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Minutes of the May 25, 2017 Retirement Board Meeting Present: Bob Cunha,Joseph Foley, Frederick Weiss, Alan Fields, Carolyn Kosnoff, Marguerite Oliva and Jim Condon NEW MEMBERS: (2) Christine Dean, Community Center Dir.; Chelsey Burnham, Dispatcher DEATHS: Ruth Rosa, School Secretary, 5/15/17 RETIREMENTS: George-Arthur Robinson, Firefighter, 6/15/17; Anne Kimball, IA, 6/23/17; Sheila Levitan, Librarian, 8/6/17 The Board accepted the 053117 Warrant and the May payroll. The April minutes were reviewed and approved, as well as the cashbooks for March 2017. The Board discussed and voted on the Accidental Disability application for Vivian Marcano. A motion was made by Bob to deny the ADR, seconded by Joe and voted in agreement by Carolyn, Fred, and Alan. The decision was made in part to the fact that Ms. Marcano turned down a position within the school department that would accommodate her. The matter of posting the Board meeting minutes onto the town website was addressed. The Board is willing to move forward with the posting but follow the recommendations made by Attorney Michael Sacco. Bob suggested to post the minutes of the meeting, financial performance figures, and managers of the funds. Steve advised us that Meketa can trim and edit monthly report for our posting. A motion was made by Bob, and seconded. All in favor, none denied to post monthly Board minutes. Maria Frey had requested two months of additional creditable service toward her account. She was employed as a tutor in the Lexington School System from September 1997 to June 1999. During that time period, Ms. Frey was given credit for July and August 1998 because she was returning back to work in Sept. 1998. However, she left employment in June 1999 and was not returning for the school year in Sept. 1999. Therefore, she is not eligible to receive credit for two (2) months for the summer of 1999. Bob made a motion to deny, seconded by Joe, and voted in agreement by Carolyn,Alan and Fred. Robert Cunha was unopposed in his election bid and will begin his eleventh term as a member of the Lexington Retirement Board on July 1, 2017. Congratulations and thank you for your dedication and professionalism to the Board over the years. There was a $300,000.00 wire transfer to Vanguard by the Town on 4/27/17. Henry Jaung and Steve McLellan presented the Meketa update. The portfolio increased from $152.1m on 3/31/17 to $154.9m on 4/30/17. It is currently up 7.5%for this year and 13.8%over the past twelve months. Kayne Anderson Rudnick performance numbers should appear on the May 31" Meketa update. As of April 301h, Monroe, Golub, and White Oak are holding steady and performing as expected. William Blair posted a positive 3.1%, yet is still lagging behind our other clients in the portfolio. The Hartford Capitol review was presented by Brian Kraus. He gave a brief review of their objective and strategy in the Capital Appreciation fund. Most notable item was the pending retirement of Saul Pannell by the end of this year, and how his holdings would be distributed to other risk managers. Tom Simon