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Minutes of the May 26, 2022 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Marguerite Oliva, <br />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. Robert Cunha, Joseph Foley, Alan Fields, <br />Fred Weiss and Carolyn Kosnoff were present for this meeting. Chairman Robert Cunha called <br />the meeting to order at 8:30 am. <br />This meeting began with an update from Stone Consulting at 8:30 am. Joan Moreau and Kevin <br />Gabriel were the Stone representatives to update the Board on preliminary results of the FY 21’ <br />OPEB study. Joan explained to the Board their analysis and funding of the plan. The Trust has <br />$24m as of June 30, 2021. At $1.88m per year of funding, it was thought to increase an <br />additional $50k for coverage. Kevin mentioned to possibly try and diversity this fund. At the <br />rate it has been drawing down, by fiscal year 2024, the balance would be around $250k. The <br />main talking point was dealing with the Discount Rate, which is 7.5% for lon g-term rate of <br />return. Stone’s recommendation would be to lower the rate to 6.75%. This is a typical rate <br />around other municipal retirement systems. With the goal of having the pension fund fully <br />funded, the 6.75% seems reasonable to our Board members. It should go with the $1.88m per <br />year with annual increases of $50k per year. Our Board will discuss at the next Board meeting <br />and decide the best possible option. Joan Moreau provided a presentation deck for Board to <br />review. She concluded her analysis at 9:15 am. <br />The Board accepted the 053122 Warrant and the May payroll. The April minutes and March <br />financials were reviewed and approved. <br />Robert Cunha reviewed the May agenda with all Board members and staff in attendance. <br />It was noted we received reimbursement of $18,427.00 from the Fidelity Plan. A Vanguard wire <br />from the Town was received on 05/05/22 for $187,000.00. There were two (2) Golub <br />distributions, one from Fund 9 for $111,266.00 and another from Fund 14 for $88,076.00. <br />Monroe IV distributions of $38,527.00 on 05/24/22 and $501,759.00 on 05/20/22 were <br />received. <br />The matter pertaining to Joseph O’Leary Jr. could be settled within the next 30 days of this <br />meeting. Attorney Michael Sacco will notify the Retirement Office of an outcome. <br />Marguerite Oliva informed the Board regarding an outstanding check matter stemming from an <br />Active Member death over a year ago. The two (2) named beneficiaries on file were each <br />issued a check. As of 5/26/22, neither beneficiary has cashed their check. The Retire ment