Loading...
HomeMy WebLinkAbout04/17/2006 FPFB minutes Minutes of the Regular Meeting of the Mount Prospect Firefighters' Pension Fund Board April 17, 2006 I. CALL TO ORDER Fire Chief Mike Figolah called the meeting to order at 8:35 a.m. II. ROLL CALL Present: Chief Figolah Don Burger, Secretary David Erb, Treasurer Mayor Wilks Lisa Angell James Juliano Richard Potter, Becker Burke Cary Collins, Pension Attorney (arrived at 8:40 a.m.) Absent: Sam Baas Jeff Ricker III. APPROVE AGENDA Mr. Juliano, seconded by Mr. Erb, moved to approve the April 17, 2006 meeting agenda. Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. IV. APPROVE MINUTES Mr. Erb, seconded by Mr. Juliano, moved to approve the October 17, 2005 regular meeting minutes. Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Mr. Burger stated there were several errors in the November 21, 2005 Special meeting minutes transcribed by the court reporter. Mr. Collins stated approval of the minutes with the noted corrections in the court reporter's records would be acceptable. Mayor Wilks, seconded by Mr. Erb, moved to approve the November 21, 2006 special meeting minutes. Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Mr. Burger, seconded by Mr. Erb, moved to approve the January 16, 2006 regular meeting minutes. Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. v. TREASURER'S REPORT Finance Director David Erb, provided the financial statements for the three (3) months ended March 31, 2006. Mr. Erb stated the market value of the Fund's portfolio was $38,726,719. He also reviewed the income statement, schedule of disbursement, summary of investment activity and schedule of investment holdings for the first (1 st ) quarter of 2006. There was a brief discussion of SB 2740 that if passed will regulate the accounting of municipal contributions to the pension fund. The proposed law is in response to the failure of some municipalities to fund the pension. It was noted, the Village of Mount Prospect contributes approximately one (1) million dollars annually to the pension fund. Mayor Wilks asked about the Illinois law passed in January of this year prohibiting the investment or deposit from the retirement system or pension fund to certain entities doing business in or with the government of Sudan. Mr. Potter responded, as long as no new money is invested or dividends reinvested the Department of Professional Regulations will, for at least 2006 consider this a "non-investing" pension fund. Mr. Potter will begin researching separate account managers for investing pension funds. Fire Chief Figolah, seconded by Finance Director Dave Erb, moved to approve the recommendation to make no changes in equity managers until January of 2007. Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Fire Chief Figolah, seconded by Finance Director Dave Erb, moved to approve the reinvestment of dividends from the equity manager accounts and investment of new funds to the Illinois Public Treasurer's Investment Pool (IPTIP) . Upon roll: Ayes: Angell, Burger; Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Mr. Juliano, seconded by Mr. Burger, moved to approve the financial report for three (3) months ended March 31,2006. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Following approval of the first (1st) quarter financial report the Board resumed their discussion of investment options in lieu of "reinvesting" in equity accounts. Mr. Rick Potter reviewed the March 31,2006 quarterly flash report and one (1) year performance. He stated the overall return in equities was good. · Bond Managers Negative Market Value · Equity Manager · International Equity Manager Good Returns; higher than S&P 500 Index Very good returns Fire Chief Figolah suggested Mr. Erb research the use of a "Sudan free" account for reinvestment rather than the IPTIP. Fire Chief Figolah indicated the Police Pension Fund Board is investing in such an account; Mr. Erb stated he would research and contact the Police Pension Fund Board for additional information. Mr. Erb, seconded by Mr. Juliano, moved to approve the 1st quarter, Quarterly Flash Report dated March 31,2006. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. VI. COMMITTEE REPORTS MEDICAL There was no medical report. LEGAL There was no legal report. VII. OLD BUSINESS There was no Old Business. VIII. NEW BUSINESS The Pension Board took the following actions to approve the acceptance of Firefighter Matt Woleben, Firefigher Steven Slobe and Firefighter Eric McMahon in the Firefighters' Pension Fund. Mr. Erb, seconded by Mr. Juliano, moved to approve the acceptance of Firefighter Matt Woleben in the Firefighters' Pension Fund. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Mr. Erb, seconded by Mr. Juliano, moved to approve the acceptance of Firefighter Steven Slobe in the Firefighters' Pension Fund. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Mayor Wilks, seconded by Mr. Juliano, moved to approve the acceptance of Firefighter Eric McMahon in the Firefighters' Pension Fund. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. In accordance with the new statute regulating the Firefighters' Pension Fund Board, Mayor Wilks stated she had appointed two (2) members to the Board, Fire Chief Mike Figolah and Finance Director Dave Erb. Mr. Burger then presented the election results for one (1) retiree and two (2) active firefighters. · Retiree Sam Baas · Active Don Burger Jeff Ricker Fire Chief Figolah, seconded by Mr. Erb, moved to approve the election of the new Firefighters' Pension Fund Board effective April 17, 2006. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. Fire Chief Figolah, seconded by Mr. Juliano, moved for the approval of the term of office for the new Fire Fighters' Pension Fund Board as follows; Baas - 3 years; Burger - 2 years; Ricker - 1 year. Upon roll: Ayes: Angell, Burger, Erb, Figolah, Juliano, Wilks Nays: None Motion carried. IX. NEXT MEETING The next meeting will be held Monday, July 17, 2006, 8:30 a.m. in the 2nd floor Fire Department Conference Room. Item to be discussed under new business will be to consider hiring an individual to take and prepare the minutes of the Firefighters' Pension Board and to conduct all proceedings for the Pension Board elections. Mr. Erb will talk with the Police Pension Board to share in the cost for the hiring of an individual to perform the described tasks for both Boards. X. ADJOURNMENT Mr. Burger, seconded by Mr. Juliano, moved to adjourn the meeting. The motion to adjourn was approved by a 6-0 vote and the meeting adjourned at 9:40 a.m. Respectfully submitted, M. Lisa Angell Village Clerk