2018-02-22-RB-min - Laserfiche WebLink

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Minutes of the February 22, 2018 Retirement Board Meeting: Present: Robert Cunha, Joe Foley, Frederick Weiss, Alan Fields, Carolyn Kosnoff, Marguerite Oliva and Jim Condon NEW MEMBERS: (9) Max Sandler, Melissa Pinho Harms, SSI's; Elizabeth LeBlanc, Utility Billing Mgr.; Jeffrey Kern, Laborer; Ann Vento, Shawna Marchand, Instructional Assts.; Bridgette Reiss, Library Tech.; Susan Barrett, Transportation Manager; Nicholas Paolini, S.LA DEATHS: Linda Griffith, Survivor of Daniel, 9/29/17 RETIREMENTS: None The Board accepted the 022818 Warrant and February payroll. The January 2018 minutes were reviewed and approved, as well as the cashbooks for December 2017. The Board acknowledge the presence of Mr. Alan DiPietrantonio and Attorney Paul Nugent to open the meeting. Attorney Nugent spoke briefly regarding the facts of Mr. DiPietrantonio's case for Board approval of an Accidental Disability pension. The findings from the Medical Panel were all in agreement that the client is incapable of returning to work. The Board informed Mr. Nugent they would vote on this matter and inform him of the decision. At 8:15 AM, Bob Cunha made a motion to approve Mr. DiPietrantonio for an Accidental Disability pension, which was seconded by Joe Foley, and unanimously approved by Carolyn Kosnoff, Fred Weiss, and Alan Fields. Board members were reminded to visit the PROSPER site for upcoming course registrations, memos, and updates on disability cases. The $5,000,000.00 transfer from Loomis to PRIT fund will go through on Thursday March 1, 2018. Mr. William Edmonds buyback remains in a pending status. Our office is waiting to hear back from Middlesex County Retirement System on liability of creditable service for Mr. Edmonds. Sarah Duncan and Jeff Kusmierz presented the Rhumbline update. Our portfolio was up 5.47% thru 1/21/18, then took a 3.74%hit from recent market volatility in February. Currently, we are up 1.73% as of 2/20/2018. The overall market value is $21,642,048.00. Sarah gave an update on the company as a whole, and its organizational chart with certain employees. Jeff spoke about various holdings that have been strong in the pooled index fund. He mentioned some new product highlights in his business update. S&P MidCap 400 Growth and Dow Jones Brookfield Global Infrastructure were launched and performing well. Saul Henry and Leigh Crosby presented the Wellington update. The Board was invited to attend a fossil fuel to alternate fuel use conference being held on May 18, 2018. It is an informative session to see where companies are trending from use of fossil fuels. They spoke of the firms belief in long term returns from reinvesting with the enduring assets class. Our portfolio finished up 18.6% for y/e 2017. It has been at highest rate of return in 5 years, according to Saul. India Awakes and the technology sector have been major drivers in this class. The first month and half