HomeMy WebLinkAbout2012-12-20-RB-minMinutes of the December 20, 2012 Retirement Meetings
Present: Robert Cunha, Rob Addelson, Joe Foley, Mike McNabb, Alan Fields
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 123112 Warrant and December payroll. The
November minutes were reviewed and approved.
New Members: (3) Joanne Doherty, SSI; Frank Goucher, Custodian; Lindsay Reardon,
SPED IA, Amy Sullivan, Registrar of Adult Ed.
Retirements: Kathleen Quinlan, Asst. Director, Cary Library, 1118113
Deceased: Irene Stone, Opt. D Survivor, 11/8112
David Driscoll from Buck Consultants presented a draft report on actuarial valuation of
the Retirement System as of January 1, 2012. After a review of the report there was a
motion by Rob, second by Alan and voted unanimously to accept the proposal as
presented. Buck will send directly to PERAC.
Alan Leventhal and Dane Rasmussen from Beacon Capital attended the meeting for the
annual review. They provided a fund update, a report on dispositions completed and a
summary of remaining assets and projected sale year as well as an update on target office
market conditions.
Lou-Ann Eisenhut and Henry Jaung from Meketa presented a quarterly review as of
September 30, 2012 with a November 30, 2012 Interim Report. The market value as of
November 30, 2012 is $113.9 million up from $113.2 on October 31, 2012. The
retirement system returned 5.6% for the quarter, as all asset classes produced positive
returns. Year to date, the system is up 11.9 %. A Hartford Fund update was also
provided. Saul Pannell announced his retirement and portfolio manager, Kent Stahl will
begin managing 10% of the fund as part of a succession plan. It was agreed by the Board
to identify other investment options for the Hartford Fund. Meketa will send out an RFP
the first week of January for R1000 Index, Fixed Income and Private Debt Funds.
PERAC Appropriation memo for FY14 has been received. Rob informed the Board that
the Town will pay the extra $1 mil in 2 installments on January 1 and April 1, 2013.
James Weston's pension modification was received. As of January 31, 2013 his pension
will stop with the exception of covering his health insurance. Dental insurance will be
out of pocket. Mike Sacco will notify him by letter and the possibility of securing the
outstanding debt will be explored.
Evaluation has been scheduled for Don Barter.
Evaluations completed for Tamzin Ladd and Robert Staples.
Two buybacks from Shiela Leviatn, Librarian and Barbara Mattos, Guidance Secretary
were accepted. Both are redeposits of prior service with other systems.
A request from a citizen for financial information and minutes has been received.
Maggie is working with the Town Clerk to have the minutes available on line and will
provide the citizen with a copy of the annual statement along with a report from Meketa.
Wellington representatives will be invited to attend the January meeting for annual
review.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:35.
The next meeting will be held January 24, 2013, 8:00 AM at Cary Memorial Library.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Michael McNabb, Appointed Member
Joseph Foley, Elected Member
Alan Fields, Appointed Member