HomeMy WebLinkAbout2015-08-24-RB-minMinutes of the August 24, 2015 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Alan Fields, Rob Addelson, Marguerite Oliva, Fred Weiss and Karen
Marchant
Bob Cunha called the meeting to order at 8:00 AM.
NEW MEMBERS: (16) Kathleen O'Neil, DPW Account Assistant; Cynthia Kelly, Administrative
Assistant; Theodore Noke, Paul James, Custodian; Jessica Tilch, Carol Mejail, Rachel Joyce, SSI;
Meghana Shah, Engineering Assistant; Melissa Murray, Tyler Radicioni, Recreation Supervisor; Amy
Spach, IA; Marie Golab, Medical Records Technician; Jane Aronson, Assistant to Registrar; Nancy
Bonica, Susan Harris, SSP; Emma Haviland, SIA;
DEATHS: EIeanor Cassidy, School Lunch Program, 8/2/15
RETIREMENTS: Paul Wentzell, W9 Foreman, 9/4/15; Prema Mehta, Tutor, 8/31115
The Board accepted and signed the 083115 Warrant and August payroll. The July 2015 minutes were
reviewed and approved as well as the cashbooks for June 2015.
An Ordinary Disability application has been received from Damara Press. Damara has MS, lives in
Arizona, is 53 years old and has 11 years of service. If approved her age for the calculation will increase
to 55. Her service at MTRS is her high 3 years. Motion by Bob second by Joe and voted unanimously to
move forward.
John Frissore, one of the 6 police officers who has been laid off and then hired back, has requested to
buyback that time. This had been previously passed into law by the State Legislature which became local
option that was passed by Lexington Town Meeting.
Rob contacted Dan Sherman in regards to the changes in the GASB reporting requirements for the Town
audit and reported that everything is already done in the actuarial study provided.
There was a discussion regarding "Once a member always a member" issue. According to the case
"Stoneham vs. CRAB ", the Board can set a policy that would terminate a LRS member and have OBRA
contributions start if an employee's hours fall below 20 hours. Maggie will contact Dan Sherman for an
opinion and how it effects the OPEB liability.
PERAC Memo # 18 regarding contract extensions for 2 more years was distributed to the Board.
Lexington has contracts for legal, actuarial, custodial and consulting personnel plus 15 investment
managers. Joe requested an excel spreadsheet be created with expiration dates for the Board's review.
An update from Mike Sacco regarding Joe O'Leary's case has been received.
Joe Haynes failed to file his 91A Form and a termination notice was sent. He called to notify us he filed
for a tax extension and has notified PERAC who in turn notified Maggie that the matter is now settled. It
has also been determined there is a new court ordered document requiring Joe to change his Option C
beneficiary to his ex -wife. A new calculation will be provided and Mike Sacco will notify him.
The Board was informed that former State Street contact Tony Teberio is now at Peoples United Bank.
Ryan Bugler has been re- evaluated by PERAC and it was determined he cannot go back to work.
The Board was reminded of Memo #10 regarding Board member training for 3rd qtr. 2015.
Maggie will contact PTG to reschedule the presentation for the Employee Self Service Module.
A distribution of $129,619 from Munroe was received and put into cash.
Paul Todisco was present and Eric Nierenberg participated remotely via conference call for the PRIM
annual review. They discussed PRIM's mission, awards & recognitions and Board & Committee
members. Lexington invests in the PRIT Hedge Fund. They provided an overview attic PRIT Fund's
performance, returns, asset allocation, funding and goals & objectives.
Sean Duff and Zia Uddin were present for the Munroe Capital annual review. Lexington invests in Fund
I. They discussed the fund's characteristics, summary portfolio, debt investment by region, industry
exposure, sponsor vs non - sponsor, transactions breakdown and internal credit rating summary. They also
provided a firm update and highlighted new deals.
Steve from Meketa presented the July 31, 2015 interim. The market value as of 7131115 was $143.6 mil
up from 141.9 mil as of 6/30/15. Performance for July was up 0.7 %, YTD was up 4.3 %. A discussion
followed selling out of PIMCO and put into cash now while we wait to fund new investment. The initial
reason for investing in PIMCO was inflation but there is no inflation. Steve informed the Board to
reinvest into PIMCO a new RFP would have to be issued for EM exposure. Motion by Alan, second by
Fred and voted unanimously to move $3 mil from PIMCO into cash and $3mil from Matthews into
Acadian. At the Board's request, Meketa provided a list of coal- company equities held by Lexington
Retirement and reported it was less than .0I %. It was suggested to have it monthly as an addendum and
on public record that we are monitoring using Morning Star as a guide.
The Board voted to grant Maggie a 2.75% increase retroactive to July 1, 2015.
Information regarding the Emerging Issues Forum at Holy Cross on 9/17/15 was distributed to the Board.
The Board was informed that the wire transfers for White Oak and Golub were done in August.
A motion was made, seconded and approved unanimously to adjourn the meeting at 10:15.
The next meeting will be held September 24, 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