2015-10-27-RB-min - Laserfiche WebLink

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Minutes of the October 27, 2015 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Marguerite Oliva, and Karen Marchant; Absent: Rob Addelson Fred Weiss joined the meeting by conference call Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (10) Victor Gorospe, Project Manager; Sabine Bright, Eric Bodwell, Nicole Mehegan, Molly Ragucci, Chad Card, Samantha Mahoney, SSI; Kimberely Larson, Kindergarten Assistant; Carol Kowalski, Assistant Town Manager for Development; Suzanne Conlon, SPED IA DEATHS: Eleanor Anderson, Survivor of Lawrence Anderson, Oct. 6, 2015 RETIREMENTS: None The Board accepted and signed the 103015 Warrant and October payroll. The September 2015 minutes were reviewed and approved as well as the cashbooks for August 2015. The discussion of moving OPEB funds into PRIT is postponed until next meeting. The decision to acquire the PTG employee self service module is postponed to next month meeting to give Rob a chance to review. The Board would like to have it in place for January 2016. Dan Sherman can't determine the effect of a change in policy for "once a member always a member" and Munis can't track how many members have had their hours reduced to less than 20. The Board will discuss next month and establish a policy effective January 2016. There was a recallable distribution from White Oak on 10/23 for $662,163.96 as well as calls on 10/22, 10/26, 10/28 & 11/2. Henry explained the reason for so many calls is White Oak is an ERISA Fund and can't hold any cash, It is acceptable to wait and combine numerous calls into one, Memo # 10 for Board Member Training for 4th qtr. 2015 was given to each Board Member. Bladen Burns from Fiduciary Management, Inc. was present for their annual review. Lexington Retirement invests in the FMI large cap mutual fund. He reported performance YTD was down 5.75% and performance since inception is 12.47 %. He reported there were no changes in staff and provided an overview of the performance summary, portfolio, investment philosophy and strategy. Henry from Meketa was present for the September 30, 2015 interim update. The market value as of 9/30/15 is $ 133.5 mil down from $141.9 mil as of 6/30/15. He reported the OBEP funds are eligible to invest in the PRIT Core Fund. It has a 30 year expected return of 7.9% , 12.5% volatility, expense ratio of 0.55% and provides a diversification across all of the same asset classes Retirement Systems have access to via PRIT. The Board requested he do a comparison of Vanguard with PRIT for the next meeting. Henry provided information regarding the possibility of adding a Real Estate Strategy since the Beacon investment will be corning to a close. He provided characteristics for both Core and Non -Core Strategies including Value -Added and Opportunistic and recommended the Non- Core Value Added to be considered for an RFP in the future. Henry will check to see if PRIM has a real estate holding we could invest in.