2023-04-27-RB-min - Laserfiche WebLink

Browse Search

Minutes of the April 27, 2023 Retirement Board meeting: Present: Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, Michelle Malone and Jim Condon The Lexington Retirement Board met remotely through Zoom tele-conferencing. The Town Clerks Office posted the meeting, which included the information for any interested party to join the call. Robert Cunha, Joseph Foley, Alan Fields, Frederick Weiss, Carolyn Kosnoff, James Condon and Michelle Malone were present for this meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 033023 Warrant and the March payroll. The February minutes and were reviewed and approved. The January financials were not available at the time of meeting. Robert Cunha reviewed the March agenda with all Board members and staff in attendance. The Lexington Retirement Board was presented new information regarding the matter involving Robert Magarian. Both parties intend to proceed before the Division of Administrative Law Appeals. The Lexington Retirement Board has been directed by Acting Chief Admin. Magistrate to file a memorandum responding to the memorandum submitted by counsel and setting forth facts and law in favor of its position. It shall be due on or prior to August 6, 2023. The Law Offices of Michael Sacco will handle the request. Michelle Malone advised the Board regarding cost of furniture and scheduling. At this time, the Retirement office is waiting to hear back from the Facilities Department on scheduling. Jennifer Mayo submitted the necessary paperwork to request a buyback of service. Ms. Mayo is requesting to purchase one (1) year and eleven (11) months of service. She does meet the proper criteria for this request. Robert Cunha made a motion to approve this request, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Fred Weiss, and Alan Fields. The approval letter will be sent out to the member with instructions for payment. Michelle Malone spoke briefly on the Acceptance of the Town’s Credit Card policy. It was noted the Vanguard balance on March 31, 2023 was $24,675,757.62 No new update on Fossil Fuels. All Board members were reminded of their responsibility to participate in 2nd Quarter Board Training webinars being offered by PERAC. Memo #10 provides a list of training webinars available. Stephen MacLellan presented the Meketa update at 8:40 am. The portfolio balance as of March 31, 2023 was $199,302,695.00, up $1.7% from February. The quarter still remains volatile for most asset classes as monetary policy expectations and high profile bank failures continue. US equity markets had a decent rally in March. The Russell 1000 Growth was up 14.4% for the 1st Quarter. Foreign Equity returns rose 2.5% in March and 8.5% for the 1st Qtr. Emerging market equities responded well with the optimism over the reopening of China’s economy. The Real Estate class continues run flat over the past month. Contrafund, KAR, and Rhumbline each had a positive March to help the portfolio. Acadian continues to lag, but will make its way back. Wellington Opportunistic is doing well, having posted a 6.8% for the month. White Oak Summit Fund continues to post negative figures for this year. Stephen will look into this and report back to the Board.