Board of Public Works Retirement System Trustees

06-29-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes June 29, 2009 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, June29, 2010, in the DPW Conference Room located at 9 Riverside Street. Vice- Chairman Alderman Richard Flynn presided. Trustees Present: Frank Anderson, Mayoral Appointee Carl Gagnon, Employee Member David Essensa, Employee Member Trustees Absent: Chairman Donald Dyer, Board of Public Works Commissioner Others in Attendance: David Fredette, City Treasurer Kathleen Conti, Administrative Assistant Lucien Roy Expected Visitors: Joseph McCourt and Janet Oliynyk of Bank of America presented their fixed income performance. The presentation included an analysis of the economy, review of the Investment Objectives and Guidelines, and the portfolio performances. Mr. McCourt recommended that the Trustees consider investing the portfolio in a bond mutual fund. Mr. McCourt further stated that 5% of the portfolio remains in cash. Trustee Anderson and Mr. Mc Court discussed what factors Mr. Mc Court would consider that would indicate that the funds needed to be moved out of this mutual bond fund. Mr. McCourt and the Trustees agreed that it would be desirable for Bank of America to return for another performance presentation in the Feb/March time frame. After the presentation, the Trustees discussed whether the other investment managers, when presenting their quarterly performance, were showing the results gross or net of fees. Ms. Conti suggested that a memo be sent to all investment managers stating that all performance results need to be net of fees and also to ensure that all investment managers were using the same indexes to measure their performance against. Minutes of the Meeting: The minutes of the April 27, 2010 meeting were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the April 27, 2010 meeting. SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously 06-29-10 2 Personnel – The retirement of Walter Sage was presented to the Trustees by Ms. Conti for approval. Mr. Sage’s retirement was effective as of May 4, 2010. MOTION BY: Trustee Anderson moved to approve the retirement of Walter Sage as presented. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Ms. Conti presented a death benefit, payable to Maureen Dorsey and Mary Dorsey-Bunnell, beneficiaries of Francis Dorsey who died on May 16, 2010. MOTION BY: Trustee Gagnon moved to approve the death benefit payment of $1500each, for a total of $3000 to Maureen Dorsey and Mary Dorsey-Bunnell as presented. SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously The retirement of Renald Bouchard was presented to the Trustees by Ms. Conti for approval. Mr. Bouchard’s retirement was effective as of May 21, 2010. MOTION BY: Trustee Anderson moved to approve the retirement of Renald Bouchard as presented. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Old Business: None New Business: Ms. Conti presented her Invoice #75, 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 #75, for $ 100.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously 06-29-10 3 Approval of the distribution of funds for the period April 28, 2010 through June 29, 2010, in the amount of $348,293.43 was presented to the Board. The Trustees reviewed the detail. MOTION BY: Chairman Anderson moved to approve the distribution of funds for the period as presented. SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None Items by Trustees – The legislation presented to the Board of Alderman to change the Ordinance that governs the retirement plan, was approved. The changes will take effect July 1, 2010. Items by the Chairman – None MOTION TO ADJOURN: Trustee Anderson moved to adjourn at 12:24 pm SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously