HomeMy WebLinkAbout10/14/2002 FPFB minutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
October 14, 2002
CALL TO ORDER
President Figolah called the meeting to order at 08:37 A.M.
ROLL CALL
Present upon roll call: Chief Figolah, President
Gerald L. Farley, Mayor
Doug Ellsworth, Treasurer
Jeff Ricker, Firefighter
Absent: Steve Dumovich, Retired Firefighter
Donald Burger, Secretary
Sam Baas, Firefighter
Velma Lowe, Village Clerk
Also present was Rick Potter, of Becker Burke and Cary Collins, Pension Board
Attorney.
Since the group lacked a quorum agenda items were discussed but were unable to be
voted on.
APPROVE AGENDA
APPROVE MINUTES
The minutes of the regular meeting of the Mount Prospect Firemen's Pension Board held
on July 15, 2002 were distributed, but could not be voted upon until the next meeting.
TREASURER'S REPORT
Doug Ellsworth provided the financial report and Actuarial Study ending January 1,
2002. Though Doug pointed out that the fund has an accrued liability of $39,140,700 and
assets totaling $33,085,014, resulting in a fund level of 84.5%. The amount of funding by
the Village for 2003 has been calculated at $923,943.
COMMITTEE REPORTS
Medical Committee: Nothing to report
Legal Committee:
OLD BUSINESS
Nothing to report
Nothing to report
NEW BUSINESS
A. Capital Gains, Inc. investment management contract renewal — Doug Ellsworth and
Investment Advisor Rick Potter indicated that Capital Gains have performed well in the
past with strong investment returns. Since the current contract was expiring on November
30, 2002 Doug indicated that the Board needed to take action before the next regularly
scheduled pension meeting. Figolah advised that he would contact all of the Pension
Board members with their vote so that this issue would be resolved. A ratification vote
will be necessary at the next meeting if the Board provided Figolah with the votes
required for passage.
B. Investment advisor report — Rick Potter provided a report.
C. Request acceptance of the actuarial report as of January 1, 2002 — this motion will
have to be tabled until the next meeting pending a quorum.
D. Illinois Professional Firefighters Association annual pension seminar November 1,
2002 — Figolah notified the Board and indicated that the pension fund had paid for this
seminar in the past. If anyone would like to attend, let Figolah know.
With nothing else to report, the meeting adjourned at 9:13 A.M.
Michael Figolah
President