2020-06-25-RB-min - Laserfiche WebLink

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Recap of the June 25, 2020 Retirement Board meeting: The Lexington Retirement Board met remotely through Zoom tele-conferencing during the ongoing Covid-19 pandemic. The Town Clerk's Office meeting posting included the information for any interested party to join the call. All Board members were present. Chairman Robert Cunha called the meeting to order at 8:30 a.m. The Board accepted the 063020 Warrant and the June Payroll. The May 2020 minutes and April 2020 financials were reviewed and approved via email. Bob Cunha reviewed the June agenda with all Board members and staff in attendance. It was noted we had no new information regarding Joseph O'Leary and Ryan Bugler. Until the MA Courts reopen, it could be a few months before any information is released. Election Officer,Jim Condon, notified the Board only one candidate submitted nomination paperwork to the Board for a three year term of July 1, 2020 through June 30, 2023, and therefore an "Election by Declaration"will be voted on by the Board. On a motion by Joseph Foley, seconded by Alan Fields, and passing unanimously(4-0). Voting "yes" were Joseph Foley,Alan Fields, Fred Weiss, and Carolyn Kosnoff, the Board unanimously voted in favor of an "Election by Declaration". Robert Cunha abstained from this vote. A motion by Joseph Foley, seconded by Alan Fields, and passing unanimously(4-0). The Board voted Robert Cunha, running unopposed,to serve a three year term commencing on July 1, 2020 through June 30, 2023. It was noted this will be Mr. Cunha's twelfth term on the Lexington Retirement Board. Alan Fields,Joseph Foley, Fred Weiss, and Carolyn Kosnoff were all "yes"votes. Robert Cunha abstained from this vote. Bob Cunha made a motion to approve the buyback request for Kathleen Kim,which was seconded by Joe Foley, and unanimously approved by Carolyn Kosnoff and Fred Weiss. It was noted the FMI account was liquidated and the funds were transferred and received by RhumbLine. We also received a distribution from White Oak for$48,807.00 Steve MacLellan from Meketa presented the portfolio update at 8:40 a.m. He mentioned May was a very good month, up 3.6%. The QTD is up 10.5%. Very solid numbers in a time of recovery from the pandemic market crash. The portfolio balance as of May 31, 2020 was $173,411,183.00,which is$4.8m higher than April 31, 2020 balance. Returns continue to come in higher each month as the country begins to reopen from the pandemic. Domestic equities continue to drive the fund, up 21%this quarter. Kayne Anderson is up 25.6%for the quarter. International equities are slowly returning, up 11%QTD. Still lagging behind others, but remain positive. Our Real Estate exposure is down to$8.5m. There is too much uncertainty in RE with Covid-19. Our cash balance remains high, and we were advised to leave it as is for another month or two. There is no need to jump into another fund at this time. We need to be patient. Steve explained two investment options the Board was seeking at the May Board meeting. EB TIF, which the system currently uses, and Gov STIF. It was noted the Gov STIF fund only yields 0.27%and you must hold US government backed securities. The EB TIF yields 0.38%and is able to hold