HomeMy WebLinkAbout2014-12-22-RB-min Minutes of the December 22, 2014 Retirement Board Meeting
Present: Robert Cunha, Alan Fields, .Toe Foley, Rob Addelson, Marguerite Oliva and Karen
Marchant
Frederick Weiss, Michael McNabb
Bob Cunha called the meeting to order at 8:00 AM.
NEW MEMBERS: (4) Megan Coffey, Library Tech., Margaret Brunstein, IA, Kamakshi
Chandran, Whitney Factor, SPED IA's
DECEASED: Maryann Loveday, Tutor, 11/25/14
RETIREMENTS: Nancy Marshall, Library Tech., 2127125
The Board accepted and signed the 12/31/14 Warrant and December payroll. The November
minutes were reviewed and approved as well as the cashbooks for October 2014.
Michael Trotsky and Paul Todesco presented the annual PRIM Hedge Fund Report. The total
market value is $5.7 billion which is 9.3% of total PRIT assets as of 10/31/14 and Lexington's
portfolio is $14,075,810. Since inception in October 2013, Lexington has increased 8.12%. The
Direct Hedge Fund Program replaced the Fund-of-Funds Program,they launched Project SAVE
(Strategic Analysis for Value Enhancement and have saved $40 million in fees. A $100 million
Hedge Fund replication project is being tested. Mr. Trotsky suggested Eric Neuberger be invited
to attend one of the Board meetings. If the Board is interested in private equity, Michael Bailey
should be contacted.
The PRIM Board organization update was discussed. On 1121115 Deb Goldberg, State Treasurer
will replace Steve Grossman as Chair. Positions will be appointed by Treasurer Goldberg or
Governor Baker. Committee members for Investments, Real Estate and Timberland,
Administration and Audit and Compensation will remain.
PRIT's core fund allocation that was adopted February 4, 2014 decreased Global Equity,
increased Hedge Funds, and moved Core Bonds to Long Treasuries. PRIT's Core Fund asset
allocation is 40% Global Equity, 10% Private Equity, 13% Core Fixed Income, 10% Value-
added Fixed Income, 10% Real Estate, 4% Timber/Natural Resources, 9% Hedge Funds and 4%
Portfolio Completion Strategies. Hedge Fund liquidity is quarterly and Real Estate is monthly.
Henry Jaung presented the November 2014 update. The balance as of 11/30/14 was $139.8
million up from $138.4. The discussion of the Direct Lending RFP has been postponed until the
January meeting.
The Monroe call for $1,473,791 will take place on December 29th
The cash balance after the transfer to Monroe will be $249,386. A transfer from PIMCO All
Asset for $600,000 will be requested to cover payroll.
I
All contacts for State Street have been changed to Kansas City, MO. There were numerous
mistakes with the October statement and the possibility of searching for a new custodian was
discussed. The new client representative, Lindsay McCoy, has reached out to discuss the
problems and the Board will take a wait-and-see stance. There is concern about the deposits now
having to be mailed to Missouri. Rob suggested Eastern Bank and State Street be queried about
their ACH capabilities. He would like to meet with Skip, Laurie and Maggie to discuss.
New Board member Fred Weiss who will be officially appointed by the Selectmen in January
attended the meeting as did former Board member Mike McNabb. The Board presented Mike
with a plaque thanking him for his 15 years of service.
Rodney Blake, school custodian applied for an accidental disability a year ago and then asked
that it be delayed because he was having surgery. He now wants to proceed and presented some
medical information that needs to be forwarded to PERAC before a medical panel will be
convened. The Board approved his request.
A motion was made, seconded and approved unanimously to adjourn the meeting at 9:50.
The next meeting will be held January 29, 2015, 8:00 AM at Cary Memorial Library.
Robert Cunha, Chairman Alan Fields, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member