HomeMy WebLinkAbout2010-07-22-RB-minMINUTES OF THE JULY 22, 2010 RETIREMENT MEETING
Present: Robert Cunha, Alan Fields, Joe Foley, Mike McNabb, Marguerite Oliva
Absent: Rob Addelson
Absent: Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 073010 warrant and the July payroll. The June
minutes were reviewed and signed.
New Members: (9) Paul Bernier, LHA Maintenance Supervisor; Brian Ham, Patrolman;
Gregory Ford, Thomas Grome, Kenneth Russell, DPW Drivers /Laborers; Katherine
Smith, BCBA; Judith Seppala, GIS Database Admin; Philip Boisvert, Assistant Fire
Chief, Richard Melaragni, DPW Arborist
Retirements: Cara Shapiro, Human Services Dept. Clerk, 8/7/10; Philip Walker, H >S.
Custodian, 8/13/10
Deceased Retirees: Norma Carlson, Opt. C Survivor, 6/24/10; Steven Celata, Police
Officer, ADR, Opt. B, 7/7/10; Tom Elliott, Active Member, Custodian, 7/13/10
Fran Peters and LouAnn Eisenhut presented the June 30 quarterly report. Second
quarter 2010 saw a loss of $7 million with a market value on June 30`" of $94.3 million.
July to date is up about 5 %.
Looking at the world market, TIPS and investment grade bonds performed the best and
foreign developed equities performed the worst. All asset classes except fixed income
outperformed the benchmarks.
The investment with Lazzard could not go forward. They closed the fund on July I9
and are no longer submitting RFP's.
There was a general discussion of having Meketa review dedicated emerging market
managers to increase emerging market exposure. Also the use of ETF's was discussed to
prevent missed opportunities. Fran mentioned there is a PERAC process to enter into an
ETF but there is no process in getting out. Meketa will research and report back.
David Driscoll from Buck discussed the actuarial reports. He initially presented 4
reports. The first is figured on market asset value and maintains the 2015 funding
schedule. Beginning in FY 12, the Town appropriation would increase to over $12
million. The second used smoothed asset value but still used the 2015 schedule. Town
contribution would increase to over $6 million. The next 2 extended the funding schedule
to 2030. Market asset value increased the appropriation to over $5 million and smoothing
maintained it at $3.6 million. He then presented four more scenarios — market extension
to 2020 and 2025 and smoothing to 2020 and 2025. After much discussion, it was
decided to narrow the options to smoothing with an added 5 year extension to 2020 and
10 year to 202 5. It was noted that there will be another study as of 111112 and this will be
reviewed again. A decision will be made at the August 19 meeting.
A motion was made and approved unanimously that within the first 30 days of each
quarter, the quarterly Town appropriation is to be paid to the System.
The Board unanimously voted to accept the Opt. D request from Ruthie Elliott.
There was a general discussion regarding the new requirements of the Open Meeting Law
that went into effect on July 1, 2010.
There was a discussion of the Municipal Relief Bill as released by the House. It is
expected that the House and Senate will approve the committee report and send the bill to
the Governor.
PERAC sent notification that Kevin Garvey and Joe Haynes submitted 91A forms. There
was also notification of possible overearnings for A. Campbell, K. Kelley, S. Palmer, A.
Previte and J. Weston.
It was recently discovered by HR that a retiree had underpaid for health benefits for five
years. The Retirement office never received notification to change the deduction and HR
wanted to know if we would garnish the pension in order for them to recoup what was
underpaid. The motion was denied unanimously citing the Needham Bill.
The Board voted unanimously that the health insurance stipend be paid to Maggie and
Karen.
The Vanguard balance as of 711110 is $1,291,971 for Post Retirement Health.
There still has been no PERAC response regarding Anthony Previte's 2008 over -
earnings.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:20 AM.
The next meeting will be held August 19, 2010 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