Plymouth Retirement Board
Friday, August 27, 2010 - 8:30 a.m.
Retirement Board Conference Room
Chairman Thomas Kelley called the meeting to order at 8:30 a.m. in the conference room of the Plymouth Retirement Office. Present Board members were Thomas Kelley, Richard Manfredi, Lynne Barrett and Shawn Duhamel. David Malaguti was absent. Also present were Debra Sullivan, Wendy Cherry, Anthony Tranghese of Fiduciary Investments and Atty. Michael Sacco.
Section I: Regular Business – Regular Meeting
Minutes:
Minutes dated July 30, 2010: Regular Board Meeting
Motion to approve minutes made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Warrants:
Warrant #6, dated June 30, 2010 $1,587,389.79 (Final w/ Trial Balance)
Warrant #7, dated July 31, 2010 $2,501,367.40 (Partial)
Warrant #8, dated August 31, 2010 $3,336,941.26 (Partial)
Warrant #9, dated September 30, 2010 $ 3,545.76 (Partial)
Motion to approve warrants made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Public Comment:
None
Section II: Solicitation & Correspondence:
Investment Correspondence:
Westfield Capital Investment Commentary July 2010
Wellington Management Legacy PPIF: Summary of Capital
Termination of Tyler Technologies:
Tyler Technologies (TACS) software has been terminated. Tyler has requested remote access to the Retirement Office server to remove the software. Clever Minds, the Boards' IT Consultants, have suggested that Tyler come into the Retirement Office to uninstall the software from the server, with Don Stevenson from Clever Minds on hand to supervise. Clever Minds also suggested that they could remove the software, under a signed affidavit to certify that it has been removed from the server. The entire Board agreed that they would prefer to have Clever Minds do the removal, if possible.
Motion made by Mr. Duhamel to inquire whether or not Tyler will allow Clever Minds to remove the software on their behalf; seconded by Ms. Barrett. Unanimously voted.
Actuarial Valuation:
Mrs. Barrett inquired whether or not Larry Stone of Stone Consulting would be ready to come in and present the full actuarial valuation for January 1, 2010 at the Board's September meeting. Both she and Mr. Duhamel said they would like a full, comprehensive valuation, including various scenarios of COLA and salary increases. The Board agreed that if Mr. Stone could not complete this valuation for September that he should be present at the October 2010 meeting.
Audit:
The Board was given draft copies of the financial statements from Powers & Sullivan for the Plymouth Retirement System for year ending December 31, 2009.
Board to sign the representation letter to Powers & Sullivan for the December 31, 2009 audit.
PERAC Memo's:
The Board received the following correspondence from PERAC for the month of August:
PERAC Memo #32/2010: Municipal Early Retirement Incentive Program Section 66 of Chapter 188 of the Acts of 2010. Note: The Town of Plymouth has chosen not to participate.
PERAC Memo#33/2010: Chapter 188 of Acts of 2010, An Act Relative to Municipal Relief containing the Valuation schedule requirement, Funding Schedule requirement & Cola changes
PERAC Memo#34/2010: Acknowledgement for Prospective Investment Managers
PERAC Annual Report for 2009
Third Party Portfolio Monitoring:
Robbins, Geller, Rudman & Dowd have asked for a letter of dismissal from the Plymouth Retirement Board on the litigation against Natco Group Inc. They are no longer able to pursue this case, but since the Plymouth Retirement Board was the lead complaint in this case, they need a letter from the Board in order to dismiss the case.
Motion to give letter of dismissal to Robbins, Geller, Rudman & Down in the suit against Natco Group Inc. made by Mr. Duhamel; seconded by Mr. Manfredi. Unanimously voted.
IRS Determination Letter Approval
The Plymouth Retirement System has received a favorable determination letter from the IRS. This letter states that the Retirement System is a participating employer in a multiple employer plan under section 413(c) of the Code.
Section III: Executive Session:
Pursuant to Chapter 30A, Section 21B, Board to enter into executive session to discuss pending litigation.
Roll call vote to enter into executive session at 8:45 a.m.:
Kelley yes
Manfredi yes
Duhamel yes
Barrett yes
Board will re-enter into the regular meeting following executive session.
