HomeMy WebLinkAbout2020-01-30-RB-min Minutes of the January 30, 2020 Retirement Board meeting:
Present: Bob Cunha, Carolyn Kosnoff,Alan Fields, Fred Weiss, Marguerite Oliva, and Jim Condon
Absent: Joe Foley
NEW MEMBERS: (9)Nina Rich, SIA; Amanda Loomis, Planning Director; Michael McGloin,
Elizabeth Pratt, John Secatore, Eric LeBlanc, Police Officers; Jillian Gentile, Michael Tennant,
Inst.Asst's.; Chandaleya Kum, Student Support;
RETIREMENTS: (1) Donald LaConte, Plumbing Insp., 01/14/2020
DEATHS: (2) Joseph McLaughlin Jr., 11/28/2019, Custodian; James F. Corr Jr., 01/02/2020,Police Chief
The Board accepted the 013120 Warrant and the January payroll. The December minutes were
reviewed and approved, as well as the cashbooks for November 2019.
Bob Cunha reviewed the January agenda with the Board members and staff in attendance. He noted
there were was a Fidelity Plan expense reimbursement for Q4 2019 totalling$12,086.00. Distributions
were reported from Monroe for$399,550.00, Golub for$81,527.00, and Angelo Gordon for$51,799.00.
As of December 31, 2019, the Vanguard balance was$18,740,350.00
Donald LaConte has received confirmation of his appointment to meet with a medical panel on
02/11/2020 as part of the ADR process.
There has been no update or change in the Ryan Bugler matter.
The matter of Joseph O'Leary is still pending in the court system. The Retirement Board has not
received any recent updates as of 01/30/2020.
A buyback request for Lisa Soulier was voted on and approved. Mrs. Soulier was a non-benefitted
employee with the Lexington School Dept. from 9/1/2008—6/30/2016, due to hourly restrictions. She
became benefit eligible beginning 8/29/2016 and remains a full-time SPED Instruction Assistant. The
buyback is for three (3) years and three (3) months of creditable service towards retirement and will
cost$15,216.95. Bob made a motion to approve, which was seconded by Fred, and unanimously
approved by Carolyn and Alan.
The PERAC Memo#7 regarding the COLA Notice was received by the Board on January 13, 2020. The
Board now has the authorization to grant a COLA for retiree's, and must notify PERAC within thirty(30)
days of that decision to grant.
Board members were reminded of upcoming trainings for 1St Qtr. 2020.
The Board briefly discussed an OPEB study and will continue to update any pertinent information.
Steve McLellan and Tom Dunleavy presented the Meketa review.The portfolio balance for December
31, 2019 was$185,049,471.00, up 2.7%from November. The YTD performance was up 19.5%, one of
the top performances the portfolio has achieved in years. Domestic equities were a major factor in the
success for 2019. The 4t" Qtr. gains in the Emerging markets, Russell 2000, and the S&P 500 helped
close out this successful year. Heading into 2020, the portfolio looks to be positioned well. The Equities
sector should remain steady, especially the domestic side. Our Matthews Asia fund bears watching due
an outbreak of the Coronavirus. Early reports have spending in China very weak. A travel ban has been
put into place. Steve will be monitoring the fund closely. Overall,the report presented by Meketa was
extremely positive. Our portfolio should continue to do well heading into the 1St Qtr. 2020.
Steve gave an overview presentation regarding Alternative Beta, a concept of managing volatile
alternative investments through the use of other funds. The strategy aims to achieve a better risk-
adjusted performance relative to cap weighted indices. His introduction to this can be located in the
Meketa handout beginning on page 27. Steve wanted to inform us of this type of investment that is
building some momentum with other clients.
Fossil Fuel exposure has dropped to 4.1%, ending the year lower than the original 4.4% reported the
past few months.
Future Board meeting dates: 02/27/2020, 03/26/2020, and 4/30/2020.
Bob Cunha motioned to adjourn the meeting at 9:35 am,which was seconded by Fred Weiss, and
approved by Carolyn Kosnoff and Alan Fields.
The next Retirement Board meeting will be held on Thursday, February 27, 2020 in Cary Memorial
Library at 8:00 am.
Acadian and RhumbLine will attend.
Robert Cunha, Chairman Alan Fields, Appointed Member
Carolyn Kosnoff, Ex Officio Member Joseph Foley, Elected Member
Frederick Weiss, Appointed Member