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Home My WebLink About2016-11-29-RB-min MinutesoftheNovember29,2016RetirementBoardMeeting Present:RobertCunha,AlanFields,JosephFoley,MargueriteOliva,andJamesCondon Absent:FredWeissandRobAddelson BobCunhacalledthemeetingtoorderat8:10AM. NEWMEMBERSʹ(5)KateBeil,K.I.A;BrianLenihan,I.A.;DennisDaigle,Maintenance;Donna Amidon,SSI;MatthewWeisman,EngineeringAssistant DEATHS:NancyBonica,IA,(activemember)10/9/16;AlanEmery,Firefighter,10/27/16 RETIREMENTS:RobertMagarian,HeavyEquipmentOperator,12/31/16;CathyCarcione, Secretary,1/20/17 TheBoardacceptedandsignedthe113016WarrantandNovemberpayroll.TheOctober2016 minuteswerereviewedandapprovedaswellasthecashbooksforSeptember2016. TheTowntransferred$300,000totheVanguardfundforOPEBon11/1/16.Currentbalanceis $8,310.361. On11/1$1,000,000waswiredfromtheStateStreetaccounttoPRITREFund.On12/1another $2mwillberedeemedfromtheHartfordfundand$1mwillbewiredtoPRIT. LouisOrifice,whoretired7/6/15,isnowapplyingforanaccidentaldisabilityretirement.The RetirementBoardiswaitingforthe{ǒƦĻƩǝźƭƚƩ͸ƭreportfromtheFacilitiesDept.forreview beforeanyactioncanbetakenonthismatter. RobertMagarian,whowasaHeavyEquipmentoperatorfortheDPW,isalsoseekingan accidentaldisabilityretirement.Theapplicationwillbesenttohimandthe{ǒƦĻƩǝźƭƚƩ͸ƭreport appliedforaSuperannuationfor12/31/16. willbesenttotheDPW.Roberthasalso BobwantedtoverifythataTownMeetingarticlehasbeenreservedfortherequesttoincrease theCOLAbaseto$14,000. SteveMacLellanandHenryJaungfromMeketawerepresent,alongwithcolleagueLilyWhite. TheteamgaveanupdateonportfolioperformancethruOctober2016.Thetotalmarketvalue was$142.1m.Sincethepresidentialelection,longtreasuriesarethebiggestloser,REITSand utilitieshavedonepoorly.FinancialshavedonewellashaveU.S.stocks.Smallandmidcapare updoubledigitsandlargecapisupsingledigits.Itwillbeahardyeartohitthe7½% assumption.Thetrailingnetperformanceforoneyearshowsthatmostassetclasses outperformedthebenchmarks.Interestratescontinuetoremainlow,yetareexpectedtorise in2017Henrystatedwearepositionedfairlywell,yetcautionedofǞŷğƷ͸ƭtocomenowthat Trumphasbeenelectedaspresident. LilyWhite,SMIDresearcherdiscussedthesearchforaSMIDmanager.InOctoberMeketa issuedanRFPforSMIDcapcoremanagerswiththreeadditionalrestrictions:respondersmust havebeeninoperationforatleastfiveyears,thefiveyearortenyearannualizedexcessreturn groupmedianandthestrategymustbeofferedasamutualfundor mustbeabovethepeer commingledfund.Ofthe13responders,twomanagersdidnotmeettheminimumcriteria, fourwereratedhighlyadvantageous,fourwereadvantageousandthreewerenot advantageous.Afterdiscussingthemanagers,BobsuggestedtheBoardpicktwotointerview andBostonCompanyandKayneAndersonRudnick(KAR)werechosen.Alanwouldliketo conferwithFredonthesechoices.Meketawillcontactbothtoseeiftheyareavailableto attendtheJanuarymeeting. RichardJacobsonfromGolubCapitalwaspresentandgavetheBoardanupdateonthe rd performanceoftheGolubCapitalPartners9LƓƷ͸ƌfund.The3quarterreturnsareup2.7% 2.8%range.TheYTDrangereturnsarerightaround11%.Golubremainscommittedin Healthcareinvestingat18%ofportfoliovalue,whiletheirstanceincommoditiesremainslow. TheannualRhumbLinemeetingissetforJanuary26,2017. NotificationwasreceivedfromDALAofanappealbyPERACandJoeh͸\[ĻğƩǤonthevacation payoutissue. Amotionwasmade,secondedandapprovedunanimouslytoadjournthemeetingat10:25AM. ThenextmeetingwillbeheldonJanuary26,2017at8:00AMatCaryMemorialLibrary. _______________________________________________________________ ChairmanAlanFields,AppointedMember RobertCunha, Absent RobertAddelson,ExOfficioMemberJosephFoley,ElectedMember Absent FrederickWeiss,AppointedMember