2017-06-27-RB-min - Laserfiche WebLink

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Minutes of the June 27, 2017 Retirement Board Meeting Present: Bob Cunha,Joseph Foley, Alan Fields, Frederick Weiss, Marguerite Oliva and Jim Condon Absent: Carolyn Kosnoff NEW MEMBERS: (8) Bulger Limchao,Jonathan Powell, Patrol Officers; Christine Muir, Librarian; Donald Pederson Jr., Laborer;Anne Graglia-Kostos, HR Director; Michael Donahue, Firefighter; Melissa Interess, Asst. Director Senior Services;Jesus Melo, Custodian DEATHS: (4)Wikje Feteris, Librarian, 5/11/17; Mary DiLuna,Attendance Health Aide, 6/15/17, Barbara Laye, School Dept. Aide, 6/20/2017; Marjorie Young, School Secretary, 5/30/17 RETIREMENTS: (4) Pat Goddard, Public Facilities Director, 8/28/2017; Donald Johnson, Asst. Project Manager, 7/31/17, Kathleen Mercer, Patrolman, 7/6/17; Robert Mercer, Patrolman, 7/7/17 The Board accepted the 063017 Warrant and the June payroll. The May minutes were reviewed and approved, as well as the cashbooks for April 2017. The Board discussed briefly the matter going forward regarding Vivian Marcano. She has elected to appeal the decision by our Board to D.A.L.A. Ms. Marcano was denied an Accidental Disability at the May 25, 2017 Board meeting. James O'Brien and Robert Magarian's medical panels were reviewed by the Board for Accidental Disability benefits. A motion was made by Bob to approve O'Brien and Magarian, seconded by Joe and voted in agreement by Alan and Fred. Carolyn was not present to vote. Maria Frey presented her case for an additional two (2) months of creditable service with the town. She was previously denied this service request at the May 25, 2017 board meeting on the grounds she terminated employment June 25, 1999 with the town. She had then accepted a position at MA Teacher's Retirement System September 3, 1999. Therefore, no creditable service could be granted within the dates listed above. She was off the payroll in Lexington, and not on the M.T.R.S. payroll during that time. The Board affirms the denial and Ms. Frey will be notified via letter of the decision and her rights to appeal. A request was made by Bob to inform the Board members of our monthly contributions received vs. cash being paid out. The town appropriation will be included in this report. The request will cover the months from January 1, 2017 to June 30, 2017. As of late, the Retirement Board has been paying out more than what is being received. We received a distribution from Monroe Capital for$257,774.00 Jim has been elected as the Records Access Officer for the Lexington Retirement Board effective 7/1/17 as well as in charge of PROSPER notifications to the Board. Maggie presented to the Board a proposal to reduce her work schedule slightly. She will draft a few scenarios for the Board to review in the coming weeks. Henry Jaung presented the Meketa update. The portfolio increased from $154.9m on 4/30/17 to $156.1m as of 5/31/17. It is currently up 9.5%for the year and 15.0%over the past twelve months.