HomeMy WebLinkAbout2013-08-21-RB-minMinutes of the August 21, 2013 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Rob Addelson, Mike McNabb, Marguerite Oliva, Karen
Marchant; Absent: Alan Fields
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 083113 Warrant and August payroll. The July minutes were
reviewed and approved.
New Members: (17) Sean Wilson, Facilities Custodian; Thomas Crehan, Plumber; Alison
Kaplan, Emma Keilty, Kathleen Williams, Ashley Lawton, Cynthia Gouldrup, SSI's;
Donna Coe, School Finance Clerk; Christine Blake, Elizabeth Thompson, Patricia
Argentina, ASA; Janice Griffin, Julia Lattimer, Bryan Rotundo, SPED IA Emily
Zehngut, IA; Sarah Robson, Asst. Database Admin; Martha Lamb, SCTA
Deaths: Margaret Magner, Library Tech. Opt. B depleted, 8110113
The Board reviewed the "Medical Panel Review" for Dan Griffith. The three doctors are
unanimous that he is unable to perform the essential duties of his position. A motion was
made by Bob, seconded by Mike, and approved unanimously to accept the findings. The
necessary documents will be forwarded to PERAC for review.
PIMCO representatives Iggie Galaz and Sasha Taicott were in attendance for an annual
review for the All Asset and the Global Multi Asset Funds, The All Asset Fund is
structured such that Research Affiliates founded by Rob Arnott in 2002 acts as a sub -
advisor on tactical asset allocation decisions and PIMCO is the active manager of the
underlying funds. There is a 60140 split with US equity risk. The core stocks provide
economic growth with a disinflationary bias, core bonds reduce volatility and provide
income and the portfolio diversifiers provide low, negative correlation and have
inflationary bias.
The market value of the All Asset Fund as of June 2013 was $17,861,061. YTD as of
July 13, 2013 the fund is -1.4% before fees. Areas of emphasis are EM and global bonds,
credit, EM equities, and alternatives. All Asset de- emphasizes U.S. equities, U.S. Tips
and commodities. The fund is positioned to weather stock market volatility and capture
returns more evenly over the full year.
The Global Multi Asset Fund is broad and global to maximize opportunity and
diversification potential using individual securities, PIMCO mutual funds, PIMCO ETF's
and non - PIMCO ETF's. The value as of July 2013 was $16,868,729. YTD the fund after
fees is -6.6 %.
The Vanguard overview report for Wellington Fund Admiral Shares was reviewed by the
Board. After reviewing the total returns, Mike requested Vanguard be contacted to see if
there are similar funds the Board could invest with that might mimic the OPEB fund.
Mike asked that Meketa be contacted to produce a report looking ahead to how we will
be positioned once the $6mm investments to both Monroe and PRIT Hedge Funds are
completed. He also said he does not want to invest any more funds with PIMCO Global
at this tinge.
If notified of a Beacon property sale, the Board would like the amount due Lexington be
netted to offset the next Beacon call. The Beacon amount still outstanding is $980,000.
Bob asked that once the Beacon commitment is completed, would there be more
investments in real estate. Mike said he still likes real estate because of the leverage.
Bob began a discussion on making direct deposits mandatory for retirees. It was noted
that there are still 23 retirees who receive a check. Information is sent each year to
retirees who get checks of the pros of having direct deposit along with a Direct Deposit
authorization form but it was noted that some refuse to change. A motion was made by
Joe, seconded by Bob and approved unanimously that as of January 2014, all new retirees
must have direct deposit.
Reports of the educational credits earned to date by the Board members were given to
each member for review.
PRIT representatives Mike Trotsky and Eric Nierenberg will be attending the September
meeting. The investment forms were signed for the PRIT Hedge Fund. $bmm will be
invested by October 1.
The administrator's review was put on hold to the September meeting.
A motion was made, seconded and approved unanimously to adjourn the meeting at 10:15.
The next meeting will be held August 21, 2013, 8:00 AM at Cary Memorial Library in the large
meeting room.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Absent
Alan Fields, Appointed Member
Michael McNabb, Appointed Member
Joseph Foley, Elected Member