HomeMy WebLinkAbout01/22/2019 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS'
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PENSIOIN4 F U-
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Mount Prospect, Illinois 60056-3232
Brian Lambel
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IN! Fire Chief
MINUTES OF A REGULAR MEETING
OF THE BOARD OF TRUSTEES
JANUARY 22, 2019
A regular meeting of the Board of Trustees of the Mount Prospect Firefighters' Pension Fund was
held on Tuesday, January 22, 20 19 at 830 am at the Mount Prospect Fire Station, 112 East
Northwest Highway, Mount Prospect, Illinois, pursuant to notice.
CALL TO ORDER: Trustee Lambel called the meeting to order at 8:32 an]
PRESENT: Trustees Brian Lambel, Joe Knoll, Sam Baas and Joe Vena
ABSENT: Trustee Dave Erb
ALSO PRESENT: Mary Nye, AndCo Consulting; Cary Collins, Collins & Radja; Alex
Michael, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT.* There was no public comment.
APPROVAL OF MEETING MINUTES: October 23, 2018 Regular Meeting Minutes: The
Board reviewed the minutes from the October 23, 2018 regular meeting. A motion was made by
Trustee Baas and seconded by Trustee Vena to approve the October 23, 2018 regular meeting
minutes as written.. Motion carried unanimously by voice vote.
Semi -Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session
meeting minutes and will not release them at this time due to pending matters.
TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Quarterly
Financial Report that was prepared by Trustee Erb for the quarter ending December 31, 2018. The
total market value of the fund as of December 31, 2018 is $62,423,740 with an unrealized loss of
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$224,001. The report also included an income statement, a summary of all investment activity, a
summary of disbursements, and a detailed schedule of investment holdings for the quarter.
Presentation and Approval o Bills: The Board reviewed the Vendor Disbursements Report
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prepared by Trustee Erb for the period October 1, 2018 through December 31, 2018, for a total
disbursement of $40,504.55.
A motion was made by Trustee Knoll and seconded by Trustee Vena to accept the Quarterly
Financial Report for the period ending December 31, 2018, as prepared by Trustee Erb and to
approve the Vendor Disbursements Report in the amount of $40,504.55 as presented. Motion
% carried 1y roll call vote.
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tTiount Prospect Firefighters' Pension Fund
Meeting Minutes — January 22, 2019
Page 2 of 3
AYES: Trustees Baas, Lambel, Knoll and Vena
NAYS: None
ABSENT: Trustee Erb
Additional Bills: There were no addonal bills presented for approval,
IRVESTMENT REPORT — ANDCO CONSULTINGO* Quarterly Investment Report: Mary Nye
from AndCo Consulting presented the Quarterly Investment Report. Mary Nye discussed tho
current and projected market conditions. As of December 31, 2018, the market value of the
portfolio is $61,562,122, with a return on investment of ($4,704,265) for the quarter. The portfolio
composon is 36% in domestic equities; 9.2% in international equities; 40% in total fixed income;
9.9 % in real estate; 0. 1% in cash; and 4.9% in total emerging markets. Current asset allocations
within the equity and fixed income funds were reviewed, as well as individual fund performance,
comparative performance and investment fees. All questions were answered by Mary Nye. A
motion was made by Trustee Knoll and seconded by Trustee Vena to accept the Quarterly
Investment Report as presented. Motion carried unanimously by voice vote,
Potential Sales or Purchases of Securities: There were no recommendations presented.,
ReviewlUpdate Investment Policy Statement: There were no recommended changes to the
Investment Policy at this time.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility.- The Board noted
that L&A mailed Affidavits of Continued Eligibility to all pensioners in December. A status update
will be provided at the next scheduled meeting.
Statements ofEconomic Interest: The Board noted that the List of Filers must be submitted to the
County by the Village by February 1, 2019. Statements of Economic Interest will be sent to all
registered filers who will need to respond by the deadline of May 1, 2019.
ReviewlApprove — Death Audit Service Authorization.- The Board discussed the Death Audit
Service offered through IPPFA and L&A and will not engage L&A for this service at this time.
2019 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for
reimbursement increased to $0.58 per mile effective January 1, 2019.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND:
Application r Membersh*: There were no applications for membership or withdrawals from the
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fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no
applications for retirement or disability benefits.
OLD BUSINESS: DiscussionlPossible Action — Chicago Clearing Company: The Board tabled
this item until the next regular meeting.
itount Prospect Firefighters' Pension Fund
® Minutes — January 22, 2019
Page 3 of 3
NEW BUSINESS: Approve Annual Cost of Living Adjustments (COLAs) for Pensioners.
Board reviewed the 2019 Cost of Living Adjustments (see attached) as calculated by the Village
of Mount Prospect. A motion was made by Trustee Vena and seconded by Trustee Lambel to
approve the 2019 Cost of ® Adjustments as required by statute and calculated by the Village
of Mount Prospect. Motion carried by roll call vote.
AYES: Trustees Baas, Lambel, Knoll and Vena
NAYS: None
ABSENT: Trustee Erb
Review Trustee Term Expirations and Election Procedures: The Board noted that the active
member term currently held by Trustee Vena is expiring in April 2019. Trustee Vena expressed
his wish to remain on the Board if nominated. L&A will conduct an election on behalf of the
Pension Fund for one of the two active member Trustee positions.
JDOIAnnual Statement: The Board tabled this item until the next regular meeting.
TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and was
reminded to send all training cercates to L&A for recordkeeping.
ATTORNEY'S REPORT: Disaty Status Update — Scott Skindingsrude: Attorney Collins
informed the Board that Mr. Skindin.91rude attended his three independent medical examinations.
The Board scheduled Mr. Skindingsrude's disabty hearin for, February 15, 2019 at 10:00 am.
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FALDJOURNMENT: A motion was made by Trustee Vena and seconded by Trustee Knoll t*
adjourn the meeting at 9:27 am. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for April 23, 2019 at 8:30 am at 112 East Northwest
Highway, Mount Prospect, Illinois.
Joseph Knoll, Board Secretary Date Approved by Board
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen., LLP