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2023-03-30-RB-min
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2023-03-30-RB-min
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5/3/2023 9:04:09 AM
Creation date
5/1/2023 11:48:32 AM
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Year
2023
Department
Town Clerk
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Minutes
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Minutes of the March 30, 2023 Retirement Board meeting: <br />Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Michelle <br />Malone and Jim Condon <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. Chairman Robert Cunha called the meeting to order at 8:30 am. <br />The Board accepted the 033123 Warrant and the March payroll. The February minutes were <br />reviewed and approved. The January financials were not finalized at the time of meeting. <br />Robert Cunha reviewed the March agenda with all Board members and staff in attendance. <br />The Board has yet to hear any new information regarding Robert Magarian from Attorney <br />Michael Sacco. <br />It was noted there was a White Oak distribution for $16,468.00 on 03/27/2023. <br />Michelle Malone updated the Board on the Retirement offices being refurbished. Design and <br />measurements have been taken and submitted to the Facilities Dept. She is waiting to hear <br />back from them on the next pricing factors. Should hear back in 1-2 weeks. <br />The Notice of Election has been sent out to members and retiree s of the Lexington Retirement <br />System. One (1) seat is available commencing on July 1, 2023 to June 30, 2026. Robert Cunha, <br />Chairman of the Board, seat expires on June 30, 2023, and will seek re-election for a 13th Term. <br />The date of Election will be on June 22, 2023. <br />The Lexington Retirement Board voted on the yearly COLA for Fiscal Year 2024. The COLA will <br />be effective July 1, 2023. Robert Cunha made a motion to grant the 3% COLA on the first <br />$15,000.00. This motion was seconded by Joseph Foley, and unanimously approved by Carolyn <br />Kosnoff, Alan Fields, and Frederick Weiss. <br />Michelle Malone advised the Board our office received Disability Retirement paperwork for <br />Vartan Minasian on 03/20/2023. Mr. Minasian is a School Department employee who injured <br />himself on 05/27/2021 while hammering a sign post into the ground. The incident report states <br />he suffered a left abdominal injury. No other details as of this recap. <br />Robert Morency firefighter, submitted the necessary paperwork to request a buyback of <br />service. Mr. Morency wishes to purchase three (3) years and ten (10) months of service from <br />time served with the Essex County Retirement System at a cost of $52,646.28. He mentioned <br />he would make a lump sum payment. Robert Cunha made the motion to approve thi s buyback, <br />which was seconded by Joseph Foley, and unanimously approved by Fred Weiss, Carolyn <br />Kosnoff, and Alan Fields. Retirement staff will notify Mr. Morency of the decision via mail. <br />All Board members were sent PERAC Memo #10 regarding 2nd Quarter Board Training. Mr. <br />Cunha reminded the Board to look at the schedule of upcoming events and participate.
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