HomeMy WebLinkAbout2025-06-26-RB-min Minutes of the June 26, 2025 Retirement Board meeting:
Present: Robert Cunha,Joseph Foley, Alan Fields, Carolyn Kosnoff, Michelle Malone and James Condon
Absent: Frederick Weiss
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,Joseph Foley, Carolyn Kosnoff,Alan Fields,James Condon and Michelle Malone
were present for this meeting. Frederick Weiss was unable to attend. Robert Cunha called the meeting
to order at 8:30 am.
The Board accepted the 063025 Warrant and the June payroll. The May minutes were reviewed and
approved. The cashbook was not reported to us in time for this meeting.
Robert Cunha reviewed the June agenda with all Board members and staff in attendance.
Woburn Retirement requested a vote on whether Lexington would accept liability from previously
refunded service by a Stephanie Boggs. Ms. Boggs purchased the time through Woburn Retirement.
Robert Cunha made a motion to accept liability for one (1)year and two (2) months of service, which
was seconded by Joseph Foley, and unanimously approved by Carolyn Kosnoff and Alan Fields.
Annual Benefit Verification update: A 3rd notice was sent out to the remaining 44 retirees on 6/25/25.
As of 7/5/25, we are down to just 20 missing.
Carolyn Kosnoff spoke briefly regarding the payroll realignment that was implemented in January 2025
and recently concluded in May 2025. Eight of Ten bargaining units were in agreement. Two LFD units
were against it and have filed a grievance against the town. Carolyn, as well as Michelle, have spoken
with William Keefe at PERAC, and there will be no implications to those retiring under the realignment
scenario. Robert Cunha noted that the Board does not take a position in in the payroll realignment, but
will ensure that all future retirees receive their full retirement which they are entitled to under Chapter
32
Henry Jaung presented the Meketa update at 8:50 am. He began by informing the Board the Lexington
returns have been great. The spreads between what we do versus PRIM have been quite impressive.
Our balance has gone over the$250m mark, which moves us into a new elite peer group. A driver has
been Domestic Equities rallied back in May with the technology sector leading the way. Also, Emerging
Market equities returned 4.3% in May. The Federal Reserve has held rates steady again for another
month. Only Tariff policies and their impact on the economy are at stake going into the summer
months.
The portfolio review update as of May 31, 2025 has the overall balance at$269,384,334.00. This figure
is up$8.6m from last month. As Henry previously mentioned, it was a great month for our portfolio.
Domestic equities were up 7% in May, led by Contrafund and Rhumbline. Acadian had a nice month on
the International equity side, up 5.6%for the month. Wellington Enduring and Opport. Funds are both
showing excellent YTD numbers. Each is up over 10%YTD. Henry concluded his presentation at 9:20
am.
Robert Cunha made a motion to adjourn the meeting at 9:21 am, which was seconded by Carolyn
Kosnoff, and unanimously approved by Joseph Foley and Alan Fields.
The Board would then meet in Executive Session.
Next Retirement Board meeting will be held on Thursday,July 24, 2025 at 8:30 am on Zoom.
Angelo Gordon will present at 8:35 am.
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member