2018-03-26-RB-min - Laserfiche WebLink

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Minutes of the March 26, 2018 Retirement Board Meeting: Present: Robert Cunha, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva and Jim Condon Conference Call: Alan Fields Absent: Joseph Foley NEW MEMBERS: (8) Marissa Liggiero, Engineering Asst.; Donna Sintiris, Admin Assistant; Brittany Irwin, S.LA; Shannon Johnson, Jennifer Sorrell, S.S.I's; Laura Reinholm, Financial Analyst; Caren Bolster, Treasury Asst.; Keith Schleyer, Arborist DEATHS: Paul Byrne, DPW Laborer, Opt. C, 2/7/18 RETIREMENTS: (3) Dennis Mazzone, Cemetery Foreman, 4/16/18; James Hankins, DPW Foreman, 3/30/18; Robert Rothfuchs, Maintenance, 3/31/18 The Board accepted the 033018 Warrant and March payroll. The February minutes were reviewed and approved, as well as the cashbooks for January 2018. The Board members in attendance acknowledged they reviewed the Regional Medical Panel Certificate from PERAC regarding Ms. Vivian Marcano's case for an Accidental Disability pension. After a discussion, Bob Cunha made a motion to approve Ms. Marcano for the Accidental Disability pension, which was seconded by Alan Fields, and approved by Fred Weiss. Joseph Foley and Carolyn Kosnoff were not present for the vote. William Edmonds has decided to withdraw his buyback request for creditable service obtained while contributing to the Middlesex County Retirement System. The Board, along with Henry Jaung, discussed future funding for the Retirement Board regarding its accounts payable. There appears to be enough funds to cover the department through June. Henry advises us that Contrafund would be the best route at this time. They require little notice to transfer funds, unlike Loomis, which is a thirty (30) day turnaround. Alan agrees with this move and states we should take $3,000,000.00 soon and $2,000,000.00 at a later date. Bob Cunha made the motion to take $5,000,000.00 from Contrafund in the above stated installments, which was seconded by Alan, and unanimously approved by Fred and Carolyn. Joseph Foley was not present for the vote. Jordan Mangan and Charles Johnson presented the Acadian update at 8:30 am. Jordan spoke briefly about Acadians organizational chart and investment overview. John Chisholm and Brendan Bradley are now working as Co-CIO's. They have added several investment professionals with 15+ years of experience to their strategy teams. Charles began his presentation by noting 2017 was an excellent year for our portfolio. It finished up 32.7% in the Top 20 holdings, not including management fees. The growth factors for the Acadian model have been in the Airlines and Industrials. Stock selection in Japan, France, Germany and Australia have also been a major factor in the success of the portfolio. Thus far in 2018, the portfolio is up slightly. It is lagging due to exposure in Canada and South Korea. Overseas stock selection in Australia, Singapore, and Finland have been successful.