HomeMy WebLinkAbout2010-09-27-RB-minMINUTES OF THE SEPTEMBER 27, 2010 RETIREMENT MEETING
Present: Robert Cunha, Rob Addelson Alan Fields, Joe Foley, Mike McNabb,
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 0 93 010 warrant and the September payroll. The
August minutes were reviewed and signed.
New Members: (26) Enid DeCastro, Administrative Assistant; Barry Kutz, Electrical
Inspector; Nicole MacLean, Seryn Bedell, Cheryl Kerr, Christy Sciucco, Student Support
Instructors; Eric Duffy, Joan Walsh Vuorenmaa, Janette Patel, Sarah Kane, Brittany
Gorham, Allison Lydon, Christina Vallas, Reed Powers, Hannah Loynd, Caroline Fales,
Kristen Korzeniowski, Stacey Melin, Tory Thompson, Instructional Assistants; Emily
Lawson, Daniella Flori, Amanda Boulay, Meredith Hayward, Shannon Jaffe, Melissa
Frazier, Special Class Aides; Theresa Pentz, Technology Maintenance Associate
Retirements: Elizabeth Bradshaw, Aide, 1014110
Deceased: Abboe Pearson, Opt. C Survivor, 8/23/10; Jeanne McLean, Aide, Opt. B,
9 /7 /10; Mary Anne Bridges, Aide, Opt. B, 9/19/10
Atty. Mike Sacco attended to discuss membership requirements. Hourly requirements
can be done through a policy change but granting of creditable service needs to be done
through supplementary regulation changes. If there is no regulation in place, there can be
no hourly pro - ration. Mike suggested a buyback regulation that limits acceptance of
liability to Lexington service only for Lexington members. The Board is in agreement
that membership hourly requirements should be increased to 20 /wk to bring it in line with
benefit requirements. Rob asked to withhold the final vote until the October meeting so
he can review the change with Denise and Bob Harris.
Mike and the Board discussed the ADR application from school custodian Phil Walker.
The Physician Statement indicated that Phil is not permanently disabled and he can
perform the essential duties of his position. The Board voted to take no action on his
application. He will be notified of the Board's decision.
Peter May and Brian Holland presented the Artio review. The report is on file.
LouAnn Eisenhut presented the 8 /31update from Meketa. The market value is $979 mm
as of 8131/10, an increase of $3.6 mm.
Mike suggested looking at Emerging Market Debt as a new mandate. LouAnn said there
is 6% exposure with existing managers. Mike feels there should be a strategic allocation
and we should have an Emerging Mkt. Debt manager on board. Alan wondered which
fund would be used to fund a new mandate and mentioned Loomis.
There was a conference call with Christian Halvorsen and Richard Gao from Matthews.
The portfolio increased 18% y -t -d. There is an over - weight in the SE Asian market. .
Looking at long term development — keep property position in China. Going forward
they see growth coming from within Asia. China is now the largest trader with Japan.
When asked what issues worried them the most, Richard spoke about the slowdown of
growth in China. There was a slowdown in the property market but they feel it has
started to increase again.
The Board reviewed the actuarial reports again and asked to have David Driscoll take the
$400,000 increase indicated on Schedule F (revised) on 2015 and add it to the 2016 Other
UAL & move it forward.
The Board decided that $500 /mo will be withheld from Alan Campbell's pension for Oct
— Nov and the balance due for his 2009 overearnings will be split between Jan & Feb
2011. Mike Sacco will be contacted to see the best way to handle Jim Weston's amount
due since he needs to repay his full pension.
The PERAC tri- annual audit is completed. Marguerite, Bob Cunha, Joe Foley and Rob
Addelson met with Auditor Carol Neimira for the exit interview. Carol was happy to
report that there are no findings.
The Board voted unanimously to accept the Accidental Disability application from Police
Officer Tamzin Ladd who was injured in a fall. PERAC will be asked to convene a
medical panel.
HR Director Denise Casey verified that Marguerite and Karen Marchant are covered by
the Town's Workers Compensation policy.
It was discovered that Elizabeth Dickinson has not been having the extra 2% deductions
due to a mistake made when her paperwork was processed by the payroll department.
After she was notified of the mistake, she requested a waiver. The Board unanimously
voted to accept the waiver. The payroll department has now corrected the mistake.
A motion was made, seconded and approved unanimously to adjourn the meeting at
11:30 AM.
The next meeting will be held October 28, 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