HomeMy WebLinkAbout2022-11-21-RB-minMinutes of the November 21, 2022 Retirement Board meeting:
Present: Robert Cunha, Joseph Foley, Alan Fields, Carolyn Kosnoff, Frederick Weiss, Marguerite Olive
and Jim Condon
Absent: None
The Board accepted the 113022 Warrant and the November payroll. The October minutes
were reviewed and approved, as well as the cashbooks for September 2022.
Robert Cunha reviewed the November agenda with all Board members and staff in attendance.
It was noted there were three (3) distributions received within the past 30 days. An Angelo
Gordon distribution for $293,078 was received on October 31, 2022, Golub 9 distribution for
$26,907 on November 8, 2022 and a Golub 14 for $27,817 on November 9, 2022.
The Retirement Board is yet to hear back from Mr. O’Leary regarding his remaining balance on
file. There were no new updates with Mr. Magarian.
The Board voted on the request for a service buyback from Robert S. Morency. Mr. Morency is
a firefighter with the Town and submitted his request to purchase three (3) years and ten (10)
months of service. He plans to make full payment via check once the bill is finalized. Robert
Cunha made the motion to approve the buyback request, which was seconded by Joseph Foley,
and unanimously approved by Alan Fields and Frederick Weiss. Carolyn Kosnoff was not
present for this vote.
The Board discussed PERAC Memo #28 regarding the use of Electronic Signatures. As of
September 20, 2022, PERAC regulations authorized Retirement Systems to use electronic
signatures on all retirement forms. Retirement Boards are not required to abide by this new
authorization. Robert Cunha made the motion to not adopt the Electronic Signature regulation
for use at the Lexington Retirement Board. This motion was seconded by Joseph Foley, and
unanimously approved by Frederick Weiss and Alan Fields. Carolyn Kosnoff was not present for
this vote.
The Board had a discussion, led by Joseph Foley, regarding the 5% COLA local option. Governor
Baker signed into law the proposal allowing the 102 local retirement boards to increase the
FY23 COLA from the 3% paid in July to 5%. This additional 2% COLA would be applied to the
COLA base of the local retirement system. Mr. Foley made the motion to approve to local
COLA option, which was seconded by Robert Cunha, and unanimously approved by Carolyn
Kosnoff, Frederick Weiss and Alan Fields. This approval will now go before the Lexington
Select Board for a vote.
Meketa representative, Stephen MacLellan, updated the Board on the recent PERAC notice
regarding RFP’s. He advised the Board that six (6) were sent out and Meketa has received four
(4) back they are researching. Meketa will put out a few more and report back to the Board on
their findings.
Henry Jaung and Stephen MacLellan presented the Meketa update 9:20 am. The portfolio
balance as of October 31, 2022 was $188,314,811.00, up $7.5m from the September report.
Stephen mentioned it was a decent month based on the past several. Portfolio was up 3.4% for
October. The Equity markets are still down over 20% for the year. The recovery will take time
based on the fact the US is sliding into a recession. Interest rates remain high, as is inflation.
On the Domestic Equity side, KAR managed to be up 9.2% for October, while the Russell 1000
posted an 8.0%. International Equities continue to struggle. Matthews posted a -8.1% for
October. One bright spot was Acadain coming in at a nice 5.3% overseas. Stephen and Henry
concluded with an update that early numbers for November were looking very solid. They will
update at the December Board meeting. They spoke briefly regarding research conducted for a
Private Equity firm to possibly add to the portfolio. Both are currently looking at 3-5 suitable
candidates. Returns from this strategy are generally positive. An update will be presented at
the December Board. The Meketa presentation wrapped up at 10:00 am.
Robert Cunha made a motion to adjourn the meeting at 10:00 am, which was seconded by Fred
Weiss, and unanimously approved by Joseph Foley, Carolyn Kosnoff and Alan Fields.
The next Retirement Board meeting will be held remotely via Zoom on Thursday, December 22,
2022 at 8:30 am.
Driehaus will present at the December 22, 2022 meeting
_____________________________
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member