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MWRA EMPLOYEES’ RETIREMENT BOARD MEETING ................................................................. AGENDA .................................................................. Thursday, January 28, 2021 10:00 a.m. MWRA, 2 Griffin Way Via Remote Participation …………………………………………………………………………………………………………... Item 1 10:00 a.m. Meeting called to order ............................................................ OLD BUSINESS ............................................................ Item 2 Standing Committee Reports i. By-Laws Committee: Member Kevin McKenna ii. Human Resources Committee: Member Thomas J. Durkin, Member Frank Zecha iii. Special Committee, Stipend: Chair James M. Fleming, Member Kevin McKenna iv. Job Review Committee: Member James M. Fleming; Member Thomas J. Durkin .................................................................. NEW BUSINESS .................................................................. 1-13 Item 3 Approval of December 17, 2020 Minutes – VOTE Item 4 Request for Refund of Accumulated Deductions Kevin Fowlkes, 28 years 5 months creditable service Item 5 Approval of Warrants – VOTE 14-15 a) Warrant 1-2021 b) Warrant 1-2021A – Payroll 16 Item 6 Approval of Monthly Transfers 1-2021 – VOTE Item 7 Acknowledgement of retirement applications under G.L. c 32 §5 – VOTE 17-18 a) Janet DiGregorio DOR 12/10/2020 19 b) Kathleen Chaloux DOR 1/2/2021 20 a) Elizabeth Toby DOR 1/9/2021 Item 8 Manager Presentations 21-77 10:30 a.m. a) PA Capital 78-129 10:40 a.m. b) SEG Item 9 11:00 a.m. Cyber Liability Policy Presentation Item 10 Manager Presentations 130-174 11:15 a.m. a) PineBridge 175-229 11:30 a.m. b) Terra Cap 230-253 11:40 a.m. c) Garcia Hamilton Item 11 NEPC 254-265 a) Flash Report as of 12/31/2020 266 b) Rebalance Recommendation Item 12 12:30 p.m. Legal 267-288 12:45 p.m. a) James Barry Section 7 Hearing 289-298 b) Vernava Superior Court Decision ........................................... FOR YOUR INFORMATION and REVIEW ......................................... 299-300 Item 99-1 PERAC Memo # 35-2020 – Post Retirement Work Waiver During the State of Emergency Extended to 2021 301-303 Item 99-2 PERAC Memo # 36-2020 – 2020 Disability Data 304-307 Item 99-3 PERAC Memo # 37-2020 – Mandatory Retirement Board Member Training – 1st Quarter 2021 308-310 Item 99-4 PERAC Memo # 38-2020 – Questions Arising in Wake of the Gomes Decision 311-315 Item 99-5 PERAC Memo # 39-2020 – Tobacco Company List 316 Item 99-6 PERAC Memo # 1-2021 – 840 CMR 10:10(3) & 10:15(1)(c) – Annual Review of Medical Testing Fee 317 Item 99-7 PERAC Memo # 2-2021 – 2021 Limits Under Chapter 46 of the Acts of 2002 318 Item 99-8 PERAC Memo # 3-2021 – 2021 Limits Under Section 23 of Chapter 131 of the Acts of 2010 319 Item 99-9 PERAC Memo # 4-2021 – COLA Notice 320-321 Item 99-10 PERAC Memo # 5-2021 – PROSPER SFI Online Submission 322 Item 99-11 PERAC Memo # 6-2021 – 2021 Interest Rate Set at 0.1% 323-334 Item 99-12 PERAC Memo # 7-2021 – Buyback and Make-up Repayment Worksheets 335-336 Item 99-13 Draft Job Description for Executive Secretary for Review by Board and/or Subcommittee at Subsequent Board Meeting 337-342 Item 99-14 EnTrust Global Peru Land Bonds Update Letter 343-344 Item 99-15 Baillie Gifford 2021 Partnership Announcement 345-348 Item 99-16 Alcentra CEO Update The Board reserves the right to consider items on the agenda out of order. The listing of items is those reasonably anticipated by the Chair to be discussed received at least forty-eight (48) hours prior to the meeting. Not all items listed may in fact be discussed and other items not listed may also be brought up for discussion to the extent permitted by law. Items identified for discussion in Executive Session may be conducted in open session, in addition to, or in lieu of discussion in Executive Session. Date of next scheduled Retirement Board meeting is Thursday, February 25, 2021, 10:00 a.m., Chelsea 1667 MASSACHUSETTS WATER RESOURCES AUTHORITY EMPLOYEES’ RETIREMENT BOARD MEETING DECEMBER 17, 2020 A meeting of the MWRA Employees’ Retirement Board was held via conference call on Thursday, December 17, 2020, due to safety concerns regarding the Coronavirus. The number for the call was included on the public meeting notice posted on the MWRA Employees’ Retirement System’s and Secretary of State’s websites. Participating in the meeting by conference call were James M. Fleming, Thomas J. Durkin, Kevin McKenna, Andrew Pappastergion, Frank Zecha, Carolyn Russo, Julie McManus, and Sebastian Grzejka. Members of the public including Gar Chung from Financial Investment News attended. Chairman Fleming