HomeMy WebLinkAbout07/27/2010 FPFB minutes
Minutes of the Regular Meeting of the
Mount Prospect Firefighters Pension Fund Board
July 27, 2010
I. CALL TO ORDER – ROLL CALL
President Figolah called the meeting to order at 8:34 a.m.
Present upon roll call: Mike Figolah – President
David Erb – Treasurer
Jeff Ricker – Firefighter-Left the meeting at 9:06am
Joe Knoll – Firefighter
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 Dave Erb and seconded by Jeff Ricker to approve the agenda as
submitted.
Motion was approved.
III. APPROVE MINUTES
Regular Meeting, April 27, 2010
Jeff Ricker seconded by Joe Knoll moved to approve the minutes as submitted.
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 April 1, 2010 and ending June 30, 2010. Mr.
Erb outlined the information in the report.
As of June 30, 2010 the Fund had net assets with a market value totaling
$40,319,652
Motion by Joe Knoll and seconded by Mike Figolah to approve the
Treasurer’s Report as presented.
Motion was approved.
B. Approve Disbursements
Motion by Sam Baas 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 Mike Figolah seconded by Jeff Ricker to approve the
recommendation of Becker Burke to transfer out $400,000 from Equities and
transfer $100,000 each to the 3 Large Cap funds & The International fund.
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. Discussed changes that need to be made to the Investment Policy. Dave Erb
will send these changes to Becker Burke & Tim Sharp for their input and
present the Policy at the next meeting.
C. Discussed holding a 16 hour Trustee Training class at Station 14 on August 9
& 10, 2010. This class would satisfy the 8 hour Ethics training & 8 hour of
Continuing Education requirements for the State.
As of October 26, 2010 Trustees have satisfied the following amount of hours
for Training Requirements for 2010:
Joe Knoll-20 hours.
Mike Figolah-16 hours
Jeff Ricker-16 hours
Dave Erb- hours
Sam Baas- hours
D. Attorney Collins explained to Jeff Ricker how he could satisfy the 3 hour
training requirements for the FOIA/OMA officer requirements for the State.
VII. NEW BUSINESS
A. Request for Benefits/Refunds-none
Motion by Dave Erb and seconded by Sam Baas to adjourn the meeting.
Motion was approved at 9:56 a.m.
The next meeting will be October 26, 2010.
Minutes approved at the October 26, 2010 meeting.