Board of Public Works Retirement System Trustees

03-29-11 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes March 29, 2011 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, March 29, 2011, in the DPW Conference Room located at 9 Riverside Street. Vice -Chairman Alderman Richard Flynn presided. Trustees Present: Frank Anderson, Mayoral Appointee David Essensa, Employee Member Ben Bashua, Employee Member Trustees Absent: Chairman Commissioner Don Dyer : Others in Attendance: David Fredette, City Treasurer Carolyn O’Connor, DPW Finance Manager Kathleen Conti, Administrative Assistant Expected Visitors: None Minutes of the Meeting: The minutes of the March 01, 2011 were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the March 01, 2011 meeting. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Personnel – None Old Business: A copy of the current Investment Policy was included in the agenda packet again this month. Trustee Flynn has the Board Members if they felt that the Trustees were in compliant with the policy. Trustee Flynn noted that the policy was signed in 2005 and that Trustee Dyer and Trustee Anderson were Board Members at that time. Trustee Anderson felt the document should be reviewed and ratified by the current Board Members. Trustee Anderson offered to the review the policy and make recommendations if need be. Trustee Anderson felt that the policy should be presented to the current Investment Managers to see if they had any input or suggestions into the policy. 03-29-11 2 MOTION BY: Trustee Anderson moved to table this item and to continue discussions, as old business, once Investment Managers and Trustee Anderson had time to review the policy. The Trustees discussed the draft copy of the FY10 actuarial from Hooker and Holcombe. Treasurer Fredette was concerned about the unfunded liability for the period reviewed. The fund went from 91% funded (2008) to 83% funded (2010). Since this evaluation will be used for bond rating, Treasurer Fredette needs to understand the detail. The Trustees requested that Ms. Conti arrange for a meeting with Mr. Ryor of Hooker and Holcombe during the week of April 18th. Treasurer Fredette stated that the Conflict of Interest Policy may not have been signed by all Board Members. The signing of the policy is a requirement of the City Auditors. Ms. Conti will include a copy of the Conflict of Interest Policy in the next agenda packet. Current members will sign for the record. New Business: Ms. Conti presented her Invoice #82, for $ 60.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee Essensa moved to approve the payment of Invoice #82, for $ 60.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Approval of the distribution of funds for the period Mar 02, 2011 thru Mar 29, 2011, in the amount of $157,328.33 was presented to the Board. The Trustees reviewed the detail. MOTION BY: Trustee Anderson moved to approve the distribution of funds for the period as presented. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None Items by Trustees – None 03-29-11 3 Items by the Chairman – Date for next meeting was set for Tuesday April 26, 2011 at 11:30am. MOTION TO ADJOURN: Trustee Anderson moved to adjourn at 12:15 pm SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously