HomeMy WebLinkAbout04/28/2020 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS"
PENSION FUND
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Mount Prospect, Illinois 60056-3232
Brian Lambel
Fire Chief A
MINUTES OF A REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS' PENSION FUND
BOARD OF TRUSTEES
APRIL 28, 2020
A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held
on Tuesday, April 28, 2020 at 8:30 a.m. via videoconference in accordance with Section 5 of
Governor Pritzkers current Executive Order 2020-18 which expires April 30, 2020 (COVID-19
Executive Order No. 16), pursuant to notice.
CALL TO ORDER: Trustee Lambel called the meeting to order at 8:34 a.m.
ROLL CALL:
PRESENT: Trustees Brian Lambel, Joe Knoll, Sam Baas, Amit Thakkar (arrived at
8:55 a.m) and Joe Vena
ABSENT: None
ALSO PRESENT: Attorneys' Cary Collins and David Meija, Collins & Radja; Mary Nye,
AndCo Consulting; Alex Michael, Jessica Doogan and Allison Barrett,
Lauterbach & Amen, LLP (L A); Active Member Luke Rypkema, Mount
Prospect Fire Department
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 28, 2020 Regular Meeting: The Board
reviewed the January 28, 2020 regular meeting minutes. A motion was made by Trustee Lambel
and seconded by Trustee Bass to approve the January 28, 2020 regular meeting minutes as written.
Motion carried unanimously by voice vote.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report:
There was no Accountant's Report presented at this time.
Presentation and Approval ofBills: There were no bills presented at this time.
Additional Bills, if any — Illinois Department ofInsurance Compliance Fee: The Board noted that
the Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was made
by Trustee Knoll and seconded by Trustee Vena to approve payment of the IDOI Compliance Fee
in an amount not to exceed $8,000. Motion carried by roll call vote.
AYES: Trustees Lambel, Knoll, Baas and Vena
NAYS: None
ABSENT: Trustee Thakkar
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 28, 2020
Page 2 of 4
Trustee Thakkar arrived at 8:55 a.m.,
INVESTMENT REPORT — ANDCO CONSULTING: Investment Performance Report: Mary
Nye presented the Investment Performance Report and discussed the long-term market value of
the Fund, along with the risk -reward analysis and current and projected market conditions. Ms.
Nye presented the Investment Performance Report for the period ending March 31, 2020. As of
March 31, 2020, the market value of the portfolio is $61,958,821 and the return on investment is
($7,649,2+69) for the quarter. The portfolio composition is 34.5% in domestic equities, 9% in
international equities, 39.9% in domestic fixed income, 10.4% in real estate, 4.4% in emerging
equity and 1.8% in cash and equivalent. Current asset allocations within the equity and fixed
income funds were reviewed, as well as individual fund performance, and investment fees. All
questions were answered by Ms. Nye. A motion was made by Trustee Thakkar and seconded by
Trustee Label to accept the Investment Performance Report as presented. Motion carried
unanimously by voice vote.
Potential Sales or Purchases of Securities.- There were no recommendations at this time.
Review/Update Investment Policy Statement: Mary Nye presented an updated investment policy
prepared by AndCo. The Board reviewed and discussed the amended policy, which has been
updated to include language regarding sustainability consistent with Public Act 101-0473. A
motion was made by Trustee Baas and seconded by Trustee Vena to adopt and execute the updated
investment policy as presented and to direct AndCo to file the investment policy with the Illinois
Department of Insurance within 30 days of execution. Motion carried unanimously by voice vote.
TREASURER'S REPORT: Quarterly Financial Report: There was no Treasurer's Report
presented at this time.
COMMUNICATIONS & REPORTS: Statements of Economic Interest: The Board was
reminded that the Statements of Economic Interest are due by May 1, 2020.
Affidavits of Continued Eligibility: The Board noted that all 2019 Affidavits of Continued
Eligibility have been received by L&A and the originals will be given to the Board at the next
regular meeting.
Trustee Vena left the meeting at
Review/Approve — Death Audit Service Authorization: The Board discussed the Death Audit
Service offered through IPPFA and L&A. A motion was made by Trustee Thakkar and seconded
by Trustee Label to authorize the Death Audit Service as discussed and to execute the Death
Audit Service Authorization form provided by L&A. Motion carried by roll call vote.
AYES: Trustees Lambel, Knoll, Baas and Thakkar
NAYS: None
A113SENT: Trustee Vena
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM TME PENSION FUND:
There were no applications for membership or withdrawals from the Fund.
