HomeMy WebLinkAbout04/27/2021 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS"
PENSION FUND
111 East Rand Road
Mount Prospect, Illinois 60056-3232 IR
Brian Lambel
Fire Chief
MINUTES OF A REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS' PENSION FUND
BOARD OF TRUSTEES
APRIL 27, 2021
A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held
on Tuesday, April 27, 2021 at 9:00 a.m. at the Mount Prospect Fire Station located at I I I East
Rand Road, Mount Prospect, Illinois 60056, pursuant to notice.
CALL TO ORDER: Trustee Lambel called the meeting to order at 9:02 a.m.
ROLL CALL:
PRESENT: Trustees Brian Lambel, Joe Vena, Amit Thakkar and Luke Rypkema
ABSENT: Trustee Sam Baas
ALSO PRESENT: Attorney Toni Hartwell, Collins Raqja & Hartwell; Mary Nye, AndCo
Consulting; Jennifer Fitzgerald, Village of Mount Prospect; Allison Barrett
(via videoconference) and Alex Michael, Lauterbach & Amen, LLP (L&A);
Chief John Dolan, Mount Prospect Fire Department
PUBLIC COMMENT: There was no public comment,
APPROVAL OF MEETING MINUTES: January 26, 2021 Regular Meeting: The Board
reviewed the January 26, 2021 regular meeting minutes. A motion was made by Trustee Thakkar
and seconded by Trustee Rypkema to approve the January 26, 2021 regular meeting minutes as
written. Motion carried unanimously by voice vote.
TREASURER'S REPORT: There was no Treasurer's Report presented.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report
and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the
three-month period ending March 31, 2021 prepared by L&A. As of March 31, 2021, the net
position held in trust for pension benefits is $81,838,373.85 for a change in position of
$1,378,905.30. The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report,
Member Contribution Report, Payroll Journal and the Vendor Check Report for the period January
1, 2021 through March 31, 2021 for total disbursements of $298,363.36. A motion was made by
Trustee Thakkar and seconded by Trustee Rypkema to accept the Monthly Financial Report as
presented and to approve the disbursements shown on the Vendor Check Report in the amount of
$298,363.36. Motion carried by roll call vote.
AYES: Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 27, 2021
Page 2 of 4
Additional Bills, if any — Illinois Department of Insurance Compliance Fee: The Board reviewed
the Collins, Radja & Hartwell invoice in the amount of $850 for legal services. The Board noted
that the Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was
made by Trustee Thakkar and seconded by Trustee Lambe] to approve payment of the 11301
Compliance Fee in an amount not to exceed $8,000, upon receipt of the invoice and the additional
bill as presented. Motion carried by roll call vote.
AYES: Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
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 projected market conditions. Ms.
Nye presented the Investment Performance Report for the period ending March 31, 2021. As of
March 31, 2021, the market value of the portfolio is $80,238,999 and the return on investment is
$1,491,643 for the quarter. The portfolio composition is 39.9% in domestic equities, 9.9% in
international equities, 35.4% in domestic fixed income, 8.3% in real estate, 5.3% in emerging
equity and 1.2% 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 Lambe] to accept the Investment Performance Report as presented. Motion carried
unanimously by voice vote.
Potential Sales or Purchases ql'Securities: There were no recommendations at this time.
Review/Update Investment Policy Statement: The Board discussed the Investment Policy and
determined that no changes are required at this time.
COMMUNICATIONS & REPORTS: Statements of'Economic Interest: The Board was
reminded that the Statements of Economic Interest are due by May 1, 2021.
Affidavits of Continued Eligibility: The Board noted that all 2020 Affidavits of Continued
Eligibility have been received by L&A and the originals were given to the Board for their
recordkeeping.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND:
There were no applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Review/Approve —
Regular Retirement Benefit — Brian Lambel: The Board noted that Chief Lambel has submitted all
of the required paperwork to L&A in order to complete his benefit calculation. A motion was made
by Trustee Thakkar and seconded by Trustee Rypkema to tentatively approve Chief Lambel's
retirement benefit pending L&A's review. Motion carried by roll call vote.
