Board of Public Works Retirement System Trustees

01-26-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes January 26, 2010 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, January 26, 2010, in the DPW Conference Room located at 9 Riverside Street. Trustee Frank Anderson presided. Trustees Present: Roger Lavoie, Employee Member Carl Gagnon, Employee Member Trustees Absent: Donald Dyer, BPW Commissioner - Chairman Alderman Richard Flynn, Aldermanic Liaison – Vice-Chairman Others in Attendance: David Fredette, City Treasurer Carolyn O’Connor, DPW Financial Manager Kathleen Conti, Administrative Assistant Expected Visitors: Steve Reynolds, TD Banknorth Wealth Management Group, and Tim Lesko, Granite Investment Advisors presented their quarterly reviews. The reviews included an analysis of the economy, reviews of the Investment Objectives and Guidelines, and the portfolio performances for the period. At the conclusion of the presentations, the Trustees reviewed the analysis of the combined investment performance prepared by Trustee Anderson. In addition, Trustee Anderson provided an analysis of the asset allocation. The Trustees, again, reviewed this asset allocation as it related to the current investment objectives. Trustee Anderson stated that since there is a new investment advisor assigned to the BPW retirement System portfolio from Bank of America, the advisor should be invited to attend one of the next meetings. David Fredette and Kathleen Conti will coordinate that presentation. Minutes of the Meeting: The minutes of the December 29, 2009 were presented for review and acceptance. MOTION BY: Trustee Gagnon moved to accept, place on file, and approve the minutes of the December 29, 2009 meeting. SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously 01-26-10 2 Personnel – Ms. Conti informed the Board that she is working on retro payments due 5 AFSCME retirees. As stated in the current collective bargaining agreement for this union, any individuals that retired between July 2006 and September 2009, are entitled to a recalculation of there full retirement benefit plus a retro payment from September 2009 back to the date of their retirement. Ms. Conti prepared a draft schedule of what the impact would be to the plan. Ms. Conti stated that she would be working on issuing these checks in February and would report back to the Trustees on the final impact to the plan. Old Business: None New Business: Ms. Conti presented her Invoice #72, for $ 100.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee Gagnon moved to approve the payment of Invoice #72, for $ 100.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Lavoie MOTION CARRIED: Unanimously Approval of the distribution of funds for the period December 30, 2009 thru January 26, 2010, in the amount of $124,018.10 was presented to the Board. The Trustees reviewed the detail. MOTION BY: Trustee Anderson moved to approve the distribution of funds for the period as presented. SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously Correspondence – Included in the agenda packet was a newsletter from Hooker and Holcombe Period for Public Comment – None 01-26-10 3 Items by Trustees – Ms. Conti informed the Trustees that she would be coordinating an election for a replacement for Roger Lavoie, Employee Representative. Items by the Chairman – Date for next meeting was set for Tuesday February 23, 2010 at 11:30am. MOTION TO ADJOURN: Trustee Flynn moved to adjourn at 12:46 pm SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously