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HomeMy WebLinkAbout07/24/2012 FFPB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting July 24. 2012 CALL TO ORDER -- ROLL CALL President John Malcolm called the meeting to order at 8:37 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Retired Firefighter Joe Knoll — Secretary/Firefighter Jeff Ricker — FOIA/OMA Officer/Firefighter Also present was Rick Potter of Becker, Burke Associated. Carry Collins the Pension Fund Attorney arrived at 8:43 a.m. 11. APPROVE AGENDA Motion by John Malcolm, 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 April 24, 2012 Motion by Sam Baas, seconded by Jeff Ricker to approve the Minutes as submitted. Motion was approved. B. Special Meeting May 25, 2012 Motion by Sam Baas, seconded by John Malcolm 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 April 1, 2012 and ending June 30, 2012. Mr. Erb outlined the information in the report. Statement of Assets As of June 30, 2012 the Fund had net assets with a market value totaling $45.7 million. Of this amount, $9.7 million was under management by Galliard and $13.0 million was under management by Segall Bryant. As of June 30, there is an unrealized loss in the Fund's portfolio totaling $27,707. This is down from the $151,909 in unrealized gains reported last quarter. Income Statement The Fund's net assets decreased $1,565,898 for the second quarter. Total revenues for this quarter were a negative $624,360. Contributions of $184,938 were made up of property and replacement taxes totaling $30,449 and pension contributions of $154,489. Gains from the fixed income portion of the portfolio totaled $308,778 while the value of equities fell by$1,118,439. Expenditures for pension benefits accounted for $918,487 of the total during the second quarter. Other operating expenses include investment advisor and manager costs, and bank charges totaled $23,051 Motion by Joe Knoll, seconded by Jeff Ricker to accept the Treasure's Report as presented.' Motion was approved. Ir S Jeff Ricker left the meeting. 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 $300,000 into American Fund Euro Pacific, and $200,000 into T.Rowe Price. Roll John Malcolm —yes David Erb — yes Sam Baas — yes Joe Knoll — yes Motion by Dave Erb, seconded by Joe Knoll to withdraw $500,000 from Vanguard Morgan Growth to cover the investment. Roll John Malcolm — yes David Erb — yes Sam Baas — yes Joe Knoll — yes Motion by Dave Erb, seconded by Sam Baas to accept the Quarterly Financial Report as presented. 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. B. Status of Disability Physicals 1, Adam Gilbert was examined by Dr. John Stamelos on May 14, 2012. Dr. Stamelos finds that he remains permanently disabled as a firefighter and paramedic. 2. Andrew Brousseau was examined by Dr. John Stamelos on May 21, 2012. Dr. Stamelos finds that he remains permanently disabled as a firefighter and paramedic. Motion by Sam Baas, seconded by Joe Knoll to accept the reports submitted by Dr. Stamelos. Motion was approved. C. Status of Tom Willming's Disability Pension. On June 14, 2012 Attorney Collins forwarded a disability pension application to Attorney Thomas Duda. 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. B. Becker, Burke's contract has run out. They propose a 2 year contract with no change in fees, $36,000 per year Dave Erb, seconded by Sam Baas moved to accept a 2 year contract with Becker, Burke. Roll John Malcolm — yes David Erb — yes Sam Baas — yes Joe Knoll — yes C. Trustee Training Requirements 511112 — 4130113 Dave Erb — 12 hours Jeff Ricker — 3 hours Joe Knoll — 0 hours Sam Baas — 0 hours John Malcolm — 32 hours D. Next Pension Board Meeting October 23, 2012. IX. OTHER NEW BUSINESS None X. ADJOURNMENT Sam Baas, seconded by Joe Knoll moved to adjourn the meeting at 9:30 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the meeting.