Board of Public Works Retirement System Trustees

11-29-11 1 BOARD OF TRUSTEES Division of Public Works Retirement System Meeting Minutes November 29, 2011 A meeting of the Board of Trustees, Public Works Retirement System was held at 11:30 a.m. on Tuesday, November 29, 2011, in the DPW Conference Room located at 9 Riverside Street. Trustee Frank Anderson presided. Trustees Present: Frank Anderson, Mayoral Appointee David Essensa, Employee Member Ben Bashua, Employee Member Kathryn Vitale, Aldermanic Liaison Trustees Absent: Donald Dyer, BPW Commissioner Representative Others in Attendance: Kathleen Carragan, Administrative Assistant Carolyn O’Connor, DPW Finance Manager Absent: David Fredette, City Treasurer Expected Visitors: Robert Magan, TD Banknorth Wealth Management Group, and Tim Lesko and Scott Sherman of Granite Investment Advisors presented their respective investment 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. Trustee Anderson requested that Ms. Carragan send Robert Magan a copy of the current Investment Objectives for his review and comments. Minutes of the Meeting: The minutes of the October 25, 2011 Meeting were presented for review and acceptance. MOTION BY: Trustee Aldermen Vitale moved to accept, place on file, and approve the minutes of the October 25, 2011 Meeting. SECONDED BY: Trustee Essensa MOTION CARRIED: Unanimously Personnel – Trustee Anderson moved to place on file a letter received by Mr. Alan Arsenault. The correspondence was a request for the Trustees to approve a disability retirement benefit for Mr. Arsenault. Attached to Mr. Arsenault’s letter was a letter from his surgeon, as the Trustees had requested. The Trustees asked Ms. Carragan several questions on what options were available to Mr. Arsenault. 11-29-11 2 MOTION BY: Trustee Anderson moved to approve that the information provided by Mr. Alan Arsenault and his surgeon satisfied the Board for Mr. Arsenault to apply for a Disability Retirement Benefit. SECONDED BY: Trustee Aldermen Vitale MOTION CARRIED: (3) Yay (1) Nay The Trustees directed Ms. Carragan to present, to Mr. Arsenault, all his retirement benefit options that he would be eligible for. Old Business: The review and discussion of the Investment Policy was held until the language changes could be incorporated into the current policy. New Business: Ms. Carragan presented her Invoice #88, for $100.00, for meeting preparation and general administrative work. MOTION BY: Trustee Essensa moved to approve the payment of Invoice #88, for $ 100.00, as submitted by Kathleen Carragan. SECONDED BY: Trustee Bashua MOTION CARRIED: Unanimously Approval of the distribution of funds for the period October 26, 2011 thru November 29, 2011 in the amount of $210,278.61 was presented to the Board. The Trustees reviewed the detail. MOTION BY: Trustee Aldermen Vitale 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 Items by Trustees – None Items by the Chairman – Date for next meeting was not set as the Chairman was not present. MOTION TO ADJOURN: Trustee Anderson moved to adjourn at 12:59 pm SECONDED BY: Trustee Vitale MOTION CARRIED: Unanimously