HomeMy WebLinkAbout07/18/2005 FPFB minutesI.
II.
Minutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
July 18, 2005
CALL TO ORDER
President Figolah called the meeting to order at 08:35 A.M.
ROLL CALL
Present upon roll call
Absent:
Chief Figolah, President
David Erb, Treasurer
Lisa Angel, Village Clerk
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Jim Juliano, Retired Firefighter
Mayor Wilks
Donald Burger, Secretary
Village Attorney
Also present was Rick Potter, of Becker Burke and Cary Collins, Pension
Attorney.
III. APPROVE AGENDA
The meeting minutes for January 17, 2005 were not available for distribution an
ultimate approval so that that item was deferred until the next meeting.
Minutes for April 18, 2005 were distributed and added to the agenda for
consideration.
President Figolah told the group that we had to add the election of a Chairman.
Erb motioned, seconded by Juliano to approve the agenda with the changes.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker, Wilks
Nays: None
Motion Carried.
IV. APPROVE MINUTES
Mayor Wilks motioned, seconded by Erb moved to approve the minutes of the
special meeting of the Mount Prospect Firemen's Pension Board held on June 15,
2005 as presented.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker, Wilks
Nays: None
Motion Carried.
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Baas motioned, seconded by Erb moved to approve the minutes of the regular
meeting of the Mount Prospect Firemen's Pension Board held on April 18, 2005
as presented.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker
Nays: None
Abstain: Mayor Wilks
Motion Carried.
V. TREASURER'S REPORT
Motion by Baas, seconded by Erb to approve the Treasure's report for April 18,
2005.
Upon role call: Ayes: Erb, Baas
Nays: None
Abstain: Mayor Wilks, Figolah, Angel, Ricker, Juliano
Motion Failed for lack of voting quorum.
David Erb provided the financial report for the three months ended June 30, 2005.
Mr. Erb stated the Book Value of the Fund is at $36.817,511. As of this ending
quarter the market value ($37,192,945) exceeded the book value of the
investments by $375,434. This is up from the $190,216 of unrealized gains
reported last quarter.
Figolah motioned, seconded by Wilks to approve the June 30, 2005 Quarterly
Treasurer's Report as presented.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker, Wilks
Nays: None
Motion Carried.
Richard Potter gave a report on the Fund's June 30, 2005 quarterly and 1 -year
performance. Mr. Potter reported that the Fund realized a 2.9% increase in this
quarter and a 7.0% performance over the last year.
Mr. Potter recommended that the Board consider diversifying into international
equities. The Board asked Mr. Potter to recommend 3 international equity
investment companies and to set up a meeting to interview the 3 selected
companies. Mr. Potter stated that he would make those appoints. Since there is the
possibility of establishing an international equities fund, it was discussed to hold
the quarterly equity transfer.
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VI. COMMITTEE REPORTS
Medical Committee: Nothing to report
Legal Committee: Nothing to report
VII. OLD BUSINESS
President Figolah asked the Board if there was interest in joining the Illinois
Public Pension Fund Association (IPPFA). At the last meeting representatives
from the IPPFA gave a presentation on their organization. No motion or action.
VIII. NEW BUSINESS
A. Mr. Potter gave his report in the Treasurer's Report.
B. Release of Executive Board minutes — none to release
C. Consider request for retirement benefits by Firefighter Baas —
Ricker motioned, seconded by Erb to approve the retirement pension
request from Will Baas.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker,
Wilks
Nays: None
Motion Carried.
D. Consider request for acceptance in the Mount Prospect Fire Department
Pension Fund by Firefighter Lloyd Miller.
Juliano motioned, seconded by Baas to approve pension acceptance
request from Lloyd Miller.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker,
Wilks
Nays: None
Motion Carried.
Consider request for acceptance in the Mount Prospect Fire Department
Pension Fund by Firefighter Chuck Stubbings.
Juliano motioned, seconded by Baas to approve pension acceptance
request from Chuck Stubbings.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker,
Wilks
Nays: None
Motion Carried.
E. Election of Mount Prospect Fire Department Pension Board —
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Mayor Wilks motioned, seconded by Juliano to nominate Figolah as the
Board Chairman.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker,
Wilks
Nays: None
Motion Carried.
IV. ADJOURNMENT
Juliano motioned, seconded by Baas to adjourn the meeting.
Upon role call: Ayes: Figolah, Erb, Angel, Juliano, Baas, Ricker, Wilks
Nays: None Motion Carried at 10.34 A.M.
Michael Figolah
President
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