HomeMy WebLinkAbout2014-07-23-RB-minMinutes of the July 23, 2014 Retirement Board Meeting
Present: Robert Cunha, Alan Fields, Joe Foley, 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 073114 Warrant and July payroll. The June minutes were
reviewed and approved as well as the cashbooks for May 2014.
NEW MEMBERS: (5) Ryan Cunningham, John Farnsworth, Suzanne Gallo, Michaela
McKenna, SSI's; Maureen Cavanaugh, Director of Planning & Assessment
RETIREMENTS: (5) Sally Tesoro, SPED, 6/30/14; Michael Fulton, Fire Captain, 8/1/14;
Margaret Donovan, Library Tech, 9/1/14; Paul Picariello, School Custodian, 8/1/14; Janice
Ciccone, School Admin. Asst., 8/18/14
LouAnn Eisenhut and Henry Juang from Meketa presented the June 30, 2014 Interim Update.
The market value on 6/30/14 was $137.9 mil up from $135.9 mil on 5/31/14. They reported all
asset classes were positive with a system gain of 0.2 %. Also on the agenda for review were Risk
Statistics with actual vs. benchmark numbers, PRIT Private Equity Program, a real estate review
and a basic overview of the Wellington Hadley Harbor Private Equity Fund. We would need to
commit by December to invest in PRIT and Meketa is hesitant to commit for 2015. For real
estate investment Meketa recommends two non -core real estate managers, AEW Partners Fund
VII and TA Realty Fund XI.
Dane Rasmussen and his associate from Beacon Capital Strategic Partners were present for the
annual review. They presented a fund overview including debt maturities, dispositions and
remaining assets. Of the remaining assets they reported the properties that are currently under
agreement or close to sales. They also discussed current real estate market trends with urban
markets outperforming suburban markets. They are currently accepting investors for Fund 7
with final close in one year.
Dan Sherman presented a primary results comparison of the Actuarial Funding Schedule. His
report provided an analysis of funding alternatives with current and proposed assumptions. He
also included an actuarial value of assets, a salary scale assumption and assumptions including
COLA base for $13000, $14,000 and $15,000 as well as an appropriation forecast.
Discussion on response from Joe Connarton was tabled to next meeting.
It was reported that the 1St qtr FY15 appropriation of $1,229,788.50 has been received.
It was reported the Vanguard balance as of 6/30/14 is $5,601,338.00.
Disability retiree George Grundhoff is to be reevaluated by PERAC.
Memo #22 & 23/2014 for Board Member Training and Ethics Test Reminder were given to
Board Members.
An Annual Retire Pension Report for COLA was provided to the Board for review.
A message from Tom O'Donnell regarding Financial Statements was forwarded to the Board.
The Administrator's Annual Review is still in progress.
A motion was made, seconded and approved unanimously to adjourn the meeting at 10:30.
The next meeting will be held August 27, 2014, 8:00 AM at the Town Hall Reed Room 111.
Absent
Robert Cunha, Chairman Michael McNabb, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Alan Fields, Appointed Member