HomeMy WebLinkAbout01/26/2010 FPFB minutes
Minutes of the Regular Meeting of the
Mount Prospect Firefighters Pension Fund Board
January 26, 2010
I. CALL TO ORDER – ROLL CALL
President Figolah called the meeting to order at 8:32 a.m.
Present upon roll call: Mike Figolah – President
David Erb – Treasurer
Sam Baas – Secretary/Retired Firefighter
Jeff Ricker – Firefighter
Absent: Joe Knoll – Firefighter
Also present was Rick Potter & Jeremy Seemann of Becker, Burke Associated.
Carry Collins the Pension Fund Attorney (arrived at 8:48 a.m.)
II. APPROVE AGENDA
Motion by Dave Erb and seconded by Jeff Ricker to approve the agenda.
Motion was approved.
III. APPROVE MINUTES
Regular Meeting, August 4, 2009
Jeff Ricker noted that the August 4, 2009 meeting minutes reflect that he was
absent when in fact he was present. Jeff Ricker seconded by Dave Erb moved
to accept the minutes of the August 4, 2009 meeting with the correction noted.
Motion was approved.
Regular Meeting, October 27, 2009
Jeff Ricker seconded by Dave Erb moved to accept the minutes of the October
27, 2009 meeting as presented.
Motion was approved.
IV. TREASURER’S REPORT
A. Approve Treasurer’s Report-
Dave Erb handed out a copy of the Mount Prospect Firefighters Pension Fund
Financial report for the period October 1, 2009 and ending December 31,
2009. Mr. Erb outlined the information in the report.
As of December 31, 2009 the Fund had net assets with a market value
totaling $40.8 million. The Fund was 62% funded as of December 31, 2008.
Motion by Sam Baas and seconded by Jeff Ricker to accept the Treasurer’s
Report as presented.
Motion was approved.
B. Quarterly Financial Report
Mr. Erb asked Mr. Potter from Becker Burke Associates to provide the
quarterly financial report. Mr. Potter went through the entire document
highlighting pertinent facts, charts and graphs.
V. COMMITTEE REPORTS
A. Medical Committee. Nothing to report.
B. Legal Committee. Nothing to report.
VI. OLD BUSINESS
A. None
VII. NEW BUSINESS
A. Motion by Jeff Ricker and seconded by Dave Erb to accept the Election
results for the Retired Member for the Fund. Sam Baas received 34 of the 34
votes cast.
Motion was approved.
B. Discussed the new Training Requirements for Pension Fund trustees. New
members must participate in 32 hours of training there first year. Existing
trustees must participate in 16 hours of training every year they are on the
Board. Attorney Collins will look into what the requirements will be for this
training.
C. Motion by Mike Figolah and seconded by Jeff Ricker to appoint Dave Erb as
the Security Administrator of the Mount Prospect Fire Pension Fund.
Motion was approved.
Motion by Dave and seconded by Mike Figolah to appoint Jeff Ricker as the
Freedom of Information Act Administrator, and the Open Meeting Act
Administrator of the Mount Prospect Fire Pension Fund..
Motion was approved.
D. Motion by Sam Baas and seconded by Jeff Ricker to approve the transfer of
funds of Jeff Wiley to the City of Chicago Firefighters Pension Fund pursuant
to State Law.
Motion was approved.
Dave Erb will supply refunded amounts at the next meeting.
E. Dave Erb discussed the recent results of the Audit by the ILO Department of
Insurance. He will follow up on their questions and concerns
F. Mike Figolah discussed that the changes needed to the Rules & Regulations
are being worked on by Attorney Collins and will be presented at the next
meeting.
G. Motion by Dave Erb and seconded by Jeff Ricker to appoint Mike Figolah
President, and Sam Baas Secretary of the Fund.
Motion was approved.
Motion by Dave Erb and seconded by Jeff Ricker to adjourn the meeting.
Motion was approved at 10:10 a.m.
The next meeting will be April 27, 2010
Respectfully Submitted,
____________________________
Will R Baas
Secretary
THESE MINUTES WERE APPROVED AT THE APRIL 27, 2010 MEETING