The URL can be used to link to this page

Home My WebLink About07/28/2015 FFPF MinutesMINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES MOUNT PROSPECT FIREFIGHTERS' PENSION FUND MONDAY, JULY 28, 2015 A regular meeting of the Board of Trustees of the Mount Prospect Firefighters' Pension Fund was held on Tuesday, July 28, 2015 at 8:30 am at 112 East Northwest Highway, Mount Prospect, Illinois, pursuant to notice. CALL TO ORDER: The meeting was called to order by Trustee Malcolm at 8:30am. PRESENT: Trustees Sam Baas, John Malcolm and Joe Knoll ABSENT: Trustees Dave Erb and Jim East ALSO PRESENT: Mary Nye and Howard Pohl, The Bogdahn Group; Sara Williams, Lauterbach & Amen, LLP PUBLIC COMMENT: None APPROVAL OF MEETING MINUTES: The minutes from the regular meeting of May 11, 2015 was reviewed by the Board. A motion was made by Trustee Baas and seconded by Trustee Knoll to approve the minutes of the regular meeting of May 11, 2015. Motion carried unanimously by voice vote. The Board reviewed the special meeting minutes of June 25, 2015. A motion was made by Trustee Baas and seconded by Trustee Knoll to approve the special meeting minutes of June 25, 2015 as presented. Motion carried by voice vote. Semi Annual Review of Closed Session Minutes: The Board determined that there are no Closed Session minutes for review at this time. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending June 30, 2015. The total market value of the fund as of 06/30/2015 is $57,964,705. The unrealized loss of $288,832 for the quarter. A list of all vendor disbursements for the quarter was included in the report, totaling $44,493.35. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 06/30/2015. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the financial report for the period ending 06/30/2015, as prepared by Trustee Erb. Motion carried by unanimous voice vote. AYES: Trustees Baas, Knoll and Malcolm NAYS: None ABSENT: Trustees East and Erb The Board reviewed a Lauterbach & Amen invoice in the amount of $1,500 for professional services rendered in the month of June 2015. A motion was made by Trustee Baas and seconded by Trustee Malcolm to approve the vendor disbursements for the third quarter in the amount of $44,493.35, and payment on the L&A invoice in the amount of $1,500. Motion carried by roll call vote AYES: Trustees Baas, Knoll and Malcolm NAYS: None ABSENT: Trustees East and Erb Page 2 of 13 Mount Prospect Firefighters' Pension Fund Minutes of Meeting — July 28, 2015 Page 2 INVESTMENT REPORT: Mary Nye and Howard Pohl from the Boghdan Group presented the Quarterly Investment Report. Howard Pohl discussed the long term market value of the fund, along with the risk -reward analysis, current and projected market conditions. Mary Nye presented the investment report for the period ending June 30, 2015. As of 06/30/2015, the market value of the portfolio is $57,798,263. Investment return is $406,136, with a net flow of ($429,545) for the quarter. The portfolio composition is 52.1% in domestic equities, 7.2% in international equities, 33.1% in domestic fixed income, 4.4% in real estate and 0.2% in cash and equivalent. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance, and investment fees. All questions were answered by the representatives from The Bogdahn Group. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the investment report and ratified the transactions and trades as presented by The Bogdhan Group. Motion carried unanimously by voice vote. Review/Update Investment Policy: There were no recommendations for updates at this time. COMMUNICATIONS AND REPORTS: Annual Independent Medical Examinations: The Board discussed the annual medical examinations needed for all Disabled Pensioners under the age of 50. Board Attorney, Cary Collins, will schedule examinations for eligible disabled pensioners and will update the Board upon receipt of the doctor's reports. ADMISSIONSIWITHDRAWALS FROM THE PENSION FUND: Joseph Wysong — Contribution Refund: The Board noted that Joseph Wysong resigned from the Mt. Prospect Firefighters Department on April 13, 2015 and the Board will follow up with Trustee Erb regarding the status of his Contribution Refund. An update will be provided at the next regular meeting. Phil Ellenbecker —New Hire: The Board reviewed the Application for Membership of Phil Ellenbecker. Mr. Ellenbecker was hired 6/29/2015 as a Tier I1 participant with no prior creditable service. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the membership application of Phil Ellenbecker effective 6/29/2015 as a Tier I1 participant with no prior creditable service. Motion carried unanimously by voice vote. AYES: Trustees Baas, Knoll and Malcolm NAYS: None ABSENT: Trustees East and Erb RETIREMENT AND DISABILITY APPLICATIONS: Tom Willming— The Board noted that an appeal is pending in the case of Mr. Willming. At the present time, the Board has found that Mr. Willming is not eligible for a benefit. An update of the appeal status will be provided at the next regular meeting. Discussion of Benefit Discrepancies: The Board discussed the Benefit discrepancies revealed during the 2013 DOI Annual Statement. Trustee Erb will provide an update at the next regular meeting. Cary Collins, informed the Board of recent changes to the State Statue pertaining to a mistake in benefit, specifically Section 4-138 10. Mr. Collins noted that this change contradicts the previously followed 35 - Day Rule. Page 3 of 13 Mount Prospect Firefighters' Pension Fund Minutes of Meeting — July 28, 2015 Page 3 Torrie Takoy — Disability Benefit: The Board determined that there is no action to be taken pertaining to the Disability Benefit of Ms. Torrie Takoy. Jim Flory — Retirement Application: The Board reviewed the Retirement Application of Jim Flory. Mr. Flory retired effective 7/23/2015 with 20 years 11 months of creditable service. Mr. Flory was hired 8/18/86. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the retirement application of Jim Flory. Motion carried by roll call vote. The Board will approve the Retirement Benefit of Mr. Flory at the next regular meeting. AYES: Trustees Baas. Knoll and Malcolm NAYS: None ABSENT: Trustees East and Erb OLD BUSINESS: Trustee Training Updates: Sara Williams reminded all Trustees to provide any copies of Trustee Training certificates to Lauterbach & Amen for record keeping. Upcoming Trustee Training opportunities were discussed. NEW BUSINESS: Board Officer Elections: The Board discussed the election of Board Officers. A motion was made by Trustee Knoll and seconded by Trustee Baas to nominate Trustee John Malcolm as Board President. Motion carried unanimously by voice vote. A motion was made by Trustee Malcolm and seconded by Trustee Baas to nominate Trustee Joe Knoll as Board Secretary. Motion carried unanimously by voice vote. Review Proposals for Legal Counsel: The Board decided that they will conduct a review of legal contracts and request proposals for legal services. Discussion has been tabled until the next regular meeting. ATTORNEY REPORT: Cary Collins of Collins & Radja discussed with the Board recent court cases ruling and legislation pertaining to pension funds. Any activity will be closely monitored by Collins & Radja and reported to the Board at the next regular meeting. CLOSED SESSION: There was no Closed Session needed. ADJOURNMENT: A motion was made by Trustee Baas and seconded by Trustee Knoll to adjourn the meeting at 9:30am. Motion carried unanimously by voice vote. The next regular meeting is scheduled for TUESDAY, OCTOBER 27, 2015 at 8:30am at 112 East Northwest Highway, Mount Prospect, Illinois. Date Approved by Board Joseph Knoll, Board Secretary Minutes prepared by Sara Williams, Pension Services Administrator, Lauterbach & Amen, LLP Page 4 of 13 Lauterbach & Amen, LLP - CERTIFIED PUBLIC ACCOUNTANTS Mount Prospect Firefighters' Pension Fund 112 E. Northwest Highway Mount Prospect, IL 60056 Invoice No: 12891 Date: 10/20/2015 Client No.- MTPROSPFIRE SERVICE AMOUNT For professional services rendered for the month of September, 2015 Pension Services Administration (PSA) 1,500.00 Current Amount Due $ 1,500.00 27W457 WARRENVILLE RD. * WARRENVILLE, ILLINOIS 60555 PHONE 630.393.1483 * FAX 630.393.2516 www.lauterbachamen.com Page 5 of 13 BOARD OF TRUSTEES Mount Prospect Firefighters' Pension Fund December 8, 2015 Dear Pensioner: In an effort to maintain the accuracy of eligibility of pension benefits, the Pension Board requires that the enclosed Annual Affidavit of Continued Eligibility Form be completed and returned by each member currently receiving monthly pension benefits. Please do the following: 1.) Complete the enclosed form. 2.) Have it notarized, and 3.) Return it to the Board's Pension Services Administrator, Sara Williams We have enclosed