2019-06-20-RB-min - Laserfiche WebLink

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Recap of the June 20, 2019 Retirement Board meeting: The Board accepted the 06282019 Warrant and the June payroll. The May minutes were reviewed and approved, as well as the cashbooks for April 2019. Bob Cunha reviewed the June agenda with the Board members and staff in attendance. The Board was informed that the contract with Sherman Actuarial Services was set to expire in January 2020. There was a White Oak distribution of$67,971.00, which was reinvested. It was mentioned the collaboration between People's United Bank, Meketa, and the Lexington Retirement System has been working well. All parties are pleased with the working relationship and communication thus far. An update on the death benefit for Perri Ritchie,widow of firefighter John Ritchie,was discussed. Attorney Michael Sacco has reviewed the case. It has been advised that Ms. Ritchie provide five (5) years of John's medical records to be granted a medical panel as it relates to the Heart Law for firefighters. The Board was updated on the Ryan Bugler recalculation status. At this point, Mr. Bugler was advised he has one (1) month to appeal the decision. He is currently seeking a lawyer to represent him. The Retirement Board has sent him proper notification, via certified mail, regarding his pension being garnished beginning with the July 31, 2019 payroll. As of June 20, 2019, Mr. Bugler was still seeking legal counsel. The Board was advised that two (2) Accidental Disability retirees were going to seek reimbursement of their Veterans Buybacks from years ago. Don Barter, ADR since 2005, and George Grundhoff,ADR since 2007, would like their funds used to purchase military time refunded back to them. Each purchased the time prior to going out on ADR retirements. Because the time purchased does not factor into an ADR pension calculation, each feels the funds should be returned. However,there are no exceptions to the rule, and such funds cannot be returned to an active or retired member of the system. At the May 30, 2019 Board meeting, it was voted and approved to transfer funds to our system from four(4) separate firms. Contrafund for$2m has been completed. Acadian ($4m), RhumbLine ($2m), and FMI ($2m)will initiate transfers later this month. Henry Jaung and Steve McLellan presented the Meketa update. The portfolio balance as of May 31, 2019 was$170,034,905. Due to the early Board meeting,the books are not closed yet for the month of May. Final numbers would be released in the next day or two after the meeting. Performance for this year remains solid. Domestic equities have been strong, despite a dip in May. Early June estimates have the portfolio being up 8%for the year. Consumers are continuing to spend. Henry affirmed there is no need for any changes in our portfolio at this time. We are currently ahead of the 60/40 benchmark, as well as PRIT. This is attributed to an early strong June market performance. The Matthews Asia Tiger Fund had to be rescheduled for a later date. Booklets for Q1 fund update were distributed for review. Board members were reminded to visit the PROSPER website via PERAC for course credit updates and available training sessions. Fossil Fuel exposure remained at 4.8%for 2019.