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2022-12-22-RB-min
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2022-12-22-RB-min
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1/19/2023 3:26:49 PM
Creation date
1/19/2023 3:25:58 PM
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Year
2022
Department
Town Clerk
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Minutes - RB - Retirement Board
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Minutes of the December 22, 2022 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Frederick Weiss, Marguerite Olive <br />and Jim Condon <br />Absent: None <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, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James <br />Condon and Michelle Malone were present for this meeting. Chairman Robert Cunha called the <br />meeting to order at 8:30 am. <br />The Board accepted the 123022 Warrant and the December payroll. The November minutes <br />and October financials were reviewed and approved. <br />Robert Cunha reviewed the December agenda with all Board members and staff in attendance. <br />The Board took a minute to introduce Michelle Malone as the new Retirement Administrator <br />for the Lexington Retirement System. Michelle will be replacing Marguerite Oliva, who will be <br />retiring in January 2023 after 27+ years of service to the Town of Lexington. <br />It was noted one Monroe Fund IV distribution on 11/28/22 for $48,547.00. There were two capital calls <br />in early December. Monroe Fund IV on 12/13 for $631,000.00 and Golub 14 Fund on 12/09 for <br />$500,000.00 <br />The Board was informed of no new update regarding Mr. Magarian. <br />Jessica Malafeew requested to purchase six (6) years and three (3) months of service. Ms. Malafeew <br />provided all the necessary paperwork for review. The cost of the buyback is $15,960.55. Robert Cunha <br />made a motion to approve this service buyback, which was seconded by Joseph Foley, and unanimously <br />approved by Fred Weiss, Carolyn Kosnoff, and Alan Fields. <br />The buyback request for Joanne Boyle was tabled. She did not declare whether to proceed with the <br />request by the Board meeting date. <br />Carolyn Kosnoff gave a brief update to the Board regarding the 5% Cost of Living Adjustment (COLA) for <br />Fiscal Year 2023. She mentioned the cost would be roughly $137,000.00 and adds around $1.3m to the <br />liability. The outcome of the COLA will move to the Select Board for approval after the Finance <br />Committee hears this proposal. <br />Stephen MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of November 30, <br />2022 was $196,949,117.00, up $8.6m from the October report. Despite the YTD figures posted, the <br />portfolio has come back positive for the Quarter, and last month. Matthews had an excellent <br />November, posting a 21.9%, while Acadian and Driehaus both eclipsed the 7% mark. The Global Equity <br />sector had Wellington Enduring post an 8.6% for the month. Domestic Assets are performing average as <br />the markets continue to battle back. KAR has been solid over QTD, posting a modest 17.1%. Fidelity <br />and RhumbLine are struggling a bit, but have posted 5.5% over the past month. Stephen then
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