Francis X. St. Germaine

The agenda includes the review and voting on the treasurer's report, financial warrants, investment payments and receipts, requests for return or transfer of accumulated deductions, requests for liability, and requests to purchase prior service. Additionally, the board will review retirements, new members, first reports of injury, general correspondence, investments, and new business matters.

The board meeting involved the review and approval of the monthly cash reconciliation, various financial warrants, and investment management fees. The board also reviewed capital calls and cash distributions from investment managers, and handled requests for refunds or transfers of accumulated deductions from current and former members. Discussion topics included updates on new system members, requests to purchase prior service, and reviews of first reports of injury and PERAC correspondence. Wainwright Investment Counsel presented a performance summary for the plan, and the board approved a portfolio rebalance. Further actions included discussing an RFP for custodial banking services, designating an Election Officer and approving a timeline for the 2nd Elected Member election, and conducting a site visit to 100 Dillingham Avenue to evaluate potential new office space, ultimately voting to solicit proposals for property lease or purchase.

The meeting included a review of the monthly cash account reconciliation for November, noting balances and check sequences. The Board approved payments for Warrant #43/2024 and Warrants #01/2025 through #02/2025, along with various investment fees for Q4 2024 and November 2024. Capital calls to PRIT Private Equity Funds were approved for payment, and cash distributions received from several investment funds were noted. The Board also reviewed the first reports of injury for two employees and correspondence from PERAC concerning topics such as the Tobacco Company List and changes to required minimum distribution age. An investment performance review indicated the plan was up 9.05% year-to-date against a benchmark up 11.43%, with specific concerns noted regarding the performance of the domestic equity, international equity, and real estate sectors. The proposed CY 2025 budget of $1,816,275.00 was approved, with a requirement that the TAM salary schedule for the coming year be presented prior to the annual July 1st salary increases. Legal counsel reported no pending legal updates.

The meeting commenced with the review and acceptance of the monthly reconciliation of the cash account for September, including balances and check sequences. The Board then reviewed and approved the minutes from both the open session and executive session meetings held on October 19, 2023. Key actions included the approval of several warrants (Warrant #36/2023 through Warrant #40/2023) and the payment of various investment fees and capital calls to investment managers for September and October 2023. The Board also considered and approved requests for refunds, rollovers, and transfers of accumulated deductions for multiple former or current members. Investment counsel presented performance summaries through September 2023, noting the portfolio performance relative to benchmarks, and recommended a $3.0 million commitment to the P.R.I.M. Board Private Equity Vintage Year 2024 portfolio, which the Board approved. Finally, the Board authorized the Director, with guidance from legal counsel, to open negotiations to purchase real property located at 31 Edgerton Drive, North Falmouth.

The meeting agenda covered several operational and financial matters. Key discussions included the review and acceptance of the October cash account reconciliation, the approval of warrant payments numbered 42/2022 through 45D0/2022, and approval of an investment fee from M&T Bank. The Board also approved capital calls for several PRIT Private Equity Funds and noted a cash distribution from Mesirow Financial Fund IV. Furthermore, the board approved several requests for return or transfer of accumulated deductions for former or current members, noted new members and retirements, and approved service purchases for two members. Following correspondence review from PERAC, Wainwright Investment Counsel provided a performance summary report for October, noting the portfolio's performance against benchmarks. The board subsequently moved to executive session to discuss an individual's status, and upon reconvening, approved the voluntary accidental disability retirement application for Stephen Murphy. Finally, the board approved the proposed schedule of meeting dates for CY 2023 and adopted the CY 2023 budget of $1,739,500.00.