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A regular meeting of the Retirement Board was held at Town Hall, Wednesday February 27, 2019 at 3PM.Members present: Wayne Marquis, Chairman; Steve Swanson, Fifth Member; Mike Hagan, Elected Member; Joe Collins,Elected Member; Cory Grace, Ex-officio Member.Others present: Rodney Conley, Director of Admin. and Finance; Susan Little (Retirement Manager); Cliff White andIsabelle Eckel (Investment Consultants).Wayne read agenda item: Minutes of the January 30, 2019 meeting to be accepted and signed. Wayne asked the Board ifeveryone has had a chance to review the minutes and if anyone would like to make a motion to accept the Minutes. (Vote:Mike Hagan motioned with Steve Swanson seconding and the Board unanimously approving).The Board unanimously approved the January 30, 2019 Executive Session minutes. (Vote: Steve Swanson motionedwith Joe Collins seconding and the Board unanimously approving).The Board unanimously approved and signed the 2018 Annual Statement (Vote: Cory Grace motioned with SteveSwanson seconding and the Board unanimously approving).The bills payable and payroll warrants were unanimously accepted and signed. (Vote: Cory Grace motioned with JoeCollins seconding and the Board unanimously approving).February Payroll 02282019February Expenses 1,047,926.04 66,530.16Purchases were unanimously accepted (Vote: Cory Grace motioned with Joe Collins seconding and the Boardunanimously approving).Sales were unanimously accepted (Vote: Joe Collins motioned with Mike Hagan seconding and the Boardunanimously approving).SECURITIES PURCHASED:BMO February856Luminex Corp701SM Energy Co570920First Solar IncHCP IncTwin February103701200Alphabet Inc-Cl ABooz Allen Hamilton Holding CoEbay Inc858000130000Hillswick FebruaryUS Treasury Note 3.625% 08/15/2019593000US Treasury Note 1.625% 10/31/2019US Treasury Note 1.625% 08/15/2022Lyrical February1568United Rentals Inc1812368Lyrical JanuaryAlliance Data Systems CorpHanesbrands Inc1010Quanta Services
SECURITIES SOLD7836481684Banner CorpCambrex CorpNCR CorpBMO February4284Lyrical February1494Helix Energy Solutions Group IncWillis Towers Watson PLCTwin February701010300Apple IncGentex CorpNational Instruments Corp1060440400Pfizer IncPrologis IncWestern Digital 505050Intel CorpInternational Game TechnologyITT IncJohnson & JohnsonJPMorgan Chase & CoKimco Realty CorpLiberty Media Corp-Liberty Formula OneLincoln National CorpMacy's IncMarathon Oil CorpMarathon Petroleum CorpMastercard IncMerck & Co IncMicrosoft CorpMicron Technology IncMondelez International IncNational Instruments CorpNewmont Mining CorpNews CorpNike IncNXP Semiconductor NVOccidental Petroleum CorpLyrical January1336Western Union CoTwin 50100110Abbvie IncAccenture PlcAgilent Technologies IncAlly Financial IncAlphabet Inc-Cl AAmgen IncAnnaly Capital Management IncAO Smith CorpApple IncArcher-Daniels-Midland IncArrow Electronics IncAT&T IncAthene Holding LtdAutomatic Data Processing IncBank of America CorpBaxter International IncBerkshire Hathaway IncBristol-Myers Squibb CoCH Robinson Worldwide IncChevron CorpChimera Investment CorpCisco Systems Inc
0505050601001007017050Citigroup IncCoca-Cola CoCognizant Technology SolutionsComcast CorpConocoPhillipsCopart IncCubesmartCullen/Frost Bankers IncCVS Health CorpDarden Restaurants IncDBOE Global Markets IncDomtar CorpDover CorpDowDuPont IncEast West Bancorp IncEaton Corp PlcEli Lilly & CoExelon CorpExpeditors International of WAExxon Mobil CorpFacebook IncFirstEnergy IncFMC CorpFoot Locker IncFortinet IncGap IncGeneral Motors CoGentex CorpHawaiian Electric Industries IncHost Hotels & Resorts IncIngersoll-Rand 505010050505060605050OGE Energy CorpOld Republic International IncOracle CorpParamount Group IncPepsiCo IncPfizer IncProcter & Gamble CoPrologis IncPublic Service Enterprise GroupPulteGroup IncRegal Beloit CorpRobert Half International IncSalesforce.com IncSchlumberger LtdSouthwest Airlines CoStarbucks CorpState Street CorpTyson Foods IncUnited Technologies CorpUnitedHealth Group IncValero Energy CorpVeeva Systems IncVerizon Communications IncWalgreens Boots Alliance IncWalmart IncWalt Disney CoWells Fargo & CoWilliams-Sonoma IncZendesk IncZillow Group IncThe Board unanimously approved the following new members:Matthew Knowles, Tech Support Specialist-School Dept.; start date 02/04/2019 (replaces Doug Butters)Michelle McGovern, Administrative Assistant-Assessor's; start date 02/25/2019 (replaces Cory Sanders)The Board noted with sympathy the passing of Grace Degan, retired Senior Secretary, Administrative Services,died 01/27/2019.
