Board of Public Works Retirement System Trustees

08-02-11 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes August 02, 2011 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, August 02, 2011, in the DPW Conference Room located at 9 Riverside Street. Chairman Commissioner Don Dyer presided. Trustees Present: Frank Anderson, Mayoral Appointee Ben Bashua, Employee Member Kathryn Vitale, Aldermanic Liaison Trustees Absent: David Essensa, Employee Member Others in Attendance: Kathleen Conti, Administrative Assistant David Fredette, City Treasurer Carolyn O’Connor, DPW Finance Manager Chairman Dyer began the meeting by stating, that on behalf of the Trustees, they regretted the passing of Aldermen Richard Flynn. Alderman Flynn had been a Trustee for several years and the expertise he brought to the Board was greatly appreciated. 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. At the conclusion of the presentations, the Trustees reviewed the analysis of the combined investment performance prepared by Trustee Anderson 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. Minutes of the Meeting: The minutes of the May31, 2011 Meeting were presented for review and acceptance. MOTION BY: Trustee Anderson moved to accept, place on file, and approve the minutes of the May 31, 2011 Meeting. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously 08-02-11 2 Personnel – The retirement of Arthur Kidd was presented to the Trustees by Ms. Conti for approval. Mr. Kidd’s retirement is effective as of August19, 2011. MOTION BY: Trustee Anderson moved to approve retirement of Arthur Kidd as presented SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously The retirement of Nancy Mcauley- Lesieur was presented to the Trustees by Ms. Conti for approval. Mrs. Mcauley- Lesieur retirement is effective as of August16, 2011. MOTION BY: Trustee Anderson moved to approve the retirement of Nancy Mcauley- Lesieur as presented SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously The resignation of Kelly Aubut was presented to the Trustees by Ms. Conti for approval. Mr. Aubut elected to receive a lump sum distribution. MOTION BY: Trustee Anderson moved to approve the resignation and lump sum distribution to Kelly Aubut as presented SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously The resignation of Michel Atwater was presented to the Trustees by Ms. Conti for approval. Mr. Atwater elected to receive a lump sum distribution. MOTION BY: Trustee Anderson moved to approve the resignation and lump sum distribution to Michel Atwater 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 signed by Aldermen Vitale for the records. 08-02-11 3 New Business: Ms. Conti presented her Invoice #85, for $ 2600.00, for meeting preparation, general administrative work, and flowers for Alderman Flynn’s funeral to the Board for payment. MOTION BY: Trustee Anderson moved to approve the payment of Invoice #85, for $ 260.00, as submitted by Kathleen Conti. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Approval of the distribution of funds for the period June 01, 2011 thru June 30, 2011, in the amount of $196,928.27 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 Bashua MOTION CARRIED: Unanimously Approval of the distribution of funds for the period July 01, 2011 thru Aug 02, 2011, in the amount of $140,692.68 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 Bashua MOTION CARRIED: Unanimously Ms. Conti presented an invoice from Hooker & Holcombe, for the preparation of the FY10 Actuarial Valuation Report, to the Trustees for approval. MOTION BY: Trustee Anderson moved to approve the payment of the invoice from Hooker & Holcombe, $11,250.00 as submitted by Kathleen Conti. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Correspondence – None Period for Public Comment – None 08-02-11 4 Items by Trustees – None Items by the Chairman – Date for next meeting was set for Tuesday August 30, 2011 at 11:30am. MOTION TO ADJOURN: Trustee Vitale moved to adjourn at 12:50 pm SECONDED BY: Trustee Anderson MOTION CARRIED: Unanimously