2020-10-22-RB-min - Laserfiche WebLink

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Minutes of the October 22, 2020 Retirement Board meeting: Present: Robert Cunha,Joseph Foley,Alan Fields, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva and James Condon Absent: None NEW MEMBERS: (10) Meghan McNamara, Dept. Assistant; Joseph Sullivan, Patrolman; Christine Jones, Erika Sanderson, Student Support Instructors; Sarah Peterson, Jonathon Weintraub, Kazuhiro Ebihara, Katerina Ioakimidis, Mithlesh Bhargava, Jean-Marie Gard, Instructional Assistants; RETIREMENTS: DEATHS: (1) Kenneth Kelley, Fireman, 09/22/2020 The Lexington Retirement Board met remotely through Zoom tele-conferencing during the Covid-19 Pandemic. The Town Clerks Office posted the meeting,which included the information for any interested party to join the call. All Board members were present for this meeting. Chairman Robert Cunha called the meeting to order at 8:30 am. The Board accepted the 103020 Warrant and the October 2020 payroll. The September minutes and August financials were reviewed and approved. Bob Cunha reviewed the October agenda will all Board members and staff in attendance. It was reported that retired firefighter, Leonard Muller, passed away the morning of October 22. Mr. Muller spent over 26 years as a dedicated firefighter for the Town of Lexington. He was 88 years old. It was noted the Vanguard balance as of 09/30/2020 was$19,362,481.00 A motion was made to approve the buyback request for Margaret Donnellan,which was seconded by Joe Foley, and unanimously approved by Fred Weiss and Carolyn Kosnoff. Ms. Donnellan requested to purchase three (3)years and six(6) months of service prior to becoming a benefitted employee with the Lexington School Department. There was a discussion to dissolve the PRIT RE fund. The fund has performed flat, and is currently down 2.7%YTD. The Board members feel it might be best to roll the PRIT balance into Cash. We have to option to return to the fund based on future performance. Robert Cunha made a motion to dissolve the PRIT RE fund and transfer it to our Cash account. The motion was seconded by Alan Fields, and unanimously approved by Fred Weiss, Carolyn Kosnoff, and Joseph Foley to dissolve. The balance was around $8.7m at the time of this motion. Henry Jaung and Stephen MacLellan presented the Meketa portfolio update at 8:45 am. The overall balance of the portfolio as of September 30, 2020 was $186,794,111.00, down $4.2m from the prior month. YTD performance is up 3% and QTD is 6.3%. The portfolio performance remains strong will all current asset classes in place. Contrafund and KAR are doing excellent. The same can be said for Driehaus and Matthews. We are still overweight in public equity. The US equity market has been extremely positive the past few months. Real Estate has been reduced down to 5%. It was around 9% previously. Private equity has been sluggish for a while now. The Board discussed making a move out of the Private equity sector. After discussion, Bob Cunha made the motion to dissolve the PRIT Core RE