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HomeMy WebLinkAbout01/25/2011 FPFB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting January 25, 2011 I. CALL TO ORDER — ROLL CALL Secretary Baas called the meeting to order at 8:33 a.m. Present upon roll call: Dave Erb - Treasurer Sam Baas — Secretary/Retired Firefighter Jeff Ricker — FOIA /OMA Officer /Firefighter Absent: Joe Knoll /Firefighter Also present was Jeremy Seeman & Rick Potter of Becker, Burke Associated. Thomas Bockmann Executive Director — IL Public Pension Advisory Committee, and John Malcolm. Motion by Sam Baas, seconded by Jeff Ricker to appoint Dave Erb President Pro Tem. Motion was approved. II. APPROVE AGENDA Motion by Jeff Ricker, seconded by Sam Baas to approve the Agenda as submitted. Motion was approved. III. CITIZENS TO BE HEARD None IV. APPROVE MINUTES A. Regular Meeting October 26, 2010. Motion by Jeff Ricker, seconded by Sam Baas to approve the Minutes as submitted. Motion was approved. B. Special Meeting November 16, 2010 Motion by Sam Baas, seconded by Jeff Ricker to approve the Minutes as submitted. V. 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, 2010 and ending December 31, 2010. Mr. Erb outlined the information in the report. As of December 31, 2010 the Fund had net assets with a market value totaling $43.6 million. As of December 31, there is an unrealized loss in the Fund's portfolio totaling $166,620. This is down from the $628,660 in unrealized gains reported last quarter. Motion by Sam Baas, seconded by Jeff Ricker to accept the Treasurer's Report as submitted. Motion was approved. B. Approve Disbursements Motion by Jeff Ricker, seconded by Sam Baas to accept the list as presented. Motion was approved. C. Quarterly Financial Report Dave Erb asked Rick 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 Jeff Ricker, seconded by Sam Baas to accept the report as presented. Motion was approved. VI. COMMITTEE REPORTS A. Medical Committee Nothing to report. B. Legal Committee Nothing to report. VII. OLD BUSINESS A. The Rules & Regulations update from Attorney Collins was deferred until the next meeting. B. Jeremy Seeman from Becker, Burke Associates presented a Draft Copy of the Investment Policy to the Board. After Board review & discussion of the Investment Policy, Becker, Burke & Associates will make the necessary changes and present an Asset Allocation Study for the Board's review at the next meeting. VIII. NEW BUSINESS A. Retired member Don Barra passed away in December 2010, leaving no Surviving Spouse or Dependent Children. Motion by Sam Baas, seconded by Jeff Ricker to discontinue pension benefits for Don Barra effective January 1, 2011 B. Acknowledge the appointment of John Malcolm to the Firefighters Pension Fund Board by Mayor Wilks, to replace Mike Figolah who recently retired. C. Sam Baas, seconded by Dave Erb moved to appoint John Malcolm President of the Firefighters Pension Fund. Roll Call: Sam Baas — yes Dave Erb — yes Jeff Ricker —yes John Malcolm — yes Motion was approved. D. Jeff Ricker, seconded by Dave Erb moved to appoint Joe Knoll as Secretary of the Firefighters Pension Fund Roll Call: Sam Baas — yes Dave Erb — yes Jeff Ricker —yes John Malcolm — yes Motion was approved. E. Jeff Ricker, seconded by Sam Baas moved to define the calendar year for continuing trustee education to be May 1 to April 30. Motion was approved. As of January 25, 2011 Trustees have satisfied the following amount of hours for Training Requirements for 2010/2011 Dave Erb — 16 hours Jeff Ricker — 16 hours Joe Knoll — 16 hours Sam Baas — 0 hours John Malcolm — 0 hours. F. Next pension Board meeting's July 26, 2011 October 25, 2011 January 24, 2012 April 24, 2012 IX. OTHER NEW BUSINESS A. John Malcolm, seconded by Sam Baas moved to establish a new American Funds account, and reallocating $500,000 From American Funds and $700,000 from Vanguard into the new fund. Move forward with investment into Corporate Bonds. Move monies into American Funds Euro Pacific Fund Account. Motion was approved. X ADJOURNMENT Sam Baas, seconded by John Malcolm, moved to adjourn the meeting at 10:05 A. M. Motion was approved. Respectfully Submitted Will R. Baas Secretary Minutes approved at the April 26, 2011 meeting.