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Home My WebLink About07/25/2017 FFPB MinutesMOUNT PROSPECT FIREFIGI-ETERS' PENSION FUND UnrawePo"p4vt 112 E. Northwest Highway Mount Prospect, Illinois 60056-3232 t Brian Lambel loy Fire Chief' MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES TUESDAY, JULY 25, 2017 A regular meeting of the Board of Trustees of the Mount Prospect Firefighters' Pension Fund was held on Tuesday, July 25, 2017 at 8:30 a.m. at the Mount Prospect Fire Station, 112 East Northwest Highway, Mount Prospect, Illinois, pursuant to notice. CALL TO ORDER: The meeting was called to order by Trustee Lambel at 8:32 a.m. ROLL CALL: PRESENT: Trustees Brian Lambel, Joe Knoll (joined meeting at 8:35 am), Dave Erb, Sam Bass and Joe Vena ABSENT: None ALSO PRESENT: Mary Nye and Howard Pohl, AndCo Consulting; Cary Collins, Collins & Radja; Michael Zurek, Nyhart; Robina Amato, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 25, 2017 Regular Meeting Minutes: The minutes of the April 25, 2017 regular meeting were reviewed by the Board. A motion was made by Trustee Erb and seconded by Trustee Lambel to approve the April 25, 2017 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi -Annual Review of Closed Session Meeting Minutes: The Board noted they will review both the audio recording and written minutes from the March 18, 2014 closed meeting (as both the audio and written minutes are available to the Board). Further discussion will be held at the next regular meeting. COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board noted that Lauterbach & Amen will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents as required by the IDOI. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Application for Membership — Mark Mommoser: The Board reviewed the Application for Membership submitted by Mark Mommoser. A motion was made by Trustee Erb and seconded by Trustee Bass to accept Mark Mommoser into the Mount Prospect Firefighters' Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 25, 2017 Page 2 of 4 Pension Fund, effective June 26, 2017, as a Tier II participant. Motion carried unanimously by voice vote. Application for Membership — Jordan Hook: The Board reviewed the Application for Membership submitted by Jordan Hook. A motion was made by Trustee Erb and seconded by Trustee Lambel to accept Jordan Hook into the Mount Prospect Firefighters' Pension Fund, effective July 10, 2017, as a Tier Il participant. Motion carried unanimously by voice vote. Application for Membership — Frank Cinardi: The Board reviewed the Application for Membership submitted by Frank Cinardi. A motion was made by Trustee Erb and seconded by Trustee Knoll to accept Frank Cinardi into the Mount Prospect Firefighters' Pension Fund, effective July 10, 2017, as a Tier II participant. Motion carried unanimously by voice vote. Request for Contribution Refund — Lloyd Miller: The Board noted that Lloyd Miller has been terminated and that correspondence has been sent to him informing him of his total contributions still held within the fund. Further discussion will be held at the next regular meeting. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner — William Brelle/Approval of Surviving Spouse Benefits — Cindy Brelle: The Board noted that William Brelle passed away on July 11, 2017. The Board reviewed the surviving spouse benefit calculation for Cindy Brelle with an effective date 07/12/2017 for a monthly benefit of $4,544.49 with no additional increases. A motion was made by Trustee Erb and seconded by Trustee Lambe] to approve the surviving spouse benefit of Cindy Brelle as calculated by Trustee Erb. Motion carried by roll call vote. AYES: Trustees Lambe], Knoll, Erb, Bass and Vena NAYS: None ABSENT: None OLD BUSINESS: Status of Reciprocity — Luke A. Rypkema: The Board noted the additional 1 % contribution deduction will commence with the next pay period for Luke Rypkema and the balance due from Firefighter Rypkema to the Mount Prospect Firefighters' Pension Fund to combine service from the Wood Dale Firefighters' Pension Fund under reciprocity will be paid at a later date. The Board will contact Mr. Rypkema to inform him of the additional 1% contribution deduction and to finalize payment to the Mount Prospect Firefighters' Pension Fund from his contribution refund from the Wood Dale Firefighter's Pension Fund. No further action was needed at this time. Review/Approve —Actuarial Valuation & Tax Levy Request: The Board reviewed the finalized Actuarial Valuation as prepared by Nyhart. A motion was made by Trustee Knoll and seconded by Trustee Lambel to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,320,940.00 from the Village of Mount Prospect, as recommended by Nyhart. Motion carried by roll call vote. AYES: Trustees Lambel, Knoll, Erb, Bass and Vena NAYS: None ABSENT: None Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 25, 2017 Page 3 of 4 Discussion and Possible Amendment to Rules and Regulations: The Board discussed the updated Rules and Regulations prepared by Mr. Collins, including the new section for