HomeMy WebLinkAbout2011-08-31-RB-minMinutes of the August 31, 2011 Retirement Meeting
Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Michael McNabb,
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 083111 warrant and August payroll. The July
minutes were reviewed and signed.
New Members: (16) Shawn Burke, DPW Laborer /Truck Driver; Jay Carney,
Laborer /Operator; Jeffrey Tocio, Laborer /Truck Driver; Theodore Kalivas, Budget
Officer; Blair Ruocco, DPW Account Clerk; Olga Frias de Aquino, Felix Lopez,
Stephen Martin, Dennis Reddington, School Custodians; Ashley Fail, Nicole Lucey,
SSI's; Maria Liza Granada, Instructional Aide; Annmarie Kelleher, Municipal Clerk;
Ryan Bugler, Firefighter /Paramedic; Beverly Quirk, SPED Data Specialist; Debra
Psilopoulos, School Sec.
Retirements: Pamela Ikauniks, Librarian, 9 /1111
Deceased: Donald MacGillavray, Fire Captain, 8113/11, Opt B depleted; Olive Frost,
School Clerk, 8116/11, Opt. A; Frances Duggan, Opt C Survivor, 8115/11
Jodi Borkowitz from Matthews Tiger Fund presented an update and overview as of June
30, 2011 via a conference call. She highlighted their investment philosophy and
approach, Asian valuations, investment tearer, investment process and strategy, and
returns.
Luanne and Henry from Meketa presented an interim update as of July 31, 2011 and a
quarterly review as of June 30, 201 /.The market value as July 31, 2011 was $113 million
up from $112.6 million on June 30, 2011. A discussion followed regarding the shift in
the market and the need to further diversify and broaden our global equity holdings. It
was suggested to look at the S &P 500, S &P 50 and top 10 companies. Meketa will
research and come back to the next meeting with a proposal of a 2 step analysis with 3
possible scenarios that can be voted on at the next meeting.
There was a buyback request by Julie LaFlamme. She was employed by a temp agency
for the Town of Lexington in 2004 -2005 and has now become full time with the Town.
She wants to buyback that time and provided payroll records. There was a motion by
Bob, second by Joe and voted unanimously to deny the buyback request citing the policy
for buybacks doesn't include temp time.
There was a buyback request from Susan Hayes. Susan worked part time at the fire
station and paid into OBRA. Her hours have now increased and she wants to buyback
that time. A discussion followed regarding the calculations of buybacks. The vote on the
buyback request was tabled until the next meeting so Rob and Maggie could review the
calculations for accuracy.
A letter from Mike Sacco was presented regarding Anthony Previte's overearnings
outlining the options and recommendations the Board has to recoup the overearnings.
There was a motion by Bob, second by Joe and voted unanimously to go with his
recommendation and draft a letter to Mr. Previte.
Joe Foley's term expires 12129111. A notice of the open board seat and election will be
sent mid September.
Mike McNabb's term expires 10118111. A letter to the selectmen to reappoint will be
drafted and sent.
Maggie will provide for the Board a list of all the investment managements companies
and their requirements for notification of liquidation of funds.
Beacon managers will be invited to the next meeting.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:35 AM.
The next meeting will be held September 28, 2011, 8:00 AM at Cary Memorial Library
in the Learning Center.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member