HomeMy WebLinkAbout2011-10-24-RB-minMinutes of the October 24, 2011 Retirement Meeting
Present: Robert Cunha, Joseph Foley, Rob Addelson, Marguerite Oliva
Alan Fields and Michael McNabb were absent
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 103111 Warrant and October payroll. The September
minutes were reviewed and signed.
New Members: (5) Sped IA's: Kimberly Conroy, Martha Evanson, Nyesha Smith;
Adrian Leone, Secretary; Emily Fiorentino, Student Support Instructor
Deceased: M. Marguerite Barrett, October 15, Clerk, Opt. B Depleted
Luanne Eisenhut and Henry Jueng from Meketa presented an interim update as of
September 30, 2011. The market value as of September 30, 2011 was $98.2 million
down from $107.1 million on August 31, 2011. A discussion followed regarding current
market conditions and the difference between top down and bottom up stocks and that the
ratio of small caps to large caps has declined in the third quarter. Meketa also suggested
switching to a different State Street money market fund due to the current STIF account
having a European bank risk.
Mariko Boswell and Alan Isenberg from PIMCO presented an update and overview as of
September 30, 2011. August and September created a challenging quarter. They
discussed the reasons for the volatile third quarter being global concerns of sluggish
economic growth, Europe's accelerating debt crisis and Washington's debt ceiling
debate. They also highlighted the all asset performance review, forward looking portfolio
strategies and goals and key asset allocations themes.
Anthony Previte owes $7,962.36 in 2008 overearnings and has requested repayment in
$300.00 monthly installments until paid in full. The Board was not in favor of this
request since there isn't any collateral to secure the funds in the event Mr. Previte should
pass away. Mike Sacco will be asked to draft a letter to Mr. Previte explaining the
circumstances.
The Treasurer for the Town of Lexington is looking to change the town's account with
Bank of America and wants to know if the Lexington Retirement System should be
included in the RFP. It was agreed that that the Retirement System should be included in
the RFP.
An Involuntary Accidental Disability Retirement application has been received from
Facilities for Charles Sortino, Mr. Sortino is to be contacted and brought into the office
for a meeting with him and whomever he wants to bring with him to have all of his
options explained to him.
Joseph Sveistys has a Workers Compensation offset of $7,502.82 he has to repay and has
requested repayment in monthly installments over three years. Since he has the funds in
his annuity to cover the balance the board had no problem with him paying it down over
three years.
Jane Freitas forwarded paperwork from her bank and has requested reimbursement for
insufficient fund charges she incurred after her pension check was reversed by her bank.
Bank of America never received a void /reissue on the original check she failed to cash
last February. After a review of the paperwork the board denied the request.
Joe Foley's nomination papers have been received. His term expires 12/29111. Pat
Goddard has shown interest in perhaps running against Joe.
On 1111111 the transfer from Wellington Opportunistic Fund to P1MCO Global Multi -
Asset Fund in the amount of $2,100,00 will be completed.
The 2nd quarter FY'12 Town appropriation of $1,000,887.25 will be wired to State
Street on October 27 th .
A request has been sent to Loomis to transfer $200,000 to cover the expected November
shortage.
The Vanguard Balance for OPEB as of 9/30/11 is $ 1,878,635.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:45 AM.
The next meeting will be held November 28, 2011, 8:00 AM at Cary Memorial Library in
the Learning Center.
Absent
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member
Absent
Joseph Foley, Elected Member
Alan Fields, Appointed Member