2015-05-28-RB-min - Laserfiche WebLink

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Minutes of the May 28, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva and Karen Marchant Absent: Fred Weiss Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (1) Jill Irvin, Treasury Assistant DEATHS: Joseph Schwarz, Custodian, 1/15/15(notified 4/22/15); Joe Medlin, DPW Manager, 5/26/15 RETIREMENTS: Pansy Lynn, School payroll supervisor; 8/2/15; Marjorie Oberto, IA, 6/29/15; Janet Zaleznik, School Tech. Specialist, 7/1/15 The Board accepted and signed the 052915 Warrant and May payroll. The April 2015 minutes were reviewed and approved as well as the cashbooks for March 2015. The Board requested an opinion from Attorney Mike Sacco concerning investment documents received from William Blair and Co. Mike Sacco forwarded a lengthy analysis letter to the Board and Meketa. It was determined there were only 4 minor issues, due diligence and regulatory in nature to which the Board and Meketa determined there are no real concerns. The Board expressed their displeasure regarding the detailed and voluminous responses they are receiving from the attorney regarding the recent investments. PERAC approvals for White Oak and Golub investments have been received. $4m will be invested with each investment. Wellington Opportunistic and Loomis Sayles will be used as the funding sources as the investment calls are received. PERAC approval has not yet been received for William Blair & Co which will be a $5m investment with Wellington Opportunistic used as the funding source. An Involuntary Retirement Application requesting retirement for either ordinary disability or superannuation has been received from the Facilities Department for custodian Louis Orifice who fell while at work. He may apply for an accidental disability but it is unclear if he was performing his duties at the time of the fall. The calculation for superannuation or ordinary disability will be the same for Lou because he is older than 55 and not a veteran. The interim actuarial update for 1/1/15 has been received from Dan Sherman. Analysis show the current funding schedule is still reasonable. It was reported that Beacon Distribution #10 for $69,102.88 was received. A correspondence was received and presented of retiree Barbara Benton's 100th birthday 5/17. Barbara is currently the oldest retiree in the LRS. The Board was reminded of Memo #10 regarding Board member training for 2i'd qtr. 2015. Information was receive about the PTG Employee Self Service module that will allow employees to do such things as review their annuities, calculate estimates, etc. There will be a presentation at the MACRS conference of the new module. Joseph Beauparlant from Loomis was present for the annual review of the Credit Asset Trust. He reported they have 240.8 billion in assets under management and gave a strategy overview giving a historical credit cycle from 2001- present. As of 4/30/15 Lexington's market value is $10,521,752.91 with