2017-07-27-RB-min - Laserfiche WebLink

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Minutes of the July 27, 2017 Retirement Board Meeting Present: Bob Cunha, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva and Jim Condon Absent: Joseph Foley NEW MEMBERS: (6) Laura Sargent, Bailey Carr, Lauren Twomey SSI's; Vincent LeRow,AV Technician; Rajon Hudson, Mgmt. intern; Monica Visco, HR Director DEATHS: Charles Withrow, Police Captain, 7/23/17 RETIREMENTS: Susan Greco,Aide, 7/31/17;Thomas Finnegan, DPW Mechanic, 8/4/17 The Board reviewed Louis Dimambro's accidental disability case for retirement purposes. The medical panel, consisting of three (3) doctors, were in agreement that Mr. Dimambro is incapable of returning to the workforce with the Town of Lexington. A motion was made by Bob to approve, seconded by Alan, and voted in agreement by Fred. Joe and Carolyn were not present for the vote. Maggie briefed the Board regarding the non-compliance of three ADR retirees whom have yet to complete 91A filings with PERAC. These members have been advised to complete the necessary paperwork. Cynthia Kelly has requested to buyback creditable service from the Middlesex County Retirement System and have that time applied to her retirement account in Lexington. Middlesex County Retirement has agreed to accept liability for the buyback. A motion was made by Bob to approve, seconded by Fred, and voted in agreement by Alan. The Board was advised on a few matters regarding retiree James Catalano. Mr. Catalano has yet to return his Benefit Verification Affidavit. We have been in contact with a relative at the home and she states he will take care of it. Jim sent him another one on July 28th. Also, Mr. Catalano has yet to cash his last five (5) pension checks. Our office is working to help resolve this matter with him and will update the Board on these matters in August. A motion was made by Bob to allow our lawyer, Michael Sacco, access to the PROSPER website via PERAC. This motion was seconded by Alan, and agreed upon by Fred and Carolyn. It is now a matter of PERAC allowing such access. Brockton Retirement System is currently seeking the same access. Steve McLellan and Henry Jaung presented the Meketa update. The portfolio continues to perform well. It increased from 156.1m on 5/31/17 to 156.6m as of 6/30/17. The Hartford Cap. Appreciation fund is now posting 0.0 market value and 0.0 percent in system. KAR is now posting in at 4%of the system allocation. YTD earnings are up 10.2%and holding strong. The 1 year earnings are at 15%. Strong returns without private equity and avoiding liquidity are part of the driving point to our gains. The Fidelity Contrafund has been doing extremely well over the past twelve months. Consumer companies, such as Amazon, have fueled the great gains as of late. Our move from Domestic to International Equity Assets appears to be paying off. Matthews Tiger Fund is up 20.3%for the year. We will know more about its performance in the next month or two.