2017-09-26-RB min - Laserfiche WebLink

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Minutes of the September 26, 2017 Retirement Board Meeting: Present: Joe Foley, Alan Fields, Carolyn Kosnoff, Frederick Weiss, Marguerite Oliva and Jim Condon Absent: Robert Cunha NEW MEMBERS: (23) Andrew Crum, Katrina Kataftos, Rebecca Shuman, SSI's; Christina Rauseo, Miranda Morse, Catherine Benenati, Susan Hintlian,Mary Provost, Kimberly Spinale, Jessica Elliott, Jennifer Mayo, Robin DiPietro, Denise Houser, SIA's; Margaret Quinn, SSP; Patrick Scott, Custodian; Linda Prisco, Debra Hankins, Administrative Asst.; Kayla MacDonald, Jessica Janard-Howell, Samantha Musto, Max Beasley, Jonathen Doherty, Elizabeth Yellis, IA's; DEATHS: Lloyd Faulkingham,Patrolman, 9/18/17 RETIREMENTS: None In the absence of Bob Cunha, Joe Foley chaired the Board Meeting. Fred Weiss attended the meeting via conference call. The Board reviewed and approved buyback requests for Carmelina Fiore (10/2004—8/2017),Eileen Tamaro (10/28/2012— 11/28/2016), and Lisa Tanner(9/1/2009—8/22/2014). They were employees for the Town of Lexington,yet not eligible for membership into the retirement system due to hourly requirements. Retirees Joseph Haynes and Robert Staples are now compliant with PERAC regarding their 9 1 A earnings paperwork. Board Member Joseph Foley's term is set to expire on 12/29/17. He will be seeking re-election for another three (3)year term. The notice of election forms were distributed this month to all eligible voters via e-mail and regular mail. Regarding the upcoming Board election,nomination papers are due back by Tuesday,November 7". Jim's review for a step increase in salary was tabled until the October 26"'meeting. Maggie's request for a schedule adjustment will be discussed when Bob is available. We received a distribution from Monroe Capital for$386,662. Steve McLellan and Henry Jaung presented the Meketa update. The portfolio continues to perform very well. It has increased from $160.4m on 7/31/17 to $161.1m as of 8/31/17. It is currently up 13.3% for the year. A couple of key highlights are Acadian and Matthews. Both continue to perform well in the portfolio. Acadian is up 25.7%YTD,while Matthews is 25.0%YTD. The Fidelity Contrafund is up 22.9% YTD in Domestic Equity. Despite global concerns and risks on actuarial returns, the last twelve months of returns have been very strong. Gross Domestic Product is up 2% for the year,while inflation has gone 2%. Henry spoke a bit on our position in non-U.S.markets. He feels we should be investing more in the International markets,primarily because it is cheaper to buy overseas now. Alan would like to see some return figures before we allocate more overseas. Rates are near zero overseas,yet the U.S.is leading the way globally in slowly raising rates. Overall,we have a well balanced portfolio structure and are looking to finish 2017 on a high.