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HomeMy WebLinkAbout2013-06-27-RB-minMinutes of the June 27, 2013 Retirement Board Meeting Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, Karen Marchant, Absent: Mike McNabb Bob Cunha called the meeting to order at 8:00 AM. The Board accepted and signed the 062813 Warrant and June payroll. The May minutes were reviewed and approved. NEW MEMBERS: (8) Mark Caloggero, DPW Laborer /Truck Driver; Paul Blum, Michael Sanborn, Nicolas Pierrelouis, Custodians; John Alzate, Electrician; Matthew Ryan, Youth Services Program Director; Susan Cleary, Community Development Office Manager; Ian Dailey, Budget Officer RETIREMENTS: Mary Radz, School Asst. Data Manager, 6/28/13; Jan Comey, Data Base Administrator, 6/28/13; Tom Fullen, Bldg. Maintenance Foreman, 6/28/13 DEATHS: Gregory Ortolani, School Custodian (Active Member) 6/9/13; Mary Kekejian, DPW Clerk, 5/30/13, Opt. A; Joan Manoli, School Aide, 5/13/13 Opt. B depleted An Involuntary Accidental Disability Application has been received from the Town of Lexington on 6/12/2013. Denise Casey the Town of Lexington Human Resource Manager was present to update the Board on the status of the application. She reported the employee, who is a firefighter, sustained an injury on the job and will never recover from the injury to be able to perform the essential functions of a firefighter. The required paperwork was sent to the employee on June 11, 2013 by certified mail. He received the green card but hasn't picked up the material. He also has been contacted by the Fire Chief by phone and the Vice President of the union through text. And, the packet has also been taped to the front door of the employee's home and video taped. The Employer is trying to document delivery and receive confirmation and will continue to do so until confirmation has been received. John Carbone and Mike Zinkland from Hartford were present for the annual review. Lexington Retirement has $15.3 mil invested in the Capital Appreciation Fund. They reported the fund is up 12.18% year to date and how they signed a long term relationship with Wellington, brought in a new CEO, moved headquarters and have developed an extensive succession plan for when the portfolio manager retires. Joe Beauparlant from L000mis was present for the annual review of the Credit Asset Fund. He reported the market value as of 5/31/13 as $5,719,554 with annualized returns net of fees at 10.21 %. He also discussed strategy, characteristic summary, quality distribution and forward expectations. Henry and LouAnn from Meketa were present for an update. First on the agenda is to discuss the funding source for the Opportunistic Fixed Income and PRIT Hedge Funds. There was a motion by Alan, seconded By Joe and voted unanimously to use the PIMCO All Asset Fund as the funding source. There was another motion by Alan, seconded by Joe and approved unanimously to invest 5% of the fund to PRIT Hedge Fund, 5% to Munroe Fund as called and 5% split between Wellington Opportunistic Fund and PIMCO Global Fund with a small balance left in the PIMCO All Asset to keep it open. They also presented the interim report as of May 31, 2013. The market value as of May 31, 2013 is $123.7mm down from $124.5mm in April 30, 2013. Although May is down 0.3% year to date, returns are up 6.6 %. There is a request by Lisa Ortolani for a Survivor Death Benefit. Her husband was a custodian at the time of his death. The Board unanimously approved the request. Mike Sacco has reviewed the OPEB Legislation and sent an email confirming that the way it's being handled is correct. It was reported that there was call 4 8 from Beacon Capital for $280,000. Mike Trotsky from PRIT will be invited to the August or September meeting. A motion was made, seconded and approved unanimously to adjourn the meeting at 10:00. The next meeting will be held July 24, 2013, 8:00 AM at Cary Memorial Library in the large meeting room. Robert W. Cunha, Chairman Robert Addelson, Ex Officio Member Alan Fields, Appointed Member Absent Michael McNabb, Appointed Member Joseph Foley, Elected Member