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2023-06-22-RB-min (rev)
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2023-06-22-RB-min (rev)
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7/26/2023 1:39:36 PM
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2023
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Town Clerk
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Minutes
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Minutes of the June 22, 2023 Retirement Board meeting: <br />Present: Joseph Foley, Alan Fields, Carolyn Kosnoff, Fred Weiss, Michelle Malone & Jim Condon <br />Absent: Robert Cunha <br />The Lexington Retirement Board met remotely through Zoom tele-conferencing. The Town Clerks Office <br />posted the meeting, which included the information for any interested party to join the call. Joseph <br />Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone were present <br />for this meeting. Joseph Foley called the meeting to order at 8:30 am. <br />The Board accepted the 063023 Warrant and the June payroll. The May minutes were reviewed and <br />approved. The financials were not available at the time of meeting. <br />Joseph Foley reviewed the June agenda with all Board members and staff in attendance. <br />Mr. Foley noted there was one distribution on 05/26/2023 from Monroe Fund IV in the amount of <br />$83,796.00. A second distribution from Angelo Gordon is expected on 06/23/2023 for $176,324.00. <br />Michelle Malone informed the Board the office renovation for the Retirement Offices is scheduled for <br />July 13, 2023 and should be completed by July 18, 2023. <br />Jim Condon gave an update on the Annual Benefit Verification requirement for retirees. As of 06/21/23, <br />the office has received 420 completed forms. The 46 outstanding retirees had a second notice recently <br />mailed to them for completion. <br />James Weston submitted a letter regarding paying off his balance for overearnings. He had signed a <br />promissory note years ago that the overearnings would be paid in full in 2023. His remaining balance is <br />$4,024.13. The intention of the letter was to be sure his AD Disability retirement allowance would be <br />restored to PERAC’s modifications. Once the balance is paid in full, our office will move forward with his <br />request after a check in with PERAC. <br />Stephen MacLellan and Henry Juang presented the Meketa update at 8:40 am. The portfolio balance as <br />of May 31, 2023 was $199,896,960.00, down $2.8m. Steve mentioned activity around the markets are <br />just less interesting as of late. The Debt ceiling issue was resolved, yet still had some issues surrounding <br />it. The stock market held its own after the President signed off. Markets are still monitoring the <br />inflation aspect and the Federal Reserve’s power to ease rates. The reopening of China is still <br />concerning. It has not gone as well as investors would have expected these past few months. <br />International and Global equity assets remain close to 5% down QTD. Matthews, Wellington and <br />Acadian were all down 5% last month. Domestic Equities were flat in May, but all have posted positive <br />numbers QTD. Meketa wrapped up the presentation at 8:55 <br />Catherine Haviland and Drew Guyette presented the Angelo Gordon review at 9:00 am. Catherine first <br />noted the merger between AG and Twin Brook. There are no expected changes in the management <br />style and portfolio at this time. They will remain a Direct Lending firm. AG has maintained a decent year <br />with all that has been happening the past few months. They have ample cash to fix the cracks with <br />some of their borrowers who have struggled as of late. None have hit the default status on their loans, <br />which is amazing considering the interest rates and costs of doing business. Borrowers have had to deal <br />with three (3) prices increases over the past eighteen (18) months. Labor, supply chain issues, and raw
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