Jeff Kusmierz, portfolio manager and Wayne Owen, CEO of Rhumbline Advisors updated the Board on portfolioperformance. Also, Jeff explained Danvers invests in two index funds with Rhumbline the Russell 1000 Growth andS&P 500. The Russell fund contains 541 stocks (top hvy. growth) with a market value of 3.9 Million. The S&P fundcontains 506 holdings. The S&P 500 Index has 505. The additional holding is an ETF for liquidity. Wayne explainedRhumbline Advisors has 50.3 Billion under management. Is completely employee owned with three new employees inthe past year (Project Manager IT, Associate Investment Operations, Compliance Officer). The Board thanked them fortheir time and they left the meeting.The Board unanimously approve the following retirements:Phyllis Boyd, Superannuation Option C, effective 3/2/2019 (Teacher Aide). (Vote: Joe Collins motionedwith Steve Swanson seconding and the Board unanimously approving).Withdrawal of Marybeth Burak-Condon retirement, effective 2/23/2018(Vote: Mike Hagan motioned with Cory Grace seconding and the Board unanimously approving).The Board unanimously approved the following refunds:Partial refund of excess deductions Robert Parsons, totaling 135.59. (Vote: Joe Collins motioned withSteve Swanson seconding and the Board unanimously approving).refund to Brie-Ann Thibault, totaling 8,406.61 with 3 yrs. 9 months C/S.(Vote: Cory Grace motioned with Joe Collins seconding and the Board unanimously approving).Rodney Conley, Dir. of Admin. and Finance reviewed PERAC Memo’s and other items of interest*Save the date for the 2019 MACRS Spring Conf.*Memo #11/2019 Workers Comp match in Prosper*Election notice sent. Nomination papers availableCliff White and Isabelle Eckel of MS/Graystone updated the Board on portfolio performance/Investment Policy and otheritems of interest.Board discussed and unanimously approved the updated Statement of Investment objectives and Guidelines as written(Vote: Steve Swanson motioned with Joe Collins seconding and the Board unanimously approving).Cliff and Isabelle reviewed portfolio performance as of January 31, 2019 with a 1-month Return of 5.51% vs. the StrategicBenchmark of 5.67% and a YTD return of 5.51% vs. the Strategic Benchmark of 5.67%. Cliff and the Board discussedLyrical’s Performance with a 1 month return of 11.58% vs. the Russell 1000 Value benchmark of 7.75%. Cliff explainedLyrical was the best performing manager for the month while owning roughly the same 32 stocks and has now regained almostall of their losses. He thanked the Board for their patients.3:35PM Cliff and Isabelle left the meeting. Board thanked them for their time.Board reviewed and voted on the Accidental Disability Retirement Application of Ed Deroche.Board voted with a roll call vote to go into Executive Session Pursuant to G.L. c. 30A, § 21(a) to discuss medical particulars(physical condition) of Ed Deroche (Steve Swanson motioned with Cory Grace seconding and the Board unanimouslyapproving with a roll call vote: Mike “yes”; Joe “yes”; Steve “yes; Cory “yes”; Wayne “yes”).Board voted to come out of Executive Session to vote on the accidental disability application (Mike Hagan motioned withJoe Collins seconding, and the Board unanimously approving with a roll call vote: Joe “yes”; Mike “yes”; Steve “yes”;Cory “yes”; Wayne “yes”).
Board voted unanimously to approve the Accidental Disability Retirement Application of Ed Deroche based on the medicalpanel results and pending PERAC legal review (Vote: Mike Hagan motioned with Joe Collins seconding and the Boardunanimously approving).Meeting Adjourned: 4:05PM (Steve Swanson motioned with Joe Collins seconding and Board unanimouslyapproving).NEXT MEETING: March 27, 2019Joseph Collins, Elected MemberMichael Hagan, Elected MemberCorinna Grace, Ex-Officio MemberWayne P. Marquis, ChairmanStephen Swanson, Fifth Member
Feb 27, 2019 · February Payroll 02282019 1,047,926.04 February Expenses 66,530.16 Purchases were unanimously accepted (Vote: Cory . 181 Alliance Data Systems Corp 1010 Quanta Services 2368 Hanesbrands Inc . SECURITIES SOL
