2021-07-22-RB-min - Laserfiche WebLink

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Minutes of the July 22, 2021 Retirement Board meeting: Present: Robert Cunha,Joseph Foley, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva &Jim Condon Absent: Alan Fields NEW MEMBERS: (1)Peter Clark, Student Support Instructor; RETIREMENTS: (0) DEATHS: (0) 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, except Alan Fields. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 073021 Warrant and the July payroll. The June minutes and May financials were reviewed and approved. Robert Cunha reviewed the July agenda with all Board members and staff in attendance. It was noted a distribution was received by Monroe for$257,774.00 on 7/12/21. We have no update regarding Joseph O'Leary. The court system is open, but remains back-logged from previous closures due to the Pandemic. Attorney Michael Sacco is continuing work on the Robert Magarian matter. As of this meeting,there has been no update. Robert Staples and Jason Morey are working with PERAC to complete the Annual Statements of Earned Income. Both retirees have contacted the Lexington Retirement Board to notify staff that action is being taken to resolve the matter.Jim Condon will follow up with Sandra King at PERAC in the coming days for status. Gwen Jefferson, Municipal Clerk, submitted a letter to request a buyback of service on July 12, 2021. She is seeking the Boards approval to purchase seven (7)years and six(6) months of creditable service. The cost of the service purchase will be$24,650.51. Robert Cunha made the motion to accept the buyback,which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff and Fred Weiss. The status of future in-person Board meetings remains on hold at Cary Library until further notice. The Lexington Retirement Board was notified that the Trustees of Cary Library will be meeting this fall to discuss the future of all meetings held in Cary Library. Stephen MacLellan and Henry Jaung presented the Meketa portfolio update. The portfolio balance as of June 30, 2021 is$223,833,856.00, up $1.2m from the prior month. Overall,the portfolio is up 9.9%YTD. The returns in the past month have slowed a bit. The Market has been fluctuating due to Delta Variant fears stemming from the Covid-19 virus. Global equities are slowing down due to the uncertainty of the new strain. Domestic equities such as KAR and Contrafund are holding steady. Both posting positive