2015-07-23-RB-min - Laserfiche WebLink

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Minutes of the July 23, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, and Karen Marchant; Fred Weiss joined the meeting by conference call Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (4) Donna Dutton, Admin. Asst.; Jill Garvey, Receptionist; Kyle Walsh, Custodian; Claire Goodwin, Management Fellow RETIREMENTS: Lou Orifice, Custodian, 7/6115 There was a 6/30/15 review from Meketa. The fund decreased from $144.7m to $142m. The report shows that before the upcoming transfers of $4m to Golub, $4m to White Oak and $5m to William Blair, 33% of the equity assets are in the Wellington Opportunistic Fund and after the transfers, it will be 28 %. The Board asked that Meketa provide a report that reflects what the portfolio will look like after the transfers. The use of Fossil Fuel will be an ongoing issue and Meketa affirmed that there are no coal holders in the portfolio. The Board asked that Steve and Henry review the issue each meeting to be reflected in the minutes. Dane Rasmussen from Beacon Capital presented the annual review. He provided an overview of the properties held in Fund V which continue to be selling. He noted more distributions will be upcoming and they hope to have all properties sold by the end of 2016. The expected return on the dollar is 65- 85 cents and Dane commented it will probably be closer to the lower end. Iggie Galaz and Yinyin Wu presented the PIMCO annual review. PIMCO has hired 24 new senior investment professionals in the last 12 months along with Ben Bernanke as an advisor in economic policy. PIMCO has $1.52 trillion assets under their management. The market value as of 6/30/15 for Lexington Retirement was $7.9 million. They presented the market and performance review with the emphasis on inflation protection. The contracts for professionals expire On 12/31/16. Governor Baker's budget for FY' 16 includes a section that has extendes contracts to seven years. Mike Sacco sent an e-mail regarding the extension and noted Boards could vote prior to the current expiration dates to extend the existing contracts. PERAC should be forwarding a memo regarding this matter. Rob has asked permission to be the contact for the Town with Dan Sherman in regards to the changes in the GASB reporting requirements for the Town audit. Rob will present the report to the Board upon receipt of Dan Sherman's information. The first quarter FY' 16 Town appropriation in the amount of $1,296,409.50 is being drawn in July. The second quarter Fidelity Plan Expense reimbursement for $11,493 was received.