HomeMy WebLinkAbout2013-04-25-RB-minMinutes of the April 25, 2013 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Alan Fields, Mike McNabb, Rob Addelson,
Marguerite Oliva, Karen Marchant
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 043013 Warrant and April payroll. The March
minutes were reviewed and approved.
NEW MEMBERS: James Schweizer, Jr., Payables Admin. Asst.; Brenda Tabak,
Department Clelrk
RETIREMENTS: Charles Walton, W -9 Foreman, DPW, 4/19/13; Eric Huoppi,
Highway Foreman, DPW, 5.13.13; Robert O'Keefe, Jr., Firefighter, 4/16/13; Barbara
Laye, Aide, 6130/13; Garry Rhodes, Building Commissioner, 7/26/13
Raymond Mui and Keith Wosneski from Acadian Asset Management were present for
the annual review. Lexington Retirement has $2,601,660 invested in the Acadian
International All -Cap Fund. The fund is up 17.2% for 2012 and 7% year to date. They
presented an organizational overview and discussed investment approach, investment
process, portfolio performance, attribution, key characteristics and outlook.
Henry and LouAnn from Meketa presented an interim report as of March 31, 2013. The
market value as of March 31, 2013 is $121 million up from $119.8 million on February
28, 2013. They also provided an historical GTAA fund allocations and current themes as
well as an opportunistic debt search summary. Monroe and White Oak are to be invited to
the next meeting. It was suggested by the board that in the future Meketa provide the
monthly report at least 2 days ahead of time to have time to review the material before
the meeting.
The Opt. D request from Terry Lavin, spouse of Judy Pearson, was approved by the
Board.
It was reported the Vanguard balance as of 3/31/13 is $3,031,799. Town meeting has
appropriated an additional $775,000 for this fund on July 1, 2013. Because some town
meeting members have questioned the fund and if the Board is adhering to the original
language of the Act Authorizing the Town of Lexington to Establish a Post Retirement
Insurance Liability Fund, it was suggested this item be put on the June agenda and review
the language and special act.
There are 3 retirees who have failed to return their Benefit Verification Form. Their
direct deposit will be changed to a check and held in the office until the forms are
returned.
Dan Griffith is applying for a disability retirement. Motion by Bob, second by Joe and
voted unanimously to move forward with application process and medical panel when
paperwork is received.
A letter was received from the Chair of the Newton Retirement Board seeking support in
the request to have survivor's COLA's increased to the maximum. Most survivors earn
less than $12,000 and therefore never receive the full $360.
There is a request from Katrina Bridges to redeposit her funds she withdrew in 2007.
The Board unanimously approved the request.
Updating Retirement Board information to website is ongoing. 2012 minutes have been
posted. The Board would like to have Meketa create a report that can also be posted at
least every quarter.
The Board began Karen's review and asked her to forward any requests and concerns
before the May meeting.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:30.
The next meeting will be held May 23, 2013, 5 :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