HomeMy WebLinkAbout 06/04/1984 FFPB Minutes Special MeetingMINUTES OF THE SPECIAL MEETING OF THE
MOUNT PROSPECT FIREMENSIPENSION FUND BOARD
JUNE 4, 1984`
CALL TO ORDER'
President Paritiz caf'led the meeting to order at 8:23 A.M.
ROLL 'CALL
Present upon roll call: Chief Lawrence A. Pairitz, President
Lt. Donald E. Barra, Firefighter
Del Ulreich, Firefighter
Richard L. Jesse, Treasurer
Carol A. Fields, ; Village Clerk/Secretary
Absent`: Ron Olsen„ Firefighter
Carolyn Krause, Mayor
George Cullens, Retired Firefighter
Village Attorney
Chief Pairitz explained that this Special Meeting was called
in order for David Jepson, Director of Management Services for
the Village, to explain the recent actuarial report, conducted
by A. S. Hansen, Inc.
Mr. Jepson explained that the Fund is calculated on .the basis
of,how many members, the liabilities, projections, retirements,
etc. and based on those calculations, it was reported that our
Fund is between 110% and 135% funded.
Mr. Jepson expressed the importance of having the actuarial
audit conducted on an annual basis and since the Fund paid the
$2,500 fee for the first report, asked if the Fund wouldi
consent to having another report for 1983--84. It was the
feeling of ;the Board that the Village should pay; for any future
actuarial reports, since in essence the Village would benefit
by having the levy reduced in accordance with the level of
funding necessary to meet the requirements.
Lt. Barra, seconded by Del Ulreich, made a motion to authorize
an actuarial audit conducted if the Village would pay the
fee.
Upon roll call: Ayes: Barra, Ulreich, Fields, Pairitz
Nays: Jesse
Motion carried.
Mr. Jepson also asked the Board to consider authorizing an
outside consultant to assist with investments since neither
he nor Mr. Jesse had the time or expertise to manage a Fund'
in excess of $7,0Q0,000.
It was the opinion of the Board ,that the Funds was being