HomeMy WebLinkAbout2015-09-24-RB-minMinutes of the September 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: (59) Scott Donahue, Custodian; Michelle Lasa, Katherine Ross, Tiffany Spano,
James Borden, Randy Dittman, Patricia Wehar, AmandaCarlson, IA; Jennifer Brogna, Nicole Buono,
Tiffany DeWitt, Sydney Holloman- Pressley, Matthew Koski, Rachael Rabinovitz, Sean Price, Johanna
Bozicas, Mahlet Meshesha, Ryleigh DiMattei, SIA; Marylou DiVito, Diane Murphy, Tricia Toppin,
Secretary; Charlene Akimchuk, Kerry Lucas, Anne Chatfield, Jennifer Sacco, SSP; James Hall, Danielle
Mirisola, Amanda Murphy, Tammy Hua, SSI; Corrine Coveney, Joseph Wong; Library Technician;
Emily Campbell, Sara Cole, Genevieve Loati, Kally Maday, Andrew Porter, Kate Rock, Abby Swanson,
Rachael Minor, Brain Higginbotham, Caitlin Maloney, Shamsa Gilani, Sarah Hurst, Jessica Lo, Loree
Galpin SPED IA; Carin Casey, School Library Asst; Casey Hagerty, Community Dev. Dept Assistant;
Vanessa Myette, Emily Kelloway, BCBA; David Felix, Dispatcher; Ralph Pecora, DPW Water /Sewer
Supt.; Lindsay Day, Julie Marie Romagna, Regina Cokkinias, Amy White,SSP; Gina Federico, Municipal
Acct Assistant; Karen Edwards, Dept. Clerk; Kevin Grocki, Webmaster; Nicola Thomas, Overmax Aide
DEATHS: Marilyn Williamson, Tutor, 9/1/15
RETIREMENTS: Michael Walsh, Custodian, 8131115; Stephen Cunniff, Custodian, 9/21/15
Some of the Board members will be attending the Conflict of Interest presentation offered by the Town.
Tom O'Donnell confirmed that three credits will be offered for completion. Linda Vine will be asked if a
certification form confirming attendance will be available.
Rob attended the PERAC Emerging Issues Forum and discussed a PRIT fund presentation that would
allow municipalities to invest their OPEB funds with PRIT. The Board asked that Paul Todisco be
contacted for information on the fund and its allocation.
Henry and Steve from Meketa discussed updating the Investment Policy Statement since the one on file is
over five years old. Meketa would like to incorporate the newest asset allocation for the Board. A
proposal was made for Meketa to provide a report for discussion at the October meeting.
The portfolio was negative 3.9% for August mostly due to international equity and GTAA exposure.
Matthews for the year was negative 8% but still out performed the benchmark. There are structural issues
with China. The currency was devalued and there is strong evidence that growth is now slower and there
is much uncertainty. World commodities are driven by China as it is the second largest economy.
Earlier in the month $3m was transferred from PIMCO and will be held in cash; $3m was transferred
from Matthews to Acadian. Beacon distributed $206,188.
Alan discussed his concerns with PIMCO and mentioned there is too much Emerging Market exposure
and over weighting in emerging markets and bonds. The PIMCO philosophy does not change when the
world does. Alan made a motion to liquidate PIMCO and move the funds to cash. The motion was
seconded by Fred and accepted unanimously.
Henry mentioned looking at real estate funds since the investment with Beacon will be ending. The
Board agreed to have Meketa look at both core and non -core real estate investments. Meketa will provide
updates on fossil fuel on a quarterly basis.
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. Dan Sherman has not responded to the
request to submit data as to how the change would affect the actuarial data. Maggie tried to get
information from the school department of how many members have had their hours reduced to less than
20 but was told that information was not tracked. Prior correspondence from Mike Sacco mentions the
Board can adopt a policy that once a member falls below the criteria the member can no longer contribute
and accrue creditable service, The Board will discuss at the next meeting.
The Board was reminded of the Board Member training and the MACRS October conference in
Springfield. No one will be attending.
PTG will contact Maggie in October to set up a meeting for employee self service module presentation.
The next meeting will be held October 27, 2015, 8:00 AM at Cary Memorial Library. FMI and Matthews
will be attending for the annual presentations.
A motion was made, seconded and approved unanimously to adjourn the meeting at 9:45.
Robert Cunha, Chairman Alan Fields, Appointed Member
Robert Addelson, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member