Board of Public Works Retirement System Trustees

05-31-11 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes May 31, 2011 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, May 31, 2011, in the DPW Conference Room located at 9 Riverside Street. Chairman Commissioner Don Dyer presided. Trustees Present: Frank Anderson, Mayoral Appointee David Essensa, Employee Member Ben Bashua, Employee Member Trustees Absent: Vice -Chairman Aldermen Richard Flynn Others in Attendance: Kathleen Conti, Administrative Assistant David Fredette, City Treasurer Expected Visitors: None Minutes of the Meeting: The minutes of the Special Meeting on April 21, 2011 were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the April 21, 2011 Special Meeting. SECONDED BY: Trustee Essensa Chairman Dyer abstained MOTION CARRIED: Unanimously The minutes of the April 26, 2011 meeting were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the April 26, 2011 Meeting. SECONDED BY: Trustee Essensa Chairman Dyer abstained MOTION CARRIED: Unanimously 05-31-11 2 Personnel – Ms. Conti presented a death benefit, payable to, Pauline Ducharme, beneficiary of Paul Belanger who died on May 12, 2011. MOTION BY: Trustee Anderson moved to approve the death benefit distribution to Pauline Ducharme as presented. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Old Business: The review and discussion of the Investment Policy was held until next regularly scheduled meeting. Trustee Anderson to provide language to Ms. Conti. The Conflict of Interest Policy was reviewed. Chairman Dyer had already signed the Policy. Trustees Anderson, Bashua, and Essensa each signed a copy. New Business: Ms. Conti presented her Invoice #84, for $ 120.00, for meeting preparation and general administrative work for the Board for payment. MOTION BY: Trustee Anderson moved to approve the payment of Invoice #84, for $ 120.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Approval of the distribution of funds for the period April 27, 2011 thru May 31, 2011, in the amount of $205,380.01 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 Essensa MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None 05-31-11 3 Items by Trustees – Trustee Anderson mentioned that the Trustees may want to consider having the Investment Advisors present 3 times a year. Recommended July, November, and March. Items by the Chairman – Date for next meeting was set for Tuesday June 28, 2011 at 11:30am. MOTION TO ADJOURN: Trustee Anderson moved to adjourn at 12:15 pm SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously