HomeMy WebLinkAbout2011-04-14-RB-minMINUTES OF THE APRIL 14, 2011 RETIREMENT MEETING
Present: Robert Cunha, Rob Addelson, Joseph Foley, Michael McNabb, Alan Fields,
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 042911 warrant and the April payroll. The March
minutes were reviewed and signed.
New Members: (3) Erik Gitschier, Water /Sewer Superintendent; Nancy Fedan, School
Secretary; Cristen Termine, Instructional Assistant
Retirements: (1) Margaret Braga, Instructional Assistant, 6 /30 /11
Deceased: (2) Thomas Burke, Firefighter, ADR Opt. B, 3 /16 /11; Euphemia Ward, School
Secretary, Opt. A, 418/11
Luanne from Meketa presented a March 31, 2011 interim update. The market value for
3/31/11 was 112.4 million, an increase of 2.2 million since 12/31/10 and up 2.6% for the
1 St quarter 2011.
Luanne also presented information on the RFP response for the Global Equity Manager
Search. Meketa identified two finalist candidates for the Retirement System; Aberdeen
Asset Management and First Eagle Management. A document was presented describing
and analyzing the two finalists and outlining the strategies and characteristics that
differentiate one from the other followed by a discussion. The funding source was
discussed and it was suggested an investment of 5 %, 2.5% from international equity and
2.5% from domestic equity. The Board requested to have both managers in for
interviews at the May 26 meeting.
Christopher Lazzaro from Loomis Sayles presented the 3/31/11 investment report
highlighting calendar year returns, annualized returns, historical characteristics summary,
distribution and sector allocation changes. As of 3/31/11 he reported a strong
performance with annualized returns at 13.91% with a benchmark of 11.07 %.
Sergio DeMango, Facilities Engineer, has an electrical license which he uses on the job
and has requested a Group 2 Classification. It is not in his job title or description. The
board agreed he needs to go back to the town and have an accurate job title and
description written to obtain a Group 2 Classification. A formal response to him citing
Chapter 32 was requested.
The increase in s.101 survivor benefits was approved by Town Meeting and will be
effective with the May 31 payroll. Notification will be sent to PERAC.
Rob reported Town Meeting appropriated another $500,000 for OPEB. When it becomes
available it is to be wired to the Wellington Fund Admiral at Vanguard. Mike requested
a copy of the most recent Vanguard statement. The Vanguard balance as of 3131111 is
$1,546,629
Available dates and times were discussed for the meeting with Jay Kaufman and Peter
Diamond.
Nomination papers were received from Bob Cunha and Margaret Donovan. Margaret
Donovan decided to withdraw her papers due to personal reasons.
The 4th qtr Fy2011 appropriation will be wired to State Street this month to cover payroll
for April and part of May. No shortfalls this month reported.
PERAC still has not responded to the Board regarding the 2008 overearnings for
Anthony Previte.
It was noted that we have not received Benefit Verifications Forms for approximately 11
retirees. A third and final notice is to be mailed stating that benefits will be withheld
beginning May 30, 2011 if not returned.
A discussion of future board meeting dates to be held is June 23, July 28, Aug 31 and
Sept. 28.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:00 AM.
The next meeting will be held May 26, 2011, 8:00 AM at Cary Memorial Library in the
Large Meeting Room.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Michael McNabb, Appointed Member
Joseph Foley, Elected Member
Alan Fields, Appointed Member