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Minutes of the September 27, 2018 Retirement Board meeting:
<br /> Present: Robert Cunha, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Joseph Foley,
<br /> Marguerite Oliva, and Jim Condon
<br /> NEW MEMBERS: (27) Meaghan Leary, Water Dept. Laborer/Truck Driver; Jennipher
<br /> Burgess, Kelly Downing, Meghan Fuery, Peter Konz, Mina Lee, Jarrett Piette; Mallory Spero,
<br /> Christina Wong, SIA's; Leah Cramer Gibbs, Shalini Gupta, Megan Healy, Nellie Ng, Casey
<br /> Porcello, Marie Sime, Celia Vaughan, Tyler Sullivan, Alicia Hooper, Caitlyn Connolly, Kurtis
<br /> Skaife, Tressa Snydeman, Megan Garcia, IA's; Laurie Lane, Over Max Aide; Alicia Fernandez,
<br /> Library Tech; Krista Murphy, Town Accountant; David Ashness, Custodian; James Malloy,
<br /> Town Manager.
<br /> DEATHS: Rita Casey, School Sec., 8/25/18; Harriet Crafts, School Aide, 8/24/18, Sophie
<br /> Stevens, survivor of Raymond Stevens, 09/09/2018.
<br /> RETIREMENTS: Owen Hartery, DPW Parks, Leadman, 10/26/18
<br /> The Board accepted the 092818 Warrant and the September payroll. The August minutes were
<br /> reviewed and approved, as well as the cashbooks for July 2018.
<br /> Bob Cunha reviewed the September agenda with the Board members and staff. It was noted we
<br /> received a distribution from White Oak in the amount of$56,897.00.
<br /> The Board was updated on the status of Tamzin Ladd and Robert Staples. As of Sept. 25, 2018,
<br /> both retirees have filed the paperwork for Section 91A earnings with PERAC. Sandra King
<br /> notified our office that both retirees are in compliance with earnings for 2017. No further action
<br /> will be taken.
<br /> Henry Jaung and Thomas Dunleavy presented the Meketa update. The portfolio balance as of
<br /> 8/31/18 was $174,420.203.00, up 4.9% for YTD. The US Markets remain very strong in the 3rd
<br /> quarter. We are still overweight in US and Global Equities, which has been a major contributor
<br /> to the portfolio's performance. Henry stated we should remain overweight in the US equity
<br /> market for the being. Also, most managers we have chosen are doing well for us and are
<br /> producing decent returns. It was also noted PRIT RE managers are doing well over the past 12-
<br /> 16 month range, up around 7.5%.
<br /> Henry spoke briefly about the recent Fed interest hikes. As long as hikes are expected, we
<br /> should remain stable. We should see one more rate hike by the end of 2018. This should not
<br /> alter the portfolios performance.
<br /> Fossil Fuel exposure, as of June 30, 2018, remains unchanged at 4.6%.
<br /> The Board had invited three finalists to present at the September Board meeting; Monroe,
<br /> Angelo Gordon/Twin Brook, and Alcentra to be the new Senior Direct Lending manager.
<br /> Leading up to this meeting, Meketa was advised that Monroe will no longer be accepting any
<br /> onshore capital and withdrew from the selection process.
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