called the meeting to order at 10:04 a.m. 1) Call the meeting to order 3) Approval of the Minutes of November 19, 2020 – VOTE On a motion made by Mr. Durkin and seconded by Mr. Pappastergion: VOTED to approve the minutes of the November 19, 2020 meeting as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes and Mr. Fleming voting yes Approval of the Executive Session Minutes of November 19, 2020 – VOTE On a motion made by Mr. Pappastergion and seconded by Mr. Zecha: VOTED to approve the Executive Session minutes of the November 19, 2020 meeting as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes and Mr. Fleming voting yes 4) Approval of Warrants – VOTE a) 12-2020 Warrant b) 12-2020A Warrant – Retiree Payroll On an omnibus motion made by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to approve Warrant 12-2020 and Warrant 12-2020A – Retiree Payroll as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes. 1668 5) Approval of Monthly Transfers 12/2020 – VOTE On a motion made by Mr. Pappastergion and seconded by Mr. Durkin: VOTED to approve Monthly Transfers 12/2020 as presented. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes. 6) Acknowledgement of retirement applications under G.L. c 32 §5 – VOTE a) John Wright DOR 11/14/2020 b) Michael Maguire DOR 11/16/2020 c) Raymond Beaudoin DOR 11/21/2020 d) Darryl Harrison DOR 11/23/2020 e) Francis Letizia DOR 12/5/2020 On an omnibus motion made by Mr. McKenna and seconded by Mr. Pappastergion: VOTED to acknowledge the above-listed November and December 2020 retirements. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes 7) Approval of Bank of America Bank Reconciliations – VOTE a) February 2020 b) March 2020 c) April 2020 d) May 2020 e) June 2020 f) July 2020 g) August 2020 h) September 2020 i) October 2020 j) November 2020 On a motion made by Mr. Pappastergion and seconded by Mr. McKenna: VOTED to approve the Bank of America Bank reconciliations for February through November 2020. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes 1669 8) Approval of the MWRA Employees’ Retirement System proposed calendar year 2021 Budget – VOTE On a motion made by Mr. Durkin and seconded by Mr. Pappastergion: VOTED to approve the proposed 2021 Budget as submitted by the Executive Director. 5-0, roll call with Mr. Durkin voting yes, Mr. McKenna voting yes, Mr. Pappastergion voting yes, Mr. Zecha voting yes, and Mr. Fleming voting yes 9) Emerging Markets finalists’ presentations a) ABS Investment Management b) Axiom c) Columbia Threadneedle d) William Blair Nick Dutter, Tom Kelly and Guilherme Valle presented on behalf of ABS. Chairman Fleming requested that the group take fifteen minutes to discuss the product, method, history and performance of the ABS EMS Portfolio. Mr. Grzejka alerted the participants to the fact that there are members of the public on the call, and warned about possible disclosure of proprietary information. Mr. Kelley disclosed having previously worked for NEPC. Mr. Valle described ABS’ unique process of employing local specialists in each market as a consistent, cost-effective approach to EM investing with low-risk and long-term outperformance. Fees are 75 bps. ABS consists of a true partnership in which 21 of its 31 investment professionals are owners. The firm has over 500 clients and roughly half are pension funds. He announced that the City of Boston Retirement System had just decided yesterday to invest $100m with ABS. Mr. Valle stated that the MSCI consists of 20 countries and is growing, but has demonstrated inefficiencies, and is fertile ground for alpha generation. ABS’ generates alpha on the ground with a global network of local specialists working in their respective home markets. ABS employs small, nimble, performance- driven managers with organizational simplicity. Mr. Fleming inquired as to the firm’s risk/return profile, and Mr. Valle responded that ABS has consistently outperformed the market with lower risk, outperforming regardless of which style is in favor, without country or sector bets, and without a large relative position in growth/technology. The meeting was interrupted by background noise and Mr. Zecha requested that the representative from Financial Investment News attending the call mute his microphone to avoid further interruption. 1670 Mr. Zecha asked whether the current-year returns shown are through October, and Mr. Valle responded affirmatively. Mr. Zecha asked whether Boston would be paying the 75bps fee, and Mr. Valle responded that they would, and that the fee is standard and had been negotiated by NEPC on behalf of its clients.
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