HomeMy WebLinkAbout2013-02-28-RB-minMinutes of the February 28, 2013 Retirement Meetings
Present: Robert Cunha, Joe Foley, Alan Fields, Marguerite Oliva, Karen Marchant
Absent: Rob Addelson, Mike McNabb
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 022813 Warrant and February payroll. The January
minutes were reviewed and approved.
NEW MEMBERS: (5) Jessica Durling, April Cochran, Diane Hickey, IA's; Evan
Mowery, SPED IA; Kathryn Santos, Webmaster
RETIREMENTS: Ann Belliveau, Community Dev. Office Manager, 3129113
DECEASED: Helen Hurwitz, Clerk, Opt. A, 1/24/13 (106 yrs. old); Mary Kelley, Opt.
C Survivor of Thomas Kelley, 1124113; Elizabeth Govan, Survivor of David, Firefighter,
2/15/13
LouAnn Eisenhut from Meketa presented a Quarterly Review as of December 31, 2012
and a January 31, 2013 interim report. The market value as of January 31, 2013 is $119.9
million up from $115.4 million on December 31, 2012. In the third quarter all asset
classes produced positive results leading to double digit returns. Asset allocation by
manager and security was reviewed with a new public funds allocation column added for
comparison. A review of performance shows January up 2.8% and in 4 out of the last 6
years, outperforming PRIT. In response to the RFPs that Meketa issued there was one
response from Rhumbline Advisors for the Russell 1000 Index and three responses from
Maranon, Monroe and White Oak for the Senior Direct Lending Search. The managers
are to be invited to a future board meeting for interviews.
Gary Miller and Edward Schollmeyer from Fidelity were present for the annual review.
Lexington retirement has $18.4 million invested in the large cap growth Contrafund. The
fund is up 16.2% for 2012 and 3.3% year to date. They discussed investment philosophy,
guiding principles, investment process, portfolio positioning and top 10 holdings.
The members of the appropriation committee and Andrei Radulescu -Banu, the citizen
who requested retirement information, are to be invited to the next meeting.
The RFP for the actuarial study needs to be done this year by July 2013. Because of the
new procurement laws Mike Sacco will be contacted to assist.
It was reported we are still working on getting the minutes on the web. We have a new
webmaster which will help and the town clerk's office will assist.
The FY14 COLA vote has been postponed to the next meeting at the request of Rob
Adddelson.
There was a buyback request from Bob O'Keefe. A motion was made by Bob, seconded
by Joe and voted unanimously to grant the buyback.
There was a buyback request from Janet Patel. A motion was made by Joe, seconded by
Alan and voted unanimously to grant the buyback.
Don Barter's re- evaluation has been completed and it was determined he is not able to
return to work.
The State Retirement's 3 (8) (c) invoice has been received and the billing for Charles
Shannon is still included. The matter will be forwarded to Mike Sacco to handle.
The Board was reminded that Karen Marchant is due for her annual review in March.
A motion was made, seconded and approved unanimously to adjourn the meeting at
11:15.
The next meeting will be held March 21, 2013, 8:00 AM at the Town Hall.
Robert W. Cunha, Chairman
Absent
Absent
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member