Laserfiche WebLink
RECEIVED <br /> 022 21 l ir, 157 Iliium <br /> Minutes of the February 18, 2022 Retirement Board meeting: I OWN CLERK <br /> Present: Robert Cunha,Joseph Foley, Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Olive and Jim <br /> Condon LEXINGTON <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 022822 Warrant and the February payroll. The January minutes and <br /> December financials were reviewed and approved. <br /> Robert Cunha reviewed the February agenda will all Board members and staff in attendance. It <br /> was noted a Vanguard wire purchase from the Town of Lexington was made for$1,697,986.00. <br /> Three (3) distributions were received by the system. Golub 9 distribution of$96,216.00 and <br /> Golub 14 distribution of$50,282.00 were both received on February 9, 2022. A distribution for <br /> $296,737.00 from Monroe was received on January 28, 2022. There was a Fidelity Plan expense <br /> reimbursement for the 4t" Qtr. 2021 in the amount of$20,604.86 on January 27, 2022. <br /> The Board discussed and voted on the acceptance of a new COLA base for retirees. The vote <br /> was to increase the COLA base from $14,000.00 to $15,000.00. Joseph Foley made a motion to <br /> increase the COLA base to $15,000.00, which was seconded by Fred Weiss, and unanimously <br /> approved by Carolyn Kosnoff and Robert Cunha. Board member Alan Fields was not present at <br /> the time of this vote. This approval will be presented at the next Select Board meeting in <br /> Lexington. The increase will allow retirees to receive 3% of the first $15,000.00 on their <br /> pension payments for a COLA. The maximum COLA allowance would be $37.50 per month/per <br /> retiree. <br /> Robert Magarian passed away on January 8, 2022. A notice of Claim and Demand for payment <br /> was sent to Mr. Magarian's attorney on February 11, 2022. The Retirement Office has not <br /> received any updates as of this Board meeting. <br /> There has been no update on the Joseph O'Leary matter. There is an SJC notice of docket entry. <br /> The Law Offices of Michael Sacco will report back to us on any new information. <br /> Steven MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of January <br /> 31, 2022 was $219,232,380.00, down $9.4m from December 2021. The markets continue to <br /> remain unstable in 2022. Inflation and interest rates are among the issues at hand, as well as <br /> the potential conflict between Russia and Ukraine. The ongoing Global Pandemic is on the <br /> downward trend, which should produce growth in various market sectors. January was <br /> relatively tough in all sectors of our portfolio. Domestic equities took the hardest hit, while <br />