HomeMy WebLinkAbout01/16/2006 FPFB MinutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
January 16, 2006
I. CALL TO ORDER
Fire Chief Mike Figolah called the meeting to order at 8:40 a.m.
II. ROLL CALL
Present: Chief Figolah
Don Burger, Secretary
David Erb, Treasurer
Mayor Wilks
Lisa Angell
Sam Baas
James Juliano
Jeff Ricker
Richard Potter, Becker Burke
Cary Collins, Pension Attorney (arrived at 9:27 a.m.)
III. APPROVE AGENDA
The minutes from the October 17, 2005 meeting nor the minutes from the
November 21, 2005 meeting were available for distribution; approval of the
minutes was deferred until the next regular meeting.
Mr. Juliano asked that discussion of the process and guidelines for installa-
tion of the new Firemen's Pension Fund Board in April of this year be added
to the Agenda.
Finance Director Dave Erb, seconded by Mr. Juliano, moved to approve the
revisions to the January 16, 2006 meeting agenda.
Upon roll: Ayes: Angell, Baas, Burger, Erb, Figolah, Juliano, Ricker, Wilks
Nays: None
Motion carried.
IV. APPROVE MINUTES
Regular Meeting, October 17, 2005 — Deferred
Special Meeting, November 21, 2005 — Deferred
V. TREASURER'S REPORT
Finance Director David Erb, provided the financial statements for the three (3)
months ended December 31, 2005. Mr. Erb stated the total net assets of the
pension fund were $38,099,033. Mr. Erb also reviewed the income statement
for October 1- December 31, 2005.
Mr. Juliano, seconded by Mayor Wilks, moved to approve the financial report
for three months ended December 31, 2005.
Upon roll: Ayes: Angell, Baas, Burger, Erb, Figolah, Juliano, Ricker, Wilks
Nays: None
Motion carried.
VI. COMMITTEE REPORTS
MEDICAL
None.
LEGAL
Mayor Wilks name should be listed as a member of the Legal Committee; former
Mayor Farley's name to be removed.
VII. OLD BUSINESS
None.
VIII. NEW BUSINESS
Mr. Rick Potter reviewed the December 31, 2005 quarterly flash report
and one (1) year performance:
• Bond Managers - Market value is down
• Equity Manager — Returns are higher than S &P 500 Index
• International Equity Manager — less than one year of returns
Mr. Potter informed the Board of the recent action taken by the Illinois General
Assembly to amend the Illinois Pension Code. Effective January 26, 2006 the
amended Code prohibits the investment or deposit from the retirement system
or pension fund to certain entities doing business in or with the government of
Sudan.
Managers of the Pension Fund informed Mr. Potter that it would be difficult to
comply with the new law. Mr. Erb indicated that efforts will probably be taken
to rework the law as it is not practical. He will follow -up with the Illinois Government
Finance Officers Association (IGFOA) and the Illinois Municipal League for addi-
tional information and how other communities are responding.
It was recommended that, at this time, no changes be made to the pension fund.
Mr. Ricker, seconded by Mayor Wilks, moved to suspend quarterly movement
of pension fund investments until more information about the amended Pension
Code is available.
Upon roll: Ayes: Angell, Baas, Burger, Erb, Figolah, Ricker, Wilks
Nays: None
Motion carried.
No information was available on the status of Firefighter Matt Woleben's application
to participate in the Pension Fund.
Mr. Juliano stated the new Firemens Pension Fund Board will take charge
April 17, 2006. A general discussion of what actions needed to take place
for the appointment and election of the new members.
Mr. Collins reviewed the required election procedures including certification of
the election. He also explained the procedure for the April 17, 2006 meeting
when the exiting Board will take its final action(s) and the new Board formally
takes over.
Mayor Wilks indicated she is prepared to make her two (2) appointments to the
Board. It was noted that the retirees need to receive information and ballots for the
election via certified mail.
Mr. Ricker, seconded by Mr. Erb, moved that the Board proceed with all procedures
regulated by state statute for installation of the new Firemens Pension Fund Board.
Referencing a recent disability pension hearing Mr. Juliano recommended that a
procedural change be made when conducting a disability pension hearing. He
recommended that a Closed Session always be held before rendering a
decision on the disability request.
Mr. Juliano, seconded by Mr. Ricker, moved to approve that a Closed Session
be added to the Board's procedures for a disability pension hearings.
Upon roll: Ayes: Angell, Baas, Burger, Erb, Figolah, Ricker, Wilks
Nays: None
Motion carried.
IX. ADJOURNMENT
Mr. Burger, seconded by Mr. Bass, moved to adjourn the meeting. The motion
to adjourn was approved by a 7 -0 vote and the meeting adjourned at 9:45 a.m.
Respectfully submitted,
M. Lisa Angell
Village Clerk