2015-06-25-RB-min - Laserfiche WebLink

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Minutes of the June 25, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, Fred Weiss and Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (7) Thomas Romano, Recreation Program Coordinator; Elizabeth Lane, CPC Finance; John Murphy, Librarian; Kelly Chamberlin, School Secretary; Matthew Schuman, Library Associate; Jennifer Hewitt, Interim Assistant Director of Finance; Lisa Aboyan, School Secretary DEATHS: Barbara Reckard, School Sec. 5/27/15; Mary Campisi, School Sec. 5/9/15 RETIREMENTS: Nora Trahan, IA, 7/11/15; Janet Nappi, School Administrative Asst.,8 /10/15 The Board accepted and signed the 063015 Warrant and June payroll. The May 2015 minutes were reviewed and approved as well as the cashbooks for April 2015. Bob spoke to attorney Mike Sacco regarding the detailed and voluminous responses they are receiving from him about the recent investments. Mike says he's only doing his job protecting the Board from future litigation. Bob suggested a more condensed version and asked him to highlight points and issues in a final paragraph. Alan suggested a one page executive summary and commented that the Consultant is liable. The Involuntary Retirement Application requesting retirement for either ordinary disability or superannuation that was received from the Facilities Department for custodian Louis Orifice has been resolved. Lou carne in and applied for a Superaimuation Retirement. PTG is rolling out a new product called the Employee Self Service Module. Members of the retirement system can go online to a secure site and perform their own estimates, etc. It is password protected and read only. The cost is $2500 annually. The Board wanted to know if is there a way to tally the usage for a year to see how many have accessed it and suggested inviting them in to the retirement office for a brief demonstration. There were no representatives present from Meketa this month but they forwarded the interim update. The market value as of May 31, 2015 is $144.7 mil up from $144.5 mil as of 4/30/15. Rob informed the Board the Town Auditors are in and need additional information that is required for GASB 67 and 68 that they couldn't get from the 1/1/15 actuarial update. He will have Melanson put into writing what is needed, contact Dan Sherman regarding cost and report back to the Board. A discussion followed about when vendor contracts will expire and issuing of RFP's. Maggie will put something together for review. It was reported we are still waiting for the call for the White Oak investment. If it comes on the 1st of the month we can't get from Loomis so it will be taken from Fidelity and put back into Loomis on the 15th The Board was reminded of Memo 410 regarding Board member training for 211d qtr. 2015. The Administrator's annual review. Beacon and Pirnco will be invited to the next meeting for their annual reviews.