HomeMy WebLinkAbout2018-12 13 Retirement Board Minutes OWN Of Ntfo
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Meeting MinutesRECEIVED
TOWN CLE
READING, MA.
Board - committee - commission - council: 2019 MAR I I PM 1; 31
Contributory Retirement Board
Date: 2018-12-13 Time: 4:00 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:
Anthony Tranghese, Fiduciary Investment Advisors
Colleen Loughlin-Board Administrator
Elaine Kelly - Board Assistant Administrator
Minutes Respectfully submitted By: Elaine Kelly
Topics of Discussion:
Page I 1
167i. t '
MINUTES OF THE READING RETIREMENT BOARD MEETING
Thursday December 13,2018
The Reading Retirement Board held a special session meeting on December 13,2018 in The Conference
Room,at 2 Haven Street,Unit 307, Reading,Massachusetts.
The meeting was called to order at 4:00 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. Joseph Veno was unable to attend. Anthony Tranghese from
Fiduciary Investment Advisors(FIA)was also present.
SPECIAL ITEM
Anthony Tranghese from Fiduciary Investment Advisors(FIA) attended a special meeting to review the
portfolio proposals that had previously been provided to the Board and to finalize a decision on which
portfolio to proceed. It was decided to approve the portfolio in which 85% of the current investment
portfolio will remain invested as is with the PRIT fund,and the remaining 15%can be reallocated within
the PRIT sleeve of funds. This will allow for the current investment portfolio to be managed in a less
risky strategy when compared to the PRIT Fund. The objective is to make this change effective for
2019.
Anthony will provide the following items to effect this change:
1. An Investment Policy Statement, which will need to be signed off on by all Board members and
approved by PERAC.
2.A letter to PRIT changing the Reading Retirement Board's status from participating to purchasing.
3. A letter to PRIT requesting a 2019 vintage year purchase into private equity for$3M.
4. A contract from FIA outlining the cost and services for their ongoing consulting support.
• SHARON ANGSTROM motioned to change the Reading Retirement Board status from a
"participating"to a"purchasing" system.
SECONDED BY: CAROL ROBERTS
VOTED: (4-0-0) UNANIMOUS
OLD & NEW BUSINESS
OPEN SESSION FOR TOPICS NOT REASONABLY ANTICIPATED 48 HRS IN ADVANCE
OF MEETING
ADJOURNMENT . .J
1672
• SHARON ANGSTROM moved to adjourn this open session at 5:10 pm.
SECONDED BY: CAROL ROBERTS
VOTED: (4-0-0) UNANIMOUS
Chairman, Thomas A. Cl ugh 2" appointed
Vice Chairman,Joseph RR V�enoo,,f elected
y
Sharon M. Angstrom,
Ex Offi o
�1 " lRW.,ri
Carol B. Roberts I"appointed
David A. Gentile, I"elected