2018-04-26-RB-min - Laserfiche WebLink

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Minutes of the April 26, 2018 Retirement Board meeting: Present: Robert Cunha, Joe Foley, Alan Fields, Carolyn Kosnoff, Marguerite Oliva and Jim Condon Absent: Frederick Weiss NEW MEMBERS: (8) Matthew Snell, Kyle Dzwonek, Andrew McAleer, Police Officers; Sheila Nobrega, SSI; Alexander Fiorillo, Field Technician; Roberto Gonzalez, Adam Provost, Custodians; Shannon McCormack, Payroll Specialist DEATHS: (2) Charlotte Nelson, School Secretary, 4/09/2018; Lynne Pease, Executive Clerk, 4/17/2018 RETIREMENTS: (4) Ronald Guerin, Custodian, 3/30/18; David Schofield, Firefighter, 5/2/18; Gary Genovese, DPW Foreman, 5/4/18; Lawrence Giorgio, Fire Lieutenant/EMT, 7/3/18 The meeting began with Board members in attendance signing off on the Annual Statement required by PERAC. Two copies were distributed for signatures. Fred Weiss was absent from the meeting. There was a brief discussion on how to handle memo 412 issued by PERAC in February 2018. It pertained to vacation and sick time taken in conjunction with Workers' Compensation. The issue is whether to take a deduction and hold it in an account until the member is ready to retire, or take no deductions and bill member later. It was decided to take no deduction at that time, yet subject to change. The disability transmittal approval for Vivian Marcano was received in PROSPER prior to the meeting. We will submit the calculation to PERAC via mail and wait for the final approval. Maggie informed the Board that our office has gone without a PERAC audit since 2012. She would like to have one scheduled at some point by the end of this year. The Board agrees to this and mentions we should reach out and check their availability. It was noted the new website for the State, including PERAC, is missing the latest financial reports and performance reviews for Lexington and other towns. This could be a matter of PERAC still uploading information to the new site. We will give it time and check the site in the near future for updates. Henry Jaung presented the Meketa update. He advised us we can now move $3,000,000.00 from Contrafund to the Retirement Board's accounts payable. And then move the other $2,000,000.00 at a later date to cover costs. The Board voted to do this transaction last month, yet there was enough in the account to cover all costs for the month. Despite the turbulent market this year, the overall portfolio is up .6%through March with an overall balance of$168,590,641.00. Fossil Fuels remain at 4.5%. Henry stated we have successfully bumped up our Real Estate Assets up to 9% from original holdings of 5.7%. It was noted that by reducing high yield, the portfolio has been able to hold steady through the turbulent market of late. KAR is working well this year, posting a 1.4% in the equity asset class.