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Home My WebLink About04/23/2019 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' PENSION FUND hIII ttiunt Rn 112 E. Northwest Highway Mount Prospect, 111incii's 60056-3232 Brian 1,ambel POV Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREYIGHTERS' PENSION FUNT BOARD OF TRUSTEE S APRIL 23, 2019 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, April 23, 2019 at 8,301 a.m. at the Mount Prospect Fire Station located at 112 East Northwest Highway, Mount Prospect, Illinois 60056, pursuant to notice. CALL TO ORDER: Trustee Lambel called the meeting to order at 833 a.m. PRESENT: Trustees Brian Lambel, Joe Knoll and Lynn Jarog AB, f,' -,NT: Trustee Sam Baas and Joe Vena ALSO PRESENT., Attorneys Cary Collins, Collins & Radj a (arrived at 8.- 34 a, m.); Mary Nye, AndCo Consulting; Alex Michael and Jennifer Flores, Lauterbach & Amen, LLP (L&A); Active Member Michael Romano, Mount Prospect Fire Department PUBLIC COMMENT: There was no public comment. APPROVAL OF MEF4,TING MINUTES: January 22, 2019 Regular Alleeting.- The Board reviewed the January 22, 2019 regular meeting minutes. A motion was made byT rustee Knoll and seconded by Trustee Lambel to approve the January 22, 2019 regular meeting minutes as written. Motion carried unanimously by voice vote. Attorney Collinsioined the meeting at 8:34 a, m, TREASURER'S REPORT: Quarterl Y-14 Y 14 inancial Report and Presentation andApproval of'Bills.- A The Board reviewed the Quarterly Financial Report for the three-month period ending March 3 1, 2019 prepared by Trustee Jarog. The total market value of the fund as of March 31, 2019 $6797169652 with an unrealized gain of $379,550, The Board also reviewed the income statement, a summary of all investment activity, a summary of disbursements, a detailed schedule of investment holdings for the quarter and the Vendor Disbursements Report for the period January t3 2019 through March 31, 2019 for total disbursements of $56,361.38. A motion was made by Trustec Knoll and seconded by Trustee Lambel to accept the Quarterly Financial Report as presented and to approve the disbursements on the Vendor Disbursements Report in the amount of $56,361,38. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2019 Page 2 of 4 AYES: Trustees Lambel, Knoll and Jarog NAYS: None ABSENTTrustees Baas and Vena Additional BiN, if any — Illinois Department of Insurance Compliance T'ee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was made by Trustee Larnbel and seconded by Trustee Knoll to approve payment of the ID 3I Compliance Fee in an amount not to exceed $8,000. Motion carried by roll call vote, AYES: Trustees Lambel, Knoll and Jarog NAYS: None INVESTMENT REPORT — ANDCOCONSULTING: Investmeint Performance Report: Mary Nye presented the Investment Performance Report and discussed the long-term market value of the fund, along with the risk -reward analysis and current and projected market conditions. Ms. Nye presented the Investment Report for the period ending March 3 t, 2019. As of March 31, 2019, the market value of the portfolio is $65,667,527 and the return on investment is $5,105,405 for the quarter. The portfolio composition is 38,8% in domestic equities, 9.8% in international equities, 36.9% in domestic fixed income, 9.4% in real estate, 5.1 % in emerging markets and o,1 % in cash and equivalent. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance, and investment fees. All questions were answered by Ms. Nye. A motion was made by Trustee Jarog and seconded by Trustee K no I I to accept the Investment Performance Report as presented. Motion carried unanimously by voice vote, Ms. Nye informed the Board that the Vanguard Morgan Growth Fund and the Vanguard US Growth fund are merging and will now be one rund. No action is needed by the Board. Potential Sales or Purchases of `ecurities.' There were no recommendations presented. ReviewlUpdate Investment Policy Statement: The Board discussed the Investment Policy and no changes are needed at this time. Ms. Nye distributed an amended five-year contract with AndCo Consulting outlining increases to the quarterly fee schedule effective July 2019 through .1uly 2022. A motion was made by Trustee Lambel and seconded by 'rrustee Knoll to accept the amended fee schedule as presented. Motion carried by roll call vote. AYES: Trustees Lambel, Knoll and Jarog NAYS: None ABSENT: Trustees Baas and Vena COMMUNICATIONS & REPORTS: Affidavits of Continued Eligibility: L&A informed the Board that second request Affidavits of Continued Eligibility were mailed to the outstanding pensioners after the January 31, 2019 due date, To date, �four affidavits remain outstanding. The Board will reach out to the outstanding pensioners, Updates will be provided to the Board as they becorne available. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2019 Page 3 of 4 Statements oj'Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2019. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There were no applications for membership or withdrawals from the Fund, APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: DiscussionlPossib le Action — ("hicago Clearing Company.- The Board tabled this item until the next regular meeting. If Annual Statement., The Board noted that the ID01 Annual Statement is in process and the final report will be sent to the Board for review upon completion. NEW B U S INES S: Cera& Board Flection Results —fictive Member Position: L&A conducted an election for one of the active member positions on the Mount Prospect 1"irefighters' Pension Fund Board of Trustees. Joe Vena ran unopposed and was reelected for a three-year term expiring April 30, 2022. A motion was made by Trustee Knoll and seconded by Trustee Lambe] to certify the active member election results. Motion carried unanimously by voice vote. BoardOfficer Elections — President & Secrelary,- The Board discussed Board Officer Elections and nominated the slate oCofficers as follows: Trustee Lambel as President and Trustee Knoll as Secretary, A motion was made by Trustee Lambel and seconded by Trustee Knoll to elect the slate of Officers as stcated. Motion carried unanimously by voice vote, FOIAQfficer & 0AIA Designee,- The Board discussed maintaining Trustee Vena as the FOIA Officer and OMA Designee, A motion was made by "frustee Knoll and seconded by Trustee Lambel to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses., The Board discussed the upcoming IPI'AA Spring Conference. A motion was made by Trustee Knoll and seconded by Trustee Lambel to approve the registration fees for Trustee Larnbel to attend the IPFA Spring Conference, Motion carried by roll call vote. AYES: Trustees Lambe[, Knoll and Jurog NAYS: None ABSENT: Trustees Baas and Vena ATTORNEY'S REPORT — COLLINS & RAI JA: Disability Status Update — Scolt Skindingsrude.- Attorney Collins distributed a draft of the Written Decision and Order for the Board to review. Further discussion will be held and the next regular meeting. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2019 Page 4 of 4 Legal Updates.- Attorney Collins provided legislative updates pertaining to Article 4 Pension Funds; including recent court cases and decisions, as well as general pension matters. ADJOURNMENT: A motion was made by Trustee Knoll and seconded by Trustee Lambel to Wdjourn the meeting at 9:42Motion carried unanimously by voice vote. The next regular niecting is scheduled for July 23, 2019 at 8:30 a.m, 4.'3�,x,'tfd,- IT, 'fent or Secretary M i 'Al : approved by the Board of Trues stew on . . ......... . ... il tes Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LL4