HomeMy WebLinkAbout01/17/2005 FPFB minutesMinutes of the Regular Meeting of the
Mount Prospect Firemen's Pension Fund Board
January 17, 2005
CALL TO ORDER
President Figolah called the meeting to order at 08:40 A.M.
ROLL CALL
Present upon roll call: Chief Figolah, President
David Erb, Treasurer
Velma Lowe, Village Clerk (arriving at 9:15)
James Juliano, Retired Firefighter
Sam Baas, Firefighter
Jeff Ricker, Firefighter
Absent: Mayor Farley
Donald Burger, Secretary
Village Attorney
Also present was Rick Potter, of Becker Burke and Cary Collins, Pension Attorney.
APPROVE AGENDA
Erb, seconded by Juliano moved to approve the Agenda as proposed.
Upon role call: Ayes: Figolah, Erb, Lowe, Juliano, Baas, Ricker
Nays: None
Motion Carried.
APPROVE MINUTES
Erb, seconded by Baas moved to approve the minutes of the regular meeting of the
Mount Prospect Firemen's Pension Board held on October 18, 2004 as presented.
Upon role call: Ayes: Figolah, Erb, Lowe, Juliano, Baas, Ricker
Nays: None
Motion Carried.
TREASURER'S REPORT
David Erb provided the financial report for the three months ended December 31, 2004.
Mr. Erb stated the Book Value of the Fund is at $36.2M. As of this ending quarter the
market value exceeded the book value of the investments by $373,810. This is down from
the $436,374 of unrealized gains reported last quarter.
Juliano seconded by Baas moved to approve the Treasurer's Report as presented.
Upon role call: Ayes: Figolah, Erb, Lowe, Juliano, Baas, Ricker
Nays: None
Motion Carried.
Richard Potter gave a report on the Fund's December 31, 2004 quarterly and 1 -year
performance. Mr. Potter reported that the Fund realized a 3.8% increase in this quarter
and a 6.9% performance over the last year. Since capitol Gains continues to submit poor
performance and Segall Bryant has been performing much better it was recommended
that the bond allocation for the equity transfer be made strictly from the money that
Capitol Gains is responsible for.
Erb, seconded by Juliano motioned to have the next transfer of money from the bond
managers to the equity managers all come from Capitol Gains controlled money.
Upon role call: Ayes: Figolah, Erb, Lowe, Juliano, Baas, Ricker
Nays: None
Motion Carried.
Another area of general discussion was on the topic of International investments. This is
an area that the Board reviewed several years ago, but since the returns were poor the
Board voted not to invest in International funds. Mr. Potter recommended that the Board
should now consider further diversification by investing in International funds. Mr. Potter
will do an allocation analysis and bring a recommendation to the Board for International
investments.
COMMITTEE REPORTS
Medical Committee: Nothing to report
Legal Committee: Nothing to report
OLD BUSINESS
Nothing to report
NEW BUSINESS
Chief Figolah introduced a request for pension for the surviving spouse of Timothy
Cunningham. Mr. Erb stated that the pension request would yield $4,425.66 monthly.
Baas, seconded by Erb moved to approve the surviving spouse pension benefits for the
wife of Timothy Cunningham in a monthly amount of $4,425.66.
Upon role call: Ayes: Figolah, Erb, Lowe, Juliano, Baas, Ricker
Nays: None
Motion Carried.
The next item on the agenda stated that Tony Halachoulis would provide a presentation
on membership to the Illinois Public Pension Fund Association. Mr. Halachoulis was not
in attendance, but will be contacted for the next meeting.
It was duly noted that Firefighter/Paramedic Jeff Ricker and Firefighter/Paramedic Brian
Lambe] notified the Mount Prospect Firemen's Pension Fund Board of their previous
employee with a previous fire department and participated in that department's pension
fund. This notification was made to the record, which is a requirement of HB599.
Retired Firefighter Juliano asked about the status of Retired Lieutenant Druffel's pension.
Juliano's concern is that Druffel is ill and wondered if the Retired Lieutenant should be
notified to convert his pension from a duty disability. Currently the surviving spouse
pension is more beneficial to those members on a regular (converted) pension compared
to the surviving spouse of a duty -incurred pension recipient. Mr. Erb will look into
Druffel's pension status.
Motion Carried at 10.04 A.M.
Michael Figolah
President