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HomeMy WebLinkAbout07/23/2013 FPFB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting July 23, 2013 I. CALL TO ORDER — ROLL CALL President John Malcolm called the meeting to order at 8:30 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Retired Firefighter Jim East — FOIA/OMA Officer/Firefighter Joe Knoll — Secretary/Firefighter Also present was Howard Pohl & Jeffery Black of Becker, Burke Associated Carry Collins the Pension Fund Attorney. Arrived at 8:38 a. m. II. APPROVE AGENDA Motion by Dave Erb, seconded by Sam Baas to approve the Agenda as submitted. Motion was approved. III. CITIZENS TO BE HEARD None. IV. APPROVE MINUTES A. Regular Meeting April 23, 2013 Motion by Joe Knoll, seconded by Dave Erb to approve the Minutes as submitted. Motion was approved. V. TREASURER'S REPORT A. Approve Treasure's Report David Erb handed out a copy of the Mount Prospect Firefighters Pension Fund Financial report for the period April 1, 2013 and ending June 30, 2013. Mr. Erb outlined the information in the report. Statement of Assets As of June 30, 2013 the Fund had net assets with a market value totaling $49.2 million. Of this amount, $8.7 million was under management by Galliard and $13.0 million was under management by Segall Bryant. As of June 30, there is an unrealized loss in the Fund's portfolio totaling $832,577. This is down from the $141,869 in unrealized losses reported last quarter. Income Statement The Fund's net assets decreased $625,824 for the second quarter. Total revenues for this quarter were $370,378. Contributions of $164,583 were made up of property and replacement taxes totaling $31,162 and pension contributions of $133,421. Gains from the equity portion of the portfolio totaled $668,699 while the value of fixed income investments fell by $463,124. Expenditures for pension benefits accounted for $972,672 of the total during the second quarter. Other operating expenses including investment advisor and manager costs, medical fees, Department of Insurance fee and other charges totaled $23,530. Motion by John Malcolm, seconded by Joe Knoll to accept the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by Joe Knoll, seconded by Sam Baas to accept the list as presented. Motion was approved. C. Quarterly Financial Report Mr. Erb asked Howard Pohl & Jeffery Black from Becker, Burke Associates to provide the Quarterly Financial Report. They went through the entire document highlighting pertinent facts, charts and graphs. Motion by Dave Erb, seconded by Joe Knoll to Revise investment policy to reflect investment equities up to 65%, revise investment policy to allow for investments into Real Estate (Becker Burke 5 Asset Model w/5%into Real Estate, portfolio #27) and move into RE to be done over one-year period beginning in 3rd quarter, 2013. Roll John Malcolm -yes Dave Erb -yes Sam Baas -yes Jim East -yes Joe Knoll -yes Motion was approved Motion by Dave Erb, seconded by Joe Knoll to accept the Quarterly Financial Report as presented. Motion was approved. D. Ratify Transactions of Trade from last quarter Joe Knoll, seconded by Sam Baas moved to approve the Transactions & Trades. (See attached list) Roll John Malcolm -yes Dave Erb -yes Sam Baas -yes Jim East -yes Joe Knoll -yes Motion was approved VI. COMMITTEE REPORTS A. Medical Committee No Report. B. Legal Committee No Report. VII. OLD BUSINESS A. Rules & Regulations updates will be discussed at the next meeting. B. Status of Tom Willming's Duty/Occupational Disease Disability will be discussed under new business. VIII. NEW BUSINESS A. Request for Benefits/Refunds. None B. President Malcolm called the hearing to order to determine the application of an occupational disease related disability by Thomas Willming. Also present was Thomas Duda — Attorney for the applicant and Cary Collins — Attorney for the Mount Prospect Pension Board. Athene Mirmingos, a Certified Shorthand Reporter of the State of Illinois took the transcript of the proceedings. Dave Erb, seconded by Sam Baas moved to go into Executive Session to discuss a directed finding. Roll Call John Malcolm — Yes David Erb —Yes Sam Baas — Yes Jim East —Yes Joe Knoll — Yes C. Next Pension Board Meeting October 22, 2013 IX. OTHER NEW BUSINESS None X. NEXT MEETING DATE October 22, 2013 XI. ADJOURNMENT Joe Knoll, seconded by Sam Baas moved to adjourn the meeting at 11:15 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the meeting.