2021-06-24-RB-min - Laserfiche WebLink

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Minutes of the June 24, 2021 Retirement Board meeting: Present: Robert Cunha,Joseph Foley,Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva &Jim Condon Absent: None NEW MEMBERS: (5) Emma Patterson Ware, Library Tech; Gregory Coleman, Custodian; Bryan Snell, Laborer; Michael Bontempo, Mechanic; Jeffrey Wertheim, I.T. Support Tech RETIREMENTS: (3) James Barry, Detective, 6/19/21; Sandra O'Connor, Student Instr. Asst., 6/30/21; Stephen Martin, 8/01/2021, Custodian DEATHS:None The Lexington Retirement Board met remotely through Zoom tele-conferencing during the Covid-19 Pandemic. The Town Clerks Office posted the meeting,which included the information for any interested party to join the call. All Board members were present for this meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 063021 Warrant and the June payroll. The May minutes and April financials were reviewed and approved. Robert Cunha reviewed the June agenda with all Board members and staff in attendance. It was noted a distribution was received by White Oak for$36,617.00 on 06/21/2021. There is no update to report regarding Joseph O'Leary. Once the court system is back up and running at full capacity,we should be notified of some action. After a brief discussion regarding in person Board meetings, it was decided the Board will continue with Zoom meetings until the fall. Cary Library is not set to open up meeting rooms just yet. Their Board of Trustees will be meeting to finalize proper reopening protocols in the coming weeks. Governor Baker recently extended the use of virtual town meetings as a means of operation. The Board sided with the recommendation by Attorney Michael Sacco to reject an offer proposed by Robert Magarian. Mr. Magarian submitted a proposal to return $750.00 per month for the next ten (10) years to the Retirement Board to satisfy his debt of more than $100,000.00. Robert Cunha,Joseph Foley,Alan Fields, Frederick Weiss, and Carolyn Kosnoff were in agreement to reject the proposal. Robert Magarian will retain his health and dental benefits throughout this process. The Board members were reminded of PERAC memo#14 regarding 2nd qtr. trainings. It appears in PROSPER, our Board members have achieved the necessary educational credits to date. Henry Jaung and Stephen MacLellan presented the Meketa portfolio update. The portfolio balance as of May 31, 2021 is$222,592,906.00, up$1.6m from the prior month. We continue to see strong returns as the Pandemic winds down. Each month in 2021, we have posted positive gains across the board. US equities continues to be the main driver within the portfolio, up 11.3%. International equities is posting a 9.4%YTD. Our Cash holding remains high, however the Board is set to discuss and vote to move cash into direct lending funds.