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HomeMy WebLinkAbout10/21/2014 FPFB Minutes MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES PENSION FUND OCTOBER 21, 2014 A regular meeting of the Board of Trustees of the Pension Fund was held TUESDAY, OCTOBER 21, 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 8:33am. PRESENT: Trustees John Malcolm, Sam Baas, Dave Erb, and Joe Knoll ABSENT: Trustee Jim East ALSO PRESENT: Cary Collins, Collins & Radja; Sara Williams, Lauterbach & Amen, LLP PUBLIC COMMENT: None APPROVAL OF MEETING MINUTES: The minutes from the regular meeting of July 22, 2014 were reviewed. A motion was made by Trustee Erb and seconded by Trustee Baas to approve the minutes as amended. Motion carried unanimously by voice vote. Trustee Knoll arrived at 8:36am. T Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending September 30, 2014. The total market value of the fund as of 09/30/14 is $55,736,586. The unrealized gain is $262,225 for the quarter. A list of all vendor disbursements for the quarter was included in the report, totaling $39,107.92. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 09/30/14. All questions were answered by Trustee Erb. A motion was made by Trustee Baas and seconded by Trustee Knoll to accept the financial report for the period ending 09/30/14 as presented by Trustee Erb. Motion carried by unanimous voice vote. A motion was made by Trustee Baas and seconded by Trustee Malcolm to approve the vendor disbursements for the third quarter in the amount of $39,107.92. Motion carried by roll call vote AYES: Trustees Malcolm, Knoll, Baas, Erb NAYS: None ABSENT: Trustee East INVESTMENT REPORT: No representatives from the Boghdan Group were available to present the Quarterly Investment Report. A copy of the Quarterly Investment Report will be emailed to the Board at a later date. COMMUNICATIONS AND REPORTS: Affidavits of Continuing Eligibility: Sara Williams with Lauterbach & Amen reminded the Board that Affidavits of Continuing Eligibility will be sent to all Pensioners in November 2014. Trustee Erb will provide L&A with a complete list of Pensioners and mailing addresses. An update of the status of response will be provided at the next regular meeting. Illinois Department of Insurance Annual Statement: Trustee Erb reported that the Illinois Department of Insurance Annual Statement has been filed and accepted by the DOI. Pension Fund Minutes of Meeting October 21, 2014 Page 2 NEW HIRES/APPLICATIONS TO THE PENSION FUND: The Board reviewed the Application for Membership into the Pension Fund for Matthew Rady. Mr. Rady was hired on 10/13/2014 as a Tier I participant with prior creditable service with the Carpentersville Fire Pension Fund. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the Application for Membership of Mr. Rady with a date of hire of 10/13/2014 as a Tier I participant. Motion carried by roll call vote. AYES: Trustees Malcolm, Knoll, Baas, Erb NAYS: None ABSENT: Trustee East The Board reviewed the Application for Membership into the Pension Fund for Benjamin Johnson. Mr. Johnson was hired on 10/13/2014 as a Tier II participant, having no prior creditable service. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the Application for Membership of Mr. Johnson with a date of hire of 10/13/2014 as a Tier II participant. Motion carried by roll call vote. AYES: Trustees Malcolm, Knoll, Baas, Erb NAYS: None ABSENT: Trustee East RETIREMENT AND DISABILITY APPLICATIONS: William Foehring Mr. Foehring retired effective August 8, 2014 at age 50 and with 25 salary at his time of retirement was $110,918.89, and he will receive and initial monthly pension benefit of $5,777.03. A motion was made by Trustee Knoll and seconded by Trustee Baas to approve the pension payment as provided by the pension benefit calculator for Mr. Foehring. Motion carried unanimously by voice vote. Donald Wisnewski Mr. Wisnewski retired effective June 19, 2014 at age 53 and with 27 years and 10 months $115,499.56, and he will receive an initial monthly pension benefit of $6,697.37. A motion was made by Trustee Knoll and seconded by Trustee Baas to approve the pension payment as provided by the pension benefit calculator for Mr. Wisnewski. Motion carried unanimously by voice vote. Torrie Takoy The Board was presented with an application for duty-disability pension from Firefighter Torrie Takoy. A motion was made by Trustee Knoll and seconded by Trustee Malcolm to accept the Application for Duty-Disability benefit of Torrie Takoy. Motion carried unanimously by voice vote. Jeff Ricker Mr. Cary Collins presented the Board with the medical reports for Mr. Jeff Ricker for review. The Board discussed the current delay in scheduling a hearing. Mr. Collins is working with Mr. t a date for the hearing. An update will be provided at the next meeting. Tom Willming An appeal is pending in the case of Mr. Willming. At the present time, the Board has found that Mr. Willming is not eligible for a benefit. An update will be provided at the next regular meeting. OLD BUSINESS: Trustee Training Updates: Sara Williams reminded all Trustees to provide any copies of Trustee Training certificates to Lauterbach & Amen for record keeping. Upcoming Trustee Training opportunities were discussed by Sara Williams of Lauterbach & Amen and Board Attorney Cary Collins. Pension Fund Minutes of Meeting October 21, 2014 Page 3 NEW BUSINESS: Actuarial Valuation and Approve Tax Levy Recommendation: Trustee Erb reported that the recommended tax levy is based on an estimated 7% increase from last year. Trustee Erb stated When the final Actuarial Valuation and Recommended Tax Levy are complete, Trustee Erb will update Lauterbach & Amen for completion of the Municipal Compliance Report. A motion was made by Trustee Malcolm and seconded by Trustee Knoll to accept the Tax Levy Request in the amount of $2,506,101 as reported by Timothy W. Sharpe and presented by Dave Erb. Motion carried unanimously by voice vote. Municipal Compliance Report: Upon receipt of the Actuarial Valuation and Recommended Tax Levy, Lauterbach and Amen will provide Mr. Collins with the completed Municipal Compliance Report for sending to the Village with the Tax Levy Request. Establish Regular Meeting Dates 2015: The Board noted that the Rules and Regulation state Pension Board meetings are to take place on the fourth Tuesday of the quarterly months. A motion was made by Trustee Erb and seconded by Trustee Baas to approve the 2015 Regular Meeting dates as January 27, April 28, July 28, and October 27 at 8:30am. Motion carried unanimously by voice vote. ATTORNEY REPORT: Mr. Cary Collins of Collins & Radja reviewed recent court cases ruling and legislation pertaining to pension funds. Any activity will be closely monitored by Mr. Collins and reported to the Board at the next regular meeting. 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 9:05am. Motion carried unanimously by voice vote. The next regular meeting is scheduled for TUESDAY, JANUARY 27, 2015 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