2015-11-19-RB-min - Laserfiche WebLink

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Steve MacLellan and Henry Jaung from Meketa presented the interim October report. Losses in September were mostly regained in October. The balance for 10/31/15 was $138.5m, up from $132.5 at the end of September. The increase for October was 4.7 %. Every asset class outperformed the 10 year benchmark. Henry mentioned that there should be no further commitment to private debt. He said that investors now seem to be reluctant to invest further in private debt but did not seem sure of the reason. Meketa presented the aggregate asset summary and discussed the portfolio roster and the 20 year annualized return chart. Alan discussed the difficulty in earning the 7.75% assumption and suggested that when the next actuarial study is done for 111116 that Dan Sherman be asked to include a report of decreasing the assumption to 7.5 %. The Board reviewed the draft of the new Investment Policy Statement that Meketa produced. Fred made a motion to adopt the drafted version, seconded by Bob and approved unanimously. The Town wired $299,188 to the Vanguard OPEB fund on November 3`d. The current balance is $6,521,445. There was a Monroe distribution on November 18 for $112,571. The Board was reminded of the 4th quarter training memo. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:15. The next meeting will be held December 22, 2015, 8:00 AM at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Absent Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member