joe to approve the FY16 COLA of 3% on the 151$12,000 for our retirees. Alan requested it be tabled to the next meeting when a full Board is present. There is a Town Meeting article to increase the base to $13,000. Bob will make the presentation. PERAC memo # 8/2015 regarding the change in the remarriage penalty for sections 9, 12(2)(d), 100 and 101 beneficiaries whose benefits terminated upon remarriage was discussed. The penalty was abolished in 2000 but only for those who remarried after July 1, 2000. This has now been changed to include those who remarried prior to that date. Upon proper reapplication boards must grant a death benefit to any surviving spouse who remarried before July 1, 2000. The benefit will be awarded prospectively only from the date of application. We have one member who has applied for reinstatement. The 2014 Annual Statement was presented for signatures. Upon reviewing page 2 of the report that shows earnings of over $7.5 m, Alan questioned why there is a need to withdraw funds occasionally to meet the monthly payroll. He was informed that all dividends are automatically reinvested and are shown in the financial reports that are presented monthly. On behalf of the Board, Bob will speak at the Town Meeting regarding the fossil fuel article on the warrant. Meketa will provide speaker points for Bob of the Board's neutral position. If the Town Meeting passes the article for the 6 police officers who want to buy back the time from when they were laid off, the Board has no objections. Stephen MacLellan and Henry Jaung from Meketa presented the interim update as of February 28, 2015. As of 2/28/15 the market value was $142.3 mil up from $138.5 mil as of 1/31/15. Hartford was the biggest performer and exceeded the benchmark. They reviewed performance compared to PRIT and reported the portfolio is changing over time by becoming more defensive and reducing equity. There was a motion by Bob, seconded by Joe and voted unanimously to add Golub and White Oak as new managers. Funding of $4 mil each to come from Loomis and Wellington Opportunistic. The required paperwork will be forwarded to PERAC for review.