document retention and Trustee travel expenses. A motion was made by Trustee Knoll and seconded by Trustee Lambel to table this matter until the next regular meeting. Motion carried unanimously by voice vote. Trustee Lambel left the meeting at 9:36 am TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending June 30, 2017. The total market value of the fund as of 06/30/2017 is $62,512,970.00 with an unrealized gain of $60,864.00. The report also included an income statement, a summary of all investment activity, and a detailed schedule of investment holdings for the quarter. A motion was made by Trustee Knoll and seconded by Trustee Bass to accept the financial statement for the period ending 06/30/2017, as prepared by Trustee Erb. Motion carried unanimously by voice vote. Presentation and Approval of Bills: The Board was presented with the Vendor Disbursements Report for the period April 1, 2017 through June 30, 2017, for a total disbursement of $35,975.59. A motion was made by Trustee Vena and seconded by Trustee Knoll to approve the Vendor Disbursements Report in the amount of $35,975.59 as presented. Motion carried by roll call vote. AYES: Trustees Knoll, Erb, Bass and Vena NAYS: None ABSENT: Trustee Lambel Additional Bills, if any: There were no additional bills presented. INVESTMENT REPORT — ANDCO CONSULTING: Quarterly Investment Report: Mary Nye and Howard Pohl from AndCo Consulting presented the Quarterly Investment Report. Howard Pohl discussed the current and projected market conditions. Mary Nye presented the Quarterly Investment Report for the period ending June 30, 2017. As of June 30, 2017, the market value of the portfolio is $61,583,263.00 and the quarterly investment return is $2,220,717.00. The portfolio composition is 42.4% in domestic equities, 12.4% in international equities, 3 2. 1 % in domestic fixed income, 5.0% in real estate, 7.1 % in emerging markets and 1.0% in cash and equivalents. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance, comparative performance and investment fees. All questions were answered by Mary Nye and Howard Pohl. A motion was made by Trustee Knoll and seconded by Trustee Bass to accept the Quarterly Investment Report as presented. Motion carried unanimously by voice vote. Mary Nye recommended a transfer of $100,000.00 from the Vanguard Windsor 11 (VWNAX), $600,000.00 from the T. Rowe Price Mid Cap (PMEGX) and $500,000.00 from American Funds Growth (AGTHX) and reallocate $600,000.00 to both the Galliard and Segall Bryant Fixed Income Managers in order to rebalance the portfolio within IDOI regulations. A motion was made by Trustee Knoll and seconded by Trustee Bass to approve the transfers as recommended. Motion carried unanimously by voice vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 25, 2017 Page 4 of 4 Review/Update Investment Policy Statement: There were no recommended changes to the Investment Policy at this time. NEW BUSINESS: There was no new business to discuss. TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and was reminded to send all training certificates to L&A for recordkeeping. ATTORNEY'S REPORT: Status of Annual Independent Medical Examination —Jim East: Mr. Collins apprised the Board that he will verify that Jim East has been scheduled for his annual independent medical examination and will update the Board following the meeting. Further discussion will be held at the next regular meeting. Annual Independent Medical Examinations — Eric Mertes and Torrie Takoy: The Board directed Mr. Collins to send both Eric Mertes and Torrie Takoy for their annual independent medical examinations. Further discussion will be held at the next scheduled meeting. Status of Application for Duty Disability Benefits — Tony Minarcik: The Board noted that Tony Minarcik's Disability Application is currently on hold, pending an examination to determine whether or not he is fit to return to active duty. The Board will request a status update from Mr. Minarcik's Attorney, Mr. Duda and further discussion will be held at the next regular meeting. Cary Collins of Collins & Radja discussed all matters concerning the Pension Board. Mr. Collins also informed the Board of the FOIA request received from Attorney Duda requesting all benefit payment information made to Jim East including the dates each payment was made. The Board noted this FOIA request was incorrectly received at the Mount Prospect Police Department rather than to the FOIA Officer for the Mount Prospect Firefighters' Pension Fund. Trustee Erb will follow up with the documents requested in the FOIA request and include Attorney Collins on all communication. CLOSED SESSION: There were no items to discuss in closed session. ADJOURNMENT: A motion was made by Trustee Knoll and seconded by Trustee Vena to adjourn the meeting at 10;47 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for Tuesday, October 24, 2017 at 8:30 a.m. at 112 East Northwest Highway, Mount Prospect, Illinois. oll,, Ioard. Secretary Date Approved by Board 1 inulelPrepared by Robina Amato, Pension Services Administrator, Lauterbach & Amen, LLP