2023-01-19-RB-min - Laserfiche WebLink

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Minutes of the January 19, 2023 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Michelle Malone and Jim Condon Absent: Carolyn Kosnoff 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, 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 013123 Warrant and the January payroll. The December minutes and November financials were reviewed and approved. Robert Cunha reviewed the January agenda with all Board members and staff in attendance. It was noted there was a White Oak Summit distribution on 12/29/22 for $13,741.00 The Vanguard balance, as of 12/31/2022, is $23,876,304.00 There was no update on Mr. Magarian to report. The Retirement Board received notification on the day of this meeting regarding Ryan Bugler. Unfortunately, the DALA Magistrate that heard the case left DALA before issuing a decision. Attorney Chris Collins has asked if we would like a new hearing, or just have the new Magistrate review the recordings and filings and issue a decision. The Board agreed to have the new Magistrate issue a decision. The Board was notified that Mr. O’Leary contacted the Retirement Board to request a refund of the remaining balance in his account. He will be refunded on the February 28, 2023 payroll warrant. Pension Technology Group will be offering four (4) hours of training to local retirement boards during 2023. The cost would be $600.00 for Michelle and Jim to attend. Bob Cunha made a motion to approve this cost for training, which was seconded by Joe Foley, and unanimously approved by Fred Weiss and Alan Fields. The Board voted to approve the 2% COLA increase, a one‐time retro increase to retirees back to July 2022, at this meeting. Bob Cunha made the motion, which was seconded by Joe Foley and unanimously approved by Alan Fields and Fred Weiss. This approval will be presented to the Lexington Select Board for their approval in the coming days. All Board members received PERAC Memo #33 regarding 1st Quarter Board Training. The Meketa update was presented at 8:50 am by Stephan MacLellan and Gloria Hazard. The portfolio balance as of December 31, 2022 was $190,625,000.00, down $6.3m from the prior month. The markets have fluctuated the past few months in the 4th Quarter of 2022. Inflation