2020-01-30-RB-min - Laserfiche WebLink

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Minutes of the January 30, 2020 Retirement Board meeting: Present: Bob Cunha, Carolyn Kosnoff,Alan Fields, Fred Weiss, Marguerite Oliva, and Jim Condon Absent: Joe Foley NEW MEMBERS: (9)Nina Rich, SIA; Amanda Loomis, Planning Director; Michael McGloin, Elizabeth Pratt, John Secatore, Eric LeBlanc, Police Officers; Jillian Gentile, Michael Tennant, Inst.Asst's.; Chandaleya Kum, Student Support; RETIREMENTS: (1) Donald LaConte, Plumbing Insp., 01/14/2020 DEATHS: (2) Joseph McLaughlin Jr., 11/28/2019, Custodian; James F. Corr Jr., 01/02/2020,Police Chief The Board accepted the 013120 Warrant and the January payroll. The December minutes were reviewed and approved, as well as the cashbooks for November 2019. Bob Cunha reviewed the January agenda with the Board members and staff in attendance. He noted there were was a Fidelity Plan expense reimbursement for Q4 2019 totalling$12,086.00. Distributions were reported from Monroe for$399,550.00, Golub for$81,527.00, and Angelo Gordon for$51,799.00. As of December 31, 2019, the Vanguard balance was$18,740,350.00 Donald LaConte has received confirmation of his appointment to meet with a medical panel on 02/11/2020 as part of the ADR process. There has been no update or change in the Ryan Bugler matter. The matter of Joseph O'Leary is still pending in the court system. The Retirement Board has not received any recent updates as of 01/30/2020. A buyback request for Lisa Soulier was voted on and approved. Mrs. Soulier was a non-benefitted employee with the Lexington School Dept. from 9/1/2008—6/30/2016, due to hourly restrictions. She became benefit eligible beginning 8/29/2016 and remains a full-time SPED Instruction Assistant. The buyback is for three (3) years and three (3) months of creditable service towards retirement and will cost$15,216.95. Bob made a motion to approve, which was seconded by Fred, and unanimously approved by Carolyn and Alan. The PERAC Memo#7 regarding the COLA Notice was received by the Board on January 13, 2020. The Board now has the authorization to grant a COLA for retiree's, and must notify PERAC within thirty(30) days of that decision to grant. Board members were reminded of upcoming trainings for 1St Qtr. 2020. The Board briefly discussed an OPEB study and will continue to update any pertinent information. Steve McLellan and Tom Dunleavy presented the Meketa review.The portfolio balance for December 31, 2019 was$185,049,471.00, up 2.7%from November. The YTD performance was up 19.5%, one of the top performances the portfolio has achieved in years. Domestic equities were a major factor in the success for 2019. The 4t" Qtr. gains in the Emerging markets, Russell 2000, and the S&P 500 helped close out this successful year. Heading into 2020, the portfolio looks to be positioned well. The Equities