2016-03-24-RB-min - Laserfiche WebLink

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Minutes of the March 24, 2016 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Fred Weiss, Marguerite Oliva, and Karen Marcbant Alan joined the meeting by conference phone, Rob Addelson absent Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (5 ) Brittany Medeiros, SPED IA; Anthony Modoono, Patrolman; Stacey Meninno, Library Technician; Sara Robertson, SIA; Diahanne Lucas, Library Support DEATHS: Robert Brazil, DPW Mechanic, 2/14/16; Elizabeth Cadario, Secretary, 3/16/16; James Kilmartin, Captain, 3/22/16 RETIREMENTS: Arthur Raithel, Fire Captain, 5/1/16 The Board accepted and signed the 033116 Warrant and March payroll. The February 2016 minutes were reviewed and approved as well as the cashbooks for January 2016. The Board discussed Gov. Baker's amendment to FY' 16 S. 23B(k)(6)(i) to extend the length of vendor contracts from 5 to 7 years and voted unanimously to extend for two years the contracts for Atty. Michael Sacco, Actuary Dan Sherman and custodian State Street. Meketa will check on extensions for investment companies. Steve McLellan presented an interim update as of 2/29/16. The market value dropped approximately .5% from the end of January. March has been very positive. Matthews fell 3.9% but still beat the benchmark and Acadian did well. William Blair has been performing poorly and Meketa is watching them closely. Steve discussed the manager search for Core and Core Plus Real Estate. The system has a 5% target allocation. Currently the System has $1.3m invested with Beacon Capital, about 1% of the system. Meketa received nine responses to the RFP. Of the nine, Mekata rated three as "highly advantageous "; Heitman Capital Management, Investors Diversified Realty and LaSalle. Steve also mentioned Intercontinental Real Estate Corp. which was rated as "advantageous ". The ratings are based on the organization, team, investment philosophy, performance and terms. Information included a chart showing the annual performance from 2007 ---- 2014 of all nine responders. Steve discussed the PRIM real estate investment after Alan asked if PRIM offered one. The investment is in private real estate, there is no minimum amount required to invest, it is an easy way to get into real estate, can be liquidated monthly and there is no lockup. Alan suggested that Meketa research the fund and if the record looks good, to start the commitment with PRIM. The Core Real Estate search will be put on hold. The Hartford Capital Appreciation Fund review was presented by Brian Kraus. There has been no management changes and the fund benefited from a stock picking environment. In 2015 the fund returned 1.73% while the Russell 3000 TR USD benchmark returned .48 %. Brian discussed the strategy selection of the senior managers, Kent Stahl and Gregg Thomas as well as the underlying strategies or the other managers. The Strategy Selection and Oversight Team led