The URL can be used to link to this page

Home My WebLink About07/27/2021 FFPB MinutesMOUNT PROSPECT FIREFIGHTERS' PENSION FUND M-x P—t—, 111 East Rand Road Mount Prospect, Illinois 60056-3232 Brian Lambel Fire Chief MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES JULY 27, 2021 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, July 27, 2021 at 9:00 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 Dolan called the meeting to order at 9:07 a.m. ROLL CALL: PRESENT: Trustees John Dolan, Joe Vena, Amit Thakkar, Sam Baas (arrived at 9:26 a. in.) and Luke Rypkema ABSENT: None ALSO PRESENT: Attorney Tom [lartwell, Collins Radja & Hartwell; Mary Nye, AndCo Consulting; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael, Jessica Doogan (via teleconference) and Allison Barrett (via teleconference), Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. OLD BUSINESS: Discussion/Passible Action — Benefzt Discrepancies and Taxability Reporting., L&A informed the Board of the benefit discrepancies and taxability issues affecting three pensioners. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to authorize L&A to send correspondence to the individuals informing them of the over -reported non-taxable income. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema and Vena NAYS: None ABSENT: Trustee Baas IDOI Annual Statement: The Board noted that the finalized report was filed prior to the June 30, 2021 deadline Mrs. Barrett and Mrs. Doogan left the meeting at 9:25 a.m. APPROVAL OF MEETING MINUTES: Apri127,202I Regular Meeting: The Board reviewed the April 27, 2021 regular meeting minutes. A motion was made by Trustee Thakkar and seconded by Trustee Vena to approve the April 27, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 27, 2021 Page 2 of 4 April 27, 2021 Closed Session Meeting Minutes: The Board reviewed the April 27, 2021 closed session meeting minutes. A motion was made by Trustee Rypkerna and seconded by Trustee Thakkar to approve the April 27, 2021 closed session meeting minutes as written. Motion carried unanimously by voice vote. Trustee Baas arrived at 9:26 a.m. 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. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval qfBills: The Board reviewed the Monthly Financial Report for the six-month period ending June 30, 2021 prepared by L&A. As of June 30, 2021, the net position held in trust for pension benefits is $84,698,166.05 for a change in position of $4,238,697,50. The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period April 1, 2021 through June 30, 2021 for total disbursements of $325,861.96. A motion was made by Trustee Dolan and seconded by Trustee Rypkema to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $325,861.96. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema, Baas and Vena NAYS: None ABSENT: None Additional Bills, it"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, 2021, As of June 30, 2021, the market value of the portfolio is $83,965,865 and the return on investment is $3,726,866 for the quarter. The portfolio composition is 41.1% in domestic equities, 10.2% in international equities, 33.8% in domestic fixed income, 8.2% in real estate, 5.2% in emerging equity and 1.5% 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. Potential Sales or Purchases qf'Sceurities: The Board discussed their cash flow needs in order to fund pension payments. Ms. Nye recommended liquidating $500,000 from Vanguard Winsor 11, $500,000 from Vanguard US Growth, $150,000 from AF -Growth, $300,000 from T Rowe Price and $200,000 from AF—EuroPaciFic with the total proceeds being reallocated to the Board's cash account. A motion was made by Trustee Thakkar and seconded by Trustee Rypkema to reallocate the assets as discussed. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema, Baas and Vena NAYS: None ABSENT: None Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 27, 2021 Page 3 of 4 Review/Update Investment Policy Statement.- The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & REPORTS: There were no communications or reports to discuss. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM PENSION FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Review/Approve — Regular Retirement Benefit — Brian Lambel: The Board reviewed the regular retirement benefit calculation for Brian Lambel. Chief Lambel had an entry date of January 10, 2000; retirement date of April 30, 2021; effective date of pension of May 1, 2021; 52 years old at date of retirement; 21 years, 3 months creditable service with Mount Prospect Fire; 9 years, 6 months, I day creditable service with Lincolnshire-Riverwood FPD; final applicable salary from Mount Prospect Fire of $176,751.25; and a combined applicable pension percentage of 75%. The amount of originally granted annual pension from Mount Prospect Firefighters' Pension Fund is $119,524.58 and the amount of originally granted monthly pension from Mount Prospect Firefighters' Pension Fund is $9,960.38. A motion was made by Trustee Thakkar and seconded by Trustee Vena to approve the regular retirement benefit calculated by L&A for Brian Lambel. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema, Baas and Vena NAYS: None ABSENT: None NEW BUSINESS: Review/Approve -- Updated Rules and Regulations: Attorney Hartwell reviewed the updated Rules and Regulations with the Board. A motion was made by Trustee Dolan and seconded by Trustee Rypkema to approve the updated Rules and Regulations as discussed. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema, Baas and Vena NAYS: None ABSENT: None Discussion/Possible Action — Lamerbach & Amen, LLP Records Inventory and Disposal Service: L&A presented an overview of the Records Inventory and Disposal Service. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to proceed with a complimentary on-site consultation in order for L&A to view the volume, arrangement and condition of records. Motion carried unanimously by voice vote. Board Officer Elections— President and Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Dolan as President and Trustee Vena as Secretary. A motion was made by Trustee Rypkema and seconded by Trustee Baas to elect the slate of'Officers as stated. Motion carried by roll call vote. AYES: Trustees Dolan, Thakkar, Rypkema, Baas and Vena NAYS: None ABSENT: None FOIA Officer and OAL4 Designee: The Board discussed maintaining Trustee Vena as the FOIA Officer and OMA Designee. A motion was made by Trustee Dolan and seconded by Trustee Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 27, 2021 Page 4 of 4 Rypkema to maintain Trustee Vena as the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. Review/Approve —Actuarial Valuation and Tax Levy Request: The Board tabled this item until the next regular meeting. Review/Adopt — Municipal Compliance Report: The Board tabled this item until the next regular meeting. Acknowledge FPIF Notice of Transfer Date, Adopt Resolution qf'Notiee and Execute Exhibits: The Board tabled this item until the next regular meeting. 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 & HARTWELL: Legal Updates: Attorney 11artwell 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 Thakkar and seconded by Trustee Baas to adjourn the meeting at 10:14 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 26, 2021 at 9:00 a.m. ... ....... B _FPresident or Secretary (linutes approved bythe Board of Trustees on._J,o12_(-1-L1 Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP