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Home My WebLink About2017-04-27-RB-min MinutesoftheApril27,2017RetirementBoardMeeting Present:BobCunha,JosephFoley,FrederickWeiss,AlanFields,MargueriteOlivaandJimCondon. Absent:CarolynKosnoff NEWMEMBERSʹ(6)ChristopherRaposa,AndrewMahoney,AndrewEriksen,StephanieHudson,Erik Guillette,Firefighters/Paramedics;LeahPuffer,Asst.DatabaseAdmin. DEATHS:Sen.KenDonnelly,FF,4/1/17,ElizabethBolster,SchoolLunch,3/10/17,DanielGriffith, Custodian,4/7/17,RuthWalsh,SchoolKitchenMgr.,4/11/17 RETIREMENTS:RosaTsai,ReferenceLibrarian,6/1/17;SheilaButts,CommunityCenterDirector,5/5/17 TheBoardacceptedthe043017WarrantandtheAprilpayroll.TheMarchminuteswerereviewedand approved,aswellasthecashbooksforFebruary2017. TheBoarddiscussedthemedicalpanelreviewsforLouOrificenotingthatthethirdreportwasnotin agreementwiththeothertwowhostatedLouwasnotabletoperformhisessentialdutiesandthe injurywaspermanent.AmotionwasmadebyBobtoaccepttheADR,secondedbyJoeandvotedin agreementbyAlanandFred. ThematterwithJosephh͸\[ĻğƩǤisstillpendingatDivisionofAdministrativeLawAppealsregardinghis vacationaccrualpayoutfromtheTownofLexingtonatthetimeofretirement. TheCostofLivingAdjustmentforretireeswasapprovedbyTownMeeting.EffectiveJuly1,2017,the COLArateissetat3%ofthefirst$14,000.00forretirees. TherewasabriefconversationregardingpostingtheminutesoftheBoardmeetingstotheTown websiteforthegeneralpublic. th .Noothercandidatehadcome Thelastdayfornominationpapersfor.ƚĬ͸ƭpositionwasMay10 forward. MaggiespoketotheBoardaboutMorganRecordsManagementCo.Thisisascanningcompanyoffered byPTGthatwouldscanallretirementrecordsofourchoiceandimportthemintothecomputersystem. Theinitialfeeis$18,500andtheannualfeeforthisvendoris$4,000peryear.TheBoardrecommended callstootherlocalboardswhoareusingthisvendorserviceforfeedback. thth. TheMACRSConferencewillbeheldinHyannisfromSundayJune4untilWednesdayJune7Bob,Joe, Maggie,andJimarescheduledtoattend. ThereweredistributionsfromGolubCapitalfor$70,000.00,Monroefor$114,073,andafinalreleaseof capitalfromBeaconfor$279,771.Withtherelease,eachinvestorinFundVhasnoobligationtofund furthercapitalcontributionstoFundVeffective3/29/17. TheVanguardbalanceforOPEBwas$9,317,026on3/31/17. KayneAndersonRudnickhasbeenfundedtoday.$6mwastransferredfromtheHartfordFund.Expect toseeKayneAndersonnumbersonMayreport. SteveMcLellanandHenryJaungpresentedtheMeketaupdate.Theportfolioincreasedfrom$149.6m on2/28/17to$152.1mon3/31/17.TheHartfordbalanceisnowat$6m.Therewasadiscussionabout theholdingsat36%domesticequityand21%internationalequity.Alanraisedthepointofmoving moresmall/midcapintoInternationalequity.Henryadvisedthatweshouldholdofffornowsighting st creditriskandlowgradecorporations.Theenduringassetshavegoneup7.3%forthe1quarter. TheLoomis/SaylesreviewwaspresentedbyJosephBeauparlant.Hegaveabriefoverviewoftheuseof anopportunistictypecreditcyclestrategyapproach.Theapproachhasbeeninuseforroughlyeight(8) yearsandLoomisplanscontinuetousethisapproachforatleast23yearsmore.Theportfolioisdoing wellinparttoPresidentƩǒƒƦ͸ƭtaxcutsandderegulation.TheUShighyieldassetsandbondsareup 2.45%fortheyear.TheyseemajorgainsonthehorizonbecauseźƷ͸ƭveryattractivenow͵Oncea downturnbegins,LoomisSayleswillmovetomoresecuritizedcredit.ThereviewwrapsupwithAlan questioningwhereLoomisSayles10yearforecastshouldhavethemsituated.FromaBasisPointsview, JosephinformstheBoardthegoalis275orhigher. DougKryscioandKyleConcannonfromWilliamBlairpresentedtheMacroAllocationStrategyupdate. Theypresentedanoverviewofthefirm,assetsundermanagementandthemembersoftheallocation strategyteam.TheyexplainedtheirInvestmentProcessOverviewasitrelatestoexpectedreturns,risk budget,andriskexposuresintheMacroAllocationenvironments. TheWilliamBlairperformancesummarywaspresented.LexingtonRetirement.ƚğƩķ͸ƭassetsasof 3/31/17were$4,843,466andtheperformancesince7/31/15inceptiondateis2.08%.Assetsareup $183,559.00fromlastreview7/28/16. SteveMacLellanandHenryJaungspokeabouttheWilliamBlairstrategyandperformance.Theyhave concernsaboutthereturnsandcostsassociatedwithtransactions.ThedecisionsBlairmakestendsto notpayoff.Itismoreofawinone,loseonestyle.Thistypeofactioniscreatingalowconfidencefeel totheBoardmembers.BlairshouldbedoingbetterbasedonthefactthatAcadianandMatthewshave similarexposuresinthemarketandareperformingfairlywell. ThereisnochangeinFossilFuelstance.Holdingat4.5%. nd TheBoardMemberswereremindedofMemo#17regardingeducationaltrainingsin2qtr.2017. HartfordwillbeinvitedtotheMaymeeting. Amotionwasmade,secondedandunanimouslyapprovedtoadjournthemeetingat10:10. th at8:00AMinCaryMemorialLibrary. ThenextBoardMeetingwillbeThursdayMay25