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Home My WebLink About01/26/2021 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS" PENSION FUND --77 111 East Rand Road Mount Prospect, Illinois 60056-3232 Ftp 1 11 # " X Brian Lambel I& Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES JANUARY 26, 2021 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held via videoconference in accordance with Public Act 101-0640 on Tuesday, January 26, 2021 at 9:00 a.m. pursuant to notice. CALL TO ORDER: Trustee Lambel called the meeting to order at 9:01 a.m. ROLL CALL: PRESENT: Trustees Brian Lambel, Sam Baas, Joe Vena, Amit Thakkar (arrived at 9:14 a.m.) and Luke Rypkema (arrived at 9:45 a.m.) ABSENT: None ALSO PRESENT: Attorney Tom Hartwell and Carry Collins; Collins & Radja; Mary Nye, AndCo Consulting; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 27, 2020 Regular Meeting: The Board reviewed the October 27, 2020 regular meeting minutes. A motion was made by Trustee Vella and seconded by Trustee Baas to approve the October 27, 2020 regular meeting minutes as written. Motion carried by roll call vote. AYES: Trustees Lambel, Baas and Vella NAYS: None ABSENT: Trustees Thakkar and Rypkema Semi -Annual Review ql"Closed Session Meeting Minutes: The Board reviewed the closed session meeting minutes. A motion was made by Trustee Vella and seconded by Trustee Lambel to keep the closed session meeting minutes closed due to pending matters. Motion carried by roll call vote. AYES: Trustees Lambel, Baas and Vella NAYS: None ABSENT: Trustees Thakkar and Rypkema ACCOUNTANT'S REPORT — LAUTER13ACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the twelve-month period ending December 31, 2020 prepared by L&A. As of'December 31, 2020, the net position held in trust for pension benefits is $80,475,675.87 for a change in position of Mount Prospect Firefighters' Pension Fund Meeting Minutes — January 26, 2021 Page 2 of 4 $9,247,734.64, The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll.fournal and the Vendor Check Report for the period October 1, 2020 through December 31, 2020 for total disbursements of $265,734.48. A motion was made by Trustee Vena and seconded by Trustee Baas to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $265,734.48. Motion carried by roll call vote. AYES: Trustees Lambel, Baas and Vena NAYS: None ABSENT: Trustees Thakkar and Rypkema Additional Bills, if'any: There were no additional bills presented for approval. Trustee Thakkar arrived at 9:14 a.m. INVESTMENT REPORT — ANDCO CONSULTING: Investment Performance Report.- Ms. 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 pro.jected market conditions. Ms. Nye presented the Investment Performance Report for the period ending December 31, 2020. As of December 31, 2020, the market value of the portfolio is $80,247,356 and the return on investment is $7,398,192 for the quarter. The portfolio composition is 39.6% in domestic equities, 10% in international equities, 35.2% in domestic fixed income, 8.1% in real estate, 5.2% in emerging equity and 1.9% 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 Baas and seconded by Trustee Lambel to accept the Investment Performance Report as presented. Motion carried by roll call vote. AYES: Trustees Lambel, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee Rypkema Potential Sales or Purchases oj'Securities.- Ms. Nye discussed cash flow needs for the upcoming quarter to fund benefit payments. Ms. Nye reviewed the proposed rebalancing as follows; liquidating $300,000 from Vanguard US Growth, $400,000 From AF — Growth and $800,000 from T Rowe Price. Review/Update Investment Policy Statement: The Board discussed the Investment Policy and determined that no changes are required at this time. TREASURER'S REPORT: There was no Treasurer's Report presented. COMMUNICATIONS & REPORTS: Affidavits of Continued Eligibility The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners with the December Payroll cycle and a due date of January 29, 2021. A status update will be provided at the next regular meeting. 2021 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for reimbursement decreased to $0.56 per mile effective January 1, 2021. Mount Prospect Firefighters' Pension Fund Meeting Minutes — January 26, 2021 Page 3 of 4 Statements of Economic Interest., The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2021. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2021. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Application for Membership — Lawrence Matthies: The Board reviewed the Application for Membership submitted by Lawrence Matthies. A motion was made by Trustee Vena and seconded by 'Trustee Baas to accept Lawrence Matthies into the Mount Prospect Firefighters' Pension Fund effective November 2, 2020, as a Tier II participant. Motion carried by roll call vote. AYES: Trustees Lambel, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee Rypkema APPLICATIONS FOR RETIRE MENT/DISABILITY BENEFITS: Deceased Surviving Spouse — Charles Forton: The Board noted that surviving spouse Charles Forton passed away on November 26, 2020 and his pension benefit has ceased. OLD BUSINESS: Discussion/Possible Action QILDRO's — Brian Halverson & Dale Steward: Attorneys Collins and Hartwell apprised the Board that they have been in contact with both Brian Halverson, Dale Steward and the QILDRO recipients informing them of the next steps that need to be taken in order to complete the required Calculation Orders. Attorneys Collins and Hartwell will keep the Board apprised of any further action needed by the Board. Trustee R)pkema arrived at 9:45 a.m. NEW BUSINESS: Discussion/Possible Action — Pensioner Tax, Withholdings Settlement Agreement: 'Trustee Thakkar informed the Board that he is currently waiting on the completed settlement agreement to send to the Board. Further discussion will be held at the next regular meeting. Ms. Nye left the meeting at 9:59 a.m. Approve Annual Cost of'Living Adjustments (COLAs) for Pensioners: The Board reviewed the 2021 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee Thakkar and seconded by Trustee Lambel to approve the 2021 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: 'Trustees Lambel, Rypkerna, Baas, Thakkar and Vena NAYS: None ABSENT: None Review Trustee Term Expirations and Election Procedures: 'The Board noted that the retired member term currently held by Trustee Baas is expiring in April 2021. Trustee Baas expressed his interest to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the retired member Trustee Position. The Board also noted that the appointed 'Trustee position held by Trustee Lambel is expiring in April 2021 and he is interested in remaining on the Board. The Board will contact the Village and seek reappointment of Trustee Lambel to the Board. Mount Prospect Firefighters' Pension Fund Meeting Minutes — January 26, 2021 Page 4 of 4 IDOI Annual Statement: The Board noted that the IDOL Annual Statement is in process and the final report will be sent to the Board for review upon completion. 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: Annual Independent Medical Examinations ---James East, Eric Mertes and Torrie Takoy: Attorneys Collins and Hartwell informed the Board that James East, Eric Mertes and Torrie Takoy are scheduled for their independent medical examinations in February. Further discussion will be held at the next regular meeting. 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. ADJOURNMENT: A motion was made by Trustee Thakkar and seconded by Trustee Vena to adjourn the meeting at 10:12 a.m. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkerna, Baas, Thakkar and Vena NAYS: None ABSENT: None The next regular meeting is scheduled for April 27, 2021 at 9:00 a.m. Board President or Secretary Minutes approved by the Board of Trustees an Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP