HomeMy WebLinkAbout2011-03-24-RB-minMINUTES OF THE MARCH 24, 2011 RETIREMENT MEETING
Present: Robert Cunha, Rob Addelson, Joseph Foley, Michael McNabb, Marguerite Oliva
Absent: Alan Fields
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 033111 warrant and the March payroll. The February
minutes were reviewed and signed.
New Members: (5) Koren Stembridge, Library Director; Elizabeth Murphy, School
Administrative Assistant; Vickie Fotis, School Finance Clerk; Kenneth Giblin, School
Custodian; Benjamin Stoller, Instructional Assistant
Deceased: (1) Sue Kozel, Survivor of Peter Kozel, 314111
Retirements: (3) Richard Lacoy, School Maintenance, 411111; Joe Nugent, Assessor,
411111; Amy Kornetsky, Instructional Assistant, 6130111
It is anticipated that $550,000 will have to be transferred to cover the March payroll and
payables warrant. A decision was made to transfer the funds from Acadian. Mike
McNabb felt that for the foreseeable future, the U. S. market may be more stable and
funds should be taken from the international side to cover the shortfall.
The Board reviewed the February 2011 interim update sent by Meketa. The market value
for 2128111 was $1111m, an increase of $1 m since 1131111.
The Board signed the completed 2010 PERAC Annual Statement. While reviewing it, the
receipts and disbursements were studied to determine the reason for cash shortages each
quarter. Mike will discuss with Alan to determine the best way to cover the problem in
the future.
Gary Miller from Fidelity presented the year -end report for Contrafund which is
categorized as a large growth domestic equity asset class. As of 12/31/10 the balance for
the Lexington Retirement System was $13,498,415. The year to date cumulative return
for Contrafund was 16.93 %. Will Danoff has managed Contrafund for 21 years and has
no plans to leave. He is an all cap manager with a growth basis and favors small and
medium cap stocks. The total net asset of the fund is $75.5b. There is no indication the
fund will be closed.
When asked who the next rising star may be at Fidelity, Gary Miller said it would be
Chuck Myers. He manages the US small cap Discovery Fund and the US small cap Value
Fund. He has been with Fidelity for five to six years.
The Board requested that Fidelity be asked to attend each February meeting for
presentation of more current material. Gary Miller will be asked to forward a first quarter
2011 report as soon as it is available,
Robert Levesque requested to be able to spread a Veteran's Buyback over three years. He
is eligible to buyback four years of service. A motion was made, seconded and approved
unanimously to accept his request.
Melinda Corssino who has just been hired as the new recreation office assistant,
requested to be able to buyback her part-time service. The Board voted unanimously to
accept the buyback. Upon completion she will be given 11 months service.
Eleanor Gower was hired as a tutor for the Town of Lexington school department in 1995
but was never added as a member of the retirement system when all the tutors were first
admitted and has continued paying into OBRA The mistake was discovered when she
came to the office to talk about retirement. Citing the Needham. Bill, the Board
unanimously voted to allow Mrs. Gower to pay back the deductions and waive the
interest.
The Medical Panel for Joseph Sveistys is scheduled for May 5, 2011.
Robert Cunha's term expires on June 30, 2011. Notices have been posted and sent to all
retirees of the upcoming election. Bob requested nomination papers.
Bob Cunha spoke with Rep. Jay Kaufman and requested he and Peter Diamond attend a
Board meeting. Rep. Kaufman is willing to come anytime but feels it may be difficult to
get Mr. Diamond due to his schedule. He has asked the Board to forward four available
times and dates to him and he will forward the information to Mr. Diamond.
Atty Sacco sent notification that he received another DRO from Laura Creedon. He
spoke with Joseph Haynes' attorney who determined Joe's signature was a forgery. Joe's
attorney will file a complaint. The Board does not want to do anything further as they feel
it will only intensify the problem.
PERAC still has not responded to the Board regarding the 2008 over earnings for
Anthony Previte.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:00 AM.
The next meeting will be held April 14, 2011, 8:00 AM at Cary Memorial Library in the
Large Meeting Room.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member
Absent
Joseph Foley, Elected Member
Alan Fields, Appointed Member