2023-02-23-RB-min - Laserfiche WebLink

Browse Search

Minutes of the February 23, 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 11:00 am. The Board accepted the 022823 Warrant and the February payroll. The January minutes and December financials were reviewed and approved. Robert Cunha reviewed the February agenda with all Board members and staff in attendance. It was noted there was an Angelo Gordon distribution on 1/31/23 for $231,672.00 Golub 9 reported a distribution on $81,495.00 on 2/3/23 and one for Golub 14 in the amount of $69,780.00 on 2/7/23. There was no new update on Robert Magarian from the Law Offices of Michael Sacco. Robert Cunha mentioned to the Board that Joseph O’Leary Jr. matter is complete. Mr. O’Leary will be receiving his remaining funds left over on the February 28, 2023 payroll. Joanne Boyle requested to the Board to purchase two (2) years and six (6) months of service towards her retirement. Ms. Boyle provided all the necessary paperwork showing her service prior to becoming a benefitted employee with the Town. Robert Cunha made a motion to accept the request, which was seconded by Joseph Foley, and unanimously approved by Fred Weiss and Alan Fields. The Retirement Office will notify her of this decision. Regarding PERAC Memo #4, the notice of upcoming COLA vote, Robert Cunha made a motion to table the vote until the March 30, 2023 Board meeting. The motion was seconded by Joseph Foley, and unanimously approved by Alan Fields and Fred Weiss. Mr. Cunha would like Carolyn Kosnoff to be present for this vote. Michelle Malone, Retirement Administrator, was giving the opportunity to request new office furniture for the Retirement Board Office located in Town Hall. She is currently waiting to hear back from a vendor. The Board mentioned the idea of pricing out the office for both Michelle and Jim and have the work done together. Stephen MacLellan presented the Meketa update at 11:15 am. The portfolio balance as of January 31, 2023 was $201,370,444.00, up $10.7m from last month. Steve spoke briefly on the state of the portfolio. Our allocation remains fairly unchanged heading into 2023. After a solid month of returns in January 23’, Meketa will make no new changes going into the next month.