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HomeMy WebLinkAbout01/22/2019 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' N"D PENSIOIN4 F U- T77;;t 112 E. Northwest Highway .......... ..•AR Mount Prospect, Illinois 60056-3232 Brian Lambel e P 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 I $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 �f 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. .01 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 J6 1P 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. 9 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