Nashua Division of Public Works Retirement System Board Meeting Summary – September 29, 2025
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Nashua Division of Public Works Retirement System Board Meeting Summary – September 29, 2025
The Division of Public Works Retirement System Board convened on September 29, 2025, at 10:30 a.m. to conduct routine business, including approval of prior meeting minutes, personnel benefits, financial reports, and a fee reduction from the board’s wealth management advisor. Key actions included approval of death benefits, member contribution refunds, a monthly distribution of funds, and an advisor fee change.
Consent Calendar
- Minutes of August 11, 2025, regular meeting: Motion to approve by an unidentified member, seconded by Terry Harris. Approved unanimously by voice vote.
- Minutes of August 29, 2025, special meeting: Motion to approve by an unidentified member, seconded by Dan Hudson. Approved unanimously by voice vote.
Personnel & Benefits
- Death benefit – Louise A. Dion and Peter A. Dion: The board approved the customary $3,000 death benefit for each. Approved unanimously by voice vote.
- Return of contributions – J. Larrow: Approved refund of contributions plus 4% interest, as Larrow served only a short period. Approved unanimously by voice vote.
- Agenda addition – Adam P. Cordeiro: Not originally on the agenda. A motion to suspend the rules to add his item was made and seconded, then approved unanimously by voice vote. His return of contributions was subsequently approved as part of the same motion.
Financial Reports & Fee Changes
- Approval of distribution of funds for July 1, 2025 – June 30, 2025: The board approved the monthly payment of $329,220.90, lump-sum payment of $8,545.60, and services of $195.00, for a total of $337,962.50 for the period. Motion by an unidentified member, seconded, approved by voice vote.
- RBC Wealth Management advice fee change: The board approved a reduction in the advisory fee to 0.3500%. Motion by an unidentified member, seconded by Terry Harris, approved unanimously by voice vote.
Discussion Items
- Update on ordinance changes for IRS: The board reported that the attorney in Manchester (John) promised completion within two weeks. The revised ordinance will need endorsement from the Board of Aldermen.
- Goals for fiscal year 2026: The board discussed the IRS ordinance update, a one-time stipend (RBC is developing an automated service to replace the previous Excel-based process), and a possible fee for trustee of trust fund services, though the board expressed current satisfaction.
- Death benefit amount: Trustee Terry Harris raised the idea of increasing the death benefit from $3,000 to $6,000, citing inflation and the program’s healthy financial status. The board agreed to consider the matter further at a future meeting.
Key Outcomes
- Death benefits and contribution refunds: Approved for Louise A. Dion ($3,000), Peter A. Dion ($3,000), J. Larrow (contributions + 4% interest), and Adam P. Cordeiro (contributions + 4% interest). All approved by unanimous voice vote.
- Distribution of funds for July 1, 2025 – June 30, 2025: Approved ($337,962.50 total).
- RBC wealth management fee change: Approved (reduced to 0.3500%).
- Next steps: The board will await the completed IRS ordinance changes from the attorney before taking further action. The death benefit increase discussion will be placed on a future agenda.
Meeting Transcript
Anyways, we'll stop. We regress. We'll call the uh division of public works retirement system board to order at 10 30 a.m. Um those present today as Dan Hudson, Michael Bryan, myself, Dave Ferdinand, Terry Harris. Um Mary is here, and also Caroline O'Connor. So we have a quorum. Expected visitors, none. Minutes of the meeting, meeting uh minutes of the meetings, minutes of August 11, 2025, regular meetings. Is there a motion to approve those that minute, those minutes? Motion to approve. Seconded by Terry. I don't think I was there for the meeting. Can I second it? Yeah, you can say I second that. We're very low. Any discussion? If not, all those in favor say aye. Aye. Aye. We have the minutes of the August 29th, 2025 special meeting. Is there a motion on that? Yes, I I move to move to approve that. Okay. Seconded by Dan. Any other discussion on it? Not all those in favor say aye. Aye. Personnel, uh, death benefit, Louise A Dion. And also Peter A. Dion. I don't think they're related, but anyways. That's the uh customary three thousand dollar benefit. Um discussion on it. Okay, uh we uh approved everybody's okay. Aye. Aye, aye. That goes past return of contributions to J. Larrow. He is um we see it just for a short period of time, so as you know, he gets his contributions returned with four percent interest. Um we also have the one that is not on the agenda. Adam, everybody's got it though, right? Anyone has that? Adam Cordero. Yeah. Um so he wasn't on the agenda, so can we have somebody make a motion to uh suspend the rules to allow Adam P. Codero on agenda? I make the motion to uh can you state the name again? Adam P and it's C O R D E I R O. Okay, I agree with that. Uh Adam to the agenda because uh his name wasn't added at the time when the agenda was written.
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