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HomeMy WebLinkAbout10/23/2012 FFPB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting October 23, 2012 I. CALL TO ORDER — ROLL CALL President John Malcolm called the meeting to order at 8:33 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Retired Firefighter Joe Knoll — Secretary /Firefighter Absent: Jeff Ricker — FOIA/OMA Officer /Firefighter Also present was Rick Potter of Becker, Burke Associated. Carry Collins the Pension Fund Attorney arrived at 8:53 a.m. II. APPROVE AGENDA Motion by Dave Erd, 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 July 24. 2012 Motion by Sam Baas, 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 July 1, 2012 and ending September 30, 2012. Mr. Erb outlined the information in the report. Statement of Assets As of September 30, 2012 the Fund had net assets with a market value totaling $47.6 million. Of this amount, $9.4 million was under management by Galliard and $13.2 million was under management by Segall Bryant. As of September 30, there is an unrealized loss in the Fund's portfolio totaling $47,142. This is down from the $27,707 in unrealized losses reporter last quarter. Income Statement The Fund's net assets increased $1,909,166 for the third quarter and are up $3,751,088 year -to -date. Total revenues for this quarter were $2,883,389. Contributions of $1,192,154 were made up of property and replacement taxes totaling $1,033,978 and pension contributions of $158,176. Gains from the fixed income portion of the portfolio totaling $370,722 while the value of equities grew $1,320,513. Expenditures for pension benefits accounted for $928,531 of the total during the third quarter. Other operating expenses include investment advisor fees, legal, bank charges, insurance and other expenses totaled $45,639. Motion by San 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 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 Dave Erb, seconded by Joe Knoll to invest $500,000 into T Rowe Price International Fund. Roll John Malcolm — yes David Erb — yes Sam Baas — yes Joe Knoll — yes Motion was approved. Motion by Dave Erb, seconded by Joe Knoll to withdraw $500,000 from Segall Bryant & Hamill Fixed Income to cover the investment. Roll John Malcolm — yes David Erb — yes Sam Baas — yes Joe Knoll — yes Motion was approved. Motion by Joe Knoll, seconded by Sam Baas to accept the Quarterly Financial Report as presented. Motion was approved. Motion by Sam Baas, seconded by John Malcolm to ratify the Transactions of Trade from last quarter; Redemption - $500,000 Vanguard — Morgan Growth Deposits - $300,000 American Funds — Euro Pacific Deposits - $200,000 T. Rowe Price — Mid Cap Growth Motion was approved. VI. COMMITTEE REPORTS A. Medical Committee No Report. B. Legal Committee No Report. VII. OLD BUSINESS A. Rules & Regulations updates Deferred to the next meeting. VIII. NEW BUSINESS A. Request for Benefits /Refunds. Dave Erb, seconded by Sam Baas moved to establish the official retirement date for Tom Willming as May 21, 2012. Motion was approved. Dave Erb advised the board that he was sending a letter to two formal Firefighters who left their money in the fund to refund them their contributions; Scott Vasicek OYrs 0 Mos $157.00 Jeffery Wiley 2 Yrs 2 Mos $11,381.44 B. Trustee Training Requirements 5/1/12 — 4/30/13 Dave Erb — 12 hours Jeff Ricker — 3 hours Joe Knoll — 0 hours Sam Baas — 0 hours John Malcolm — 32 hours C. Actuarial Services Bulletin The Department of Insurance will be producing a Actuarial Study and will be using 6.75% as a Actuarial Assumption for the fund. D. Motion by Joe Knoll, seconded by Dave Erb to accept Aharon Losoff into the fund. Motion was approved. E. Next Pension Board Meeting January 22, 2013 IX. OTHER NEW BUSINESS Attorney Collins advised the Board that he just received from Attorney Duda the application and HIPPA release for Tom Willming. Attorney Collins will be making the Doctors appointment. X. ADJOURNMENT John Malcolm, seconded by Dave Erd moved to adjourn the meeting at 9:44 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the January 22, 2013 meeting.