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2023-10-19-RB-min
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2023-10-19-RB-min
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11/7/2023 9:58:06 AM
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11/7/2023 9:56:53 AM
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2023
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James Condon, Retirement Office Staff
Department
Town Clerk
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Minutes
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Minutes of the October 19, 2023 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Fred Weiss, Michelle Malone and Jim <br />Condon <br />Absent: None <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. Robert <br />Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone <br />were present for this meeting. Robert Cunha called the meeting to order at 8:30 am. <br />The Board accepted the 103123 Warrant and the October payroll. The September minutes were <br />reviewed and approved. The financials were not available at the time of meeting. <br />Robert Cunha reviewed the October agenda with all Board members and staff in attendance. <br />It was noted we received a distribution from Fidelity for $19,198.35 on October 17, 2023. Another <br />distribution will be received on October 20, 2023 from Angelo Gordon for $131,392.00. <br />The Election update was presented by Jim Condon. As of 10/19/23, Joseph Foley is the only candidate <br />running for a seat on the Retirement Board. Alan Fields and Frederick Weiss will have terms expiring in <br />January 2024. <br />A buyback of service request was made by Sheila Tweeddale. Sheila was employed part time with the <br />school system from 10/21/2013 to 6/30/2023, then moved to a full time benefitted position. Due to <br />hourly restrictions, she was not eligible to be a member of the retirement system. She is requesting to <br />purchase three (3) years and six (6) months of service. Robert Cunha made the motion to accept the <br />request, which was seconded by Joseph Foley, and unanimously approved by Fred Weiss, Carolyn <br />Kosnoff and Alan Fields. Jim will notify her of this decision and discuss payment plans. <br />Henry Juang presented the Meketa update at 8:42 am. The portfolio balance as of September 30, 2023 <br />was $207,350,052.00, down 3.2% from the previous month. Currently, the total asset class performance <br />is up 7.4% for YTD, and 13.4% for the past 1 year. Our balance last year on September 30, 2022 was <br />$180,789,549.00 for factual purposes. The US equity market continues to be the strong point in the <br />portfolio. It is up 16.5% YTD. Fidelity Contrafund is up 25% YTD and 29.9% over 1 year. The Rhumbline <br />Russell 1000 index is doing well at 13%. Henry sees no imminent need to make any changes in the <br />domestic portfolio. International equity remains flat. It is -0.2% YTD. Matthews Pacific Tiger Fund is the <br />lone standout for posting a negative 6.5% YTD. All others are down around 3-5%. Short term volatility is <br />the cause for the downward trend. <br />Henry spoke briefly regarding Private Debt. The RFP for a private debt manager has been posted. The <br />deadline to submit is November 2nd. At our December meeting, he will provide a summary of names of <br />those submitting requests that make the most sense for us. The requested buy-in is $8-10m. PIMCO <br />has a minimum of $10m to enter their strategy. His speech wrapped up at 8:50 am. <br />Carolyn Kosnoff presented the Board with an update regarding the Funding Schedule for the Retirement <br />System at 8:51 am. After discussions with town officials, it is best to leave the schedule at the discount <br />rate of 7.25% out to the year 2030. Continue on with the $750k contribution as planned. All Board
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