2021-10-28-RB-min - Laserfiche WebLink

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town remains committed to putting in $2m per year to Vanguard. However,there is belief the town will not have a surplus of cash coming in anymore. The feeling by Carolyn Kosnoff is to go with the 8 year funding schedule at$750k per year at 7.25%. Robert Cunha motions to do the Funding Schedule for 8 years at$750k per year at 7.5%.This funding schedule also includes the$15k COLA base allowance. The motion was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Fred Weiss, and Alan Fields. Francesco Daniele from PRIT fund presented the update at 9:15 am. PRIT currently holds$95.7b in Assets Under Management, utilizing 51 public market portfolios and over 100 private equity managers. PRIT invests public employee pension benefits as a way to relieve the funding burden on the taxpayers. Francesco highlighted there RE going well. It has been on the rebound from Covid-19. The medical offices are 25%of the total RE portfolio. September numbers in RE continued to rise for the fund. More people are heading back to the offices, and companies are acquiring office space. He mentioned Hedge funds account for 7.4%of the entire PRIT fund, or$7.113. They continue to implement a carveout of the Hedge fund into Stable Value and Directional components. He wrapped up his presentation at 9:40 am. Chris Collins was scheduled to speak on the Robert Magarian matter. That has been rescheduled for the November 22, 2021 Board meeting. Robert Cunha motioned to adjourn the meeting at 9:45 am,which was seconded by Carolyn Kosnoff and unanimously approved by Joseph Foley,Alan Fields and Fred Weiss. The next Retirement Board meeting will be held via Zoom on Monday, November 22,2021 at 8:30 am. Chris Collins from the Law Offices of Michael Sacco will update the Magarian matter at 9:00 am. Tom Seftenberg from Driehaus Capitol is expected to present at 9:30 am. The December Retirement Board meeting will be held on Monday, December 20, 2021. Robert Cunha, Chairman Alan Fields, Appointed Member Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member Frederick Weiss, Appointed Member