Motion made to adjourn executive session and re-enter into the regular meeting at 9:05 a.m. by
roll-call vote:
Mr. Manfredi yes
Mr. Duhamel yes
Ms. Barrett yes
Mr. Kelley yes
Section IV: Membership:
Retirements:
Town:
Brown, Donald, Group 4, Deputy Fire Chief
33 years, 1 month service (7/1/77 – 8/28/10)
Superannuation retirement, option c
Retirement date: August 28, 2010
Dorman, Richard, Group 4, Police Lieutenant
32 years, 3 months service (6/6/78 – 9/25/10)
Superannuation retirement, option c
Retirement date: September 9/25/10
Motion to approve retirement made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Refunds
Town:
Alosi, Brian, Group 1, Selectman
4 years service (1/1/94 - 5/10/97)
Total distribution, including FWT: $400.38
Coppari, Howard, Group 1, Town Planner
1 year and 4 months creditable service (2/19/08-7/02/09)
Rollover to: Fidelity Management Trust Company
Total rollover: $8,383.97
School:
Andrews, Michelle, Group 1, Paraprofessional
2 years, 6 months service (11/21/95 – 3/6/98)
Total distribution, including FWT: $1,206.10
Ditmars, Elizabeth, Group 1, Secretary
7 years, 3 months service (10/1/01 – 5/28/10)
Total distribution, including FWT: $12,702.58
Levis, Albert, Group 1, Custodian
4 months service (7/13/09 – 12/4/09)
Total distribution – rollover: $1,248.38
McDonald, Margaret, Group 1, Kitchen Worker
7 years service (5/19/03 – 6/15/10)
Total distribution, including FWT: $5,551.00
Porter, Janice, Group 1, Program Coordinator
3 years, 2 months (3/29/04 – 6/27/07)
Total distribution – rollover: $15,837.64
Rieder, Cheryl, Group 1, Student Aide
6 months service (10/14/98 – 4/30/99)
Total distribution, including FWT: $244.40
Rosa, Maureen, Group 1, Secretary
8 years, 11 months service (9/4/01 – 8/31/10)
Total distribution, including FWT: $24,266.30
Waters, Patricia, Group 1, Special Needs Aide
4 years, 11 months (3/14/94 – 3/19/99)
Total distribution, including FWT: $2,316.25
Motion to approve refunds made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
Transfers:
Town:
Tracy, Jayson, Group 1, Animal Control Officer
1 year creditable service (2/22/05-2/24/06)
Transferring to: Plymouth County Retirement Board
Total transfer: $1,545.28
School:
Antonellis, Lisa, Group 1, Special Needs Aide
1 year creditable service (1/17/06-6/18/08)
Transferring to: Massachusetts Teachers' Retirement Board
Total transfer: $742.86
Shaw, Mary A., Group 1, IMC Clerical Aide
3 years and 2 months creditable service (10/24/05-1/05/09)
Transferring to Massachusetts Teachers' Retirement Board
Total transfer: $1,851.01
Sylvia, Mark, Group 1, Town Manager
10 years and 3 months creditable service (1/12/1998-2/09/2009)
Transferring to the State Board of Retirement
Total transfer: $91,370.17
Motion to approve transfers made by Mr. Manfredi; seconded by Mr. Duhamel. Unanimously voted.
3(8)(c ) Liability:
School:
Albro, Donna, former School Nurse, worked for the Plymouth School Department from 9/01/1992 through 6/30/1999. Ms. Albro became certified by the DOE on 12/28/1995, but continued to work for the Plymouth School Department through June 1999. Ms. Albro's annuity savings account was transferred to MTRB on 7/1/2000. Although Ms. Albro's last deduction with the School Department was taken in June 1999, she returned to service in September 1999, as a member of the MTRB. Ms. Albro is requesting that the Town of Plymouth take 3(8)(c ) liability for the months of July and August of 1999, as she had no break in service. Will the Board approve 2 additional months of 3(8)(c) liability for Ms. Albro?
Motion to approve and additional two (2) months 3(8)(c) liability for Ms. Albro made by Ms. Barrett; seconded by Mr. Manfredi. Unanimously voted.
Section V: Investment Review:
Boston Advisors:
Doug Riley was present from Boston advisors for their 2010 annual investment review. He told the Board that Boston Advisors out-performed the benchmark in 6 out of 10 sectors during the 2nd quarter 2010.
For period ended June 30, 2010, the portfolio out-performed the S&P 500 benchmark with -5.97% vs. -6.65%. The 1-year under-performed the benchmark with 13.16% vs. 14.43%. Mr. Riley told the Board that Boston Advisors' stock selection model showed improved effectiveness during the 2nd quarter of 2010, especially in June. The model is working exceptionally well in the Small Cap products during 2010. Consumer discretionary and financials sectors were the best performers in the portfolio, whereas the industrials sector was the worst.
Westfield Capital Management:
Morton Fearey was present from Westfield Capital Management for their 2010 annual investment review. Westfield Capital is a growing, Boston-based firm with 100% employee ownership who share in the equity of the firm. Total assets under management, as of July 31, 2010, were $12 billion. The Plymouth Retirement System has $5.2 million assets under management with Westfield Capital.
The portfolio under-performed the Russell 1000 Growth benchmark with -11.74% vs. -14.19% for period ended June 30, 2010, and also for the 1-year with 9.80% vs. 13.62%. Mr. Fearey told the Board that although the fund has not done very well, he feels confident that their holdings now will help the portfolio going forward. In addition, he said he feels the structure of the firm is strong and committed to making gains in the portfolio.
Section VI: Adjournment:
Motion to adjourn meeting at 10:24 a.m. made by Mr. Manfredi; seconded by Ms. Barrett. Unanimously voted.
Next Meeting: Friday, September 24, 2010, 8:30 a.m.
The Town of Plymouth Retirement Board unanimously voted to approve these minutes at their meeting on Friday, September 24, 2010. Original, signed minutes are available at the Retirement Office, 10 Cordage Park Circle, Suite 240, Plymouth, MA.
| < Prev | Next > |
|---|
