2017-08-24-RB-min - Laserfiche WebLink

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Minutes of the August 24, 2017 Retirement Board Meeting Present: Bob Cunha,Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva and James Condon NEW MEMBERS: (18) Lauren Silverman, S.S.I; Julie Krakauer, IT Project Manager; India Winslow,Jae Johns Librarians; Camelina Fiore, Municipal Assistant; Zachary Taylor, Brad McAllister, Custodians; Felicia Grullon, Admin. Assistant; Paul Dube,Jessa Kaufman,Jaclyn Tramonte, Elizabeth Johnson, Stephanie Hom, Kelsey Delaney, Wendy Armagost, Karly Turnbull, Katherine Burlew, IA's; Colin Doyle, Truck Driver. DEATHS: None RETIREMENTS: None The Board accepted the 073117 and 083117 Warrants and Payrolls. The July 2017 minutes and the June 2017 cashbooks were reviewed and approved. The Board reviewed and approved the buyback request for Mrs. Laura Schroeder. She intends to purchase prior service from 9/22/95—06/20/2007 with a balance due of$50,590.86. Upon completion, she will be granted nine (9)years,five (5) months of creditable service. Board Member Joseph Foley's term is set to expire on 12/29/17. He will seek re-election for another three (3)year term. Notice of election will be set for 9/22/17 with election on 12/21/17 if needed. Louis Dimambro and James O'Brien have both received approvals by PERAC for Accidental Disability benefits through the Town of Lexington. We received a distribution from Monroe Capital for$161,189.00 Maggie briefed the Board regarding two retirees whom are both non-compliant with PERAC in filing Section 91A earnings paperwork. Robert Staples and Joseph Haynes have yet to complete the filing as of 8/23/2017. The recommendation is to mail a failure to comply notice to each member notifying them the August 31, 2017 pension payment will be last one until the matter is resolved. Steven McLellan presented the Meketa update. The portfolio continues to perform extremely well. It has increased from 156.6m on 6/30/17 to 160.4m as of 7/31/17. It is currently up 12.3%for YTD. Two key highlights to the portfolio are Matthews Tiger Fund and Acadian. Both firms are exceeding their own benchmarks. Matthews is up 23.3%YTD,while Acadian is up 22.7%YTD. William Blair continues to underperform in our portfolio. Their global allocation continues to remain flat in the market. Bladen Burns presented the FMI Large Cap Fund update. Portfolio is up 10.6%for YTD. However, Bladen offered little as to where they are heading in the future. The firm recently acquired TJX Co. to shore up the consumer portion of the fund. Consumer fund is at 27%. Very overweight in this sector. They continue to be bearish on the Financial Corps. He spoke of the 10%Cash fund they hold. Claims some investors are not pleased with it and would like to see it around 7-8%. Bladen mentioned the firm has no set goal to reduce this cash holding.