HomeMy WebLinkAbout2025-03-27-RB-minMinutes of the March 27, 2025 Retirement Board meeting:
Present: Robert Cunha, Joseph Foley, Frederick Weiss, Carolyn Kosnoff, Michelle Malone and James
Condon
Absent: Alan Fields
The Lexington Retirement Board met remotely through Zoom tele -conferencing and in person. The
Town Clerks Office posted the meeting, which included the information for any interested party to join
the call. Robert Cunha called the meeting to order at 8:32 am.
The Board accepted the 033125 Warrant and the March payroll. The February minutes were reviewed
and approved, as well as the December cashbooks.
Robert Cunha reviewed the March agenda with all Board members and staff in attendance.
It was noted we received a distribution from Neuberger Berman on 02/28/25 for $61,187.00
Julie Romagna requested to purchase prior service with the Town of Lexington for work hours from
11/15/2010 to 07/03/2015. Ms. Romagna only worked 12-15 hours per week during this time period.
Robert Cunha made a motion to deny the service buyback, which was seconded by Joseph Foley, and
unanimously approved by Carolyn Kosnoff and Frederick Weiss. Lexington will accept buyback requests
if meet the minimum requirements of 20+ hours a week of employment.
Nicole Vandeyar requested to purchase prior service with the Town of Lexington for work performed
10/15/2018 to 09/21/2020. Ms. Vandeyar worked 13-17 hours per week during this time period. She
does not meet the requirement set by the Board for purchase.
Taciana Hennig Tomasio requested to purchase prior service with the Town of Lexington for service
from 10/20/2014 to 01/26/2024. The service purchase was denied for the period between 10/20/2014
to 09/11/2020 due to weekly hours worked under 20. However, Robert Cunha made a motion to
approve the buyback of service for 09/12/2020 to 01/26/2024. This motion was seconded by Joseph
Foley and unanimously approved by Carolyn Kosnoff and Frederick Weiss.
Robert Cunha reminded Board Members to submit their SFI's to PERAC by the end of May, and continue
to keep up with Board Training courses for credits.
Stephen MacLellan presented the Meketa update at 8:42 am. He spoke briefly on the US markets and
their 2% decline in February, mainly due to value outperforming growth. Outside the US, markets were
positive in part to tariff risks being implemented by the US Government, and a weakening US dollar.
Going forward, the uncertainty related to the Trump Administration's policies could have an impact on
US economy, inflation and Federal Reserve. China's economy and concerns over elevated valuations
and technology -driven concentration in the US equity market will be a major focus point going forward.
Stephen then gave the overall performance in the portfolio through February 28, 2025. The current
balance on 02/28/2025 was $263,361,227.00, up $557,548.00 from January. Domestic equities were
down 1.9% last month. Global equities were up 3.5%, while International assets are up 5.1% QTD. KAR
and Contrafund are holding up this year, yet Stephen mentioned they will be monitoring the Wellington
strategies. He then mentioned Lexington is in compliance with manager searches, but Meketa plans to
do a private debt search later this year. His presentation wrapped up at 8:56 am.
Robert Cunha made a motion to adjourn the meeting at 8:57 am, which was seconded by Joseph Foley,
and unanimously approved by Frederick Weiss and Carolyn Kosnoff.
The next Retirement Board meeting will be held on Thursday, April 24, 2025 in person at 8:30 am.
Location to be determined in early April. Boards are waiting on legislation to be passed to allow for the
continuation of Zoom meetings. PERAC will notify us.
Robert Cunha, Chairman
Carolyn Kosnoff, Ex Officio Member
Frederick Weiss, Appointed Member
Alan Fields, Appointed Member
Joseph Foley, Elected Member