The URL can be used to link to this page

Home My WebLink About2014-11-25-RB-min Minutes of the November 25, 2014 Retirement Board.Meeting Present: Robert Cunha, Alan Fields, Joe Foley, Marguerite Oliva and Karen Marchant Absent: Rob Addelson Bob Cunha called the meeting to order at 8:00 AM. NEW MEMBERS: (4) Stacey Hindle, Administrative Assistant; Monica Mahoney, SSP; Bruce Ryder, Print Technician; Caroline Boucher, IA DECEASED: Harold Foley, Firefighter, 10122114; Mary Hadley, Teacher's Aide, 11/13/14 RETIREMENTS: None The Board accepted and signed the 112814 Warrant and November payroll. The October minutes were reviewed and approved as well as the cashbooks for September 2014. Stephen MacLellan and Henry Jaung from Meketa presented the Interim Update as of October 31, 2014. The market value as of 10/31/14 is $138.3 million up from 136.5 mil as of 9130114 with performance up 6.4% YTD. They provided an asset summary breakout of security level and pointed out how diversified we are with various exposures. In comparison to PRIT there is very little difference. They noted that we report net of fees while PRIT reports gross of fees. There was nothing significant to report regarding individual managers, Wellington was the only manager that underperformed to the benchmark by 0.4%. Chapter 176 requires that the Board conduct a search for each service provider every five years. Meketa recommends staggering the searches out over the next several years is a reasonable approach and provided a projected search activity of current managers over the next three years. They also project that additional search activity would be required for private market strategies, as attractive investments come to the market. In October Meketa issued an RFP for senior direct lending managers to increase the Retirement System's fixed income asset class exposure. Meketa received 3 responses to the search; Brevet Capital Management, Golub Capital and White Oak Global Advisors. They will review the submissions and present the results at the next meeting. Joe Foley was unopposed in the election and is reelected to a 4t►'term commencing 12130114-12129117. There was a distribution of$68,948 from Monroe Capital that went into cash. A discussion followed about cash flow and dividends from investments that are reinvested. Maggie will bring report of investment gains and losses to the next meeting. � George Grundhoff has been reevaluated and found unable to return to work. It was reported that the Town is changing banks from Bank of America to Eastern Bank effective January 2015. Frederick Weiss will be the new Board member to be appointed by the Selectmen in January 2015. A letter was received from PERAC notifying the Board that Joe Haynes hasn't responded to his reevaluation announcement. PERAC appropriation letter has been received. The FY'16 Appropriation is $5,255,537. The new funding schedule is in place and has been accepted. Bob and Maggie have been meeting with the Selectmen about the COLA base increase to $13,000 and they have been very receptive. A notice from PRIM has been received regarding Private Equity Portfolio. Sign-ups will be accepted through 12/6114. Memo# 31 Board Member Training for 4 I qtr. 2014 and Ethics Test reminders were given to the Board. Rob and Maggie had a conference call with Dan Sherman and Melanson & Heath to discuss the new GASB requirements. Dan Sherman included the requirements in the actuarial study for 111114. Charles Sortino and Tamzin Ladd to be reevaluated. Ryan Bugler is filing a personal law suit against the person lie was carrying when he got injured and did not accept the retro payment that was sent to him via registered mail. We have been notified that Laura Creedon is back in court proceedings. Mike Sacco to handle. No update on Mark Culleton's appeal with DALA. PERAC's audit has been received with 2 findings; Mike McNabb's absences and an employee the Town neglected to enroll in retirement. Issues are resolved. A motion was made, seconded and approved unanimously to adjouni the meeting at 9:15. The next meeting will be held December 22, 2014, 8:00 AM.at Cary Memorial Library. Robert Cunha, Chairman Alan Fields, Appointed Member Absent Robert Addelson, Ex Officio Member Joseph Foley, Elected Member Vacant Appointed Member ;