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2016-06-23-RB-min
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2016-06-23-RB-min
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Minutes - RB - Retirement Board
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<br />Minutes of the June 23, 2016 Retirement Board Meeting <br />Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson; Marguerite Oliva <br />Fred Weiss joined the meeting by conference call <br />Bob Cunha called the meeting to order at 8:00 AM. <br />NEW MEMBERS: (3) Alexander Rose, Firefighter/Paramedic; Paul Johnson, SSI: Dmitriy <br />Arkannikov, PO <br />DEATHS: Mary Edgett, DPW Clerk, 5/20/16 <br />RETIREMENTS: None <br />The Board accepted and signed the 063016 Warrant and June payroll. The May 2016 minutes <br />were reviewed and approved as well as the cashbooks for April 2016. <br />Two applications have been received for Karen’s replacement. One works for Hayden <br />Recreation and whose background is in computers. The other has been working for State <br />Retirement for 17 years and appears to have an understanding of Ch. 32. A decision was made <br />to interview the applicant with Ch. 32 knowledge. He will be contacted to make sure he knows <br />the position is only part-time. <br />Carl approached Maggie to suggest hiring a full-time person who could then help out in another <br />office for the hours beyond the retirement office hours. Bob voiced his concern of maintaining <br />the confidentiality needed with the retirement office information. Alan and Joe also mentioned <br />their concerns with sharing personnel with another office. Rob will bring the Board’s concerns <br />to Carl. <br />The Board reviewed the actuarial studies provided by Dan Sherman that examined decreasing <br />the assumption to 7.5% with COLA bases of $13,000 and $14,000. Rob wants to have a <br />conversation with Carl and requested that further discussion be put on the July agenda. <br />The Board reviewed the information sent by Mike Sacco regarding the Creedon DALA hearing. <br />The Magistrate told Ms. Creedon there wasn’t anything DALA could do, the Board had done <br />nothing incorrectly and she needed to return to Probate Court. The Magistrate will draft a <br />decision and will leave the record open for 30 days. Mike will forward the report to the Board <br />when it is received. <br />Dan Rasmussen and Jeff Brown presented a review of Beacon Fund V noting three properties <br />that have closed subsequent to year-end, one under contract and five proceeding toward exit. <br />Fund V expires in August but with the approval of the board of advisors there could be a one- <br />year extension. 90% of the capital has been called and 54% of called capital has been distributed <br />to date. The expected return is 60 to 65 cents back on the dollar and approximately -7% IRR. <br />Henry Jaung and Steve MacLellan presented the interim May 31 report. The assets increased <br />th <br />from $139m to $140.1m from April 30. Domestic Equity is the largest holding in the portfolio <br />and was the best performer. <br /> <br />
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