2023-05-25-RB-min - Laserfiche WebLink

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Minutes of the May 25, 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 053123 Warrant and the May payroll. The April minutes were reviewed and approved. The financials were not available at the time of meeting. Robert Cunha reviewed the May agenda with all Board members and staff in attendance. It was noted there were three (3) distributions to the Lexington Retirement System. On April 14, 2023, a distribution of $181,273.00 was received from Angelo Gordon. Golub 9 Fund distributed $90,261.00 on 5/4/2023, while Golub 14 distributed $92,895.00 on 5/5/2023. Michelle Malone presented a brief update on the office renovation project. Facilities has set the dates of July 13-14 to work. Talks will continue regarding a paint job for both offices. Jim will be on vacation the week of renovation, while Michelle will work from home or seek available office space in Town Hall. Election Officer, Jim Condon, notified the Board only one (1) candidate submitted nomination paperwork to the Lexington Retirement Office for a three (3) year term to commence on July 1, 2023 through June 30, 2026. Robert Cunha, Chairman, was the only candidate to submit nomination paperwork by the May 9, 2023 deadline. A motion was made by Joseph Foley at 8:40 am, seconded by Carolyn Kosnoff, and unanimously passing 4-0. The Board voted Robert Cunha, running unopposed, as elected to serve a three (3) year term commencing on 07/01/2023 through 06/30/2026. The motion made included that Robert Cunha will remain the Board Chairman. It was noted this will be Robert Cunha’s thirteenth term on the Lexington Retirement Board. Joseph Foley, Alan Fields, Carolyn Kosnoff, and Frederick Weiss were all “yes” votes. Mr. Cunha abstained from the vote. Vincent LeRow submitted the necessary paperwork to request a buyback of service with the Lexington Retirement System. Mr. LeRow has requested to purchase four (4) months of service toward his retirement account. Robert Cunha made a motion to approve the buyback, which was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff, Alan Fields, and Fred Weiss. Mr. LeRow will receive an accepted by the Board letter and the options to purchase the service. PERAC Memo #10 reminder to Board members regarding education credits. Sign up for trainings. Carolyn Kosnoff mentioned to the Board she is exploring options to seek a long term contract with Stone Consulting Group. Just in the early stages, but would like to see a 4-6 year contract for the future. Stephen MacLellan presented the Meketa update at 8:45 am. The portfolio balance as of April 30, 2023 was $202,731,383.00, up $3.42m from April. Stephen began by talking briefly with the Board about the