2022-11-21-RB-min - Laserfiche WebLink

Browse Search

Minutes of the November 21, 2022 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Frederick Weiss, Marguerite Olive and Jim Condon Absent: None The Board accepted the 113022 Warrant and the November payroll. The October minutes were reviewed and approved, as well as the cashbooks for September 2022. Robert Cunha reviewed the November agenda with all Board members and staff in attendance. It was noted there were three (3) distributions received within the past 30 days. An Angelo Gordon distribution for $293,078 was received on October 31, 2022, Golub 9 distribution for $26,907 on November 8, 2022 and a Golub 14 for $27,817 on November 9, 2022. The Retirement Board is yet to hear back from Mr. O’Leary regarding his remaining balance on file. There were no new updates with Mr. Magarian. The Board voted on the request for a service buyback from Robert S. Morency. Mr. Morency is a firefighter with the Town and submitted his request to purchase three (3) years and ten (10) months of service. He plans to make full payment via check once the bill is finalized. Robert Cunha made the motion to approve the buyback request, which was seconded by Joseph Foley, and unanimously approved by Alan Fields and Frederick Weiss. Carolyn Kosnoff was not present for this vote. The Board discussed PERAC Memo #28 regarding the use of Electronic Signatures. As of September 20, 2022, PERAC regulations authorized Retirement Systems to use electronic signatures on all retirement forms. Retirement Boards are not required to abide by this new authorization. Robert Cunha made the motion to not adopt the Electronic Signature regulation for use at the Lexington Retirement Board. This motion was seconded by Joseph Foley, and unanimously approved by Frederick Weiss and Alan Fields. Carolyn Kosnoff was not present for this vote. The Board had a discussion, led by Joseph Foley, regarding the 5% COLA local option. Governor Baker signed into law the proposal allowing the 102 local retirement boards to increase the FY23 COLA from the 3% paid in July to 5%. This additional 2% COLA would be applied to the COLA base of the local retirement system. Mr. Foley made the motion to approve to local COLA option, which was seconded by Robert Cunha, and unanimously approved by Carolyn Kosnoff, Frederick Weiss and Alan Fields. This approval will now go before the Lexington Select Board for a vote. Meketa representative, Stephen MacLellan, updated the Board on the recent PERAC notice regarding RFP’s. He advised the Board that six (6) were sent out and Meketa has received four (4) back they are researching. Meketa will put out a few more and report back to the Board on their findings.