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Home My WebLink About10/24/2017 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS" PENSION FUND M -P -p- 112 E. Northwest Highway �11R Mount Prospect, Illinois 60056-3232 Brian Lambel OEM Fire Chief MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES TUESDAY, OCTOBER 24, 2017 A regular meeting of the Board of Trustees of the Mount Prospect Firefighters' Pension Fund was held on Tuesday, October 24, 2017 at 8:30 am. at the Mount Prospect Fire Station, 112 East Northwest Highway, Mount Prospect, Illinois, pursuant to notice. CALL TO ORDER: The meeting was called to order by Trustee Lambel at 8:35 am. ROLL CALL: PRESENT: Trustees Brian Lambel, Joe Knoll, Dave Erb, Sam Baas and Joe Vena ABSENT: None ALSO PRESENT: Mary Nye and Howard Pohl, AndCo Consulting; Cary Collins, Collins & Radja; (arrived at 8:45 am) Michael Zurek, Nyhart; Firefighter Dale Steward; and Alex Michael, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 25, 2017 Regular Meeting Minutes: The minutes of the July 25, 2017 regular meeting were reviewed by the Board. A motion was made by Trustee Erb and seconded by Trustee Vena to approve the July 25, 2017 regular meeting minutes as written. Motion carried unanimously by voice vote. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending September 30, 2017. The total market value of the fund as of 09/30/2017 is $64,806,237 with an unrealized gain of $47,922. The report also included an income statement, a summary of all investment activity, and a detailed schedule of investment holdings for the quarter. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the Financial Statement for the period ending 09/30/2017, as prepared by Trustee Erb. Motion carried unanimously by voice vote. Presentation and Approval of Bills: The Board was presented with the Vendor Disbursements Report for the period July 1, 2017 through September 30, 2017, for a total disbursement of $54,616.69. A motion was made by Trustee Vena and seconded by Trustee Knoll to approve the Vendor Disbursements Report in the amount of $54,616.69 as presented. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 24, 2017 Page 2 of 4 AYES: Trustees Knoll, Erb, Baas, Lambel and Vena NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented. INVESTMENT REPORT — ANDCO CONSULTING: Quarterly Investment Report: Mary Nye and Howard Pohl from AndCo Consulting presented the Quarterly Investment Report. Howard Pohl discussed the current and projected market conditions. Mary Nye presented the Quarterly Investment Report for the period ending September 30, 2017. As of September 30, 2017, the market value of the portfolio is $63,712,561 and the return on investment return is $2,129,298 for the quarter. The portfolio composition is 40.9% in domestic equities, 12.8% in international equities, 34.1 % in domestic fixed income, 4.9% in real estate and 7.2% in emerging markets. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance, comparative performance and investment fees. All questions were answered by Mary Nye and Howard Pohl. A motion was made by Trustee Lambel and seconded by Trustee Knoll to accept the Quarterly Investment Report as presented. Motion carried unanimously by voice vote. Carry Collins entered the meeting at 8:45 am Ms. Nye and Mr. Pohl recommended the transfer of, $300,000 from Vanguard Windsor II, $500,000 from Vanguard Morgan Growth, $50,000 from American Funds and $50,000 from T Rowe Price totaling $900,000 from domestic equities and reallocating $400,000 of the proceeds into Galliard and $500,000 into Segall Bryant to comply with the state statute of 35% in fixed income. A motion was made by Trustee Knoll and seconded by Trustee Erb to approve the recommended transfers. Motion carried by roll call vote. AYES: Trustees Knoll, Erb, Baas, Lambel and Vena NAYS: None ABSENT: None Ms. Nye and Mr. Pohl requested authorization from the Board to work directly with Trustee Erb after November 30th, 2017 to reallocate additional funds if the fixed income portfolio fell below 35% to comply with state statute. A motion was made by Trustee Vena and seconded by Trustee Baas to approve the authorization for AndCo to work directly with Trustee Erb in necessary. Motion carried by roll call vote. AYES: Trustees Knoll, Erb, Baas, Lambel and Vena NAYS: None ABSENT: None Review/Update Investment Policy Statement: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that Affidavits of Continued Eligibility will be mailed to all pensioners in December with a due date of January, 2018 A status update will be provided at the next scheduled meeting. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 24, 2017 Page 3 of 4 APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There were no applications or withdrawals at this time. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits at this time. ATTORNEY'S REPORT: Status of Application for Duty Disability Benefits — Dale Steward: The Board discussed accepting Mr. Stewards disability application. A motion was made by Trustee Knoll and seconded by Trustee Erb to accept Dale Stewards disability application. Motion carried by roll call vote. AYES: Trustees Knoll, Erb, Baas, Lambel and Vena NAYS: None ABSENT: None Mr. Collins informed the Board that Mr. Steward is currently going through physical therapy. The Board discussed sending him to the Independent Medical Exams once Mr. Steward has completed therapy. Further updates will be provided as they become available. Status of Application for Duty Disability Benefits - Tony Minarcik: The Board noted that Tony Minarcik's disability application is currently on hold, pending the review of Mr. Minarcik's amended disability application. The Board will request a status update from Mr. Minarcik's Attorney, Mr. Duda and further discussion will be held at the next regular meeting. Status of Annual Independent Medical Examination — Jim East: Mr. Collins apprised the Board that Mr. East is scheduled for his IME on November 15, 2017. Further discussion will be held at the next regular meeting. Annual Independent Medical Examinations — Eric Mertes and Torrie Takoy: The Board noted that Mr. Mertes and Mr. Takoy attended their annual independent medical exams and it was determined that they both remain disabled at this time. OLD BUSINESS: Discussion and Possible Amendment to Rules and Regulations: Mr. Collins will email the amended Rules and Regulations to the Board. Further discussion will be held at the next regular scheduled meeting. NEW BUSINESS: Review/Approve — Actuarial Valuation and Tax Levy Request: The Board noted the Actuarial Valuation and Tax Levy were finalized at the July Meeting. No further action is needed at this time. 2018 Board Meeting Dates: The board discussed establishing 2018 Board meeting dates as January 231d, April, 241', July 24"' and October 23rd at 8:30 am located at the Mount Prospect Fire Department Headquarters located at 112 East Northwest Highway, Mount Prospect, Illinois. A motion was made by Trustee Knoll and seconded by Trustee Erb to establish the 2018 Board meeting dates as stated. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and was reminded to send all training certificates to L&A for recordkeeping. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 24, 2017 Page 4 of 4 CLOSED SESSION, IF NEEDED: There were no items to discuss in closed session. ADJOURNMENT: A motion was made by Trustee Vena and seconded by Trustee Baas to adjourn the meeting at 9:43 am. Motion carried unanimously by voice vote. The next regular meeting is January 23rd, 2018 at 8:30 am. at 112 East Northwest Highway, Mount Prospect, Illinois. Joseph Knoll, Board Secretary Date Approved by Board Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP