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2015-12-22-RB-min
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2015-12-22-RB-min
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Minutes - RB - Retirement Board
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Minutes of the December 22, 2015 Retirement Board Meeting <br />Present: Robert Cunha, Joe Foley, Rob Addelson, Fred Weiss, Marguerite Oliva, and Karen Marchant <br />Alan Fields joined the meeting by conference call. <br />Bob Cunha called the meeting to order at 8:00 AM. <br />NEW MEMBERS: (9) Margaret DeGregorio, Emilee Scarpino, SSI; James Blake, DPW Mechanic; <br />Michael Aloisi, Custodian; Megan Papetti, School Secretary; Musa Adam, SPED IA; Michael Golden, <br />Assistant Assessor; <br />Susan McLaughlin, Administrative Assistant; Megan Devine, Economic Development Coodinator <br />DEATHS: None <br />RETIREMENTS: Frank SanSeverino, Dispatcher, 1/13/16 ; Joseph Foley, Firefighter, 1/7/16 <br />The Board accepted and signed the 123115 Warrant and December payroll. The November 2015 minutes <br />were reviewed and approved as well as the cashbooks for October 2015. <br />An ADR application has been received from Jason Morey. There is a difference of opinion between <br />Jason's Doctor and the Town of Lexington's Doctor regarding his ability to return to work. Jason <br />requested three separate doctors for the medical panel, so moved. <br />There was a buyback and redeposit request from Jill Garvey, a part time IA whose hours have increased <br />and is now eligible for membership. She is seeking to redeposit a refund she took from Chelmsford and <br />buyback the part time service with Lexington, so moved. <br />A meeting is to be scheduled with Maggie, Rob and Laurie to discuss if MLJNIS can somehow track <br />employees hours when they fall below 20 hours. <br />Neither Fidelity nor Wellington can make the January 28, 2016 meeting. Hartford and Acadian will be <br />invited. <br />A new printer for Karen has been approved. <br />Memo # 10 for Board Member Training for 4"' qtr. 2015 was given to each Board Member. <br />Henry from Meketa was present to give the November 30, 2015 interim update. He reported the market <br />value was $139.8 mil down from $140 mil from 10/31/15. The November numbers for PRIT weren't <br />available yet so he made comparisons for October and reported that asset class to asset class we <br />outperformed PRIT in every class except for two and overall have done very well looking at the numbers <br />year to date. In January the full report will be available. Moving forward into 2016 Henry made some <br />suggestions. With Fiduciary at 16% of asset class and fees at .94 basis pts. he suggested reallocating <br />funds from Fiduciary to RhumbLine. And he also thought with Beacon corning to a close doing another <br />real estate search. After much discussion it was decided that Meketa will do a real estate search for both <br />Value Add and Core as well as Real Estate Debt. There was also a motion by Alan, seconded by Fred <br />and voted unanimously to move $5 mil from Fiduciary and put $2.5 mil into Acadian and $2.5 mil into <br />RhumbLine. <br />
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