2017-01-26-RB-min - Laserfiche WebLink

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Minutes of the January 26, 2017 Retirement Board Meeting. Present: Bob Cunha, Carolyn Kosnoff, Fred Weiss, Alan Fields, Marguerite Oliva, and Jim Condon Absent: Joe Foley Bob Cuhna called the meeting to order at 8:00 AM. NEW MEMBERS: (8) Amber Stickles, William McMahon, Meghan Guardino, S.S.I's; Andrea DiLando, Dept. Assistant; Gemmesa Mercado -Johnson, Exec.Admin.Assistant, Carolyn Kosnoff, Assistant Town Manager for Finance; Amy Diaz, Enrollment Specialist; Kim Katzenback, Municipal Assistant DEATHS: Alice Stringos, Clerk, 12/30/16 RETIREMENTS: Linda Carroll, Reference Librarian, 3/20/17; Karen Simmons, Director of Recreation, 2/11/17; Candy McLaughlin, Project Manager, 1/20/17; Linda Crew Vine, Deputy Town Manager, 3/3/17 The Board accepted the 123116 Warrant and the December payroll. The November 2016 minutes were reviewed and approved as well as the cashbooks for October 2016. $1,000,000.00 was transferred to the PRIT RE Fund on January 1, 2017. The Board briefly discussed the AD Case for Robert Magarian. It has been noted that Mr. Magarian had turned down a job offer with light duties prior to retirement. The Board chose to have PERAC set up a medical panel review case and will wait for the report. PERAC letter was received with authorization to approve Janet Waitkus, surviving spouse of Robert, to receive the pension allowance of $1,000.00 per month / $12,000.00 per year. The Board accepted the PERAC letter to continue s.101 benefits to Ms. Waitkus. Henry gave an update of the fund. He mentioned we should focus a bit more on small/mid cap funds, citing the smaller companies are doing well since the presidential election in part due to corporate tax cuts. Also, Henry recommended we should look into private equity. He feels U.S. Stocks will pay a higher value off equity. He briefly spoke of Hartford and Contrafund poor returns for 2016, as well as Matthews continued struggle for most of 2016. However, Contrafund is up significantly in January2017. Wellington performed as expected in 2016. Fossil Fuels remain at just under 5%. Jeff Kusmierz and Sarah Duncan from Rhumbline were present to give the Annual update of the fund. The market value of portfolio was $16,871,580.00; up 11.99% for the year 2016. It is currently up 6.9% in Jan. 2017 due to energy and utility stocks up high. Kayne Anderson Rudnick presentation was led by Craig Stone and Aaron Reed. An overview was given on the firm and their strategies. Primarily they specialize in small and mid -cap equity. They continue to invest mainly on high-quality businesses. Client base is right around