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HomeMy WebLinkAbout10/26/2010 FPFB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting October 26, 2010 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 Sam Baas — Secretary /Retired Firefighter Absent: Jeff Ricker — FOIA /OMA Officer /Firefighter Joe Knoll — Firefighter Also present was Jeremy Seeman of Becker, Burke Associated. Carry Collins the Pension Fund Attorney (arrived at 8:59 a.m.) II. APPROVE AGENDA Motion by Sam Baas, seconded by Dave Erb, to approve the Agenda as submitted. Motion was approved. III. APPROVE MINUTES Regular Meeting, July 27, 2010 Motion by Dave Erb, seconded by Sam Baas, to approve the Minutes as submitted. Motion was approved. IV. TREASURER'S REPORT A. Approve Treasure's Report David Erb handed out a copy of the Mount Prospect Firefighters Pension Fund Financial report for the period July 1, 2010 and ending September 30, 2010. Mr. Erb outlined the information in the report. As of September 30, 2010 the Fund had net assets with a market value totaling $42,294.833. The Fund's net assets increased $1,674.372 for the third quarter. Motion by Mike Figolah, seconded by Sam Baas to approve the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by Mike Figolah, seconded by Sam Baas, to approve the list as presented. Motion was approved. C. Quarterly Financial Report Mr. Erb asked Mr. Seeman from Becker, Burke Associates to provide the Quarterly Financial Report. Mr. Seeman 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. Rules & Regulations updates are being worked on and should be ready for the next meeting. B. Investment Policy Updates were deferred until the next regular meeting. C. Dave Erb updated the Board that as of this date he has received no direction from Jeff Wiley as to a refund, or transfer of his pension contributions. D. The Board acknowledged receipt of a letter from the Lincolnshire — Riverwoods FPD Pension Fund regarding Brian Lambell's completing his buy back into their Pension Fund. VII. NEW BUSINESS A. Request for Benefits /Refunds 1. Arthur Felski has submitted his application for Retirement Benefits from the Fund after 39 years, 3 months of Creditable Service. Mike Figolah, seconded by Sam Baas, moved to accept this application with a monthly pension amount of $6,091.91. Motion was approved. 2. Michael Figolah has submitted his application for Retirement Benefits from the Fund after 26 years, 8 months of Creditable Service. Sam Baas, seconded by Dave Erd, moved to accept this application with a monthly pension amount of $7,840.67. Motion was approved. 3. Michael Murphy has submitted his application for membership into the Fund. Dave Erb, seconded by Sam Baas, moved to accept the Pension Application from Michael Murphy. Motion was approved. B. The Board discussed the purchase of IL Fire Pension Code books from Goldstein & Associates. These books are the 2008 edition and with the changes anticipated in November 2010 this books would be obsolete. C. The Election for a new Presided due to the retirement of Mike Figolah has been deferred until the next meeting. D. Trustee Training Requirements. As of October 26, 2010 Trustees have satisfied the following amount of hours for Training Requirements for 2010: Mike Figolah - 16 hours Dave Erb - 16 hours Joe Knoll - 16 hours Jeff Ricker - 16 hours Sam Baas - 0 hours. E. Next Pension Fund Board meeting will be January 25, 2011. VIII. ADJOURNMENT Mike Figolah, seconded by Dave Erb, moved to adjourn the meeting at 10:07 a.m. Motion was approved. Respectfully Submitted, Will R. Baas Secretary Minutes approved at the January 25, 2011 meeting.