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2021-12-07 Retirement Board Minutes
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2021-12-07 Retirement Board Minutes
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1914 ,, <br />MINUTES OF THE READING RETIREMENT BOARD MEETING <br />Tuesday December 7, 2021 <br />The Reading Retirement Board held a special session meeting on December 7, 2021 in The Conference <br />Room at 2 Haven Street, Unit 307, Reading, Massachusetts. <br />The meeting was called to order at 9:06 A.M. by Chairman David Gentile with board members, Carol <br />Roberts, Board Administrator Colleen Loughlin, Assistant Board Administrator Elaine Kelly and Kevin <br />Furilla, IT Manager. Sharon Angstrom was approved by the Chairman, prior to the meeting, to <br />participate remotely. <br />SPECIAL ITEMS <br />• IT Manager addressed the Board in an effort to clarify any questions they may have regarding the <br />possible institution of a separate IT server. The Board members asked a series of questions and will <br />finalize a decision at the December 22, 2021 Board meeting. <br />NOTE: John Halsey joined this open session at 9:15 AM and Joseph Coughlin joined this open <br />session at 9:25 AM. The IT Manager left this open session at 9:45 AM. <br />NOTE: Anthony Tranghese, Fiducient Advisors and Laura Strickland, Pension Reserves <br />Investment Management (PRIM) joined this open session at 9:45 AM. <br />• Laura Strickland discussed the long-term strategy of PRIT. Laura went over PRIM's personal <br />changes, investment strategies and PRIT fund performance. Laura also reported that our portfolio has <br />gown from $128,000,000 in March 2019 to $185,000,000 in September 2021. <br />NOTE., Laura Strickland left this open session at 10:20 AM. <br />• Anthony Tranghese gave a brief overview and update to the Board. Anthony reviewed the Board's <br />investment strategy that was put in place in December 2018. Basically, it was decided to reduce our <br />overall portfolio down to 85% in the PRIT fund and 15% in the PRIT fund sleeves, specifically, the <br />Private Equity Vintage Year (PEVY). Anthony reported that we are on a path to accomplish the goal <br />of being able to move the 85% into a less risky strategy when we are fully funded. <br />NOTE. Anthony Tranghese left this open session at 10:48 AM. <br />• SHARON ANGSTROM motioned to take a brief recess <br />SECONDED BY: CAROL ROBERTS <br />I I <br />
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