AYES: Trustees Thakkar, Rypkema and Vena
NAYS: None
ABSTAIN: Trustee Lambel
ABSENT: Trustee Baas
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 27, 2021
Page 3 of 4
Deceased Pensioner— DennisAmber: The Board noted that pensioner Dennis Amber passed away
April 19, 2021 with no surviving spouse and his pension benefit has ceased. A motion was made
by Trustee Lambel and seconded by Trustee Thakkar to terminate the pension benefit for Mr.
Amber. Motion carried by roll call vote.
AYES: Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
OLD BUSINESS: Discussion/Possible Action — QjLDRO's — Brian flalverson & Dale Steward:
Attorney Hartwell informed the Board that all of Mr. Halverson's QILDRO documents have been
received and approved. The Board was also informed that the QILDRO calculation order for Mr.
Steward has been received and will be forwarded to L&A for review and confirmation. No further
action is needed by the Board at this time.
Ms. Nye and Ms. Barrett left the meeting at 9:49 a.m.
CLOSED SESSION, IF NEEDED: A motion was made by Trustee Thakkar and seconded by
Trustee Lambel to enter into closed session under 5 ILCS of the Open Meetings Act at 9:49 a.m.
Motion carried by roll call vote.
AYES: Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
A motion was made by Trustee Lambe] and seconded by Trustee Rypkema to adjourn closed
session and re-enter the regular meeting at 10:12 a.m. Motion carried by roll call vote.
AYES: 'Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
Discussion/Possible Action — Pensioner Tax Withholdings Settlement Agreement: A motion was
made by Trustee Lambel and seconded by Trustee Thakkar to approve payment to the Village of
Mount Prospect in the amount of $47,500 for the settlement agreement in regards to Janet Druffels
improper 1099-R. filing and the tax consequences. Motion carried by roll call vote.
AYES: Trustees Lambel, Thakkar, Rypkema and Vena
NAYS: None
ABSENT: Trustee Baas
IDOL Annual Statement: The Board noted that the ]DOI Annual Statement is in process and the
final report will be sent to the Board for review upon completion.
NEW BUSINESS: Certify 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 for a three-year term expiring April
30, 2024. A motion was made by Trustee Lambel and seconded by Trustee Thakkar to certify the
retired member election results. Motion carried unanimously by voice vote.
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — April 27, 2021
Page 4 of 4
Appointed Member Term Expiration — Brian Lambel: The Board noted that Trustee Lambe] is
retiring from the Mount Prospect Fire Department and John Dolan is now one of the appointed
Trustees on the Mount Prospect Firefighters' Pension Fund Board of Trustees.
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 oj'Trustee Training Registration Fees and Reimbursable Expenses: There were no
trustee training registrations or reimbursable expenses presented for approval. Thakkar/Vena RC
ATTORNEY'S REPORT — COLLINS RADJA & HARTWELL: Annual Independent Medical
Examinations —James East, Eric Mertes and Torrie Takoy: Attorney Hartwell informed the Board
that James East, Eric Mertes and Torrie Takoy attended their annual independent medical
examinations and it was determined that they remain disabled at this time.
Legal Updates: Attorney Hartwell provided legislative updates pertaining to Article 4 Pension
Funds; including recent court cases and decisions, as well as general pension matters.
ADJOURNMENT: A motion was made by Trustee Lambe] and seconded by Trustee Thakkar to
adjourn the meeting at 10:25 a.m. Motion carried unanimously by voice vote.
'Qw-iitk4t. regular meeting is scheduled for July 27, 2021 at 9:00 a.m.
Bo=, i-dPresident or Secretary
Minutes approved by the Board of Trustees on S/
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP