2021-10-28-RB-min - Laserfiche WebLink

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Minutes of the October 28, 2021 Retirement Board meeting: Present: Robert Cunha,Joseph Foley,Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva &Jim Condon Absent: 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 102921 Warrant and the October payroll. The September minutes and August financials were reviewed and approved. Robert Cunha reviewed the October agenda with all Board members and staff in attendance. It was noted would receive a distribution from Angelo Gordon for$226,815.00 on 10/29/21. A Golub Capital call will occur on 10/29/21 for$625,000. The Board received notification from PERAC that Mr. Robert Staples is in compliance with his 91A filing. After review of the latest ruling from the court, courtesy of Attorney Michael Sacco, the Board voted to file an appeal of the decision in the matter of Robert Magarian. The Lexington Retirement Board was denied by the courts a decision for a Real Estate attachment. Robert Cunha made the motion to appeal the decision,which was seconded by Joseph Foley, and unanimously approved by Fred Weiss, Carolyn Kosnoff and Alan Fields. The Board will continue to withhold Robert Magarian's entire monthly gross retirement allowance, less health and dental premium payments. A vote was taken to deny Jason Morey an appeal for overearnings based on his 91A filing with PERAC. The Lexington Retirement Board was informed by PERAC that Mr. Morey had exceeded his earnings capacity by$33,872.43. Mr. Morey emailed Sandra King at PERAC to explain his paperwork filing. PERAC saw no differences to overturn the ruling. Mr. Morey was unable to provide additional information to support his case that he did not over-earn in the year 2020. Robert Cunha made a motion to deny Jason Morey's appeal of the ruling to pay back the funds owed to Lexington,which was seconded by Alan Fields, and unanimously approved by Carolyn Kosnoff, Fred Weiss, and Joseph Foley. Henry Jaung and Stephen MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of September 30, 2021 is$220,498,004.00, down roughly$8m from the previous month. September was an off month for the market. Most primary market classes in our portfolio were negative for the month. Domestic Equities took the biggest hit of the month, down 5.3%. KAR has held solid the past few months, even though slightly down for September. International Equities also down for the month. Matthews struggled, but it could have been worse. They carry high exposure within the China markets, which continue to have major debt issues. Fixed income remained a positive for the month, posting a plus 1.9%. According to Stephen, October figures should come in much higher by our next meeting. We should see a rebound from the September portfolio numbers. The presentation concluded at 9:05 am. The Board held a brief discussion on the OPEB account and funding schedule. The Vanguard fund currently stands at approximately$25m. This fund is solely advised by Wellington. The fund holds roughly 65% in equities and 35% in fixed income securities. This strategy has been performing well. The