HomeMy WebLinkAbout2011-11-28-RB-minMinutes of the November 28, 2011 Retirement Meeting
Present: Robert Cunha, Rob Addelson, Marguerite Oliva, Alan Fields and Michael
McNabb; Joe Foley was absent
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 113011 Warrant and November payroll. The October
minutes were reviewed and signed.
New Members: (2) Emily Fiorentino, Student Support Instructor; Patrick Gryp, PO
Retirements: None
Deceased: None
Luanne Eisenhut, Henry Jueng and Fran Peters from Meketa presented a quarterly review
as of September 30, 2011 highlighting the current economic situation and the global
outlook. Three issues of primary concern are a stagnant U.S. economy, the solvency of
sovereign governments and banks in Europe and slowing growth in China. They also
presented an interim update as of October 31, 2011. The market value as of October 31,
2011 was $105.9 million up from $98.2 million on September 30, 2011.
A letter was sent to PERAC requesting a supplementary regulation relative to the normal
procurement process for an investment related service in order to add two index funds to
the manager roster. Meketa was only able to identify one ETF offering for each index.
PERAC is still reviewing the request and hasn't given their approval. It was agreed that
Mike will contact PERAC directly. It was also suggested that following an investment
review, the follow up items be detailed in the minutes and then be discussed at the next
meeting.
Anthony Previte sent a letter accepting the Board's proposal to sign a promissory note
that would secure his obligation to repay his overearnings.
Charles Sortino had a meeting with Maggie and his attorney regarding the involuntary
retirement application. Mr. Sortino will not challenge the application and has requested a
joint medical panel at the same time. The employer statement has also been received.
There was a motion by Rob, second by Mike and voted unanimously to send the
application to PERAC for the medical panel appointment.
Adrian Leone has requested a buyback. Adrian was hired with the school department
part time and paying into OBRA. In 2008 her hours increased making her eligible for
retirement system membership but it was never changed by the payroll department. She
requested a buyback of that time. There was a motion by Bob, second by Ron and voted
unanimously to approve the buyback.
PERAC memo # 31/2011 has been received regarding the Attorney GeneraI's regulations
on remote participation of retirement boards. There was a motion by Rob, second by
Mike and voted unanimously to adopt the practice as outlined in the memo.
PERAC has informed the Board of the FY13 appropriation amount of $4,205,537. The
new actuarial will be done as of January 1, 2012 by Buck Consultants.
Nomination papers have been filed by Joe Foley and Patrick Goddard for the 12/20
election.
The transfer from Loomis of $325,000 to cover the shortfall will be done on 12/15/11.
Alan's term expires 1/21/12. Reappointment will be made at the December 2011
meeting.
The residual balance of $536.00 from the closed Wellington Asia Pacific Ex -Japan fund
was received and transferred to the Wellington Opportunistic Fund.
The Board was reminded that it has been two years since they completed the State Ethics
Training and will need to go though the process to update the file. The website address
will be forwarded to them for completion.
New furniture is needed for the retirement office. Information on what is needed with
prices will be brought to a future meeting.
Representatives from Wellington will be invited to the January 26, 2012 board meeting.
It was suggested that a webpage /newsflash be created providing various retirement
information for active and retired members. Maggie will research how to create a
webslte.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:45 AM.
The next meeting will be held December 23, 2011, 8:00 AM at Cary Memorial Library in
the Learning Center.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Michael McNabb, Appointed Member
Absent
Joseph Foley, Elected Member
Alan Fields, Appointed Member