HomeMy WebLinkAbout2011-06-23-RB-minMINUTES OF THE TUNE 23, 2011 RETIREMENT MEETING
Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Marguerite Oliva
Absent: Michael McNabb
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 063011 warrant and June payroll. The May minutes
were reviewed and signed.
New Members: (4 ) Cashay Grant- Woods, Metco Sec; Tracy Vingo, I.A.; Christopher
Filadoro, Superintendent Public Grounds; Michelle Stevens, Management Intern
Retirements. (2) Janis Tremblay, Aide, 6/30/11; Thomas White, DPW, 7/1/11
Deceased: (7) Mary Williams, Town Clerk, Opt. B, 6/3/11; Marcella King, Library Tech,
Opt. A, 6/7/11; Charles Carnell, Custodian, Opt. A, 6/1/11; John Marquis, DPW Laborer,
Opt, B, 6/13/11; Louise Clark, Librarian, Opt. B, 6/10/11; Rita O'Connell, Surv. Opt. C,
5/27/11; Josephine Morrissey, School Secretary, Opt. A, 6/16/11
Jason Chambers from Acadian presented a portfolio performance report as of May 31,
2011. The report highlighted their investment philosophy and approach as well as a
market overview of the International All -Cap Fund's characteristics and regional and
industry allocations. As of 5/31/11 he reported a market value of $6,249,565 with total
returns of 6.9 %.
It was reported there is a cash shortage of $400,000 this month. It was agreed to transfer
$200,000 from both Acadian and Matthews to cover June's expense. To get a better
handle on this cash flow problem each quarter, the board asked Maggie to put together a
report of cash flow and expenditures of the last two years for their review in an effort to
make a judgment at the beginning of the year and put the money aside in a reserve fund.
John Carbone from Hartford presented an investment report of the capital appreciation
fund for the 1 St quarter 2011. The report highlighted their investment philosophy,
process, characteristics, holdings and allocations. As of 3/31/11 he reported annualized
returns of 2.50% and new total net assets of $20.6 billion.
Meketa presented an interim update as of May 31, 2011. The market value as of 5/31/11
was $114.7 million down from $116.7 mil as of 4/30/11. The last 2 months there was a
significant change in the market. The Global TAAA portfolio and Artio Int'l sticks out.
The risks need to be more diversified; may want to look at Aberdeen or I" Eagle if there
is continued underperformance.
Artio should be contacted to come in for next meeting.
The medical panel review for Joseph Sveistys is completed. It was found that the injury
was permanent but not work related. There was a pre - existing condition. There was a
motion by Bob, second by Joe and voted unanimously to approve the Ordinary Disability.
Mike Sacco sent a letter regarding the credible service regulation options. There was a
motion by Bob, second by Joe and voted unanimously to accept the option as follows:
Refine the Board's regulation to limit the purchase of non - membership service rendered
in a community other than Lexington to service rendered as a temporary, provisional or
substitute position. For all practical purposes, this means that non - membership service
rendered in another community in a permanent, part -time, intermittent, permanent-
intermittent or seasonal basis could be excluded, but service rendered in a temporary,
provisional or substitute position could not.
It was reported Mike Sacco sent a letter to the Attorney General's office regarding Nancy
Sargent.
PERAC still has not responded to the Board regarding the 2008 overearnings for
Anthony Previte.
A motion was made, seconded and approved unanimously to adjourn the meeting at
11:00 AM:
The next meeting will be held July 28, 2011, 8:00 AM at Cary Memorial Library in the
Learning Center.
Robert W. Cunha, Chairman
Absent
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member