2023-03-30-RB-min - Laserfiche WebLink

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Minutes of the March 30, 2023 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Michelle Malone and Jim Condon 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. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 033123 Warrant and the March payroll. The February minutes were reviewed and approved. The January financials were not finalized at the time of meeting. Robert Cunha reviewed the March agenda with all Board members and staff in attendance. The Board has yet to hear any new information regarding Robert Magarian from Attorney Michael Sacco. It was noted there was a White Oak distribution for $16,468.00 on 03/27/2023. Michelle Malone updated the Board on the Retirement offices being refurbished. Design and measurements have been taken and submitted to the Facilities Dept. She is waiting to hear back from them on the next pricing factors. Should hear back in 1-2 weeks. The Notice of Election has been sent out to members and retiree s of the Lexington Retirement System. One (1) seat is available commencing on July 1, 2023 to June 30, 2026. Robert Cunha, Chairman of the Board, seat expires on June 30, 2023, and will seek re-election for a 13th Term. The date of Election will be on June 22, 2023. The Lexington Retirement Board voted on the yearly COLA for Fiscal Year 2024. The COLA will be effective July 1, 2023. Robert Cunha made a motion to grant the 3% COLA on the first $15,000.00. This motion was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Alan Fields, and Frederick Weiss. Michelle Malone advised the Board our office received Disability Retirement paperwork for Vartan Minasian on 03/20/2023. Mr. Minasian is a School Department employee who injured himself on 05/27/2021 while hammering a sign post into the ground. The incident report states he suffered a left abdominal injury. No other details as of this recap. Robert Morency firefighter, submitted the necessary paperwork to request a buyback of service. Mr. Morency wishes to purchase three (3) years and ten (10) months of service from time served with the Essex County Retirement System at a cost of $52,646.28. He mentioned he would make a lump sum payment. Robert Cunha made the motion to approve thi s buyback, which was seconded by Joseph Foley, and unanimously approved by Fred Weiss, Carolyn Kosnoff, and Alan Fields. Retirement staff will notify Mr. Morency of the decision via mail. All Board members were sent PERAC Memo #10 regarding 2nd Quarter Board Training. Mr. Cunha reminded the Board to look at the schedule of upcoming events and participate.