HomeMy WebLinkAbout07/23/2019 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS"
PENSION FUND
1,12 E. Northwest Highway
MuV
ount Prospect, Illinois 60056-3232
Brian Lambel
ep
Fire Chief
MINUTES OF A REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS' PENSION FUND
BOARD OF TRUSTEES
JULY 23,20 19
A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held
on Tuesday, July 23, 2019 at 830 a.m. at the Mount Prospect Fire Station located at 112 East
Northwest Hi.ghway, Mount Prospect, Illinois 60056, pursuant to notice.
CALL TO ORDE R: Trustee Lambel called the meeting to order at 8:34 a.m.
Ilit - -4 rf:I_ ,
PRESENT: Trustees Brian Lambel, Joe Knoll, Sam Baas, Joe Vena and Amit Thakkar
ABSENT: None
ALSO PRESENT,'-, Attorney Cary Collins, Collins & Radja; Mary Nye, AndCo Consulting,
Alex Michael and Allison Barrett, Lauterbach & Amen, LLP (L&A);
Deputy Director of Finance Lynn Jarog, Village of Mount Prospect
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: April 23, 2019 Regular Meeting: rrhe Board reviewed
the April 23, 2019 regular meeting minutes. A motion was made by Trustee Lambel and seconded
by Trustee Thakkar to approve the April 23, 2019 regular meeting minutes as written. Motion
carried by roll call vote.
AYES: Trustees Lambel, Knoll, Baas, Vena and Thakkar
NAYS: None
ABSENT: one
Semi -Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session
meeting minutes from March 18, 2014 and will not release thenn at this time due to pending
matters, A motion was made by Trustee Knoll and seconded by Trustee, Lambel to authorize the
destruction of the closed session recording from the March 18, 2014 closed session meeting that
was previously approved on April 22, 2014.. Motion carried by roll call vote.
AYES: Trustees Lambe], Knoll, Baas, Vena and Thakkar
NAYS: None
ABSENT: None
TREAS URER'S REPORT: Quarterly F4 inancial Report and Presentation and Approval ql'Bills.-
The Board reviewed the Quarterly Financial Report for the three-month period ending June 30,
2019 prepared by Trustee Thak-kar. The total market value of the fund as of June 30, 2019 is
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — July 23, 2019
Page 2 of 4
$68,618,924 with an unrealized gain of $754,235. 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 April 1,
2019 through June 30, 2019 for total disbursements of $131,433,60. A motion was made by
Trustee Knoll and seconded by Trustee 13aas to accept the Quarterly Financial Report as presented
and to approve the disbursements on the Vendor DisbUrsements Report in the amount of
$131,433.60. Motion carried by roll call vote.
AYES: Trustees Lambel, KnolL, Baas, Vena and Thakkar
NAYS: None
ABSENT: None
Additional Bill -v, if any.- There were no additional bills presented for approval.
Mount Prospect Firefighters' Pension l'und
Meeting Minutes — July 23, 2019
Page 3 of 4
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND:
There were no applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS : Deceased Pensioner —
Ra YounglApproval of Surviving Spouse Benefits — Siv Young: The Board tabled this item until
the next regular meeting,
Application for Retirement — Pat Clarke: The Board reviewed the application for retirement
submitted by Pat Clarke. A motion was made by Trustee Knoll and seconded by Trustee Larnbel
to accept Mr. Clarke's application for retirement, Motion carried unanimously by voice vote.
I r-rl
The Board noted that active member i imothy Cassidy is a Tier I member not a Tier Il member as
filed with the IT I.
Ot,D BUSINESS: Discussion/Possible Action -- Chicago Clearing Company,, The Board
discussed the services provided by CCC. CCC handles Class Action Claims involving securities,
corporate bonds, mutual funds or other investment vehicles that are owned by many Police and
Fire Pension Funds, A motion was made by Trustee Knoll and seconded by Trustee Baas to hire
CCC, subject to 15% being collected by CCC if any settlement money is received and Attorney
Collins' review of the contract. Motion carried by roll call vote.
AYES-, Trustees Lambe[, Knoll, Baas, Vena and Thakkar
NAYS: None
ABSENT,. None
IDOI Annual Statement The Board noted that the finalized report was filed prior to the June 30,
2019 deadline. The Illinois Departilient of Insurance requested clarification of Active Member
Timothy Cassidy's Tier Status. The Village will refile the report stating Mr. Cassidy is a Tier I
member not a Tier 11.
Trustee Baas left the meeting at 9:30 a.m.
NEW BUSINESS: ReviewlApprove —Actuarial Valuation & Tax Levy Request: The Board tabled
this item until the next regular meeting.
Review/.Adopt — Municipal Compliance Repork The Board tabled this item until the next regular
meeting.
Appointed Member Position — Amil Thakkar., The Board noted that Amit Thakkar was appointed
to the Board by the Mayor on June 4, 2019 to fulfill the unexpired two-year term expiring April
30, 2020.
TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and
discussed upcorning training opportunities. Trustees were reminded to submit any certificates of
completion to L&A for recordkeeping.
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — July 23, 2019
Page 4 of 4
Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no
trustee training registrations or reimbursable expenses presented for approval,
ATTORNEY'S REPORT — COLLINS & RADJA-, 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,
Disability Status Update — Scott Skindingsrude., The Board reviewed the Decision and Order
prepared by Collins and Radja. A motion was made by Trustee Lambel and seconded by Trustee
Thakkar to approve, adopt and publish the Decision and Order for Scott Skindingsrude as
presented. Motion carried by roll call vote.
AYES: Trustees Lambel, Knoll, Vena and Thakkar
NAYS: None
ABSENT: Trustee Baas
Annual Independent Medical Examinations: This item was not discussed.
CLOSED SESSION, IF NEEDED.- There was no need for closed session.
ADJOURNMENT: A motion 'Was made by Trustee 1,arnbel and seconded by Trustee Thakkar to
adjourn the meeting at 9:55 a.m. Motion carried unanimously by voice vote.
The next regular mecting is scheduled for October 22, 2019 at 8:30 am.
Board President or Secretary
Minutes approved by the Board of Trustees on - '�
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Minutes prepared by Alex .Michael, Pension Services Administrator, Lauterbach & Amen, LLP