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Minutes of the August 25, 2022 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Carolyn Kosnoff, Fred Weiss, Marguerite Olive and Jim Condon <br />Absent: Alan Fields <br />The Lexington Retirement Board met remotely through Zoom tele -conferencing. The Town <br />Clerks Office posted the meeting, which included the information for any interested party to <br />join the call. Robert Cunha, Joseph Foley, Fred Weiss and Carolyn Kosnoff were present for this <br />meeting. Alan Fields was unable to attend. Chairman Robert Cunha called the meeting to <br />order at 8:30 am. <br />The Board accepted the 083122 Warrant and the August payroll. The July minutes and June <br />financials were reviewed and approved. <br />Robert Cunha reviewed the August agenda with all Board members and staff in attendance. <br />It was noted we received two (2) White Oak distributions; one for $18,791.00 on 8/8/22 and <br />the other on 8/9/22 for $44,073.00. A distribution from Golub 9 was received on 8/9/22 for <br />$35,000.00, and a Golub 14 distribution for $49,480.00 came in on 8/10/22. We also had a <br />Fidelity Q2 2022 Plan Expense reimbursement of $16,448.00 <br />The Board received a decision in the Joseph O’Leary case. This decision was distributed to the <br />Board Members of the Lexington Retirement System on 8/12/22 for review. The ruling is in <br />favor of the Lexington Retirement System based on the facts that payment in lieu of unused <br />vacation time does not qualify as “regular compensation”. <br />There has been no new update on the Robert Magarian matter. <br />Andrew McAleer provided a letter to the Board to request a Military service buyback for five (5) <br />months and seventeen (17) days. After review of his DD -214’s, it was determined Mr. McAleer <br />was discharged from Active Duty Training for the time in question. Therefore, the Board voted <br />to deny the buyback request on the grounds that Active Duty Training cannot be purchased. <br />Robert Cunha made the motion to deny the buyback, which was seconded by Joseph Foley, and <br />unanimously approved for denial by Fred Weiss and Carolyn Kosnoff. <br />Robert Cunha discussed the issue with the Board regarding Marguerite Oliva’s replacement. <br />One suitable candidate accepted the position of Retirement Administrator, but then declined <br />recently. The job has been reposted on the PERAC website. Marguerite was schedul ed to <br />retire, but will remain on as Administrator until a new candidate is selected for the position. <br />Joseph Foley mentioned the idea of having all future Board Member elections held via ballot <br />mail in only. Ballots would go out to retirees and employees via mail, then returned in the <br />same fashion. Other Boards are starting to hold elections this way. Robert Cunha asked Jim <br />Condon to check in with PERAC to acquire some information. Jim will report back findings at <br />the next Board meeting.