HomeMy WebLinkAbout04/27/2010 FPFB minutes
Minutes of the Regular Meeting of the
Mount Prospect Firefighters Pension Fund Board
April 27, 2010
I. CALL TO ORDER – ROLL CALL
President Figolah called the meeting to order at 8:40 a.m.
Present upon roll call: Mike Figolah – President
David Erb – Treasurer
Jeff Ricker – Firefighter-Left the meeting at 9:06am
Joe Knoll – Firefighter
Absent: Sam Baas – Secretary/Retired Firefighter
Also present was Rick Potter & Jeremy Seemann of Becker, Burke Associated.
Carry Collins the Pension Fund Attorney (arrived at 8:53 a.m.)
II. APPROVE AGENDA
Motion by Jeff Ricker and seconded by David Erb to approve the agenda as
submitted.
Motion was approved.
III. APPROVE MINUTES
Regular Meeting, January 26, 2010
Dave Erb seconded by Mike Figolah moved to approve the minutes of the
January 26, 2010 meeting as submitted.
Mike Figolah-yes
Dave Erb-yes
Jeff Ricker-yes
Joe Knoll-abstained
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 January 1, 2010 and ending March 31, 2010.
Mr. Erb outlined the information in the report.
As of March 31, 2010 the Fund had net assets with a market value totaling
$42.25 million.
Motion by Joe Knoll and seconded by Jeff Ricker to approve the Treasurer’s
Report as presented.
Motion was approved.
B. Approve Disbursements
Motion by Jeff Ricker seconded by Joe Knoll to approve the list 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
.
Motion by Dave Erb seconded by Mike Figolah to approve the
recommendation of Becker Burke to transfer out $165,000 from the T Rowe
Price account and place $55,000 into each the American Funds – Growth,
Vanguard Morgan Growth and Hansberger accounts.
Motion was approved.
V. COMMITTEE REPORTS
A. Medical Committee. Nothing to report.
B. Legal Committee. Nothing to report.
VI. OLD BUSINESS
A. Rules & Regulations updates are being worked on and should be ready for
the next meeting.
B. Investment Policy Updates are being worked on and should be ready for the
next meeting.
C. Jeff Ricker seconded by Joel Knoll moved to Ratified the Pension transfer
amount for Jeff Wiley to the City of Chicago Firefighters Pension Fund in the
amount of $22,762.88
Mike Figolah-yes
Dave Erb-yes
Joe Knoll-yes
Jeff Ricker-yes
Motion was approved.
D. As of April 27, 2010 Trustees have satisfied the following amount of hours for
Training Requirements for 2010:
Joe Knoll-4 hours.
VII. NEW BUSINESS
A. Request for Benefits/Refunds-none
B. Motion by Joe Knoll seconded by Dave Erb to accept the Election Results for
Jeff Ricker’s end of term.
At 5:00p.m. on April 22 ,2010 the Village Clerk counted the ballots for the
2010 Mount Prospect Fire Pension Board Election. There were a total of 72
ballots counted as follows:
Jeff Ricker 44
Jim East 26
Anthony Minarcik 1 – write-in
Not legible 1 – write-in
The majority of ballots were cast for Jeff Ricker
Motion was approved.
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 Erb 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. Dave Erb discussed the recent results of the Audit by the ILO Department of
Insurance. He will follow up on their questions and concerns
E. 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.
F. 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 Joe Knoll to adjourn the meeting.
Motion was approved at 10:10 a.m.
The next meeting will be July 27, 2010.
Respectfully Submitted
____________________________
Will R Baas
Secretary
Minutes approved at the July 27, 2010 meeting