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2016-11-29-RB-min
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2016-11-29-RB-min
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Minutes - RB - Retirement Board
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<br />MinutesoftheNovember29,2016RetirementBoardMeeting <br />Present:RobertCunha,AlanFields,JosephFoley,MargueriteOliva,andJamesCondon <br />Absent:FredWeissandRobAddelson <br />BobCunhacalledthemeetingtoorderat8:10AM. <br />NEWMEMBERSʹ(5)KateBeil,K.I.A;BrianLenihan,I.A.;DennisDaigle,Maintenance;Donna <br />Amidon,SSI;MatthewWeisman,EngineeringAssistant <br />DEATHS:NancyBonica,IA,(activemember)10/9/16;AlanEmery,Firefighter,10/27/16 <br />RETIREMENTS:RobertMagarian,HeavyEquipmentOperator,12/31/16;CathyCarcione, <br />Secretary,1/20/17 <br />TheBoardacceptedandsignedthe113016WarrantandNovemberpayroll.TheOctober2016 <br />minuteswerereviewedandapprovedaswellasthecashbooksforSeptember2016. <br />TheTowntransferred$300,000totheVanguardfundforOPEBon11/1/16.Currentbalanceis <br />$8,310.361. <br />On11/1$1,000,000waswiredfromtheStateStreetaccounttoPRITREFund.On12/1another <br />$2mwillberedeemedfromtheHartfordfundand$1mwillbewiredtoPRIT. <br />LouisOrifice,whoretired7/6/15,isnowapplyingforanaccidentaldisabilityretirement.The <br />RetirementBoardiswaitingforthe{ǒƦĻƩǝźƭƚƩƭreportfromtheFacilitiesDept.forreview <br />beforeanyactioncanbetakenonthismatter. <br />RobertMagarian,whowasaHeavyEquipmentoperatorfortheDPW,isalsoseekingan <br />accidentaldisabilityretirement.Theapplicationwillbesenttohimandthe{ǒƦĻƩǝźƭƚƩƭreport <br />appliedforaSuperannuationfor12/31/16. <br />willbesenttotheDPW.Roberthasalso <br />BobwantedtoverifythataTownMeetingarticlehasbeenreservedfortherequesttoincrease <br />theCOLAbaseto$14,000. <br />SteveMacLellanandHenryJaungfromMeketawerepresent,alongwithcolleagueLilyWhite. <br />TheteamgaveanupdateonportfolioperformancethruOctober2016.Thetotalmarketvalue <br />was$142.1m.Sincethepresidentialelection,longtreasuriesarethebiggestloser,REITSand <br />utilitieshavedonepoorly.FinancialshavedonewellashaveU.S.stocks.Smallandmidcapare <br />updoubledigitsandlargecapisupsingledigits.Itwillbeahardyeartohitthe7½% <br />assumption.Thetrailingnetperformanceforoneyearshowsthatmostassetclasses <br />outperformedthebenchmarks.Interestratescontinuetoremainlow,yetareexpectedtorise <br />in2017Henrystatedwearepositionedfairlywell,yetcautionedofǞŷğƷƭtocomenowthat <br />Trumphasbeenelectedaspresident. <br /> <br />
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