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Home My WebLink About07/28/2020 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS" PENSION FUND 144, =-7 111 East Rand Road Mount Prospect, Illinois 60056-3232 N RF Brian Lafiibel 9 Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES JULY 289 2020 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, July 28, 2020 at 8:30 a.m. at the Mount Prospect Fire Station located at 111 East Rand Road, Mount Prospect, Illinois 60056, pursuant to notice. CALL TO ORDER: Trustee Lambel called the meeting to order at 8:30 a.m. ROLL CALL: PRESENT.- Trustees Brian Lambel, Sam Baas, Amit Thakkar, Joe Vena and Luke Rypkema ABSENT: None ALSO PRESENT: Attorney David Mejia, Collins & Radja; Mary Nye, AndCo Consulting; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael (via videoconference), Michael May, Jessica Doogan and Allison Barrett (via teleconference), Lauterbach & Amen, LLP (LS A ; PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 28, 2020 Regular Meeting: The Board reviewed the April 28, 2020 regular meeting minutes. A motion was made by Trustee Thakkar and seconded by Trustee Lambel to approve the April 28, 2020 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 these minutes at this time due to pending matters. TREASURER'S REPORT: There was no Treasurer's Report presented. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval ofBills: The Board reviewed the Monthly Financial Report for the five-month period ending May 31, 2020 prepared by L&A. As of May 31, 2020, the net position held in trust for pension benefits is $69,453,147.99 for a change in position of ($1,774,793.24). The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period March 1, 2020 through May 31, 2020 for total disbursements of $263,811.76. A motion was made by Trustee Thakkar and seconded by Trustee Vena to accept the Monthly Financial Report as presented and Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 28, 2020 Page 2 of 4 to approve the disbursements shown on the Vendor Check Report in the amount of $263,811.76. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None Additional Bills, if'any: There were no additional bills presented for approval., INVESTMENT REPORT — ANDCO CONSULTING: Investment Performance Report: Ms. 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 Performance Report for the period ending June 30, 2020. As of June 301 2020, the market value of the portfolio is $70,109,126 and the return on 'investment is $8,150,305 for the quarter. The portfolio composition is 38.7% in domestic equities, 9.8% in international equities, 35.9% in domestic fixed income, 9.1% in real estate, 4.5% in emerging equity and 2% 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 Baas and seconded by Trustee Rypkema to accept the Investment Performance Report as presented. Motion carried unanimously by voice vote. Potential Sales or Purchases ofSecurities: There were no recommendations at this time. ReviewlUpdate Investment Policy Statement: The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & REPORTS: Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Randy Uidl: The Board reviewed the regular retirement benefit calculation for Randy Uidl prepared by L&A. Battalion Chief Uidl had an entry date of October 2, 1987, retirement date of June 5, 2020, effective date of pension of June 6, 2020, 58 years of age at date of retirement, 32 years and 8 months of creditable service, applicable salary of $145,999.48, applicable pension percentage of 75%, amount of originally granted monthly pension of $9,124.97 and amount of originally granted annual pension of $109,499.64. A motion was made by Trustee Thakkar and seconded by Trustee Lambel for approve Randy Uidl's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None OLD BUSINESS: IDOI Annual Statement: The Board noted that the finalized report was filed prior to the June 30, 2020 deadline. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 28, 2020 Page 3 of 4 NEW BUSINESS: Voter File Datafor FPIF Trustee Election: Trustees reviewed the Firefighters' Pension Investment Fund memorandum and noted that the requested information has been provided to L&A. IDOL Compliance Examination Response: The Board noted that Attorney MeJia prepared and submitted a response to the IDOI findings. Attorney Mejia answered all questions from the Board. No further action is needed at this time. Review/Approve — Actuarial Valuation & Tax Levy Request: The Board tabled this item until the next regular meeting. Review/Approve — Municipal Compliance Report: The Board tabled this item until the next regular meeting. Appointed Member Term Expiration — Amit Thakkar: The Board noted that Trustee Thakkar was reappointed to the Mount Prospect Firefighters' Pension Fund Board of Trustees by the Mayor for a three-year term expiring April, 2023. FOIA Officer & OMA Designee: The Board discussed maintaining Trustee Vena as the FOIA Officer and OMA Designee. 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: There were no trustee training registrations or reimbursable expenses presented for approval. NEW BUSINESS (CONTINUED): Discussion/.Possible Action — Regarding Benefit Discrepancies: The Board addressed the overpayment of Andrew Brousseau in the amount of $830.78 A motion was made by Trustee Lambel, and seconded by Trustee Baas to not seek repayment in the amount of $830.78 from Mr. Brousseau. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None A motion was made by Trustee Thakkar and seconded by Trustee Vena to direct L&A to send correspondence to Andrew Brousseau informing him that his monthly payment will be adjusted starting with August payroll to $5,682.04. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None Scott Skindingsrude: The Board addressed the underpayment to Scott Skindingsrude in the amount of $4.20. A motion was made by Trustee Thakkar and seconded by Trustee Vena to remit the $4.20 to Mr. Skindingsrude. A motion was made by Trustee Thakkar and seconded by Trustee Baas to adjust Mr. Skindingsrude dependent monthly benefit to $20.60. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 28, 2020 Page 4 of 4 AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None Brian Halverson and Dale Steward: The Board noted that there is no QILDRO Calculation Order on file for Brian Halverson or Dale Steward. The Board directed Attorney Mejia to send correspondence to Mr. Halverson and Mr. Steward informing them that they have 90 days to get the completed paperwork over to the Board or the QILDRO payment will be suspended. Further discussion will be held at the next regular meeting. ATTORNEY'S REPORT — COLLINS & RADJA: Legal Updates: Attorney Mejia provide legislative updates pertaining to Article 4 Pension Funds; including recent court cases an decisions, as well as eneral pension matte grs. I mm��M �MZI 04 DI ADJOURNMENT: A motion was made by Trustee Lambel and seconded by Trustee Thakkar to adjourn the meeting at 10:08 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 27, 2020 at 8:30 a.m. Board President or Secretary Minutes approved by the Board of Trustees on_ ared b Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLA y