HomeMy WebLinkAbout06/04/1984 FFPB Minutes Special Meeting1 1
MINUTES OF THE SPECIAL MEETING OF THE
MOUNT PROSPECT FIREMENSIPENSION FUND BOARD
f
JUNE 4, 1984
CALL TO ORDER
f President Paritiz'called 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
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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.
Mx. 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 would'
consent to having another report for 1983-84. I't 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 aVdit'conducted if the Village would pay the
fee.
Upon roll call: Ayes: Barra, Ulreich, Fields, Pairitz
Nays: Jesse
Motioncarried.
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 $7,000,000.
It was, the opinion of the Board that the Funds was being
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handled in a very efficient manner under Mr. Jesse, however
if there was a chance of having a consultant to review the
Funds' investments on a one time only basis., that would be
acceptable, but not to hire a parttime consultant to acutally
make the investments.
Del Ulreich, seconded by Carol Fields, moved to authorize
the Treasurer to look into the possibility of having a
consultant -review the investment portfolio and make recommendations
but not to retain a parttime consultant for making investments.
Upon roll call.: Ayes: Unanimous
Motion carried.
The meeting was adjourned at 8:58 A.M.
Carol A. Fields