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 28, 2020
Page 3 of 4
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner —
Ken Stahl/.Approval of Surviving; Spouse Benefits — Barbara Stahl: The Board noted that Ken Stahl
passed away on February 15, 2020. The Board reviewed the surviving spouse benefit calculation
for Barbara Stahl with an effective date of February 16, 2020 for a monthly benefit of $6,826.56
with no additional increases. A motion was made by Trustee Baas and seconded by Trustee Knoll
to approve the surviving spouse benefit of Barbara Stahl as calculated by L&A. Motion carried by
roll call vote.
AYES: Trustees Lambel, Knoll, Baas and Thakkar
NAYS: None
ABSENT: Trustee Vena
Deceased Pensioner — Lonnie Jackson Approval of Surviving Spouse Benefit — Carol Jackson:
The Board noted that Lonnie Jackson passed away on Mach 29, 2020. The Board reviewed the
surviving spouse benefit calculation for Carol Jackson with an effective date of March 30, 2020
for a monthly benefit of $7,220.21 with no additional increases. A motion was made by Trustee
Lambel and seconded by Trustee Knoll to approve the surviving spouse benefit of Carol Jackson
as calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Lambel,, Knoll Baas and Thakkar
NAYS: None
ABSENT: Trustee Vena
Deceased Pensioner — Richard Fronczak: The Board noted that pensioner Richard Fronczak
passed away on April 16, 2020 with no surviving spouse and his pension benefit has ceased. A
motion was made by Trustee Knoll and seconded by Trustee Baas to terminate Mr. Fronczak's
pension benefit effective April 17, 2020. Motion carried unanimously by voice vote.
Application for Retirement — David Miller: The Board reviewed the regular retirement benefit
calculation for David Miller prepared by L&A. Lieutenant/Paramedic Miller had an entry date of
October 13, 1989, retirement date of February 27, 2020, effective date of pension of February 28,
20209 50 years of age at date of retirement, 30 years and 4 months of creditable service, applicable
salary of $131,705.86, applicable pension percentage of 75%, amount of originally granted
monthly pension of $8,231.62 and amount of originally granted annual pension of $98,779.44. A
motion was made by Trustee Thakkar and seconded by Trustee Knoll to approve David Miller's
regular retirement benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Lambel, Knoll, Baas and Thakkar
NAYS: None
ABSENT: Trustee Vena
Review/Accept Retirement Application — Randy Uidl: The Board reviewed the application for
retirement submitted by Randy Uidl. A motion was made by Trustee Lambel and seconded by
Trustee Baas to accept Mr. Uidl's application. L&A will prepare a regular retirement calculation
for review and approval at the next regular meeting. Motion carried unanimously by voice vote.
OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement is
in process and the final report will be sent to the Board for review upon completion.
NEW BUSINESS: Decision/.Possible Action — Regarding Benefit Discrepancies: Ms. Barret
informed the Board that during the initial set up with the Pension Fund, L&A found benefit
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 28, 2020
Page 4 of 4
discrepancies and reviewed the information that will need to be provided to complete the set-up
process. All questions were answered by Ms. Barrett. Further discussion will be held at the next
regular meeting.
Certify Board Election Results — Active Member Position,.' L&A. conducted an election for one of
the active member positions on the Mount Prospect Firefighters' Pension Fund Board of Trustees.
Luke Rypkema ran unopposed and was elected for a three-year term expiring April 30, 2023. A
motion was made by Trustee Knoll and seconded by Trustee Lambel to certify the active member
election results. Motion carried unanimously by voice vote.
The Board discussed Board Officer Elections and nominated Brian Lambel as President and Joe
Vena as Secretary. A motion was made by Trustee Knoll and seconded by Trustee Baas to elect
the slate of Officers as stated. Motion carried unanimously by voice vote.
Appointed Member Term Expiration — Amit Thakkar.- The Board noted that Trustee Thakkar's
appointed term expires April 30, 2020 and reappointment has been requested. Further discussion
will be held at the next regular meeting.
Military Service Purchase — Michael Ghawaly: The Board noted that L&A mailed correspondence
to Michael Ghawaly regarding his request to calculate the amount of money due to the Mount
Prospect Firefighters' Pension Fund to purchase 24 months of military service time, but no
response has been received to date.
TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and
discussed upcoming training opportunities. Trustees were reminded to submit any certificates of
completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no
trustee training registrations or reimbursable expenses presented for approval.
ATTORNEY'S REPORT — COLLINS & RADJA: Legal Updates: Attorney Collins provided
legislative updates pertaining to Article 4 Pension Funds; including recent court cases and
decisions, as well as general pension matters.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURN MENT.# A motion was made by Trustee Knoll and seconded by Trustee Lambel to
adjourn the meeting at 10:08 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for July 28, 2020 at 8:30 a.m.
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Board President or Secretary
Minutes approved by the Board of Trustees on--,,,,,
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP