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HomeMy WebLinkAbout04/23/2013 FPFB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting April 23, 2013 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 Joe Knoll — Secretary/Firefighter Absent: Jeff Ricker — FOIA/OMA Officer/Firefighter Sam Baas — Retired Firefighter Also present was Howard Pohl & Jeffery Black of Becker, Burke Associated. Attorney Collins arrived at 8:41 a.m. 11. APPROVE AGENDA Motion by Dave Erb, seconded by Joe Knoll to accept the agenda as submitted. Motion was approved. III. CITIZENS TO BE HEARD None. IV. APPROVE MINUTES A. Regular Meeting January 22, 2013 Motion by Joe Knoll, seconded by Dave Erb 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, 2013 and ending March 31, 2013. Mr. Erb outlined the information in the report. Statement of Assets As of March 31, 2013 the fund had net assets with a market value totaling $49.8 million. Of this amount $9.4 million was under management by Galliard and $13.3 million was under management by Segall Bryant. As of March 31, 2013 there was an unrealized loss in the fund's portfolio totaling $141,869. This is up from the $305,987 in unrealized losses reported last quarter. Income Statement The fund's net assets increased $2,584,669 for the first quarter. Total revenues for this quarter were $3,567,724. Contributions of $1,319,997 were made up of property and replacement taxes totaling $1,159,429 and pension contributions of $160,568. Gains from the fixed income portion of the portfolio totaled $38,244 while the value of equities grew by $2,209,312. Expenditures for pension benefits accounted for $961,035 of the total during the first quarter. Other operating expenses including investment advisor and manager costs, legal and bank charges and organizational memberships totaled $22,020. Motion by Joe Knoll, seconded by John Malcolm to accept the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by Joe Knoll, seconded by John Malcolm to accept the list as presented. Motion was approved. C. Quarterly Financial Report Mr. Erb asked Howard Pohl & Jeffery Black from Becker, Burke Associates to provide the Quarterly Financial Report. Mr. Pohl and Mr.. Black went through the entire document highlighting pertinent facts, charts and graphs. Motion by Dave Erb, seconded by Joe Knoll to accept the Quarterly Financial Report as presented. Motion was approved Motion by Dave Erb, seconded by Joe Knoll to withdraw $350,000 from Windsor II and $150,000 from American Funds. Roll John Malcolm — yes David Erb — yes Joe Knoll — yes Motion was approved. Motion by Dave Erb, seconded by John Malcolm to invest $500,000 into American FDS- Europacific GWTH. Roll John Malcolm — yes David Erb — yes Joe Knoll — yes Motion was approved. D. Transactions of Trade last quarter None 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. B. Status of Tom Willming's Disability Application Attorney Collins advised the board that the only Doctor's report he has is from Tom's Doctor. Tom has seen one of the Pension Board Doctor's on April 12, 2013 and he will see the other Doctor on May 8, 2013. Once Attorney Collins receives the reports he will schedule a Hearing date for sometime before June 1, 2013. VIII. NEW BUSINESS A. Request for Benefits/Refunds. Mark Pope has submitted his application for Retirement Benefits from the Fund with 35 years of service. His annual Pension is $65,858.03. His monthly Pension will be $5,488.17 Motion by Joe Knoll, seconded by John Malcolm to grant the Pension. Roll John Malcolm — yes David Erb — yes Joe Knoll — yes Motion was approved. B. Trustee Training Requirements 5/1/12 — 4/30/13 Dave Erb — 16 hours Jeff Ricker — 16 hours Joe Knoll — 7 hours Sam Baas — 16 hours John Malcolm — 32 hours Attorney Collins will advise the Board as to the exact dates to be used for Trustee Training Requirements. C. Motion by John Malcolm, seconded by Dave Erb to certify the results of the election for the expired term of Jeff Ricker. Jim East — 33 votes Tom Wang — 28 votes Scott Skindingsrude — 1 Write in Motion was approved D. Motion by Joe Knoll, seconded by Dave Erb to appoint John Malcolm President of the Pension Board. Motion was approved. E. Motion by Dave Erb, seconded by John Malcolm to appoint Joe Knoll Secretary of the Pension Board. Motion was approved. F. President Malcolm appointed Dave Erb as Chairman of the Medical Committee along with Joe Knoll and Sam Baas. G. President Malcolm appointed himself as Chairman of the Legal Committee along with Joe Knoll and Jim East. IX. OTHER NEW BUSINESS A. Dave Erb provided the Board with an information sheet from Lauterbach & Amen, LLP of the services they could provide for the Pension Board. They would do the Agenda and Minutes of the meetings for a fee of $750.00 per meeting. They could also maintain the files of the Pension Fund for a fee of $1,200.00 per month. Dave Erb provided this as information only for the Board. X. ADJOURNMENT John Malcolm, seconded by Dave Erb moved to adjourn the meeting at 10:14 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the meeting.