2021-03-25-RB-min - Laserfiche WebLink

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Minutes of the March 25, 2021 Retirement Board meeting: Present: Robert Cunha,Joseph Foley, Fred Weiss, Carolyn Kosnoff, Marguerite Oliva, and Jim Condon Absent: Alan Fields NEW MEMBERS: (9)Nicholas Morris, Marc Gilles, Justin Brooks, Jared O'Brien, Jack Sharer,Police Officers; Michael Prescott, Truck Driver; Todd Higgins, Meter Reader; Robert Soparkar, Custodian; Grace Germanetto, HR Specialist; RETIREMENTS: (1) Michael Tuomi, LPD Lieutenant, 02/26/2021 DEATHS: (1) Lisa George-Cox, Student Support Instr. 03/09/2021 (active member) 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 033121 Warrant and the March payroll. The February minutes and January financials were reviewed and approved. Robert Cunha reviewed the March agenda with all Board members and staff in attendance. Alan Fields was absent from the meeting. It was noted the Board received a distribution from Monroe on 2/26/21 for$335,107.00. Vanguard received a transfer from the Town for$187,500.00 on 3/10/21. Also, a White Oak distribution was received in the amount of$30,881.00 The Retirement Board has yet to hear from Robert Magarian, or his attorney, regarding the overpayment issue. The Board will continue to garnish Mr. Magarian's pension payments. He will retain his health and dental coverage. Pending a liability request from the State Retirement Board,John Carnell will be eligible to purchase police cadet service from 1989-1992. The Board members were reminded to pursue 1St Quarter 2021 educational course credits via PROSPER. All courses are being offered online due to the ongoing Pandemic. Henry Jaung and Stephen MacLellan presented the Meketa portfolio update at 8:40 am. The portfolio balance as of February 28, 2021 is$209,289,544.00, up$4m from the prior month. The economy is slowly rebounding from the Pandemic, and our portfolio positioning remains solid. It continues to outperform the PRIT Core to date. Domestic equity has seen a slight uptick the past month. Henry cautions we are still overweight in this sector. International equities remained stable, holding around 3%for QTD. He also mentioned we continue to carry a high Cash balance and look to the future for a possible acquisition. One downfall has been the Global Equity Asset class. Recently, it has been posting a negative .8%for last month and negative .4%for the quarter. Henry then discussed the ongoing Large Cap search for the portfolio. Meketa narrowed the search down to three (3) highly advantageous firms; Eagle Capital, Fidelity, and Polen Capitol to present the Board. It was noted Eagle and Polen are more concentrated with roughly 25-30 clients each, Fidelity holds a higher client portfolio. They are working