HomeMy WebLinkAbout2012-08-27-RB-minMinutes of the August 27, 2012 Retirement Meetings
Present: Robert Cunha, Rob Addelson, Alan Fields, Joe Foley, Marguerite Oliva
Absent: Mike McNabb
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 83112 Warrant and August payroll. The July minutes
were reviewed and approved.
New Members: Kaitlin Evanson, Special Class Teacher Aide; Patrick Fay, Katherine
Powers, SSI; Kelly Axteli, Assistant Director Senior Services; James Tocio, DPW Parks
Laborer; Lindsay Dahlberg, Purchasing Director
Retirements: Norrine Leger, Guidance Secretary, 9130112; Donna Albers, Instructional
Assistant, 911/12; William Shaw, DPW Crew Chief, 10/17/12; Paul Gentile, Electrician,
9/28/12
Deaths: Janet Brown, Opt. D Survivor, Aug. 3, 2012; Joan Walsh - Vuorenmaa, Aug. 12,
2012, Tutor, Inactive Member
David Driscoll from Buck Consultants presented a draft of the January 1, 2012 actuarial
valuation report. The prior valuation report was prepared as of January 1, 2010. The
actuarial assumptions and methods used in this valuation are unchanged from those used
in the prior valuation except for a recent change to Actuarial Standard of Practice No. 35
which updated the RP -2000 table and requires that mortality assumptions used in
valuations prepared as of June 30, 2011 reflect a provision for future improvements in
longevity. A table that compares the principal results from the current and most recent
prior valuations was reviewed. The unfunded actuarial accrued liability as of 1/1112 is
$29,792,297 as compared to $14,897,208 as of 1 /l /10 and the market value of assets is
$104,215,807 as compared to $100,211,610. If the Board decides to maintain a full
funding schedule of 2020 using the schedule presented, the total town contribution from
FY2013 of 54,205,537 would increase to $7,310,276 for FY2014. David also provided
funding schedules with $13k and $14K COLA base and lower assumed interest rates of
7.5% and 7.00 %. For the next meeting the Board requested David to provide additional
schedules keeping town contribution at $4.2 million per year, extending the amortization
period to 2025, 2030, 2035 and 2040 and an assumed interest rate of 7.75 %.
Henry Jaung from Meketa presented a quarterly review as of June 30, 2012 and an
interim update as of July 31, 2012. He reported the market value as of 7/31/12 was
$109.6 million up from $108.4 million on 6/30/12. A breakdown of asset allocation was
provided giving allocation by manager, allocation by security and actual asset allocation
vs. target allocation with a 20 year expected return. Alan requested the addition of a 10
year expected return added to column. Henry also presented portfolio reviews and
reported that Artio was underperforming to the benchmark. There was a motion by Bob,
second by Joe and voted unanimously to liquidate Artio and transfer the funds to
Fiduciary Large Cap.
Charles Sortino's attorney has forwarded a Workers Comp draft settlement agreement. It
was agreed to pass it along to Attorney Mike Sacco to review.
There was a response from Lorraine Gryp regarding tutors who may seek buybacks and
the potential liability. Lorraine reported that most have already retired, there were 5
actives in Lexington and it was difficult to know about the ones who left Lexington. Bob
suggested granting the buyback to the 1 person who made the initial request. There was a
motion by Bob, second by Alan and voted unanimously to grant the buyback.
There was a request from Arlington Retirement for Lexington Retirement to accept
liability for Charles Carneli who is seeking to buyback Lexington dispatch time. The
Board voted unanimously to deny the request.
The Board discussed the PERAC memos for the proposed increases for Ch. 32 s. 12(2)(d)
benefits from $250 - $500 monthly & s. 101 benefits from $750 - $1,000 monthly. Both
need Local Option acceptance. The Board agreed to reserve 2 articles for the next Town
Meeting.
The Board voted to go into Executive Session for the discussion of Administration salary
increase and salary and hourly increase for Karen.
A motion made, second and approved unanimously to adjourn regular meeting at 10:10.
The next meeting will be held September 27, 2012, 8:00 AM at Cary Memorial Library.
Absent
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Michael McNabb, Appointed Member
Joseph Foley, Elected Member
Alan Fields, Appointed Member