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Minutes of the May 28, 2020 Retirement Board meeting: <br /> Present: Bob Cunha, Alan Fields, Fred Weiss,Joe Foley, Carolyn Kosnoff, and Jim Condon <br /> Absent: None <br /> The Lexington Retirement Board met remotely through Zoom telephone conferencing during the <br /> ongoing Covid-19 pandemic. All Board members were present. The Clerk's Office Meeting posting <br /> included the information for any interested party to join the conference call. <br /> The Board accepted the 052920 Warrant and the May payroll. The April minutes were reviewed and <br /> approved via email. <br /> Bob Cunha reviewed the May agenda with the Board members and staff in attendance. There was no <br /> new information to report regarding Joseph O'Leary and Ryan Bugler. <br /> Due to the Covid-19 pandemic,we have been advised by PERAC to re-run the election for the open seat <br /> on our Board. Due to a "shelter in place" order during our election period, PERAC stated candidates <br /> were unable to enter Town Hall for nomination papers, seek required signatures, and file paperwork <br /> within the proper time frame. Once restrictions on the public entering Town Hall are lifted,we will <br /> begin the process again to post an election. <br /> Bob Cunha made a motion to approve the military buyback request for Christopher Ducharme,which <br /> was seconded by Joe Foley, and unanimously approved by Carolyn Kosnoff and Alan Fields. <br /> Bob Cunha made a motion to approve the buyback request for Jane Aronson,which was seconded by <br /> Fred Weiss, and unanimously approved by Joe Foley and Alan Fields. <br /> The 2019 Annual Statement was reviewed by the Board Members via email. Bob Cunha made a motion <br /> to approve the Annual Statement,which was seconded by Joe Foley, and unanimously approved by <br /> Carolyn Kosnoff, Fred Weiss, and Alan Fields. <br /> The Vanguard balance as of March 31, 2020 is$16,316,451.00. We received a 1St Quarter 2020 <br /> reimbursement from the Fidelity plan for$12,358.00. <br /> Bladen Burns from FMI Large Cap Fund presented the Board an update. In short, FMI has had a tough <br /> year and has been underperforming. He mentioned it appears the fund will continue to struggle going <br /> forward during the tough economic times. The spread between FMI and market overall continues to <br /> widen in the wrong direction. It was noted that FMI has had four straight quarters of little to no growth. <br /> Bladen felt the fund was in position to do fair during the pandemic, but it took a major hit. He felt they <br /> were in a good defensive stance to weather the market. After fielding some questions from Alan and <br /> Fred,the review wrapped up at 9:30 am. <br /> Ed Schollmeyer and Mike Hickey from Fidelity presented the Board an update. They talked about their <br /> high quality holdings that have done well through the turbulent market of late. Many of the holdings <br /> have been in place for years. Amazon makes up 8.5%of the portfolio for them. Mike spoke of two big <br /> changes heading their way. Reducing financial holdings due to interest rates becoming so low. Banks <br /> aren't making much money. Fidelity is interested in healthcare again. The potential for a vaccine to <br /> prevent Covid-19 becoming a reality is very enticing. Also, elective surgeries should be returning to the <br />