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2018-10-25-RB-min
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2018-10-25-RB-min
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Minutes - RB - Retirement Board
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Minutes of the October 25, 2018 Retirement Board meeting: <br /> Present: Robert Cunha, Alan Fields, Frederick Weiss,Joseph Foley, Marguerite Oliva, and Jim Condon <br /> Absent: Carolyn Kosnoff <br /> NEW MEMBERS: (9) Michael Fleet, Laborer; Katherine Luczai, Dept. Asst.; Jillian Peura, SSI; Bradley <br /> Carlson, Meghan Brenna, Kimberly Lagadinos, Amanda Bursztynsky, Madeline Levesque, LA's; <br /> Michael DeLuca, Police Officer; <br /> DEATHS: (2) Sandra Finn, School Dept., 9/26/18; Wallace Wesinger, Highway Laborer, 10/6/18 <br /> RETIREMENTS: Diane Gillis, Police Admin. Asst., 11/1/18; Charlotte Rodgers, Human Services <br /> Director, 11/30/18 <br /> The Board accepted the 103118 Warrant and the October payroll. The September minutes were <br /> reviewed and approved, as well as the cashbooks for August 2018. <br /> Bob Cunha reviewed the October agenda with the Board members and staff. Michelle DeChristoforo's <br /> request to purchase two (2)years of creditable service was approved by the Board members present. <br /> A motion was made by Bob to approve the new funding schedule through 2024. It was seconded by <br /> Fred Weiss, unanimously approved by Alan Fields and Joe Foley. <br /> The Board members spoke briefly regarding the matter of renewing the contract for Meketa Investment <br /> Group. The consensus was that all feel comfortable with the way Meketa has managed the fund for the <br /> Retirement Board over the years. Bob made a motion to renew the Meketa contract,which was <br /> seconded by Fred, and unanimously approved. <br /> The Board voted on Angelo Gordon as the new Senior Private Debt manager. The motion was made by <br /> Alan, seconded by Bob, and unanimously approved. A second motion was made by Alan to take <br /> 5,000,000.00 from the Loomis account to fund Angelo Gordon. Funding would be 1.5m the first year, <br /> then 2.Om second year, and 1.5m in the third year. That motion was seconded by Bob, and unanimously <br /> approved by Fred and Joe. <br /> Francesco Daniele and David Gurtz presented the PRIM Board review. They began with a brief overview <br /> of their mission. PRIM is a $73.813 investment fund that invests public employee pension benefits. The <br /> main goal is to relieve the funding burden on the Massachusetts taxpayer. In the last 5 years alone, the <br /> returns have contributed over$17.213 in pension funding. Some of the success stems from de-risking <br /> the portfolio over recent years. PRIM feels the market is almost at its peak acceleration point, leading to <br /> a slow down with the economy. One more interest rate hike could occur at the end of this year, and up <br /> to three more in 2019. David mentioned our allocations are doing well. Our hedge funds allocation is <br /> 9%out of 13%within the Portfolio Completion Strategies. PRIT uses a direct investing approach, and all <br /> their managed assets are 100%controlled in house to avoid paying management fees. The Real Estate <br /> portfolio is comprised of 80% in the Core Fixed Income bracket strategy. They have$6.913 within this <br /> portfolio,which is 9%of the PRIT Fund. There is a lot of exposure with investment properties, mainly in <br /> the middle of the country with warehouses, and in the south with apartments and condominiums. <br />
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