HomeMy WebLinkAbout11/22/1983 FFPB Minutes Special MeetingMINUTES OF THE SPECIAL MEETING OF THE
MOUNT PROSPECT FIREMENS' PENSION FUND BOARD
TUESDAY, NOVEMBER 22, 1983
CALL TO ORDER
President Pairitz called the Special Meeting of the Mount Prospect
Firemens' Pension Fund Board to order at 8:07 A.M.
ROLL CALL
Present upon roll call: President Lawrence A. Pairitz, Fire Chief
Richard L. Jesse, Treasurer
Del Ulreich, Firefighter
Lt. Donald Barra, Firefighter
Carol A. Fields, Village Clerk
Ron Olson, Firefighter
Absent: Carolyn H. Krause, Mayor
George Cullens, Retired Firefighter
Village Attorney
INDEPENDENT ACTUARIAL EVALUATION
President Pairitz explained that recent legislation has
given the individual pension funds the authorization to
conduct audits of their funds to determine the level of
funding. It was noted that the State of Illinois establishes
the amount necessary for funding on a state wide basis,
however, the acLual percentage of funding for an individual
pension fund diffe s greatly depending on investment returns
and contributions by both the membership and the municipality.
It was the opinion of the board members that the Mount Prospect
Firemens' Pension Fund is approximately 115% funded.
Two proposals were submitted to conduct an audit on the Fund.
The proposals were submitted by Employer Plan Administrators
and Consultants Co. (EPACO) and by A. S. Hansen, Inc., both
companies have experience in conducting this type of audit.
David Jepsen, Director of Management Services, stated that
he had knowledge of A. S. Hansen, Inc. and recommended the
Board accept their quote of up to $2,500 for the audit. It
was stated that the results would be submitted to the Board
prior to the Village filing the annual levy for 1984-85.
Depending on the result of this special audit, determining
if the Firemens' Pension Fund is indeed totally funded, this
action could result in a savings to the Village of approximately
$200,000.
Del Ulreich, seconded by Ron Olson, moved to authorize
A. S. Hansen, Inc., 1080 Green Bay Road, Lake Bluff, Ill. 60044,
to conduct an actuarial valuation and assumption study of
the Mount Prospect Firemens' Pension Fund at a cost not to
exceed $2,500, which cost shall be borne by the Pension Fund.
Upon roll call: Ayes: Unanimous
Motion carried.
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Mr. Jepsen recommended the Pension Board authorize the
purchase of 'strip bonds'. These bonds have an average
of maturing in 10 years. It was suggested that only 25%
of the available funds be placed in strip bonds.
Del Ulreich, seconded by Lt. D. Barra, moved to authorize
the purchase of strip bonds as stated.
Upon roll call: Ayes: Unanimous
Motion carried.
ADJOURNMENT
Richard Jesse, seconded by Lt. D. Barra, moved to adjourn
the meeting.
Upon roll call: Ayes: Unanimous
Motion carried.
The meeting was adjourned at 9:12 A.M.
Carol A. Fields
Secretary