HomeMy WebLinkAbout2009-07-23-RB-minMINUTES OF THE JULY 23, 2009 RETIREMENT MEETING
Present: Robert Cunha, Joseph Foley, Michael McNabb, Alan Fields, Marguerite Oliva
Absent: Rob Addelson
Bob Cunha called the meeting to order at 8:00.
The Board accepted and signed the 073109 warrant and the July payroll.
New Members: (8) Katrina Bridges, Board Certified Applied Behavior Analyst; Naomi
Martin, Athletic Director; Rachel Hecht, Kristina Celi, Elizabeth Battin, Carolyn Fryzel,
Elizabeth Camire, Student Support Instructors; Brianna Olson, Mgmt. Intern
Request for Retirement: Mary Woessner, H.S. Dean's Secretary, 6130/09
Deceased Retirees: Hazel Wilson, School Lunch, June 15, 2009, Opt. A
LouAnn Eisenhut from Meketa Investment Group presented the June 30, 2009 interim
report. Market value for June 30 is $85.2mm, down .05% from May. Year to date is up
7.6 %.
Transfer from Wellington AsiaPC ex -Japan to Matthews Asia Fund will take place on
August 3, 2009.
LouAnn had contacted Beacon to inquire about future capital calls. There is no set
schedule but they do not expect any call during the first three quarters of this year. In the
fourth quarter, they expect a call of approximately 15% which equates to about $1.05mm
Mike and Alan would like to move more funds from domestic equity to international
equity and would like to discuss the new PIMCO strategy.
A proposal was made, seconded and approved unanimously to liquidate Earnest Partners
and move the funds to Loomis Sayles Credit Opportunities, The REP is completed and
asked Meketa to contact Loomis to have a representative attend the next meeting for an
interview. LouAnn also suggested having the PIMCO representative attend the same
meeting to discuss the new PIMCO Multi -Asset Fund. The minimum investment
required by Loomis is $5mm. Meketa will check to see if they will accept $3mm.
A motion was made seconded and approved unanimously to liquidate the Wellington
Emerging Markets fund and split the fund ($2.9mm) between Acadian and Artio. Due to
Wellington's notification requirements, this will take place September 1.
Alan proposed moving some funds into the hedge fund portion of the PRIT Absolute
Return Fund to gain hedge fund exposure. Meketa will report back at next meeting.
The Board reviewed the three medical panel reviews for Norman Brule' . All three
doctors answered in the affirmative that Norman can no longer perform the essential
duties of his position and the injury is permanent. A motion was made to accept the
findings of the panel, seconded and approved unanimously. The paperwork will be
forwarded PERAC for final approval.
Marguerite was informed by Rob that the retirement office may be moved downstairs to
where the recreation office is now located. Objections were raised and she was told to
compose a letter to be sent to Rob and Linda Vine, Asst. Town Manager, as to the reasons
the move should not take place. The letter was forwarded to the retirement board for their
review. They are in agreement that the office should stay where it is currently located.
Notification for termination of retirement allowances was received by PERAC for
Thomas Burke and Kevin Garvey. They failed to file their 91A Annual Reports and have
also been notified by PERAC. Mrs. Burke called the office stating that Thomas had
forwarded his paperwork to PERAC. The Disability Unit was contacted by Marguerite
and she was told that paperwork is in order for Thomas Burke and a letter from PERAC
was forthcoming. PERAC has not heard back from Kevin Garvey.
PERAC also sent notification of possible overearnings for Alan Campbell, Sam Palmer,
Melville Webb and James Weston. The requested information from PERAC has been
completed and sent back.
Administrative reviews have once again been put on hold.
Bob and Joe asked that the September meeting be rescheduled from the 24 th -
A motion was made, seconded and approved unanimously to adjourn the meeting at
10;00 AM. The next meeting will be held August 27 2009 at Cary Memorial Library.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Michael McNabb, Appointed Member
Joseph Foley, Elected Member
Alan Fields, Appointed Member