HomeMy WebLinkAbout2015-12-22-RB-minMinutes of the December 22, 2015 Retirement Board Meeting
Present: Robert Cunha, Joe Foley, Rob Addelson, Fred Weiss, Marguerite Oliva, and Karen Marchant
Alan Fields joined the meeting by conference call.
Bob Cunha called the meeting to order at 8:00 AM.
NEW MEMBERS: (9) Margaret DeGregorio, Emilee Scarpino, SSI; James Blake, DPW Mechanic;
Michael Aloisi, Custodian; Megan Papetti, School Secretary; Musa Adam, SPED IA; Michael Golden,
Assistant Assessor;
Susan McLaughlin, Administrative Assistant; Megan Devine, Economic Development Coodinator
DEATHS: None
RETIREMENTS: Frank SanSeverino, Dispatcher, 1/13/16 ; Joseph Foley, Firefighter, 1/7/16
The Board accepted and signed the 123115 Warrant and December payroll. The November 2015 minutes
were reviewed and approved as well as the cashbooks for October 2015.
An ADR application has been received from Jason Morey. There is a difference of opinion between
Jason's Doctor and the Town of Lexington's Doctor regarding his ability to return to work. Jason
requested three separate doctors for the medical panel, so moved.
There was a buyback and redeposit request from Jill Garvey, a part time IA whose hours have increased
and is now eligible for membership. She is seeking to redeposit a refund she took from Chelmsford and
buyback the part time service with Lexington, so moved.
A meeting is to be scheduled with Maggie, Rob and Laurie to discuss if MLJNIS can somehow track
employees hours when they fall below 20 hours.
Neither Fidelity nor Wellington can make the January 28, 2016 meeting. Hartford and Acadian will be
invited.
A new printer for Karen has been approved.
Memo # 10 for Board Member Training for 4"' qtr. 2015 was given to each Board Member.
Henry from Meketa was present to give the November 30, 2015 interim update. He reported the market
value was $139.8 mil down from $140 mil from 10/31/15. The November numbers for PRIT weren't
available yet so he made comparisons for October and reported that asset class to asset class we
outperformed PRIT in every class except for two and overall have done very well looking at the numbers
year to date. In January the full report will be available. Moving forward into 2016 Henry made some
suggestions. With Fiduciary at 16% of asset class and fees at .94 basis pts. he suggested reallocating
funds from Fiduciary to RhumbLine. And he also thought with Beacon corning to a close doing another
real estate search. After much discussion it was decided that Meketa will do a real estate search for both
Value Add and Core as well as Real Estate Debt. There was also a motion by Alan, seconded by Fred
and voted unanimously to move $5 mil from Fiduciary and put $2.5 mil into Acadian and $2.5 mil into
RhumbLine.
Brian Savage came forward looking to buyback his layoff time from 2003. He wasn't Listed as one of the
original police officers so the Board questioned his eligibility. Maggie will confirm from Human
Resource Director Dee Casey and /or Town Manager Carl Valente.
A motion was made, seconded and approved unanimously to adjourn the meeting at 9:20.
The next meeting will be held January 28, 2016, 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