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HomeMy WebLinkAbout2018-08-14 Retirement Board Minutes oiii Town of Reading Meeting Minutes k f:'t(VC. L'TOM., C' =RK R EA '7 Board - Committee - Commission - Council: Contributory Retirement Board VV NOV 29 PM 12: 34 Date: 2018-08-14 Time: 5:00 PM Building: Reading Retirement Administration Location: Conference Room Address: 2 Haven Street Unit 307 Session: Open Session Purpose: General Business Version: Final Attendees: Members - Present: Chairman-Thomas Clough Sharon Angstrom Carol Roberts David Gentile Members - Not Present: Joseph Veno Others Present: Colleen Loughlin-Board Administrator Elaine Kelly - Board Assistant Administrator Peter Lydecker-Reading Finance Committee Atty. Brian Fox-Murphy, Hesse, Toomey & Lehane, LLP Anthony Tranghese-Fiduciary Investment Advisors Minutes Respectfully Submitted By: Elaine Kelly Topics of Discussion: Page I 1 1642 - ► r MINUTES OF THE READING RETIREMENT BOARD MEETING Tuesday August 14,2018 The Reading Retirement Board held a special session meeting on August 14, 2018 in The Conference Room at 2 Haven Street, Unit 307, Reading,Massachusetts. The meeting was called to order at 3:10 P.M. by Chairman Thomas Clough in the presence of members Sharon Angstrom, Carol Roberts, David Gentile, Board Administrator Colleen Loughlin and Assistant Board Administrator Elaine Kelly. Vice-Chairman, Joseph Veno was not present due to health issues. Arty. Brian Fox from Murphy, Hesse, Toomey & Lehane, LLP, Anthony Tranghese from Fiduciary Investment Advisors (FIA) and Peter Lydecker from The Reading Finance Committee (FINCOM) were also present. SPECIAL ITEM Brian Fox from Murphy, Hesse, Toomey & Lehane, LLP attended as part of the interview process in response to the Board's Legal RFP. The Board will interview Arty. Michael Sacco and Arty. Christopher Collins from The Law Offices of Michael Sacco, P.C., as part of the Legal RFP process,at the August 21, 2018 regularly scheduled board meeting. A determination on the Legal RFP will be made at a later date to be determined. SPECIAL ITEM Anthony Tranghese from Fiduciary Investment Advisors (FIA) attended, per the Board's request. FIA had been asked to perform additional analysis of the Massachusetts Pension Reserve Investment Trust (PRIT) portfolio. Included in this analysis were recommendations for possible changes to the current investment portfolio to better align with the retirement plan's liabilities, both currently and in the future. The Board will make a determination within the next few months as to whether a change in investment strategy is warranted. The Board's Administrator will reach out to Paul Todisco, Senior Service Client Officer at Pension Reserves Investment Management Board (PRIM) to schedule a meeting in order to update the Board on the PRIT Core Fund's portfolio in an effort to better determine whether a change in investment strategy is warranted at this time. INFORMATION/OUESTIONS/OTHER ITEMS The next board meeting is scheduled for August 21, 2018 at 4:00 PM in the Conference Room at 2 Haven Street, Unit 307, Reading. J 1G43 < � OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE ADJOURNMENT • SHARON ANGSTROM moved to adjourn this open session at 6:35 PM SECONDED BY: DAVID GENTILE VOTED: (4-0-0) UNANIMOUS Z" � Chairman, Thomas A. Clolugh,2" appointed Vice-Chairman,Joseph R. Veno, V elected Sharon M.Angstrom,Ex Officfb C� 'R 'L 4 C 1-B.RR/oo rrrtts�✓'-tI"appointed David A. Gentile, 'elected