2020-11-24-RB-min - Laserfiche WebLink

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A motion was made by Robert Cunha to approve the buyback request for Karen Hurley. The motion was seconded by Carolyn Kosnoff, and unanimously approved by Fred Weiss,Joe Foley, and Alan Fields. Her bi-weekly retirement deduction was inadvertently removed in error in June 2019 by a school payroll administrator. The error was not discovered until October 2020. Ms. Hurley was issued a buyback calculation worksheet in the amount of$7,684.31 to recoup the creditable service. She has agreed to the buyback and submitted the request to purchase. Once paid in full, she will receive one (1)year and four(4) months of creditable service. Tamzid Ladd and Joseph Haynes Jr. have both submitted the necessary 91A paperwork to PERAC regarding earnings for the calendar year 2019. This will eliminate the need to suspend pension benefits for failure to comply. A Regional Medical Panel Board, comprised of three (3) individual doctors, have all concluded that Mr. Andrew Orfanos is deemed unable to return to work based on injuries suffered while on the job. Robert Cunha made a motion to approve the ADR pension for Mr. Orfanos based on the findings. The motion was seconded by Joe Foley, and unanimously approved by Alan Fields, Carolyn Kosnoff, and Fred Weiss. Joseph Foley, retired firefighter,was the only candidate to have submitted valid nomination papers for election to the Lexington Retirement Board. Consequently,the Lexington Retirement Board voted to declare that Joseph Foley be considered elected to the Board for his sixth term. The vote was held at the November 24, 2020 Retirement Board meeting. His term will commence on 12/30/20 and expire on 12/29/23. Voting members in attendance were Robert Cunha,Alan Fields, Fred Weiss and Carolyn Kosnoff. The vote was 4-0 in favor to re-elect Mr. Foley. It was noted a distribution of$37,800.00 was received from Angelo Gordon. A second distribution was received by Golub for$50,664.00 Stephen MacLellan and Henry Jaung presented the Meketa portfolio update at 8:45 am. The portfolio balance as of October 31, 2020 was$185,585,051.00, down $1.2m from the prior month. YTD performance is up 1.8%. The portfolio performance remains strong with all holdings still in place. The past month was subpar for earnings in each class,yet overall, domestic equities such as KAR and Contrafund are major drivers in the portfolios success this year. Meketa feels we are still overweight in public equity. The Board will discuss at a future meeting. Our PRIT Core RE Fund has been dissolved into our cash fund. Franceso Daniele, Emily Green, and Eric Nierenberg presented the PRIM review at 9:15 am. The Board currently has$79.6b in Assets under Management. They now hold 48 public market portfolios. Global equity remains their largest asset, consuming 39%of the overall fund. It has been brought down from a high of 42.9%just one year ago. Fixed and Private equity are the 2nd and 3rd highest drivers in the PRIM portfolio. Due to the ongoing Covid-19 Pandemic,the commercial RE holdings have taken a major hit. Office space was hot prior to pandemic, however February and March experienced a huge selloff. As time went on,the need for retail space was evaporating. Working from home became the norm, and e- commerce became more popular. Many RE transactions for office buildings became weak in mid- summer. Warehouses actually became a strong commodity. Companies like Amazon and Walmart were ramping up distribution sites to meet the demand of online retail. These warehouses were being