2022-04-28-RB-min - Laserfiche WebLink

Browse Search

RECEIVED 022 01 Juin, 1 M pui °m TOWN CLERK Minutes of the April 28, 2022 Retirement Board meeting: LEXINGTON MA Present: Robert Cunha,Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva, and 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. Chairman Robert Cunha called the meeting to order at 8:35 am. All Board members were present for the meeting. The Board accepted the 042922 Warrant and the April payroll. The March minutes and February financials were reviewed and approved. Robert Cunha reviewed the April agenda with the Board members and staff in attendance. It was noted there was a Golub Capital Call for$500,000.00 on 4/1/22, and a Monroe Capital Fund IV on 4/13/22 for$498,016.00. Two Monroe disbursements were made, one for $34,343.00 and the other for$14,589.00. Angelo Gordon will be processing a distribution on 4/29/22 for$195,764.00. The Vanguard balance as of 3/31/2022 was posted for$25,873,600.00. Robert Cunha noted the Joseph O'Leary Jr. matter is in process with the SJC. Attorney Michael Sacco will provide an update in the near future. The Board was briefed on the health care deduction issued for retiree Peter Karalexis. It was determined Mr. Karalexis had a health deduction that was not manually updated back in 2019. He was paying an incorrect rate up through March 2022. The Human Resources Dept. and Retirement Board decided Mr. Karalexis will be responsible for paying back the shortage for the present fiscal year. He will not having to repay going back the full three (3) years. The notice of Claim and Demand for payment for Robert Magarian remains unresolved as of April 28, 2022. The Law Office of Michael Sacco will update as information surfaces. Stephen MacLellan and Gloria Hazard presented the Meketa update at 8:45 am. The portfolio balance as of March 31, 2022 was $218,633,811.00, up $4.1m for the February report. Based on latest update from Stephen, the portfolio number slid to $217,593.839 post 3/31/22. It is still remains on the positive side into April. He noted April has been up and down with the markets. Our fixed income is down, but holding steady. Long term rates and returns are strong, even during this difficult first quarter. Amongst the other public plans, Lexington still performing at a high level. Our two detractors as of late are in the International Equity Asset class. Matthews Pacific is down 11.5%for the quarter, while Acadian is down 5.7%. Despite Driehaus being down, it has outperformed the benchmark set. On the Fixed Income side of portfolio, there have been solid returns for current yields at this stage of quarter. Steve noted