HomeMy WebLinkAbout2018-01-25-RB-min Minutes of the January 25, 2018 Retirement Board Meeting:
Present: Robert Cunha, Joe Foley, Frederick Weiss, Alan Fields, Carolyn Kosnoff, Marguerite
Oliva and Jim Condon
NEW MEMBERS: (10) Ala Hamdi, Carolyn Soderstrom, Valerie Porter, SSI's; Kelly Flaherty,
IA; Olga Feliz, Custodian; James Kelly, Building Commissioner; Matthew Casey, Richard
Spaulding, Laborers; Sally Peacock, Town Accountant
DEATHS: (2) Corrine Connor, Survivor of Gerald Connor, 1/15/18; Dorothy Graham, School
lunch, 1/16/18
RETIREMENTS: (4) Barry W.J. Rose, DPW Leadman, 1/29/18; Charles Crayton, Patrolman,
1/19/18; John Fleck, Asst. Fire Chief, 1/26/18; Elaine Melahouris, Analyst, Insp. 2/2/18
The Board accepted the 013118 Warrant and January payroll. The December 2017 minutes were
reviewed and approved, as well as the cashbooks for November 2017.
The Board acknowledged that Alan DiPietrantonio and Vivian Marcano have both completed
their respective medical appointments. PERAC will notify us via email and through the
PROSPER website the next completed stage for these two individuals.
Bob announced that Frederick Weiss was reappointed to a second term by the Board of
Selectman. Fred's 2nd term date commenced on January 12, 2018 and will expire on January 11,
2021.
The Board voted unanimously to re-appoint Alan Fields as the fifth member to the Lexington
Retirement Board. Bob Cunha made the motion, which was seconded by Joe Foley, and
approved by Fred Weiss and Carolyn Kosnoff This will be Alan's seventh term with the Board.
His term will expire on January 20, 2021.
Board Members were reminded to visit the PROSPER site for upcoming course registrations to
obtain education credits. Upon course completions, they will need to submit
certifications/affidavits through PROSPER for credit.
The Board voted on the Cost of Living Adjustment for 3% of the first $14,000.00 for retirees. A
motion was made by Bob, seconded by Joe, and approved unanimously for the FY'19 COLA.
Alan, Fred, and Carolyn were informed to complete the required 268(A) Form on PROSPER.
There was a White Oak distribution for $127,309.00 and a Monroe distribution for $257,754.00
to the town.
Steve McLellan presented the Meketa Update. He stated there is discussion with their Actuary
regarding immunization and research analysis for Senior Debt, which is somewhat unstable. Talk
of allocating 5 million dollars possibly. He mentioned Golub Capital is no longer calling, and
Monroe is also done.
Steve spoke up about the possibility of scaling back on Contrafund and/or Loomis. The thought
is to bump up our real estate holdings. Our allocation is at 6%, with the possibility of raising up
a few percentage points. The projected forecast has real estate continuing to have strong returns
in the long term. Alan feels the proposal is logical and states that the numbers would fall in line
with PRIT's real estate figures.
The Board discusses that the best move would be to raise our asset allocation 3% in real estate.
Fred suggests we move 5m from Loomis into PRIT RE. Then we can deal with Contrafund after
the Loomis transaction.
Bob motions $5,000,000.00 transfer from Loomis to PRIT RE, seconded by Alan, and approved
by Carolyn, Joe, and Fred.
Our asset class performance summary for the year 2017 up 19.7% with a $168,603,885.00
balance.
Fossil fuels remain unchanged at 4%.
RhumbLine and Wellington are scheduled for review at the next Board meeting.
A motion was made by Bob, seconded, and unanimously approved to adjourn the meeting at
9:30 AM.
Next Board meeting will be held on Thursday February 22, 2018 at 8:00 am in Cary Memorial
Library.
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member