HomeMy WebLinkAbout2012-07-26-RB-minMinutes of the July 26, 2012 Retirement Meetings
Present: Robert Cunha, Rob Addelson, Alan Fields, Marguerite Oliva
Absent: Joe Foley, Mike McNabb
Bob Cunha called the meeting to order at 5:00 AM.
The Board accepted and signed the 73112 Warrant and July payroll. The June minutes
were reviewed and approved.
New Members: (10) Talia Burkstein, David Boczenowski, Erin Kelly, Student Support
Instructors; William Glynn, Finance Manager; Kevin Tighe, Library Custodian; Brian
Higgins, Human Resource Assistant; Catherine O'Brien, Special Ed IA; Diane Sawyer,
Financial Clerk; Jeffrey Howry, Assistant Assessor; Michelle Tassi, Community Dev.
Dept Assistant
Deaths: Richard Rycroft, ADT Opt. C., Firefighter, 714112
The Board discussed the State Street custodial fee increase of $4,356 per year and
accepted the increase.
There was a discussion of PERAC memo #39 and Mike Sacco's response regarding
regular compensation status of payments made in lieu of taking vacation leave. Whereas
the memo states the Board would have to analyze the payments to determine if it could be
classified as regular compensation, Atty. Sacco's response stated that both the definition
of regular compensation as amended by Section 26 of Chapter 21 of the Acts of 2009 and
also PERAC's regulation in 840 CMR 15.03(3)(f) state ... "shall not include 1 -time lump
sum payments in lieu of or for unused vacation or sick time." It was noted the lump sum
payments for unused vacation are set up in the MUNIS payroll system not to be
pensioned.
Police Officer Christopher Collins requested to buyback his military time prior to his
being employed in Lexington. The request was unanimously accepted.
The quote for new office furniture from WB Mason was presented to the Board. The cost
will be approximately $3,450. The desktop will be adjustable which will allow work to
be performed in a standing position which has been proven to be beneficial.
The first quarter FY' 13 appropriation in the amount of $1,031,174 was wired to State
Street and the FY' 12 Jan — June State COLA reimbursement for $68,087 was received.
The Vanguard balance on 6130112 was $2,166,697. An additional $500,000 was wired
from the Town in early July.
Bob noted the compensation report should be completed soon.
Registrations for the PERAC Emerging Issues Forum at Holy Cross on Sept. 20 have
been confirmed for all Board Members and staff:
The Board has requested that David Driscoll from Buck be invited to attend the next
meeting in order to discuss the actuarial report as well as a report showing how changing
the assumption rate to 7 112% and 7% would impact the Town's appropriation. The
Board would also like to see how extending the date for full funding from 2020 would
impact the system. Rob would like to meet with David as soon as possible since the
Town will begin planning next years' budget early in the fall. He would like to have an
agreement by the Board by the end of September if possible on a new funding schedule.
There was a discussion of the impact of tutors requesting buyback of service prior to
1995. A request will be forwarded to Bob Harris and Lorraine Gryp to see if a report can
be created that would indicate the number of tutors that may be involved. Bob Cunha
asked that the policy report written by Mike Sacco be forwarded to the Board for review
again.
There was a short interim review by LouAnn Eisenhut from Meketa. The market value at
the end of June was $108.4 mm, up $2.7 from May.
The performance of the managers was mixed. A lot of active managers underperformed
as sentiment is impacting the market. It was noted that even though Hartford has been
hurt by stock selection. Meketa still has a strong conviction that Hartford is an asset to
the portfolio.
Matthews had a strong quarter as did Loomis, which had the largest increase for the
quarter. Fiduciary Management and Wellington Enduring Assets were funded in May so
only the June figures are included.
Future meetings have been reserved at the library for September 27, October 25, and
November 28. The December meeting will be moved to Dec. 20 1h .
The next meeting will be held August 23, 2012, 8:00 AM at Cary Memorial Library.
A motion was made, seconded and approved unanimously to adjourn the meeting at 9:30.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member