HomeMy WebLinkAbout2018-02-22-RB-min Minutes of the February 22, 2018 Retirement Board Meeting:
Present: Robert Cunha, Joe Foley, Frederick Weiss, Alan Fields, Carolyn Kosnoff, Marguerite
Oliva and Jim Condon
NEW MEMBERS: (9) Max Sandler, Melissa Pinho Harms, SSI's; Elizabeth LeBlanc, Utility
Billing Mgr.; Jeffrey Kern, Laborer; Ann Vento, Shawna Marchand, Instructional Assts.;
Bridgette Reiss, Library Tech.; Susan Barrett, Transportation Manager; Nicholas Paolini, S.LA
DEATHS: Linda Griffith, Survivor of Daniel, 9/29/17
RETIREMENTS: None
The Board accepted the 022818 Warrant and February payroll. The January 2018 minutes were
reviewed and approved, as well as the cashbooks for December 2017.
The Board acknowledge the presence of Mr. Alan DiPietrantonio and Attorney Paul Nugent to
open the meeting. Attorney Nugent spoke briefly regarding the facts of Mr. DiPietrantonio's
case for Board approval of an Accidental Disability pension. The findings from the Medical
Panel were all in agreement that the client is incapable of returning to work. The Board
informed Mr. Nugent they would vote on this matter and inform him of the decision.
At 8:15 AM, Bob Cunha made a motion to approve Mr. DiPietrantonio for an Accidental
Disability pension, which was seconded by Joe Foley, and unanimously approved by Carolyn
Kosnoff, Fred Weiss, and Alan Fields.
Board members were reminded to visit the PROSPER site for upcoming course registrations,
memos, and updates on disability cases.
The $5,000,000.00 transfer from Loomis to PRIT fund will go through on Thursday March 1,
2018.
Mr. William Edmonds buyback remains in a pending status. Our office is waiting to hear back
from Middlesex County Retirement System on liability of creditable service for Mr. Edmonds.
Sarah Duncan and Jeff Kusmierz presented the Rhumbline update. Our portfolio was up 5.47%
thru 1/21/18, then took a 3.74%hit from recent market volatility in February. Currently, we are
up 1.73% as of 2/20/2018. The overall market value is $21,642,048.00. Sarah gave an update
on the company as a whole, and its organizational chart with certain employees. Jeff spoke
about various holdings that have been strong in the pooled index fund. He mentioned some new
product highlights in his business update. S&P MidCap 400 Growth and Dow Jones Brookfield
Global Infrastructure were launched and performing well.
Saul Henry and Leigh Crosby presented the Wellington update. The Board was invited to attend
a fossil fuel to alternate fuel use conference being held on May 18, 2018. It is an informative
session to see where companies are trending from use of fossil fuels. They spoke of the firms
belief in long term returns from reinvesting with the enduring assets class. Our portfolio finished
up 18.6% for y/e 2017. It has been at highest rate of return in 5 years, according to Saul. India
Awakes and the technology sector have been major drivers in this class. The first month and half
of 2018 has been fairly flat, mainly due to rising interest rates. The market has endured a few
rough days on Wall Street this quarter. Fred then questions if Wellington has any theme changes
for 2018. Saul replied the goal is to not overstay in India too long. They will watch for sell-offs
and rising inflation rates, but continue on as they had in 2017.
Steve McLellan presented the Meketa update. Our asset class performance for 2018 is up 3.7%
with a balance of$174,008,482.00. It was noted the February performance was down 2.7%, due
to the bond market lagging and rising interest rates. This puts the portfolio up 1.0% for the first
two months of 2018.
Steve referenced PERAC memo 411 in regards to RFP's. After brief discussion, he
recommended the Board vote on an RFP for Acadian International. Alan made the motion, Bob
seconded, and was approved by Joe and Fred. Carolyn was unavailable for this motion.
Wellington continues to do an excellent job for our portfolio. The Board members noted this
firm is doing exactly what we expect of them. Both the Opportunistic and Enduring Asset funds
are very tactical in how they are operating to achieve such positive figures.
Steve suggests that we call in William H. Blair to hear their strategy for this upcoming year.
Steve stated that the market now, and going forward, appears to fit the Blair strategy. The Board
would also like an update of their performance over the past few months.
Fossil Fuels rose to 4.5%
William Blair and Acadian are scheduled for review at the next Board meeting.
A motion was made by Bob, seconded, and unanimously approved to adjourn the meeting at
9:50 AM.
Next Board meeting will be held on Thursday March 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