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HomeMy WebLinkAbout04/26/2011 FPFB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting April 26, 2011 CALL TO ORDER — ROLL CALL President John Malcolm called the meeting to order at 8:30 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Secretary /Retired Firefighter Joe Knoll — Firefighter Absent: Jeff Ricker — FOIA /OMA Officer /Firefighter Also present was Jeremy Seeman & Rick Potter of Becker, Burke Associated. Carry Collins the Pension Fund Attorney (arrived at 8:43 a.m.) II. APPROVE AGENDA Motion by Sam Baas, seconded by Dave Erb to approve the Agenda as submitted. Motion was approved. III. CITIZENS TO BE HEARD None. IV. APPROVE MINUTES Regular Meeting, January 25, 2011 Motion by Dave Erb, seconded by Joe Knoll to approve the Minutes as submitted. Motion was approved. V. 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 January 1, 2011 and ending March 31, 2011. Mr. Erb outlined the information in the report. As of March 31, 2011 the Fund had net assets with a market value totaling $44.7 million. As of March 31, 2011 there was an unrealized loss in the Funds portfolio totaling $157,821. This is down from the $37,772 in unrealized losses reported last quarter. Motion by Sam Baas, seconded by Joe Knoll to accept the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by Sam Baas, seconded by Joe Knoll to accept 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. Motion by Sam Baas, seconded by Dave Erb to accept the Quarterly Financial 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. Rules & Regulations updates are being worked on and should be ready for the next meeting. B. Investment Policy Updates was presented by Becker, Burke Associates. Minor changes were discussed. Motion by Sam Baas, seconded by Dave Erb to accept the Investment Policy with the changes discussed. Motion was approved. C. Motion by Joe Knoll, seconded by Sam Baas to accept Optimal Portfolio Allocations #16 of the analysis Report done by Becker, Burke Associates, which calls for a Expected Rate of return of 7.5 %, US Large Cap 32 %, US Mid /Small 12 %, International 10 %, and Core Bonds 46% for use of Managing the Portfolio. Motion was approved. VIII. NEW BUSINESS A. The Board acknowledged the passing of Retired Firefighter Robert Kookier on April 2, 2011.Dave Erb has been in contact with his surviving spouse as to the changes in the Pension. B. Motion by Dave Erb, seconded by Sam Baas to ratify the Election Results for Joe Knoll's end of term. At 2pm on April 18, 2011, the Village Clerk counted the ballots for the 2011 Mount Prospect Fire Pension Board Election. There were a total of 65 ballots counted as follows: Joe Knoll 43 Jim East 22 The majority of ballots were cast for Joe Knoll. Motion was approved. C. Request for Benefits /Refunds. — None D. Trustee Training Requirements 5/1/10 — 4/30/11 Dave Erb — 16 hours Jeff Ricker — 16 hours Joe Knoll — 16 hours Sam Baas — 0 hours John Malcolm — 0 hours E. Next Pension Board Meeting July 26, 2011 IX. OTHER NEW BUSINESS A. The Board discussed having a Special Board Meeting to select a new Fixed Income Manager to replace Capital Gains. May 16, 2011 @ 1 pm was selected to interview 4 Fixed Income Managers. C. S. McKee, L.P. Galliard Capital Management, Inc. Great Lakes Advisors, Inc. Mesirow Financial Investment Management, Inc. X. ADJOURNMENT Dave Erb, seconded by John Malcolm, moved to adjourn the meeting at 10:30 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the July 26, 2011 meeting.