2022-12-22-RB-min (2) - Laserfiche WebLink

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Minutes of the December 22, 2022 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Frederick Weiss, Michelle Malone and Jim Condon Absent: None The Lexington Retirement Board met remotely through Zoom tele‐conferencing. The Town Clerks Office posted the meeting, which included the information for any interested party to join the call. Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone were present for this meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 123022 Warrant and the December payroll. The November minutes and October financials were reviewed and approved. Robert Cunha reviewed the December agenda with all Board members and staff in attendance. The Board took a minute to introduce Michelle Malone as the new Retirement Administrator for the Lexington Retirement System. Michelle will be replacing Marguerite Oliva, who will be retiring in January 2023 after 27+ years of service to the Town of Lexington. It was noted one Monroe Fund IV distribution on 11/28/22 for $48,547.00. There were two capital calls in early December. Monroe Fund IV on 12/13 for $631,000.00 and Golub 14 Fund on 12/09 for $500,000.00 The Board was informed of no new update regarding Mr. Magarian. Jessica Malafeew requested to purchase six (6) years and three (3) months of service. Ms. Malafeew provided all the necessary paperwork for review. The cost of the buyback is $15,960.55. Robert Cunha made a motion to approve this service buyback, which was seconded by Joseph Foley, and unanimously approved by Fred Weiss, Carolyn Kosnoff, and Alan Fields. The buyback request for Joanne Boyle was tabled. She did not declare whether to proceed with the request by the Board meeting date. Carolyn Kosnoff gave a brief update to the Board regarding the 5% Cost of Living Adjustment (COLA) for Fiscal Year 2023. She mentioned the cost would be roughly $137,000.00 and adds around $1.3m to the liability. The outcome of the COLA will move to the Select Board for approval after the Finance Committee hears this proposal. Stephen MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of November 30, 2022 was $196,949,117.00, up $8.6m from the October report. Despite the YTD figures posted, the portfolio has come back positive for the Quarter, and last month. Matthews had an excellent November, posting a 21.9%, while Acadian and Driehaus both eclipsed the 7% mark. The Global Equity sector had Wellington Enduring post an 8.6% for the month. Domestic Assets are performing average as the markets continue to battle back. KAR has been solid over QTD, posting a modest 17.1%. Fidelity and RhumbLine are struggling a bit, but have posted 5.5% over the past month. Stephen then