HomeMy WebLinkAbout2010-01-28-RB-minMINUTES OF THE JANUARY 28, 2010 RETIREMENT MEETING
Present: Robert Cunha, Joseph Foley, Alan Fields, Rob Addelson, Marguerite Oliva
Absent: Michael McNabb
Bob Cunha called the meeting to order at 5:00.
The Board accepted and signed the 012810 warrant and the January payroll. The
December minutes were reviewed and signed.
New members: (4) Margaret Joyce, School Support Aide; Vartan Ninasian, Custodian;
Isabelle Chischportich, Karen Walker, Instructional Assistants
Request for Retirement: Ann Whitney, LEA Director, 2128110
Deceased Retirees: (3) Helen Minich, Payroll Clerk, Opt. B depleted, 115110; Diane
Packard, School Clerk, Opt. B depleted, 114110; James Graham, DPW Heavy Equipment
Operator, Opt. B depleted 1 /11110
Fran Peters and LouAnn Eisenhut from Meketa Investment Group presented the 12/31/09
review. The market value as of December 31.2009 was $97.7 mm. The yearly
performance increased 25.1 %. In reviewing the aggregate assets portfolio roster as of
12131, it was noted that Domestic Equity Assets which are 28% of the total portfolio is
well below the target allocation of 36% and Global Tactical Asset Allocation Assets at
30% is well above the target of 15 %. Meketa discussed the current actual holdings versus
the current targets. The Board asked that there be an Asset Allocation Policy Review at
the next meeting
The Board is concerned about Acadian's performance which has decreased 1.3% since its
inception 811105. A motion was made, seconded and approve unanimously to request
Meketa perform a search for a replacement for Acadian. Meketa will execute an All Cap
RFP and report back to the Board at the next meeting.
Fidelity representatives Steve Anderson and Gary Miller presented the Contrafund
quarterly review. Market value for Lexington's portfolio at the end of December was
$12.5mm and it is 13% of the portfolio. Gary Miller presented Will Danoff's portfolio
manager profile.
Gary Miller also discussed some other Fidelity funds, the Small Cap Fund which is a
domestic stock fund and the Fidelity International Cap Appreciation Fund. The Small
Cap Fund is over weighted in technical and financials. It is a blended fund that had
"phenomenal" performance for the one, three and five year average total returns.
Gary Miller also reported that real estate investments may be coming back into favor. The
Fidelity Real Estate investment is focused on office, retail and hotels with the top holding
being Simon. Reports are on file in the retirement office.
There was a general discussion of adding more real estate to the portfolio. Alan
mentioned the debt side is the best place to look for real estate. Debt funds are earning
15 %. The move would have to be conservative due to the illiquidity of the funds. The
portfolio target allocation for real estate is 5 %.
Bob Cunha voiced his appreciation to Meketa and to Alan and Mike for a successful year.
The Board is in receipt of the information forwarded by Atty. Sacco regarding Anthony
Previte. The Board requested that Mike Sacco attend the February meeting. Anthony
Previte will also be notified of the meeting and invited to attend.
The Town will transfer approximately $480,000 for the Vanguard OPEB Funds in late
April or early May. The decision of transferring some of the Vanguard funds from the
money market to another fund is on hold until the next meeting.
The buyback request from Linda Vine was unanimously approved.
It was noted that an employee is working more than 18 hours per week but was informed
by her supervisor that she would not be allowed to join the retirement system. This will
be discussed with her supervisor and also HR.
Laura Creedon bad sent $10 along with her last summons. The money is being held in
the retirement office. The Board determined they are uncomfortable with accepting the
funds and will ask Mike Sacco to return it to her.
Administrative review put on hold again.
Hartford will be asked to attend the February meeting.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:05 AM.
The next meeting will be held February 25, 2010 in the Selectmen's Meeting Room.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member