Board of Public Works Retirement System Trustees

04-27-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes April27, 2010 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, April 27, 2010, in the DPW Conference Room located at 9 Riverside Street. Chairman Don Dyer presided. Trustees Present: Alderman Richard Flynn, Aldermanic Liaison – Vice-Chairman Carl Gagnon, Employee Member David Essensa, Employee Member Trustees Absent: Frank Anderson, Mayoral Appointee Others in Attendance: David Fredette, City Treasurer Kathleen Conti, Administrative Assistant Peter Benet Jim Campbell Expected Visitors: Tim Lesko, accompanied by Joyce Skaperdas, of Granite Investment Advisors and Steve Reynolds, TD Banknorth Wealth Management Group, 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. During Mr. Reynolds presentation, he asked the Trustees if TD Banknorth Wealth Management Group could have permission to re-align the asset allocation, for equities, from 58% to 50%. After Mr. Reynolds left, the Trustees discussed Mr. Reynolds’s request. Upon conclusion of the discussion the following motion was made. MOTION BY: Trustee Flynn moved to give TD Banknorth Wealth Management permission to adjust the equity allocation from 58% to 50% contingent upon a favorable recommendation from Trustee Anderson. SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously 04-27-10 2 Minutes of the Meeting: The minutes of the March 30, 2010 were presented for review and acceptance. MOTION BY: Trustee Gagnon moved to accept, place on file, and approve the minutes of the March 30, 2010 meeting. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Personnel – Ms. Conti asked for permission to address the Trustees with an administrative question. Ms. Conti was contacted by an employee, who is currently out on Workers’ Compensation, if it would be possible to pay pension deductions out of pocket. Ms. Conti explained to the Trustees that the Ordinance clearly states that pension deductions are to be paid out of wages paid by the City. Ms. Conti requested that if any of the Trustees were contacted regarding this that they refer the employee to the Ordinance. Old Business: None New Business: Ms. Conti presented her Invoice #74, for $ 100.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee Flynn moved to approve the payment of Invoice #74, for $ 100.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Approval of the distribution of funds for the period March 31, 2010 thru April 27, 2010, in the amount of $129,699.88 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 Flynn MOTION CARRIED: Unanimously Correspondence – Period for Public Comment – None 04-27-10 3 Items by Trustees – Nominations were accepted for the positions of Chairman and Vice-Chairman for the Trustee Board. BPW Commissioner Donald Dyer accepted the nomination for Chairman and Alderman Richard Flynn accepted the nomination for Vice-Chairman. Items by the Chairman – Date for next meeting was set for Tuesday May 25, 2010 at 11:30am. MOTION TO ADJOURN: Trustee Flynn moved to adjourn at 12:55 pm SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously