2015-04-22-RB-min - Laserfiche WebLink

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Minutes of the April 22, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Fred Weiss, Marguerite Oliva and Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: None RETIREMENTS: Peter Karalexis, CAD Engineer, 5/30/15; Linda Sullivan, Library Tech, 6/29/15; Peggy Bateson, Head of Circulation, 6/29/15 DECEASED: Shirley Farias, Aide, 411117; Margery Howard, Ref. Librarian, 4/11/15 The Board accepted and signed the 043015 Warrant and April payroll. The March 2015 minutes were reviewed and approved as well as the cashbooks for February 2015. The Board reviewed the medical panel reports for Rodney Blake. All three reports were answered in the affirmative that he can no longer perform the essential duties of his position. A motion was made by Bob, seconded by Fred and voted unanimously to grant the accidental disability retirement. There was a $381,158.96 distribution from Beacon and a $98,312 distribution from Monroe as well as the Plan Expense Reimbursement from Fidelity for $11,133.10. It was agreed to leave the funds in cash to help cover expected shortfalls. The fourth quarter FY' 15 Town appropriation will be wired to State Street on April 27, 2015. There was a discussion of the FY' 16 COLA. Town Meeting voted to approve an increase in the base to $13,000 on March 30, 2015. Bob explained the Board could vote to not grant a COLA, grant the CPI increase of 1.7% or vote to grant 3% using $13,000 as the base. A motion was made by Joe to grant 3% on the $13,000 base, seconded by Bob and voted unanimously to grant the COLA. The Vanguard balance for the OPEB funds is $5,828,262 for the quarter ending March 31, 2015. Ryan Bugler will be re- evaluated by PERAC. The Board discussed the step increase for Karen. It was voted to grant the step. The Board decided to discuss Karen's COLA increase at a later date as the Town has not settled on the amount to be paid to employees for FY' 16. There was a referendum passed at Town Meeting regarding fossil fuel divestiture. Bob made a presentation on behalf of the Board. Since most of the Board's investments are in mutual funds, it was noted how difficult it would be to divest. The Board will wait to see if there is any directive from the State. Paperwork for investment in Golub and White Oak has been sent to PERAC. Once approved, Loomis and Wellington Opportunistic will be used for funding. The Board agreed to invest $4m for each. Scott Brymer and Keith Wosneski were present for the Acadian annual review. The discussion began with the organizational overview, investment philosophy and research process. The market value for the All Cap Fund is $227,932,510 and Lexington Retirement's value is $3,070,184. The report shows the