Board of Public Works Retirement System Trustees

03-30-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes March 30, 2010 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, March 30, 2010, in the DPW Conference Room located at 9 Riverside Street. Chairman Donald Dyer presided. Trustees Present: Alderman Richard Flynn, Aldermanic Liaison – Vice-Chairman Frank Anderson, Mayoral Appointee David Essensa, Employee Member Trustees Absent: Carl Gagnon, Employee Member Absent: David Fredette, City Treasurer Others in Attendance: Carolyn O’Connor, DPW Financial Manager Kathleen Conti, Administrative Assistant Maggie Bickford, DPW Executive Administrator Expected Visitors: None Minutes of the Meeting: The minutes of the January 26, 2010 were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the January 26, 2010 meeting. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Personnel – The retirement of Jon LeBrun was presented to the Trustees by Ms. Conti for approval. Mr. LeBrun’s retirement is effective as of April 2, 2010. MOTION BY: Trustee Anderson moved to approve the retirement of Jon LeBrun as presented. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously 03-30-10 2 Ms. Conti presented to the Board the final retro payments due 5 AFSCME retirees and the financial impact these payments had on the plan. 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. In total, $8,239.01 was issued in retro payments to the 5 individuals. A discussion, led by Alderman Flynn, with Ms. Conti reviewed how the payments were calculated. Much of the discussion centered on how the 52 weeks were determined. MOTION BY: Trustee Anderson moved to approve the retro payments to the 5 AFSCME retires in the amount of$8,239.01. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Old Business: None New Business: Ms. Conti presented her Invoice #73, for $ 500.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee David Essensa moved to approve the payment of Invoice #73, for $ 500.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously Approval of the distribution of funds for the period January 27, 2009 thru March 30, 2010, in the amount of $327,314.59 was presented to the Board. The Trustees reviewed the detail. MOTION BY: Chairman Dyer moved to approve the distribution of funds for the period as presented. SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously Approval of Hooker & Holcombe Invoice, in the amount of $9,800, for FY09 Actuarial Valuation Report. 03-30-10 3 MOTION BY: Trustee Anderson moved to approve the invoice from Hooker & Holcombe, in the amount of $9,800, for payment. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Correspondence – Included in the agenda packet was a newsletter from Hooker and Holcombe MOTION BY: Trustee Anderson moved to accept and place on file the correspondence from Hooker and Holcombe. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Period for Public Comment – None Items by Trustees – Trustee Anderson reminded the Board that the Investment Advisors were due in for their quarterly presentations next month. In addition, Trustee Anderson suggested that Bank of America be invited to present at the May 2010 meeting. The Board agreed and the investment advisor will be contacted. Trustee Flynn handed out the ordinance changes (O-10-16) that are on the BOA agenda for 4-13-2010. Trustee Flynn requested that the Board take one more look at the changes to verify that all intended changes had been covered. The Trustees discuss the changes and agreed that the legislation looked good. Items by the Chairman – Date for next meeting was set for Tuesday April 27, 2010 at 11:30am. MOTION TO ADJOURN: Trustee Flynn moved to adjourn at 12:15 pm SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously