HomeMy WebLinkAbout2013-01-24-RB-minMinutes of the January 24, 2013 Retirement Meetings
Present: Robert Cunha, Rob Addelson, Joe Foley, Mike McNabb, Alan Fields
Marguerite Oliva
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 013113 Warrant and January payroll. The December
minutes were reviewed and approved.
New Members: Joseph Annese, Douglas Boudrow, Robert Palardy,
Firefighters /Paramedics; Jacqueline Davis, HASA; Catherine Farley, IA/ Michelle
Bridges, School Support Staff
Retirements: Marjorie Bulger, School Library Asst. 2/$/13, George Anderson, Detective
Sgt., 3/1/13
Deceased: Florence Perry, Opt. C Survivor, 12/18/12, Erma Jordan, Opt. A, 12125/12,
Anne Butler, Opt. B depleted, 12118/12; Carol McLaughlin, Opt. A., 12/13/12; Raymond
Massey, Opt. C, 1/13113
LouAnn Eisenhut and Henry Jaung from Meketa presented an interim report as of
December 31, 2012. The final year end figures will be presented at the February
meeting. The market value as of December 31, 2012 is $115.4 million up from $113.9 on
November 30, 2012. All asset classes had positive returns for the quarter and most out-
performed the PRIT fund. Looking back at the one year returns, all outperformed PRIT.
The RFP's for the Russell 1000 Index Fund and Senior Direct Lending Funds to possibly
replace Hartford have been published. The search was triggered by notice of Saul
Parnell's retirement. In the interim, the Board is seeking an index option in case a
suitable manager cannot be found. The final decision may include an index manager as
well as an active manager. Mike felt the RF'P finalists would be used to compliment
Hartford and did not feel it would be necessary to sell off. It was noted that the Hartford
Fund increased 20.7% for the year. Henry mentioned that it is better to sell high so this
might be the time to replace Hartford. Meketa will discuss the responses at the February
meeting.
Meketa presented a Beacon Capital Track Record report. In 2007 the Board committed
$7 million to Beacon Capital V a closed -ended value- added real estate fund and as of
December 31, 2012, the Retirement System had $2.4 million invested. As of November
30, 2012, Beacon has returned 9% of the total capital committed. Beacon Capital is
focused on minimizing additional capital calls and returning capital to investors instead.
They anticipate a capital call of 3 -5% in the first quarter of 2013 and expect that at lease
10% of the equity will remain uncalled.
Scott Brink, Jake Brown and Tom Levering attended the meeting to discuss Enduring
Assets and Opportunistic Investment Funds. The Opportunistic Fund earned 14.4% for
the one year period ending 12/31/12 and the Enduring Assets for a six month period from
June 2012 earned 5.1 %. Market value of Opportunistic is $14,455,602 and Enduring
Assets is $5,473,298.
The FY' 14 COLA notice has been posted and a vote will be taken at the next meeting.
The Board decided to maintain the $12,000 base and not seek an increase at this time.
Articles for the increase in Section 101 and Section 12 (2 )(d) benefits have been reserved
for Town Meeting.
The Vanguard balance for 12/31/12 is $2,822,738. The Town will not be appropriating
any additional OPEB funds this year.
Buybacks from Annmarie Kelleher and Amy Sullivan were approved unanimously.
PERAC approval of the new funding schedule and FYI 3 Town Appropriation were
received.
A notification will be sent to MA Retirees United of the anticipated time and cost
associated with compiling requested information. A request for a copy of their charter
will be included.
Fidelity representatives will be invited to attend the February meeting for annual review.
A motion was made, seconded and approved unanimously to adjourn the meeting at
11:15.
The next meeting will be held March 28, 2013, 8:00 AM at Cary Memorial Library.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member