Board of Public Works Retirement System Trustees

07-27-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes (Amended) July 27, 2010 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, July 27, 2010, in the DPW Conference Room located at 9 Riverside Street. Chairman Don Dyer presided. Vice-Chairman Dick Flynn presided. Trustees Present: Alderman Richard Flynn, Aldermanic Liaison – Vice-Chairman David Essensa, Employee Member Frank Anderson, Mayoral Appointee Trustees Absent: Chairman Donald Dyer, Board of Public Works Commissioner : Carl Gagnon, Employee Member Others in Attendance: Kathleen Conti, Administrative Assistant Carolyn O’Connor, DPW Finance Manager Not in Attendance: David Fredette, City Treasurer Expected Visitors: Steve Reynolds, TD Banknorth Wealth Management Group, and Tim Lesko, of 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. Trustee Anderson asked each of the Investment Advisors if the data presented was gross or net of fees. TD Banknorth Wealth Management Group stated that their results were presented at gross. Mr. Reynolds explained that TD could not go back and adjust historical data to reflect net of fees results or for that matter create current results at net of fees either, Granite Investment Advisors. Mr. Lesko stated that Granite State Investment Advisors presented their results net of fees. At the June 29, 2010 Trustees Meeting, Bank of America was asked the same question. Their representatives stated that results were presented net of fees also. At the conclusion of the presentations, the Trustees reviewed the analysis of the combined investment performance prepared by Trustee Anderson. The Trustees agreed that they would need to ensure that all results were being presented alike. 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. 07-27-10 2 Minutes of the Meeting: The minutes of the June 29, 2010 were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the June 29, 2010 meeting. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Personnel – None Old Business: None New Business: Ms. Conti presented her Invoice #76, for $ 140.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee Anderson moved to approve the payment of Invoice #76, for $ 140.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Approval of the distribution of funds for the period June 30, 2010 thru July 27, 2010, in the amount of $41,429.90 (FY10) and $99,348.34 (FY11) was presented to the Board. The Trustees reviewed the detail. MOTION BY: Trustee Essensa moved to approve the distribution of funds for the period as presented. SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously Vice-Chairman Flynn asked that the rules be suspended to allow a communication received after the agenda was prepared and distributed. MOTION BY: Trustee Essensa to allow for the suspension of rules SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously 07-27-10 3 On the motion, Vice-Chairman Flynn read into record a communication from Robert Guidaboni requesting to buy 4 service weeks credits. Mr. Guidaboni was out on Workers’ Compensation and missed 4 weeks of pension deductions. It was noted that Mr. Guidaboni had made several pension contributions while out, however Payroll was not able to process the last four weeks. The Trustees discussed the request. Trustee Essensa stated that he did not see any reason not to honor this request. However, Trustee Flynn and Trustee Anderson stated that they would like the City of Nashua Legal Department to review the ordinance and render an opinion on the matter. MOTION BY: Trustee Anderson to hold this item until City of Nashua Legal Department has responded. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None Items by Trustees – None Items by the Chairman – Date for next meeting was set for Tuesday August 31, 2010 at 11:30am. MOTION TO ADJOURN: Trustee Anderson moved to adjourn at 1:04 pm SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Notes: Audio of meeting was unreadable. Minutes transcribed from notes.