HomeMy WebLinkAbout2017-10-26-RB-min Minutes of the October 26, 2017 Retirement Board Meeting:
Present: Robert Cunha,Joe Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva and
Jim Condon
NEW MEMBERS; (14) Matthew Nagle,Technician; Kelly Barnes, Amanda Cronin,Jacquelyn Pisecco,
SSI's; Renita Haverly, SSP; Sammantha Sylvester,Johanna St. Pierre, Nicole Morehouse,Joseph Zuccaro,
Maksim Sokolov, SIA's; Michael Cronin, Director Public Facilities, Francis Megan, Custodian;Tyler
Morgan, Mechanic;Thomas Kennedy, Building Inspector;
DEATHS: Richard Meadows, Custodian, 10/22/17
RETIREMENTS: Robin Fullford, Utility Manager, 12/20/17; Mary Brennan,Tutor, 10/20/17; Cynthia
Hemenway, IA, 12/31/17; David Fogel, Library Tech, 11/3/17
The Board discussed the matter of Vivian Marcano and her appeal to DALA for an Accidental Disability
Retirement. Ms. Marcano was denied an ADR by the Lexington Retirement Board on May 25, 2017,
citing a pre-existing knee injury and that she never returned to work after the fall so the department
could offer her a modified job. The Retirement Board had not received an EAF stating her
termination/resignation but just received a copy stating she was a "no rehire"which indicated
termination. Attorney Michael Sacco recommends that a Medical Panel be set up to support her claim
for an ADR benefit. A motion was made by Bob Cunha, seconded by Alan Fields and Joe Foley to request
a Medical Panel Examination.
Alan DiPietrantonio has filed an Accidental Disability Application. He is currently out of work using sick
time. The Board is waiting on paperwork from Shawn Newell regarding the injury, as well as medical
records from treating physicians. This matter will be taken up at the November Board Meeting when
more information could be made available.
Board Member Joe Foley submitted the required signatures needed for the upcoming Retirement Board
election. As of October 26, 2017,Joe is the only candidate to file such paperwork.
The Board approved the retirement staff a one (1) month subscription to PeopleFinders.com. This site
will allow us to look up addresses of inactive members of the retirement system whose member
statements have been returned as undeliverable. Our goal is to locate these members and advise them
of their account on file.
Michele Joyeux and Richard Jacobson presented the Golub Capital performance update. They gave a
brief update on how the firm is doing as a whole. Over$20 b of capital is currently under their
management. They focus heavily on Senior Secure markets with two other leading players, as well as
several market participants. Asked about concerns of the market, Richard explained of how long it will
be so borrower friendly. With numerous loans out there, a recession would slow down the borrowing
rate. Also, the uncertainty of President Trump and changes in policies his administration could institute.
In the end, Richard stated the firm is well protected and will not see any volatility in the near future.
Sean Duff presented the Monroe Capital performance update. He mentioned we completed the terms
of the Senior Secured Direct Loan back in the spring, and our receiving distribution returns around 9%.
By 2nd quarter 2019, most of our principle will be paid back. Sean explained the investment performance
of Monroe citing the number of loans out and the upside of certain deals. Then he gave an overview of
several realized transactions within 20 companies through industry, citing healthcare, media, and
business services along with funding percentages. He wrapped up going over Loan Maturity payoffs at
the end of amortization periods and internal credit ratings.
Steve McLellan presented the Meketa update. The portfolio continues to perform well. It increased
from $161.1m on 08/31/2017 to $162.2m as of 09/30/2017. YTD earnings are up 14.7%and holding
strong. The 1 year earnings period is at 15.1%. The Fidelity Contrafund continues to perform extremely
well, posting 23.9%YTD and 23.2%the 12 months. Consumer companies have been the driver for great
gains as of late. Matthews Tiger Fund and Acadian continue to do well in the International Equity Asset
Class. Matthews YTD is 26.0%,while Acadian is 28.4%.
Steve concluded that generally all asset classes are up. We are seeing bigger returns in the Info
Technology fields and the Internet companies, such as Google and Netflix. Regulatory relief and political
talk appear to be the driving force for this upswing.
There was a brief discussion of PERAC memo in regards to posting the fifth member position. It was
decided to post to the Town and PERAC websites in December.
The need to bring a laptop or tablet to the meetings for the Board to use to sign documents through
PROSPER was discussed. The IT department should be able to provide one for our use.
The Board was informed of the upcoming Town sponsored open meeting and public records law
sessions.
A motion was made, seconded, and unanimously approved to adjourn the meeting at 10:05 AM.
The next Board Meeting will be held on Tuesday November 28th at 8:00 in Cary Memorial Library. PRIT
will be present for their annual review.
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member