2016-01-28-RB-min - Laserfiche WebLink

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Minutes of the January 28, 2016 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Fred Weiss, Marguerite Oliva, and Karen Marchant Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (6) Nicole Skotz, SST; Michael Sullivan, Custodian; Meredith Culhane, School Tech. Maintenance Assoc.; David Fields, Planner; Brendan Crocker, Arborist; Christopher Hudson, Laborer RETIREMENTS: Linda Judkins, 1/22/16, Lexpress Municipal Clerk; Robert Cunha, Lieutenant Fire Prevention Inspector, 1/31/16 The Board accepted and signed the 012916 Warrant and January payroll. The December 2015 minutes were reviewed and approved as well as the cashbooks for November 2015. There were requests for police lay -off buybacks from John Frissore and Brian Savage. A motion was made, seconded and approved unanimously to grant both. There was a discussion of the PERAC Investment Fee report and Schedule 7 that has to be included with the Annual Statement. This report includes management, custodial and consultant fees. It was noted that Lexington Retirement is paying in excess of $1.5m in management fees. Meketa has helped to determine the fees paid by the investments that record net amounts. The Vanguard balance as of 12/31/15 is $6,380,067. The annual COLA notice from PERAC has been received and posted. A vote will be taken at the next meeting. Laura Creedon has filed an appeal with DALA stating she has been denied due process and a motion to expedite was granted. Response from DALA refers to a problem with the Board accepting a "purchase of service at issue ". Mike Sacco's response mentions DALA being confused. Laura has until 2/15/16 to file a pre - hearing memorandum. Mike Sacco will handle this matter. PERAC Memo #5 for the lst quarter 2016 Board Member Training was given to each Board Member along with information for online training and an update of credits earned. The Board was informed of the upcoming MACRS June Conference in Hyannis. June 4 -5 is the Trustees Educational Seminar and June 5 -8 is the annual conference. The discussion continued on the "once a member" issue. Rob asked that Rich Greco in Arlington be asked how he tracks members who fall below membership criteria. Keith Wosneski and Harry Gakidia from Acadian presented the annual update on the Acadian International All -Cap Fund whose strategy is non U.S. All Cap Equity. The fund begun in