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Home My WebLink About04/24/2018 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' PENSION FUND 54,,,,,u 112 E. Northwest Highway Mount Prospect, Illinois 60056-3232t� \LV Brian Lambel Fire Chief MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES APRIL 24, 2018 A regular meeting of the Board of Trustees of the Mount Prospect Firefighters' Pension Fund was held on Tuesday, April 24, 2018 at 8:30 am 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 8:34 am. ROLL CALL: PRESENT: Trustees Brian Lambel, Joe Knoll, Sam Baas and Joe Vena ABSENT: Trustee Dave Erb ALSO PRESENT: Mary Nye and Howard Pohl, AndCo Consulting; Cary Collins, Collins & Radja (arrived at 8:40 am); Alex Michael and Kelley Failing, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment APPROVAL OF MEETING MINUTES: January 23, 2018 Regular Meeting Minutes: The Board reviewed the minutes from the January 23, 2018 regular meeting minutes. A motion was made by Trustee Lambel and seconded by Trustee Knoll to approve the January 23, 2018 regular meeting minutes as written. Motion carried unanimously by voice vote. TREASURER'S REPORT: Quarterly Financial Report: Trustee Lambel presented the Quarterly Financial Report to the Board that was prepared by Treasurer Erb for the quarter ending March 31, 2018. The total market value of the fund as of March 31, 2018 is $66,854,038 with an unrealized loss of $392,771. 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 Vena and seconded by Trustee Baas to accept the Financial Statement for the period ending March 31, 2018, 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 January 1, 2018 through March 31, 2018, for a total disbursement of $33,468.99. A motion was made by Trustee Knoll and seconded by Trustee Lambel to approve the Vendor Disbursements Report in the amount of $33,468.99 as presented. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 24, 2018 Page 2 of 4 AYES: Trustees Baas, Lambel, Knoll and Vena NAYS: None ABSENT: Trustee Erb Additional Bills — Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued and payment is due by June 30th. A motion was made by Trustee Lambel and seconded by Trustee Knoll to approve payment of the IDOI Compliance Fee in the amount not to exceed $8,000.00, upon receipt of the invoice. Motion carried by roll call vote. AYES: Trustees Knoll, Baas, Lambel and Vena NAYS: None ABSENT: Erb Cary Collins joined the meeting at 8:40 am. 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 March 31, 2018. As of March 31, 2018, the market value of the portfolio is $65,347,610 and the return on investment is $466,165 for the quarter. The portfolio composition is 40.4% in domestic equities, 10.3% in international equities, 34.9% in domestic fixed income, 8.8% in real estate, 0.1 % in cash and 5.6% in emerging markets. 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 Lambel to accept the Quarterly Investment Report as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy Statement: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2018 Affidavits of Continued Eligibility have been received by L&A and the originals were give to the Board for their recordkeeping. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1St A motion was made by Trustee Vena and seconded by Trustee Baas to accept the Communications and Reports section. Motion carried unanimously by voice vote. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Application for Membership — Christopher Young: The Board reviewed the Application for Membership submitted by Christopher Young. A motion was made by Trustee Vena and seconded by Trustee Lambel to accept Christopher Young into the Mount Prospect Firefighters' Pension Fund effective February 12, 2018, as a Tier II participant. Motion carried unanimously by voice vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 24, 2018 Page 3 of 4 APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: - Review/Approve Duty Disability Benefits — Scott Skindingsrude: The Board noted that Scott Skindingsrude's disability application was received. A motion was made by Trustee Lambel and seconded by Trustee Knoll to accept Scott Skindingsrude's disability application. Motion carried unanimously by voice vote. Deceased Pensioner — Thomas Reynolds: The Board noted that Thomas Reynolds passed away on March 26, 2018, he is survived by his wife Susan Reynolds. Further discussion will be held at the next scheduled meeting. Deceased Surviving Spouse — Helen Barra: The Board noted that surviving spouse Helen Barra passed away and her pension benefit has ceased. OLD BUSINESS: Discussion and Possible Approval —Amended Board Rules and Regulations: The Board discussed amending the Rules and Regulations to include that when a firefighter wishes to retire, they need to file their initial intent to withdraw or retire with the Fire Chief and also to include anyone applying for a benefit needs to notify the Fire Chief. Mr. Collins noted that he will be emailing the amended Board Rules and Regulations to the Board once completed. Further discussion will be held at the next scheduled meeting. IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in the process of being completed. NEW BUSINESS: Certs Board Election Results — Retired Member Position: L&A conducted an election for the retired member position on the Mount Prospect Firefighters' Pension Fund Board of Trustees. Sam Baas ran unopposed and was reelected by acclamation for a three-year term expiring April 30, 2021. A motion was made by Trustee Knoll and seconded by Trustee Vena to certify the Retired Member election results. Motion carried unanimously by voice vote. Board Officer Elections — President & Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Lambel as President and Trustee Knoll as Secretary. FOIA Officer & OMA Designee: The Board discussed maintaining Trustee Vena as the FOIA Officer and OMA Designee. A motion was made by Trustee Lambel and seconded by Trustee Knoll to elect the slate of officers as stated and maintain Trustee Vena as the FOIA Officer and OMA Designee. Motion carried unanimously by voice vote. Discussion/Possible Action — Chicago Clearing Company: The Board tabled this item until the next scheduled meeting. Review Preliminary Actuarial Valuation: The Board tabled this item until the next scheduled meeting. TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and was reminded to send all training certificates to L&A for recordkeeping. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 24, 2018 Page 4 of 4 ATTORNEY'S REPORT: Status of Application for Duty Disability — Tony Minarcik: The Board noted that Mr. Minarcik attended his exam with Dr. Stamelos and Dr. Stamelos determined that Mr. Minarcik is disabled. The Board is awaiting two additional physician reports before a hearing date can be scheduled. Further discussion will be held at the next meeting. March 18, 2014 Closed Session Meeting Minutes: The Board decided to accept the meeting minutes from March 18, 2014. A motion was made by Trustee Knoll and seconded by Trustee Lambel to accept the closed session meeting minutes from March 18, 2014 knowing that no action needs to be taken and that they remain privileged. Motion carried unanimously by voice vote. Mr. Collins advised the Board that under the Open Meetings Act recordings over 18 months old and have been transcribed into a written format can be destroyed. A Motion was made by Trustee Knoll and seconded by Trustee Lambel to destroy recordings over 18 months old directed by Mr. Collins. Motion carried unanimously by voice vote. CLOSED SESSION, IF NEEDED: There were no items to discuss in closed session. ADJOURNMENT: A motion was made by Trustee Lambel and seconded by Trustee Vena to adjourn the meeting at 10:06 am. Motion carried unanimously by voice vote. The next regular meeting is July 24th, 2018 at 8:30 am. at 112 East Northwest Highway, Mount Prospect, Illinois. Joseph Knoll, Board Secretary Date Approved by Board Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP