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Home My WebLink About10/27/2020 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' PENSION FUND 111 East Rand Road Mount Prospect, Illinois 60056-3232 V Brian Lambel Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES OCTOBER 27, 2020 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held via videoconference in accordance with Public Act 10 1-0640on Tuesday, October 27, 2020 at 8:30 a.m. pursuant to notice. CALL TO (LITE: Trustee Lambel called the meeting to order at 830 a.m. PRESENT: Trustees Brian Lambel, Sam Baas, Amit Thakkar (arrived at 9:05 a.m), 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, Lauterbach & Amen, LLP {L&A) PUBLIC COMMENT: There was no public comment APPROVAL OF MEETING MINUTES: July 28, 2020 Regular Meeting: The Board reviewed the July 28, 2020 regular meeting minutes. A motion was made by Trustee Lambel and seconded by Trustee Vena to approve the July 28, 2020 regular meeting minutes as written. Motion carried by roll call vote. AYES.- Trustees Lambel, Rypkema, Baas and Vena NAYS: None ABSENT: Trustee Thakkar ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval ofBills: The Board reviewed the Monthly Financial Report for the eight-month period ending August 31, 2020 prepared by L&A. As of August 31, 2020, the net position held in trust for pension benefits is $75,744,605.40 for a change in position of $4,516,664.17. The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period June 1, 2020 through August 31, 2020 for total disbursements of $308,969.47. A motion was made by Trustee Rypkema and seconded by Trustee Lambel to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $308,969.47. Motion carried by roll call vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 27, 2020 Page 2 of 5 AYES: Trustees Lambel, Rypkema, Baas and Vena NAYS: None ABSENT: Trustee Thakkar 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 September 30, 2020. As of September 30, 2020, the market value of the portfolio is $72,849,164 and the return on investment is $3,788,175 for the quarter. The portfolio composition is 39.5% in domestic equities, 10.3% in international equities, 34.3% in domestic fixed income, 8.7% in real estate, 4.8% in emerging equity and 2.4% 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 Lambel and seconded by Trustee Baas to accept the Investment Performance Report as presented. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas and Vena NAYS: None ABSENT: Trustee Thakkar Potential Sales or Purchases of Securities: Ms. Nye requested authorization from the Board to work directly with Trustees Thakkar and Lambel prior to December 31, 2020 in order to reallocate additional funds from the Board's equity portfolio into the fixed income portfolio to comply with state statue, if necessary. A motion was made by Trustee Lambel and seconded by Trsutee Rypkema to authorize Ms. Nye to work directly with Trustees Thakkar and Lambel if necessary. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas and Vena NAYS: None ABSENT: Trustee Thakkar Ms. Nye distributed the Proposed Mutual Fund Share Class Exchange to the Board for review. A motion was made by Trustee Vena and seconded by Trustee Lambel to exchange the share classes for the investments as proposed. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas and Vena NAYS: None ABSENT: Trustee Thakkar ReviewlUpdate Investment Policy Statement: The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. A status update will be provided at the next regular meeting. Trustee Thakkar arrived at 9:05 a.m. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 27, 2020 Page 3 of 5 APPLICATIONS FOR MEMBERSHIPIWITHDRAWALS FROM THE PENSION FUND: Applications for Membership — Kevin Fiedler, Thomas Hamann and Michael Ralston: The Board reviewed the Applications for Membership submitted by Kevin Fiedler, Thomas Hamann and Michael Ralston. A motion was made by Trustee Vena and seconded by Trustee Lambel to accept Kevin Fiedler effective August 4, 2014, Thomas Hamann effective March 30, 2015 and Michael Ralston effective September 14, 2020 into the Mount Prospect Firefighters' Pension Fund, as Tier 11 participants. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None TREASURER'S REPORT: There was no Treasurer's Report presented. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Jeffrey Hunt: The Board reviewed the regular retirement benefit calculation for Jeffrey Hunt prepared by L&A. Firefighter/Paramedic Hunt had an entry date of November 30, 1989, retirement date of October 29, 2020, effective date of pension of October 30, 2020, 53 years of age at date of retirement, 30 years and 11 months of creditable service, applicable salary of $110,909.27, applicable pension percentage of 75%, amount of originally granted monthly pension of $6,931.83 and amount of originally granted annual pension of $83,181.96. A motion was made by Trustee Baas and seconded by Trustee Vena for approve Jeffrey Hunt'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: ReviewlApprove — Actuarial Valuation and Tax Levy Request: The Board reviewed the Actuarial Valuation prepared by Nyhart. Based on data and assumptions, the recommended municipal contribution is $3,649,130 and the statutory minimum contribution amount is $2,890,144. A motion was made by Trustee Thakkar and seconded by Trustee Lambel to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,649,130 from the Village of Mount Prospect based on the recommended stated in the Actuarial Valuation prepared by Nyhart. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None ReivewlAdopt — Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Thakkar and seconded by Trustee Rypkema to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None NEW BUSINESS: DiscussionlPossible Action — OILDRO's — Brian Halverson & Dale Steward. - The Board noted that there is no QILDRO Calculation Order on file for Brian Halverson or Dale Steward. The Board authorized Attorney Mejia to send correspondence to Mr. Halverson, Mr. Mount Prospect Firefighters' Pension Fund Meeting Minutes — October 27, 2020 Page 4 of 5 Steward and their ex -spouses informing them that they have until the next regularly scheduled Board meeting to submit the completed paperwork to the Board, or the QILDRO payments will be suspended. If needed, the Board will hold a special hearing where they will entertain discussions on terminating the QILL benefits. A motion was made by Trustee Rypkema and seconded by Trustee Lambel to authorize Attorney Mejia to send correspondence as stated with further discussion being held at the next regular meeting. Motion carried by roll call vote. AYES: Trustees Lambel, Rypkema, Baas, Thakkar and Vena NAYS: None ABSENT: None Discussion/Possible Action — Pensioner Tax Withholdings: Trustee Thakkar informed the Board that the Village has reached a settlement agreement with the pensioners whose tax withholdings were incorrect. The Village would like to split the cost with the Board and will submit a formal request to be reviewed and voted on by the Board. Further discussion will be held at the next regular meeting. Required Beneficiary Documentation and Pension Fund Forms for Active Member Files: The Board noted that moving forward they will be utilizing the application for membership provided by L&A and any disability paperwork will be provided by the attorney's. Establish 2021 Board Meeting Dates: The Board established the 2021 Board meeting dates as January 26, 2021; April 27, 2021; July 27, 2021; and October 26, 2021 at 9:00 a.m. at the Mount Prospect Fire Department located at I I I East Rand Road, Mount Prospect, Illinois 60056. 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. ATTORNEY'S REPORT — COLLINS & RADJA: Annual Independent Medical Examinations — James East, Eric Mertes and Torrie Takoy: The Board tabled this item until the next regular meeting. Legal Updates.- Attorney Mejia provided legislative updates pertaining to Article 4 Pension Funds; including recent court cases and decisions, as well as general pension matters. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Thakkar and seconded by Trustee Lambel to adjourn the meeting at 10:19 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 26, 2021 at 8:30 a.m. I Board President or Secretary ITiount Prospect Firefighters' Pension Fund Meeting Minutes — October 27, 2020 Page 5 of 5 Minutes approved by the Board of Trustees on JjaMBM�,s( ared b Alex Michael, Pension Services Administrator, Lauterbach & Amen, LL11 T