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Home My WebLink About10/26/2021 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' PENSION FUND M,n,nt-.--p7, 111 East Rand Road FtRAc Mount Prospect, Illinois 60056-3232 Brian Lambel Oe P� Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES OCTOBER 26, 2021 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, October 26, 2021 at 9:00 a.m. in the Mount Prospect Fire Station located at 111 East Rand Road, Mount Prospect, Illinois 60056, pursuant to notice. CALL TO ORDER: Trustee Dolan called the meeting to order at 9:01 a.m. ROLL CALL: PRESENT: Trustees John Dolan, Joe Vena, Amit Thakkar and Luke Rypkema ABSENT: Trustee Sam Baas ALSO PRESENT: Attorney Tom Hartwell, Collins Radja & Hartwell; Mary Nye, AndCo Consulting; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael and Cristina Argumedo, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 27, 2021 Regular Meeting: The Board reviewed the July 27, 2021 regular meeting minutes. A motion was made by Trustee Thakkar and seconded by Trustee Rypkema to approve the July 27, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the nine-month period ending September 30, 2021 prepared by L&A. As of September 30, 2021, the net position held in trust for pension benefits is $83,339,557.31 for a change in position of $2,880,088.76. The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period July 1, 2021 through September 30, 2021 for total disbursements of $298,696.76. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $298,696.76. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas Additional Bills, if any: There were no additional bills presented for approval. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 26, 2021 Page 2 of 4 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 September 30, 2021. As of September 30, 2021, the market value of the portfolio is $81,990,973 and the return on investment is ($324,892) for the quarter. The portfolio composition is 40.2% in domestic equities, 9.9% in international equities, 35.3% in domestic fixed income, 8.8% in real estate, 4.9% in emerging equity and 0.8% 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 Dolan and seconded by Trustee Vena to approve the Investment Performance Report as presented. Motion carried unanimously by voice vote. Potential Sales or Purchases of Securities: Ms. Nye distributed the Proposed Rebalanced Portfolio. All questions were answered by Ms. Nye. Review/Update Investment Policy Statement: The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & REPORTS: Active Member File Maintenance: The Board noted that L&A prepared Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. Further discussion will be held at the next regular meeting. A motion was made by Trustee Rypkema and seconded by Trustee Vena to accept the communications and reports. Motion carried unanimously by voice vote. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM PENSION FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: Review/Approve — Actuarial Valuation and Tax Levy Request: The Board reviewed the Actuarial Valuation prepared by Nyhart. Based on data and assumptions, the recommended municipal contribution is $3,667,817 and the statutory minimum contribution amount is $2,824,714. A motion was made by Trustee Thakkar and seconded by Trustee Vena to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,667,817 from the Village of Mount Prospect. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas Review/Adopt — Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Thakkar and seconded by Trustee Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 26, 2021 Page 3 of 4 Rypkema to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by voice vote. Acknowledge FPIF Notice of Transfer Date, Adopt Resolution of Notice and Execute Exhibits: The Board acknowledged the FPIF Notice of Transfer Date as January 4, 2022. A motion was made by Trustee Thakhar and seconded by Trustee Rypkema to acknowledge the transfer date, adopt the resolution of notice and authorize Trustees Dolan and Vena to execute the associated exhibits on behalf of the Fund. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas IFPIF: Review/Possible Action — FPIF Custodial Account Letter of Direction: The Board reviewed the Letter of Direction issued by FPIF. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to direct Authorized Agents Dolan and Vena to execute the document as prepared. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas Discussion/Approval — Interim Cash Management Policy: The Board reviewed the cash analysis projection prepared by L&A and discussed interim cash requisite for the purpose of remitting pension benefits and expenses for December payroll and the sixty-day period subsequent to the January 4, 2022 tranche date. A motion was made by Trustee Dolan and seconded by Trustee Vena to maintain an interim transition cash balance to cover six months of benefits and expenses in an amount not to exceed $3,600,000 in the BMO Harris Bank account. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas Review/Possible — Local Account Collateralization: The Board reviewed the memorandum prepared by L&A regarding the opportunity to collateralize the BMO Harris Bank operating account in excess of the standard $250,000 FDIC insurance Coverage. A motion was made by Trustee Dolan and seconded by Trustee Thakkar to authorize Trustees Dolan and Vena to execute the tri -party pledge depository agreement on behalf of the Fund. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas FPIF Status Update and Discussion/Possible Action to be Taken on all FPIF Request Pertaining to Consolidation: The Board reviewed the Global Cash Movement New Setup Authorization Form prepared by The Northern Trust Company regarding the designation and addition of FPIF account representatives to facilitate transfers to and from FPIF. A motion was made by Trustee Dolan and seconded by Trustee Rypkema to approve the Authorized Agents Trustees Dolan and Vena, Treasurer Amit Thakkar and Lauterbach and Amen, LLP to be Account Representatives for Northern Trust's Global Cash Movement for the Fund. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 26, 2021 Page 4 of 4 AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas Discussion/Approval — Cash Reserve Balance: The Board tabled this item until the next regular meeting. NEW BUSINESS: Establish 2022 Board Meeting Dates: The Board established the 2022 board meeting dates as January 25, 2022; April 26, 2022; July 26, 2022; and October 25, 2022 at 9:00 a.m. in the Mount Prospect Fire Station located at 111 East Rand Road, Mount Prospect, Illinois 60056. 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 & HARTWELL: 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 Thaldcar and seconded by Trustee Vena to adjourn the meeting at 10:15 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 25, 2022 at 9:00 a.m. Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP