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2023-01-19-RB-min
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2023-01-19-RB-min
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2/22/2023 12:26:21 PM
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2/22/2023 12:22:53 PM
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2023
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Town Clerk
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Minutes
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Minutes of the January 19, 2023 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Michelle Malone and Jim Condon <br />Absent: Carolyn Kosnoff <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, James Condon and <br />Michelle Malone were present for this meeting. Chairman Robert Cunha called the meeting to <br />order at 8:30 am. <br />The Board accepted the 013123 Warrant and the January payroll. The December minutes and <br />November financials were reviewed and approved. <br />Robert Cunha reviewed the January agenda with all Board members and staff in attendance. <br />It was noted there was a White Oak Summit distribution on 12/29/22 for $13,741.00 <br />The Vanguard balance, as of 12/31/2022, is $23,876,304.00 <br />There was no update on Mr. Magarian to report. <br />The Retirement Board received notification on the day of this meeting regarding Ryan Bugler. <br />Unfortunately, the DALA Magistrate that heard the case left DALA before issuing a decision. <br />Attorney Chris Collins has asked if we would like a new hearing, or just have the new Magistrate <br />review the recordings and filings and issue a decision. The Board agreed to have the new <br />Magistrate issue a decision. <br />The Board was notified that Mr. O’Leary contacted the Retirement Board to request a refund of <br />the remaining balance in his account. He will be refunded on the February 28, 2023 payroll <br />warrant. <br />Pension Technology Group will be offering four (4) hours of training to local retirement boards <br />during 2023. The cost would be $600.00 for Michelle and Jim to attend. Bob Cunha made a <br />motion to approve this cost for training, which was seconded by Joe Foley, and unanimously <br />approved by Fred Weiss and Alan Fields. <br />The Board voted to approve the 2% COLA increase, a one‐time retro increase to retirees back to <br />July 2022, at this meeting. Bob Cunha made the motion, which was seconded by Joe Foley and <br />unanimously approved by Alan Fields and Fred Weiss. This approval will be presented to the <br />Lexington Select Board for their approval in the coming days. <br />All Board members received PERAC Memo #33 regarding 1st Quarter Board Training. <br />The Meketa update was presented at 8:50 am by Stephan MacLellan and Gloria Hazard. The <br />portfolio balance as of December 31, 2022 was $190,625,000.00, down $6.3m from the prior <br />month. The markets have fluctuated the past few months in the 4th Quarter of 2022. Inflation
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