HomeMy WebLinkAbout10/17/2005 FPFB minutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
October 17, 2005
I. CALL TO ORDER
Treasurer David Erb, (Finance Director) called the meeting to order at 8:50 a.m.
II. ROLL CALL
Present: David Erb, Treasurer
Irvana Wilks, Mayor
Sam Baas, Retired Firefighter
Jim Juliano, Retired Firefighter
Lisa Angell, Village Clerk
Absent: Chief Figolah, President
Don Burger, Secretary
Jeff Ricker, Firefighter
Mr. Cary Collins, Pension Attorney and Mr. Richard Potter of Becker Burke were
also in attendance.
III. APPROVE MINUTES
Mr. Juliano, seconded by Mr. Baas, moved to approve the minutes of the July 18,
2005 Mount Prospect Firemen's Pension Board regular meeting.
Upon roll: Ayes: Erb, Wilks, Baas, Juliano, Angell
Nays: None
Motion carried.
IV. TREASURER'S REPORT
Finance Director David Erb, provided the financial statements for the three (3)
months ended September 30, 2005. Mr. Erb stated the Book Value of the
fund is $37.3 million. As of September 30, 2005 the market value of the fund's
portfolio was below the book value (unrealized loss) of the investments by
$155,000. This was down from the $375,433 of unrealized gains reported
last quarter.
Mr. Juliano, seconded by Mayor Wilks, moved to approve the financial report
for three months ended September 30, 2005.
Upon roll: Ayes: Erb, Wilks, Baas, Juliano, Angell
Nays: None
Motion carried.
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Mr. Richard Potter gave a report on the Funds September 30, 2005 quarterly and
one (1) year performance. Mr. Potter stated the Fund realized a 1.8% increase this
quarter and a 7.9 % performance over the last year. He also provided an overview
of the Equity Manager Spectrum Style Analysis that showed total returns over a
three -(3) year period ending June 2005.
Mr. Potter about was asked about Capital Gains' performance as it had fallen below
the index. Mr. Potter responded that a performance comparison should be made
with two (2) indices. If Capital Gains shows positive growth in the next couple of
markets, the Board may want to stay with Capital Gains and continue to evaluate.
There was also discussion regarding IPTIP and the segregation of pension funds.
Mr. Bass, seconded by Mr. Juliano, moved to approve the Quarterly Flash Report.
The motion was approved by a verbal vote.
V. COMMITTEE REPORTS
MEDICAL
Mr. Bass reminded the Board of the Special Pension Hearing for Firefighter/
Paramedic Andrew Brousseau scheduled for Friday, October 21, 2005, 8:30 a.m.
Mr. Collins stated he would need to confirm with Mr. Brousseau's attorney that
Mr. Brousseau had received proper notification of the scheduled hearing.
LEGAL
Mayor Wilks should be listed as a member of the Legal Committee.
VII. OLD BUSINESS
None.
VIII. NEW BUSINESS
A. Consider request for acceptance in the Mount Prospect Firefighters' Pension
Fund by Firefighter Matt Wilson.
Mr. Bass, seconded by Mr. Juliano, moved to approve pension acceptance
request from Matt Wilson.
Upon roll: Ayes: Erb, Wilks, Baas, Juliano, Angell
Nays: None
Motion carried.
B. Information regarding Firefighter Matt Woleben's application was not available;
his application was deferred until the October 21, 2005 Special meeting.
C. Mr. Collins stated he would contact Firefighter/paramedic Brian Lambel
when Mr. Lambel is on duty regarding his request to participate in the
pension buy-back program. Mr. Collins explained the buy-back program
should be cost neutral to the Village.
IX. ADJOURNMENT
Mr. Juliano, seconded by Mr. Bass, moved to adjourn the meeting.
Motion approved. The meeting was adjourned at 9:33 a.m.
Respectfully submitted,
M. Lisa Angell
Village Clerk
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