HomeMy WebLinkAbout04/21/1986 FFPB MinutesMINUTES OF THE REGULAR MEETING OF THE
MOUNT PROSPECT FIREMENS PENSION FUND BOARD
APRIL 21, 1986
CALL TO ORDER
In the absence of the President, the Secretary called the meeting to
order at 8:10 AM
Nominations were taken for President Pro -Tem.
Del Ulreich, seconded by Alan Labbe, made a motion for Richard Jesse to
be the President Pro -Tem.
There being no further nominations, the motion was called.
Upon roll call: Ayes: Unanimous
Motion carried.
ROLL CALL
Present upon roll call: Richard L. Jesse, Treasurer
Carolyn H. Krause, Mayor
Ronald Olsen, Firefighter
Alan Labbe, Firefighter, (arrived late)
Carol A. Fields, Village Clerk/Secretary
Del Ulreich, Firefighter (arrived late)
George Cullens, Retired Firefighter
Absent: Lawrence A. Pairitz, Fire Chief/President
Village Attorney
APPROVAL OF MINUTES
Carolyn Krause, seconded by Carol Fields, moved to approve the minutes
of the regular meeting of the Mount Prospect Firemens Pension Fund
Board held January 20, 1986.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
Del Ulreich, seconded by Alan Labbe moved to approve the minutes of the
Special Meeting of the Mount Prospect Firemens Pension Fund Board held
February 28, 1986.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Mount Prospect Firemens Pension Board
Regular Meeting
April 21, 1986
Page 2 of 6
TREASURERS REPORT
Ron Olsen, seconded by Del Ulreich, moved to accept the Treasurers
Report dated March 31, 1986 as presented.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
COMMITTEE REPORTS
Medical Committee: No report
Finance Committee
Del Ulreich requested a copy of
report.
the most recent Hansen actuarial
OLD BUSINESS
David Jepson, Director of Finance for the Village, reported that the
actuarial report received from. A.H. Hansen has been received. The
report is based on the proiection over the next 10 years and the needs
the Fund could experience..
Mr. Jepson noted that, the Fund is in excellent financial condition,
however with the fluctuation in the interest rate and considering the
large amount of money involved, it would be advisable to retain an
investment consultant. "chile there aren't many consultants qualified
to manage this type of pension fund, Mr. Jepson suggested that the
Board consider authorizing his to recruit proposals for an investment
consultant.
The fee for these services by Mr. Neal would be $12,000 per year,
divided 50/50 between the Police and Firemens Pension•Funds.
Members of the Board posed questions relative to the proposal.
Mount, Prospect Firemens Pension Fund Board
Regular Meeting
April 21, 1986
Page 3 of 6
Richard Jesse, seconded by Del Ulreich, moved to authorize Mr. Jepson
to recruit proposals for an investment consultant for Firemens Pension
Fund.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
NEW BUSINESS
A request for received from Firefighter Robert Fendius for retirement
benefits.
Robert Fendius has been a sworn member of the Pension Fund for 22
years and has attained the age of 50 years.
The following calculations were presented by the Treasurer:
Date of Birth: 1-1-32
Dates of Service: 1-1-63 to 6-14-64
1-16-66 to 7-31-86
Base Salary: $30,460.00
Advanced Firefighter: 750.00
Longvevity: 700.00
$31,910.00 z 12 = $2,659.17
Monthly salary of $2,659.17 x 50% for
20 years of service = $1,329.59
Additional amount for months of service
over 20 years @ 1/12 of 2%:
24 months @ .00166667 = .04 x monthly
salary of $2,659.17 106.37
$1,435.96
Mount Prospect Firemens Pension Fund Board
Regular Meeting
April 21, 1986
Page 4 of 6
Del Ulreich, seconded by Ron Olsen, moved to accept the application for
retirement benefits from Robert Fendius and grant the request based on
the calculations of the Treasurer stated above.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
A request was also received for retirement benefits from Firefighter
Clyde Harting who has been a member of the pension fund for 20 years
and attained the age of 50 years.
The Treasurer presented the following calculations for Clyde Harting:
Base Salary: $29,429.00
Advance Firefighter: 750.00
Longevity: 700.00
$30,878.00 . 12 = $2,573.17
Monthly salary of $2,573.17 x 50% for
20 years of service $1,286.59
Additional amount for months of service
over 20 years of service @ 1/12 of 2%
31 months @ .00166667 = .051667
x monthly salary of $2,573.17 132.95
$1,419.54
Carol Fields, seconded by Alan Labbe, moved to accept the application
for retirement benefit submitted by Clyde Harting and to grant the
request based on the calculations above.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
Mount Prospect Firemens Pension Fund Board
Regular Meeting
April 21, 1986
Page 5 of 6
An election was held for an active member of the Pension Fund with the
canvass of ballots conducted at this meeting. The position to be
filled is currently held by Alan Labbe. The following members of the
pension fund submitted their names for consideration and the results
were as noted:
Randy Werderitch 16
Sam (Will) Bass 13
Alan Labbe 11
Don Burger 8
Don Reynolds 4
Virgil Strzelecki 4
Spoiled Ballot 1
Ron Ols-en, seconded by Del Ulreich, moved to accept the above stated
results and acknowledge that having received the greatest number of
votes, Randy Werderitch was the declared the newly appointed member of
the Firemens Pension Fund for a term to expire in April, 1989.
Upon roll call: Ayes: Jesse, Olsen, Labbe, Krause, Fields,
Ulreich, Cullens
Nays: None
Motion carried.
Randy Werderitch took his seat on the Board and appreciation was
expressed to Alan Labbe for his term on the Board.
There was discussion relative to the contributions made by paramedics
at the higher salary into the pension fund. Ron Olsen stated a
paramedic contributes extra funds due to the incentive pay, however, if
that firefighter/paramedic ceases the paramedic activities, those
contributions are not calculated into the final calculations for
Mount Prospect Firemens Pension Fund Board
Regular Meeting
April 21, 1986
Page 6 of 6
retirement benefits. It was stated that the only way to separate out
the regular salary and incentive programs would be to amend the State
Statutes and that the individual municipality could not exclude the
incentive pay from pension contributions.
ADJOURNMENT
Del Ulreich, seconded by Richard Jesse, moved to adjourn the meeting.
Upon roll call: Ayes: Unanimous
Motion carried.
The meeting was adjourned at 9:20 A.M.
Carol A. Fields
Secretary