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Minutes of the September 24, 2015 Retirement Board Meeting
<br />Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, Fred Weiss and Karen
<br />Marchant
<br />Bob Cunha called the meeting to order at 8:00 AM.
<br />NEW MEMBERS: (59) Scott Donahue, Custodian; Michelle Lasa, Katherine Ross, Tiffany Spano,
<br />James Borden, Randy Dittman, Patricia Wehar, AmandaCarlson, IA; Jennifer Brogna, Nicole Buono,
<br />Tiffany DeWitt, Sydney Holloman- Pressley, Matthew Koski, Rachael Rabinovitz, Sean Price, Johanna
<br />Bozicas, Mahlet Meshesha, Ryleigh DiMattei, SIA; Marylou DiVito, Diane Murphy, Tricia Toppin,
<br />Secretary; Charlene Akimchuk, Kerry Lucas, Anne Chatfield, Jennifer Sacco, SSP; James Hall, Danielle
<br />Mirisola, Amanda Murphy, Tammy Hua, SSI; Corrine Coveney, Joseph Wong; Library Technician;
<br />Emily Campbell, Sara Cole, Genevieve Loati, Kally Maday, Andrew Porter, Kate Rock, Abby Swanson,
<br />Rachael Minor, Brain Higginbotham, Caitlin Maloney, Shamsa Gilani, Sarah Hurst, Jessica Lo, Loree
<br />Galpin SPED IA; Carin Casey, School Library Asst; Casey Hagerty, Community Dev. Dept Assistant;
<br />Vanessa Myette, Emily Kelloway, BCBA; David Felix, Dispatcher; Ralph Pecora, DPW Water /Sewer
<br />Supt.; Lindsay Day, Julie Marie Romagna, Regina Cokkinias, Amy White,SSP; Gina Federico, Municipal
<br />Acct Assistant; Karen Edwards, Dept. Clerk; Kevin Grocki, Webmaster; Nicola Thomas, Overmax Aide
<br />DEATHS: Marilyn Williamson, Tutor, 9/1/15
<br />RETIREMENTS: Michael Walsh, Custodian, 8131115; Stephen Cunniff, Custodian, 9/21/15
<br />Some of the Board members will be attending the Conflict of Interest presentation offered by the Town.
<br />Tom O'Donnell confirmed that three credits will be offered for completion. Linda Vine will be asked if a
<br />certification form confirming attendance will be available.
<br />Rob attended the PERAC Emerging Issues Forum and discussed a PRIT fund presentation that would
<br />allow municipalities to invest their OPEB funds with PRIT. The Board asked that Paul Todisco be
<br />contacted for information on the fund and its allocation.
<br />Henry and Steve from Meketa discussed updating the Investment Policy Statement since the one on file is
<br />over five years old. Meketa would like to incorporate the newest asset allocation for the Board. A
<br />proposal was made for Meketa to provide a report for discussion at the October meeting.
<br />The portfolio was negative 3.9% for August mostly due to international equity and GTAA exposure.
<br />Matthews for the year was negative 8% but still out performed the benchmark. There are structural issues
<br />with China. The currency was devalued and there is strong evidence that growth is now slower and there
<br />is much uncertainty. World commodities are driven by China as it is the second largest economy.
<br />Earlier in the month $3m was transferred from PIMCO and will be held in cash; $3m was transferred
<br />from Matthews to Acadian. Beacon distributed $206,188.
<br />Alan discussed his concerns with PIMCO and mentioned there is too much Emerging Market exposure
<br />and over weighting in emerging markets and bonds. The PIMCO philosophy does not change when the
<br />world does. Alan made a motion to liquidate PIMCO and move the funds to cash. The motion was
<br />seconded by Fred and accepted unanimously.
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