a self-addressed envelope for your convenience, but you may also return the Affidavit to us via fax (630) 393-2516 or email at office@lauterbachamen.com. Please be sure that the notary stamp or seal on the Affidavit is visible. The Affidavit form is due on or before JANUARY 8, 2016. Failure to comply may result in the delay of your pension benefit payment. Additionally, please understand that should any pension benefits be remitted after a Pensioner has passed away, the Mount Prospect Firefighters' Pension Fund may take action to recover the overpaid benefits, including but not limited to filing a legal claim against the Pensioner's estate. Thank you for your prompt attention to this matter. Please do not hesitate to contact me should you have any questions whatsoever. Sincerely, Sara Williams Pension Services Administrator on behalf of the Board of Trustees Mount Prospect Firefighters' Pension Fund Phone: (630) 393-1483 Toll -Free: (866) 952-6329 Email: office@lauterbachamen.com Encl. Page 6 of 13 COLLINS & RADJA ATTORNEYS AT LAW 1710 White Oak Lane, Hoffman Estates IL 60192 (847) 51.9-0010 . fax (224) 535-8525 www.collinsradja.com Chicago and Naperville Offices Available by Appointment October 13, 2015 Via F -MAIL AND U.S. MAII, Mr. Thomas Duda Law Offices of "Phomas W. Duda 330 West Colfax Palatine, IL 60067 Re: Disability application of Thomas Willming--Mt. Prospect Firefighter Pension Fund, 12 MPFFPB 1201 Dear Mr. Duda: Writer's Direct dcoliins4@aol.com The Mount Prospect Firefighters Pension Board has put this matter on hold as it has been advised that once a firefighter has taken a retirement pension, that they are no longer a firefighter and are therefore ineligible to apply for disability benefits. Previously over a year ago you had advised the board that you had a case on the aforesaid issue and the Board deferred action until your case was determined. The board will take such action as is appropriate at its next scheduled pension board meeting on October 27, 2015 at 8:30 AM in the Conference .Room at 112 E Northwest I lighway, Mount Prospect Illinois 60056 including dismissing the disability application. You or your client or a representative may appear and give reasons why this matter should not be dismissed. "incerely Cary �. doll' Attorney at Law cc: Dave Erb Joe Knoll Sara Willi ams/Lau terbach & Amen Page 7 of 13 Page 1 of 1 Page 8 of 13 Certified Trustee Training Organization: Imt. Prospect Fire Pension Fund Year: (August 2015 - August 2016 SAMBAAS Hours Required Type Hours of Training Completed Date Completed Cert on File 1 2 3 4 5 6 JIM EAST Hours Required Type Hours of Training Completed Date Completed Cert on File 1 2 3 4 5 6 DAVE ERB Hours Required Type Hours of Training Completed Date Completed Cert on File 1 2 3 4 5 6 JOE KNOLL Hours Required Type Hours of Training Completed Date Completed Cert on File 1 2 3 4 5 6 Hours Required Type Hours of Training Completed Date Completed Cert on File 1 2 3 4 5 6 Page 1 of 1 Page 8 of 13 ILLINOIS PROFESSIONAL FIREFIGHTERSASSOCIATION 188 Industrial Drive, Suite 438 Elmhurst, IL 60126-1612 630-833-2405 F 630-833-2412 2015 FALL PENSION SEMINAR Friday, November 6t", Red Shift Exhibitors Continental Breakfast Breaks -Refreshments Lunch 50/50 Raffle Current Court Decisions IPFA Board Counsel will explain recent court decisions and their potential impact to Article 3 and Article 4 Pension Boards. Richard Reimer, IPFA Board Counsel Pension Legislation If change happens, which of the 18 retirement systems will be impacted — when would it go into effect? Updated funding levels and rates of returns for: State, County, City, IMRF, Article 3 and Article 4 funds. Mark Mifflin, IPFA Lobbyist Illinois Department of Insurance An explanation of the Pension Division's 10 year profile study. Updates on Notices of Non -Compliance and Director's Order enforcement cases. Other changes occurring within the Division. Mary Jane Adkins, Acting Director, Public Pension Division, IL Dept. of Insurance Article 3 and 4 Data Analysis Find out why Public Pension data is released later than other state governed funds. Detailed 2014 data for all Article 3 and 4 Funds that passed IDOI screening. The nuances of the 10 year profile report from the Public Pension Division. Greg Knoll, IPFA Executive Director Physician's Examinations and Pension Boards review reams of medical reports as part of a disability