2020-06-25-RB-min - Laserfiche WebLink

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government backed issues and other instruments such as time deposits and commercial paper as long as the backer has a "AAA" rating. Meketa recommends continued use of EB TIF as this time. No need to find a new fund. We are in a good position at this time. Sean Duff and Chris Lund from Monroe Capitol presented the fund review at 9:00 a.m. Sean briefly summarized the staffing levels and work model for the company during the Covid-19 pandemic. There have been no changes with the business and all staff are working remotely from home. Monroe currently manages$9.3b in assets and is raising another$1.5b for a new fund. The fund has been marked down 12.9%quarter over quarter,which was slightly less than the sell-off in the syndicated loan market. Companies with greater exposure to Covid-19 did experience larger mark-downs. Chris went through the presentation explaining certain companies Monroe has taken over and others they are in talks with to help them recover from the pandemic. A few companies in hard hit NYC are struggling and in need of funding. They concluded that our portfolio is in solid shape for the next three quarters. Dan Sherman presented an overview of the most recent actuarial study at 9:35 a.m. Invited to attend the presentation to the Board were Town Manager,Jim Malloy and Jennifer Hewitt, Budget Officer. Carolyn Kosnoff had requested Dan to give an overview of his study to all in attendance. Dan explained the 6.6% increase over the next two years. It included discussions on new hires, retirements, distributions to former employees, and salaries. He spoke of our 7.5% return assumption and should we consider lowing it. Most systems are lower than our rate. This is not a good time to lower it because of market volatility over Covid-19. Dan and Carolyn spoke of the report showing 2030 as the year the system would be fully funded. With the town budget being tight, and future capital projects in the works, Carolyn felt we need to form a strategy to become fully funded before 2030. Dan has agreed to revise his report once he receives new accounting figures. He will be able to create a new mortality schedule to help the Board. Dan wrapped up his analysis at 10:20 a.m. Bob Cunha motioned to adjourn the meeting at 10:25 a.m.,which was seconded by Joe Foley, and approved by Carolyn Kosnoff and Alan Fields. The next Retirement Board meeting will be held on Thursday,July 30, 2020 at 8:30 a.m. The meeting will be held remotely via Zoom tele-conference. Landy Pheloung from White Oak&William Cullinan from Angelo Gordon will both be in attendance to present an update.