HomeMy WebLinkAbout07/22/2014 FPFB Minutes
MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES
PENSION FUND
JULY 22, 2014
A regular meeting of the Board of Trustees of the Pension Fund was held
TUESDAY, JULY 22, 2014, at 8:30 am
on at 112 East Northwest Highway, Mount Prospect, Illinois,
pursuant to notice.
CALL TO ORDER:
The meeting was called to order by Trustee Malcolm at 8:35am.
PRESENT: Trustee John Malcolm, Trustee Joseph Knoll, Trustee Jim East, Trustee Sam
Baas, Trustee Dave Erb
ABSENT: None
ALSO PRESENT: Howard Pohl and Mary Nye, The Bogdahn Group; Cary Collins, Collins & Radja;
Barb Utterback and Sara Williams, Lauterbach & Amen, LLP
PUBLIC COMMENT:
None
nd
APPROVAL OF MEETING MINUTES:
The minutes from the regular meeting of April 22, 2014
were reviewed. A motion was made by Trustee Erb and seconded by Trustee East to approve the
minutes as amended. Motion carried unanimously by voice vote.
Semi-Annual Review of Closed Session Minutes: There are no closed session meeting minutes for
review and release at this time.
Trustee Joseph Knoll and Mr. Cary Collins arrived to the meeting at 8:38am.
T
Quarterly Financial Report: The Board reviewed the Financial Statement
prepared by Treasurer Erb for the quarter ending June 30, 2014. The total market value of the fund as of
06/30/2014 is $55,675,672. The unrealized gain is $394,158 for the quarter. A list of all vendor
disbursements for the quarter was included in the report, totaling $89,572.85. The report also included a
summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of
6/30/2014. All questions were answered by Trustee Erb. A motion was made by Trustee Knoll and
seconded by Trustee Baas to accept the financial report for the period ending 06/30/2014 as presented by
Trustee Erb. Motion carried by unanimous voice vote.
A motion was made by Trustee Knoll and seconded by Trustee Baas to approve the vendor
disbursements for the second quarter in the amount of $89,572.82. Motion carried by roll call vote
AYES: Trustees Malcolm, Knoll, East, Baas, Erb
NAYS: None
ABSENT: None
INVESTMENT REPORT:
Howard Pohl discussed the long term market value of the fund, along with
the risk-reward analysis, current and projected market conditions. Mary Nye presented the investment
report for the period ending 06/30/2014. As of 06/30/2014, the market value of the portfolio is $59.4
million. Investment return is 3.07% for the quarter. The portfolio composition is 60% in equities, 39% in
fixed income, and 0.3% in cash and equivalent. Current asset allocations within the equity and fixed
income funds were reviewed, as well as individual fund performance, and investment fees. All questions
were answered by the representatives from The Bogdahn Group. A motion was made by Trustee Knoll
Pension Fund
Minutes of Meeting July 22, 2014
Page 2
and seconded by Trustee Baas to accept the investment report as presented. Motion carried unanimously
by voice vote.
COMMUNICATIONS AND REPORTS:
Active Member Files: Lauterbach & Amen reported that the
scanning of Active Member Files will being soon. Trustees were asked to review a sample of the letter
that will be sent to all Active Members to update files as necessary. L&A will mail letters to the home
mailing addresses of Active Members. An update will be provided at the next regular meeting on
October 21, 2014.
Affidavits of Continuing Eligibility: L&A provided Trustees with a sample of the Affidavits of
Continuing Eligibility. Upon receipt of Retired Member names and mailing addresses from the Board,
Lauterbach & Amen will send Affidavits to Pensioners in December 2014.
NEW HIRES/APPLICATIONS TO THE PENSION FUND:
The Board acknowledged the admission
of two newly hired firefighters, Joseph Wysong and Michael Romano. Both firefighters are Tier II
status. Joseph Wysong was appointed to the department on 06/02/14 and Michael Romano was
appointed to the department on 07/07/14.
RETIREMENT AND DISABILITY APPLICATIONS:
Mr. William Foehring has given notice of
retirement, with an effective date of retirement of August 8, 2014. A motion was made by Trustee Knoll
and seconded by Trustee Baas to give Trustee Erb the authority to prepare the benefit calculation for Mr.
William Foehring, to be ratified at the next regular meeting on October 21, 2014. Motion carried by
unanimous voice vote.
Disability Update Reicher Cary Collins reported that Mr. Reicher is scheduled for a Functional
OLD BUSINESS:
Disability Application Update Tom Willming: There is no update at this time as
there has not been communication received from Mr. Willm
Trustee Training Updates: Lauterbach & Amen reminded all Trustees to provide any copies of Trustee
Training certificates to Lauterbach & Amen for record keeping. Upcoming Trustee Training
opportunities were discussed.
NEW BUSINESS:
The Bogdahn Group presented the Board with an updated contract of services. The fee for the two year
service agreement has stayed the same as the previous contract at $36,000.00. A motion was made by
Trustee Erb and seconded by Trustee Knoll to approve the Agreement for Investment Performance
Monitoring and Advisory Services, Motion carried by roll call vote.
AYES: Trustees Malcolm, Knoll, East, Baas, Erb
NAYS: None
ABSENT: None
ATTORNEY REPORT:
Mr. Cary Collins of Collins & Radja reviewed recent court cases regarding pension funds.
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Minutes of Meeting July 22, 2014
Page 3
CLOSED SESSION:
There was no Closed Session needed.
ADJOURNMENT:
A motion was made by Trustee Erb and seconded by Trustee Baas to adjourn the
meeting at 10:07am. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for TUESDAY, OCTOBER 21, 2014 at 8:30am at 112 East
Northwest Highway, Mount Prospect, Illinois.
_________________________________________ Date Approved by Board _____________.
Joseph Knoll, Board Secretary
Minutes prepared by Sara Williams, Pension Services Administrator, Lauterbach & Amen, LLP