HomeMy WebLinkAbout2013-12-19-RB-minMinutes of the December 19, 2013 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Mike McNabb, Marguerite Oliva,
Karen Marchant
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 123113 Warrant and December payroll. The November
minutes were reviewed and approved as well as the cashbooks for October 2013.
New Members: (2) Kelley DeCola, SPED IA; Carole Kelly, Municipal Account Clerk
Retirements: Paul Jenkins, Patrolman, 2123114; Gary Ganley, DPW W -9 Laborer, 216114
Deaths: Gerald Jones, Firefighter, Opt. A., 1217113; Priscilla Pendergast, Switchboard
Operator, Opt. B depleted, 1219113
The final medical panel certificate for Ryan Bugler has been received. After review of
the report the Board determined that clarification is needed regarding a question that
there was a pre- existing condition. The ADR application is for a back injury but the
report refers to a knee injury. There was a motion by Mike, seconded by Rob and voted
unanimously to submit a request to PERAC and/or medical panel for additional
information for clarification.
LouAnn Eisenhut, and Sean Bowen from Meketa presented an interim update as of
11/30/13. The market value as 11/30/13 was $129.4 mil up from $128.6 mil. There was
a review of asset allocation which reflected the PIMCO transfer. They also presented a
performance review by asset class and manager. The PRIT fund continues to do really
well and we should consider increasing the fund. After a discussion about liquidity and
covering what is needed, there was a motion by Alan, seconded by Mike and voted
unanimously liquidate the PIMCO Global Multi Asset Fund, which is about 5% of the
portfolio and invest it with the PRIT Hedge Fund.
Sharon Hayman and Richard Gao from Matthews Asia were present for the annual
review. They gave an overview of the history and strategies of the fund as well as
discussed the investment philosophy, approach and outlook.
Alan Leventhal and Dan Rasmussen from Beacon Capital Partners were present for the
annual review. They reported it was a difficult environment but the market continues to
recover. Their focus was on maximizing returns for their clients and taking risk off the
table for investors. They presented an overview of real estate fundamentals, a fund
update and portfolio diversification as well as completed dispositions and a summary of
remaining assets. They informed the Board they will be calling 4% at the first of the
year.
The discussion for the COLA Base increase was tabled to next meeting.
An ADR application for Rodney Blake was received. Motion by Mike, seconded by Joe
and voted unanimously to accept the application and request a medical panel be convened
by PERAC.
It was reported that the reevaluation has been completed for Kevin Garvey and he unable
to perform the essential duties of his position.
Memo #24 regarding Board member training was distributed to Board as well as an ethics
test reminder for those who still need to take it.
Fidelity and Wellington will be asked to attend the 1130114 board meeting.
A motion was made, seconded and approved unanimously to adjourn the meeting at 10;25.
The next meeting will be Feld January 30, 2014, 8:00 AM at Cary Memorial Library in the
Learning Center.
Robert W. Cunha, Chairman
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member