HomeMy WebLinkAbout2014-01-30-RB-minMinutes of the January 30, 2014 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Rob Addelson, Alan Fields, Marguerite Oliva, Karen
Marehant ; Absent: Michael McNabb
Bob Cunha called the meeting to order at 8:00 AM.
The Board accepted and signed the 013114 Warrant and January payroll, The December minutes
were reviewed and approved as well as the cashbooks for November 2013.
New Members: Meagan Parker, Librarian; Anthony Patti, Matthew Sullivan, Custodian;
Abigail McWilliams, Megan Dumais, Katelin Egan, Ashley McMahon, SPED IA; Evan
Beauvais, ASA; Timothy Malone, DPW Laborer /Truck Driver; William Thompson,
Public Safety Dispatcher
Retirements: John Fallon III, Custodian, 1/3/14; Steven Garabedian, Detective, 2/21/14
Deaths: Paul Little, Custodian,; William Kealy, Project Manager,; Robin Glabe, Tutor,;
Doris Barclay, Clerk,; Lynn Chao, DPW Clerk, 1 /19 /14
The Board reviewed the letter received from Atty. Michael Sacco regarding Ryan Bugler.
Atty. Sacco was asked to review the medical panel findings and medical documents
before the Board sought clarifications. Atty. Sacco feels there is no need for clarification
as the pre - employment physical indicated the Ryan had revealed his prior injuries and
surgeries and the medical panels all were in the affirmative that his injury was job related.
A motion was made by Rob Addelson, seconded by Joe Foley and voted unanimously to
accept the findings and grant the accidental disability retirement.
Notice was made that the FY' 15 COLA will be voted on at the February meeting. The
Board discussed the possible increase in the COLA base. An actuarial study will need to
be completed and information distributed. Bob would like to see the base increase
request on next year's warrant.
Bob was asked to appear before the Senate regarding the OPEB funding and the Town's
support. Town Meeting maybe appropriating an additional $1mm for FY' 15 to the
Vanguard fund.
The Vanguard balance for the OPEB fund was $4,210,000 as of 12/31113.
Scott Brink, Jake Brown and Bradley Huggins from Wellington attended the meeting for
the annual review. Jake Brown discussed the Opportunistic Investment discussing the
process of research, implementation and monitoring of the portfolio. The shift in China to
more consumption and less manufacturing was discussed as well as the pre - crisis
imbalances in Europe beginning to correct. Charts are included in the report showing top
and bottom contributors by theme, sector and region. The balance of the fund on 12/31/13
was $16,195,567. The gross annualized return for one year was 12.04% and S% since the
inception date of 12/1/04.
Bradley Huggins presented the Enduring Assets review. The 12/31/13 market value was
$6,356,172. The primary sectors of the portfolio include utilities, transportation, and
midstream energy infrastructure. Invest objectives seek to provide risk - adjusted returns
by investing globally in companies the have long -lived physical assets and low levels of
earnings volatility. The primary focus is on business rather than stocks with a medium to
long term orientation. The annualized return for 2013 was 16.1 %.
LouAnn Eisenhut and Henry Jaung presented the interim December report. The market
value as of 12/31/13 was $130.8 mm. Alan mentioned we are near our target for domestic
equity. He asked that Meketa run an asset allocation study comparing what the portfolio
looked like last year as compared to how it looks now with the changes that have been
made.
Representatives from Fidelity will be attending and Acadian will be asked to attend for annual
reviews.
A motion was made, seconded and approved unanimously to adjourn the meeting at 9:50 am.
The next meeting will be held February 20, 2014, 8:00 AM at Lexington Town Hall, Selectmen's
Meeting Room
Robert W. Cunha, Chairman
Absent
Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member