Board of Public Works Retirement System Trustees

10-26-10 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes October 26, 2010 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, October 26, 2010, in the DPW Conference Room located at 9 Riverside Street. Chairman Don Dyer presided Trustees Present: Alderman Richard Flynn, Aldermanic Liaison – Vice-Chairman David Essensa, Employee Member Carl Gagnon, Employee Member (arrived @ 11:50am) Trustees Absent: Frank Anderson, Mayoral Appointee : Others in Attendance: David Fredette, City Treasurer Kathleen Conti, Administrative Assistant Carolyn O’Connor, DPW Finance Manager Not in Attendance: 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. The performance booklet for TD Banknorth contained the performance results, for the portfolio, as of August 31, 2010. Treasurer Fredette questioned whether there was a mistake in the title or was the performance results shown as of August 31, 2010. Mr. Reynolds stated that the results were as of August 31, 2010 and that he would send the corrected page with the September 30, 2010 performance to Ms. Conti. The corrected information is attached to these minutes. In addition, Mr. Reynolds confirmed to Ms. Conti that the rest of the data in the packet was as of September 30, 2010. The Trustees and Treasurer Fredette discussed whether each investment manager was actually reporting results in a matter that could easily be compared. At a future meeting, the Board and the Treasurer would like to discuss this concern with Trustee Anderson. Minutes of the Meeting: The minutes of the September 28, 2010 were presented for review and acceptance. MOTION BY: Chairman to hold this agenda item until next meeting due to the late distribution of the minutes to the Trustees. 10-26-10 2 Personnel – Ms. Conti presented a death benefit, payable to Barbara LaBlond, beneficiary of Robert LeBlond who died on September 26, 2010. MOTION BY: Trustee Gagnon moved to approve the death benefit payment of $3000 to Barbara LeBlond as presented. SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Old Business: When should Bank of America be invited back for a performance presentation? To be discussed at the next meeting. New Business: Ms. Conti presented her Invoice #78, 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 #78, for $ 100.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Gagnon MOTION CARRIED: Unanimously Approval of the distribution of funds for the period Sept 28, 2010 thru Oct 26, 2010, in the amount of $141,728.65 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 Gagnon MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None Items by Trustees – None 10-26-10 3 Items by the Chairman – Date for next meeting was set for Tuesday November 30, 2010 at 11:30am. MOTION TO ADJOURN: Chairman Dyer moved to adjourn at 12:50 pm SECONDED BY: Trustee Flynn MOTION CARRIED: Unanimously Notes: Audio of meeting was unreadable. Minutes transcribed from notes.