HomeMy WebLinkAbout2013-10-24-RB-minMinutes of the October 24, 2013 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Marguerite Oliva, Karen
Marchant, Mike McNabb was absent
Bob Cunha called the meeting to order at 8:00 AM,
The Board accepted and signed the 103113 Warrant and October payroll. The September
minutes were reviewed and approved as well as the cashbooks for August 2013.
NEW MEMBERS: (9) Charlotte Devir, SPED IA; Kourtney Souza, Jennifer Lucey,
Heather Rowe, SSI; Fiorella Meoli, Secretary; Robert Saggese, Mark Harmon
Custodian; Ryan Fedel, Christopher Lively, Firefighters
RETIREMENTS: Jacqueline Buck, Aide, 12/6/13; Elizabeth Dickinson, Reference
Librarian, 12/13/13
DEATHS: Clara Abbatangelo, survivor of Dominic, 10/5/13
Bladen Burns from Fiduciary Management, Inc. was present for an annual review. He
presented an overview of the company and reported performance was up 20% net of fees
with a market value of $7,709,373. He explained that Lexington Retirement is in a large
cap Mutual Fund and could save on fees if it were in a separate account. LouAnn from
Meketa will check with PERAC regulation about doing that.
LouAnn Eisenhut from Mcketa presented an interim update as of 09/30/13. The market
value as of 9/30/13 was $124 mil, up from $120 mil as of 8/31/13. Also provided was the
asset allocation compared to PRIT and by manager and performance. GTAA
performance was down from the usual benchmarks. The Board expressed concerns with
Pimco Global Multi Asset's exposure in emerging markets and discussed options. The
Vanguard Wellington Fund was suggested but would need an RFP search which would
take too long. Meketa will look at the portfolio and present a redistribution plan for the
board at the next meeting.
It was reported to the Board that Ryan Bugler missed one of his medical review
appointments and it had to be rescheduled. The Town has sent him a letter informing
him if he misses the rescheduled appointment that he will ne terminated and his 111 F
benefits will be discontinued.
There were 5 actuarial RFP responses that were narrowed down to 2, Sherman and Stone.
Both companies are to be invited to the next meeting.
The final PERAC audit has been received with 2 findings. The first finding concerns a
board member who has missed 42% of the meetings. To address this finding, it was
reiterated that the Board had previously adopted remote participation procedures. The
second finding is in regards to the Town payroll neglecting to put employees who qualify
into the retirement system. This has been addressed with the Town and they are taking
the proper measures to avoid this from happening in the future.
There were 2 buyback requests from Janice Griffin and Fiorella Meoli. Motion by Joe,
second by Rob and voted unanimously to accept the requests.
The monthly financial reports were presented to the Board for their review.
It was reported that the Vanguard balance as of 9/30113 is $3,958,928.
The 2nd qtr FY14 Appropriation of $1,179,385.50 has been wired to State Street.
Annual reviews are set for Beacon and Matthews at the 12/19/13 board meeting.
Memo # 24 regarding Board Member Training was provided to the Board.
A reminder was given to any Board member who hasn't completed the Ethics Test yet.
A motion was made, seconded and approved unanimously to adjourn the meeting at
10:15.
The next meeting will be held November 21, 2013, 8:00 AM at Cary Memorial Library in
the Learning Center.
Robert W. Cunha, Chairman
Robert Addelson, Ex Officio Member
Alan Fields, Appointed Member
absent
Michael McNabb, Appointed Member
Joseph Foley, Elected Member