2017-10-26-RB-min - Laserfiche WebLink

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Minutes of the October 26, 2017 Retirement Board Meeting: Present: Robert Cunha,Joe Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva and Jim Condon NEW MEMBERS; (14) Matthew Nagle,Technician; Kelly Barnes, Amanda Cronin,Jacquelyn Pisecco, SSI's; Renita Haverly, SSP; Sammantha Sylvester,Johanna St. Pierre, Nicole Morehouse,Joseph Zuccaro, Maksim Sokolov, SIA's; Michael Cronin, Director Public Facilities, Francis Megan, Custodian;Tyler Morgan, Mechanic;Thomas Kennedy, Building Inspector; DEATHS: Richard Meadows, Custodian, 10/22/17 RETIREMENTS: Robin Fullford, Utility Manager, 12/20/17; Mary Brennan,Tutor, 10/20/17; Cynthia Hemenway, IA, 12/31/17; David Fogel, Library Tech, 11/3/17 The Board discussed the matter of Vivian Marcano and her appeal to DALA for an Accidental Disability Retirement. Ms. Marcano was denied an ADR by the Lexington Retirement Board on May 25, 2017, citing a pre-existing knee injury and that she never returned to work after the fall so the department could offer her a modified job. The Retirement Board had not received an EAF stating her termination/resignation but just received a copy stating she was a "no rehire"which indicated termination. Attorney Michael Sacco recommends that a Medical Panel be set up to support her claim for an ADR benefit. A motion was made by Bob Cunha, seconded by Alan Fields and Joe Foley to request a Medical Panel Examination. Alan DiPietrantonio has filed an Accidental Disability Application. He is currently out of work using sick time. The Board is waiting on paperwork from Shawn Newell regarding the injury, as well as medical records from treating physicians. This matter will be taken up at the November Board Meeting when more information could be made available. Board Member Joe Foley submitted the required signatures needed for the upcoming Retirement Board election. As of October 26, 2017,Joe is the only candidate to file such paperwork. The Board approved the retirement staff a one (1) month subscription to PeopleFinders.com. This site will allow us to look up addresses of inactive members of the retirement system whose member statements have been returned as undeliverable. Our goal is to locate these members and advise them of their account on file. Michele Joyeux and Richard Jacobson presented the Golub Capital performance update. They gave a brief update on how the firm is doing as a whole. Over$20 b of capital is currently under their management. They focus heavily on Senior Secure markets with two other leading players, as well as several market participants. Asked about concerns of the market, Richard explained of how long it will be so borrower friendly. With numerous loans out there, a recession would slow down the borrowing rate. Also, the uncertainty of President Trump and changes in policies his administration could institute. In the end, Richard stated the firm is well protected and will not see any volatility in the near future. Sean Duff presented the Monroe Capital performance update. He mentioned we completed the terms of the Senior Secured Direct Loan back in the spring, and our receiving distribution returns around 9%. By 2nd quarter 2019, most of our principle will be paid back. Sean explained the investment performance of Monroe citing the number of loans out and the upside of certain deals. Then he gave an overview of