Reports — Degenerative Disease, hearing. An emergency medicine physician/surgeon/assistant professor Injury, or a Pre -Existing will explain what is considered when medical records are reviewed and Condition the patient is examined. Dr. Daniel Samo, Northwestern University Feinberg School of Medicine Requests for Standing at a Who can request standing at a disability hearing? What happens if the Pension Board Hearing Board grants standing? Can the Board say "no" to someone? Who can be a part of the closed session to make a determination of disability? Jerry Marzullo & Laura Goodloe, Puchalski, Goodloe, Marzullo, LLP Fixed Income Investments- Fixed income investments make up 35% to 90% of a Board's investment Where is the Yield portfolio. Within the framework of proper diversification, how can a Board invest it's fixed income allocation to maximize returns and manage the associated risks. Tom Sawyer, Sawyer Falduto Asset Management LLC Continuing Trustee education: Are your hours completed? IPFA Members: $125.00 Non -Members: $160.00 Walk -Ins: $175.00 (over) TOIR PENSION PROTECTORS Page 9 of 13 ILLINOIS PROFESSIONAL ASSOCIATIONFIREFIGHTERS 188 Industrial Drive, Elmhurst, IL .0 126-1612 0630-833-2412 Empress Banquets 200 East Lake Street Addison, IL 630-279-5900 Registration: 07:00 to 08:00 Empress Banquets is on the north side of Lake Street: North of North Avenue South of 1-290, Eisenhower Expressway East of Addison Road West of Route 83, Kingery Highway IPFA maintains a database that compiles the funding and rate of return history of all Article 4 funds since 1964 and Article 3 funds since 2010. These reports now include the IDOI calculated tax levy for each fund. A copy of your fund's history will be included in your seminar packet when you attend the IPFA 2015 Fall Pension Seminar. Spending Illinois Money in Illinois 001MENZWOUR J00811001 Page 10 of 13 Illinois Public Pension Advisory Committee Wintem Semiaa,% Friday, December 4, 2015 Seminar 9 a.m. - 4:00 p.m. $50 for IPPAC Members $100 for Non -Members Xaeidaq J arta 4:00 p.m. to 6 p.m. Bridges of Poplar Creek Country Club 1400 Poplar Creek Dr Hoffman Estates, IL 60169 Phone: 847-781-3681 Attendees will receive a certificate for 8 hours of continuing education under 40 /LCS 5/f-f09.3(b) Please register on or before November 21, 2014 Name(s): Pension/Advisory Board: Phone Number: Email: Please return this form to: Illinois Public Pension Advisory Committee PO Box 958934 Hoffman Estates, 1L 60195 Ph: 847-519-1648 Fax: 224-535-8525 ippactoday(d)yahoo.com Page 11 of 13 Public Pension Trustee Training Once again the IPPFA is proud to present its regional seminars. By attending one of our regional seminars you are given the opportunity to hear speakers and professionals that work in the public pension arena on a daily basis. Receive up to date information in the areas of legislation, investments, ethics, the economy and fiduciary responsibilities. Check our web site wwwJDDfa.ora for agenda updates. Locations: (Subject to change) • Wednesday February 11, 2015 -NIU Outreach Campus -Hoffman Estates, IL • Wednesday March 25, 2015-Jumer's Hotel & Casino, 777 Jumper Drive, Rock Island IL • Wednesday June 10, 2015 -Doubletree by Hilton Collinsville -St. Louis, 1000 Eastport Plaza Drive, Collinsville, IL • Wednesday November 4, 2015 -John A. Logan College, 700 Logan College Road, Carterville, IL Seminars are scheduled from 8:00 AM until 4:00 PM Registration begins at 7:00 AM Use the Registration Form Below or Register online at www.ippfa.org (1 per person) Registration for (check one): Name: -REGISTER NOW SPACE IS LIMITED - Findus on Facebot}it ?• 2/11/15 Hoffman Estates 3125115 Rock Island 6110115 Collinsville 11/4/15 Carterville Fund/Organization Name: Preferred Address: Home Work Address: City: _ Phone: Email: Payment Information: _ I am paying by check: # Fax: I am paying by credit card: _Visa _MC Card Number: Name on Card and Signature: Billing Address: Preferred First Name on Badge: State: Zip: Registration Fee: IPPFA Members- $150.00 Non -Member- $300.00 _ Am Ex _ Discover City: Expiration: State: Zip: Call 815-753-7922 with registration questions (hours 8:00 am to 4:30 pm). All payments made payable to: NIU Mail to: Registration Office, Outreach Services, Northern IL University, DeKalb, IL 60115 E-mail: outreachregistratiotz�'a-niu.edu NIU Fax: 815-753-6900 Register on line: www.ippfa.org