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RECEIVED <br /> 2022 08 l ell IN u <br /> Minutes of the January 27, 2022 Retirement Board meeting: 'iroWN CLERK <br /> L. : I N ti�"r O N M <br /> Present: Robert Cunha, Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite <br /> Oliva and Jim Condon <br /> Absent: None <br /> The Lexington Retirement Board met remotely through Zoom tele-conferencing during the <br /> Covid-19 Pandemic. The Town Clerks Office posted the meeting, which included the <br /> information for any interested party to join the call. All Board members were present for this <br /> meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. <br /> The Board accepted the 013122 Warrant and the January payroll. The December minutes and <br /> November financials were reviewed and approved. <br /> Robert Cunha reviewed the January agenda with all Board members and staff in attendance. It <br /> was noted the Vanguard balance as of 12/31/21 was $25,833,828.00. The Board is in receipt of <br /> several distributions. Monroe made two (2). One distribution for$427,533.00, and the other a <br /> rebalancing net distribution of$1,005,629.00. White Oak also made two (2) distributions last <br /> month; $58,535.00 and $127,309.00 respectively. Also note, our office received notification <br /> prior to this meeting of a distribution to hit on January 31s' in the amount of$719,992.00. <br /> Our audit report pertaining to the use of the credit card was briefly discussed. Carolyn Kosnoff <br /> reiterated that card use must remain under the guidelines set by the Town of Lexington. She <br /> will send out the policy to Board Members and Staff for review. There are zero issues with <br /> credit card charges or abuse pertaining to this matter. <br /> Scott Donahue applied for a Military buyback purchase of four(4) years of creditable service. <br /> Included in the request, he asked for a buyback plan via payroll deductions of a span of five (5) <br /> years. Robert Cunha made a motion to accept the Military buyback request, which was <br /> seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Fred Weiss, and Alan <br /> Fields. The Retirement Board will send Mr. Donahue an acceptance letter and contract of the <br /> buyback terms. <br /> The COLA (cost of living adjustment) base increase for July 1, 2022 will be discussed and voted <br /> upon at the February 18, 2022 Retirement Board meeting. <br /> It was noted that the SJC has received the Docket Entry regarding the Joseph O'Leary case on <br /> January 19, 2022. We will wait to hear updates from Attorney Michael Sacco as they become <br /> available. <br /> The Board was notified that retiree Robert Magarian passed away on January 8, 2022. Mr. <br /> Magarian's pension had been terminated on February 1, 2021 due to overpayment. The Board <br /> will seek guidance from Attorney Michael Sacco on the next course of action to recoup funds <br /> owed to the Lexington Retirement Board. <br />