2016-09-22-RB-min - Laserfiche WebLink

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Minutes of the September 22, 2016 Retirement Board Meeting Present: Robert Cunha, Alan Fields, Joseph Foley, Fred Weiss, Marguerite Oliva Absent: Rob Addelson Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (31) Robert Cotter, Water & Sewer Laborer; Sara Calvino, School Admin. Asst.; Rachel Alexander, Jennifer Arhtur, Abigail Ayres, Cindy Bosco, Katherine Cashman, Samantha Collyer, Christine Doherty, Christine Dube, Stephanie Fenerlis, Sara Haegeli, Connie Mar, Mary Marifiote, Linda Mayer, Pamela Meppelink, Joseph Meyer, Meghan Mulrenan, Anders Nordquist, Madeline Pennebaker, Kristen Perriello, Melissa Peterkin, Valerie Richkin, Christina Russell, Kristi Schell, Lisa Soulier, Kathryn Springer, Gail Vlachos, Rebecca Wangerin-Wolfe, SIA’s; Marissa Achin, Hannah Kelly, SSI DEATHS: Charles Waldmeyer, Laborer, 8/12/16 RETIREMENTS: Lynne Pease, Selectmen’s Executive Clerk, 11/1/16 The Board accepted and signed the 093016 Warrant and September payroll. The August 2016 minutes were reviewed and approved as well as the cashbooks for July 2016. The Board reviewed the actuarial data from Dan Sherman. A motion was made by Bob, seconded by Joe and approved to accept the 1/1/16 actuarial data and funding schedule. Bob asked that a Town Meeting article be reserved for an increase in the COLA base to $14,000. Bladen Burns from Fiduciary Management presented the annual report. He noted there have been no changes to the firm and the large cap fund has been reopened. Year-to-date the performance is up 9.3% and since the inception with LRS in May 2012 it is up 12.88%. The heaviest portfolio weighting is consumer discretionary at 31.95% and 13.68 with manufacturing. Currently they hold 12% in cash expecting a downturn. Henry Jaung and Steve MacLellan from Meketa were present. Reports comparing U.S. and Developed Market Foreign Rolling and Emerging Market Equity rolling three year returns were discussed. The Russell 3000’s returns were much greater than MSCI EAFE and MSCI Emerging Markets. A chart for ten-year returns of a 65% stocks and 35% bonds was discussed. It was assumed that the average assumption from 1998–2016 would be 7% when in actuality it was 4.9%. The portfolio as of August 31, 2016 was $143.7m. 38% of the funds are held in domestic equity made up of Contrafund, FMI, Hartford Capital and Rhumbline Russell 1000 Index. The Board discussed the change in management at Hartford with Saul Pannell transitioning and observed that Hartford is looking more like an index fund.