HomeMy WebLinkAbout01/23/2024 FFPB MinutesMINUTES OF A REGULAR MEETING OF THE
MOUNT PROSPECT FIREFIGHTERS' PENSION FUND
BOARD OF TRUSTEES
JANUARY 23, 2024
A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on
Tuesday, January 23, 2024 at 9:00 a.m. in the Mount Prospect Fire Department located at 111 East Rand
Road, Mount Prospect, Illinois 60056, pursuant to notice.
CALL TO ORDER: Trustee Dolan called the meeting to order at 9:01 a.m.
ROLL CALL:
PRESENT: Trustees John Dolan, Sam Baas, Amit Thakkar (arrived at 9:20 a.m), Joe Vena
and Seth McCrory
ABSENT: None
ALSO PRESENT: Attorney Tom Radja (via teleconference), Radja & Collins Law; Mary Nye,
AndCo Consulting; Delia Dadirlat, Lauterbach & Amen, LLP (L&A); Finance
Director Jennifer Fitzgerald, Village of Mount Prospect
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 24, 2023 Regular Meeting: The Board reviewed the
October 24, 2023 regular meeting minutes. A motion was made by Trustee Baas and seconded by Trustee
Vena to approve the October 24, 2023 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 the closed session meeting minutes due to pending matters.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the eleven -
month period ending November 30, 2023 prepared by L&A. As of November 30, 2023, the net position
held in trust for pension benefits is $75,220,746.70 for a change in position of $4,818,706.24. The Board
also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report,
Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and Quarterly Disbursement
Report for the period September 1, 2023 through November 30, 2023 for total disbursements of $28,475.26.
A motion was made by Trustee Dolan and seconded by Trustee Bass to accept the Monthly Financial Report
as presented and approve the disbursements shown on the Quarterly Disbursement Report in the amount of
$28,475.26. Motion carried by roll call vote.
AYES: Trustees Dolan, Baas, McCrory and Vena
NAYS: None
ABSENT: Trustee Thakkar
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action —Cash Management Policy: The Board reviewed the current Cash Management
Policy and determined no changes are required at this time.
INVESTMENT REPORT: AndCo: Ms. Nye reviewed the AndCo Market Environment Review Report.
All questions were answered by Ms. Nye.
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — January 23, 2024
Page 2 of 3
FPIF — Marquette Associates: The Board reviewed the IFPIF Monthly Summary prepared by Marquette
Associates report for the period ending October 31, 2023. As of October 31, 2023, the one-month total net
return is (2.7%) and the year-to-date net return is 2.4% for an ending market value of $7,465,345,588. The
current asset allocation is as follows: Total Equity at 65.5%, Fixed Income at 28.6%, Real Estate at 4.9%
and Cash at 1.0%. The Board noted that they will place the IFPIF Monthly Summary on file with the
Board's records.
Trustee Thakkar arrived at 9:20 a.m.
Northern Trust Statements: The Board reviewed the FPIF Statement of Results for the period ending
November 30, 2023. As of November 30, 2023, the beginning value was $68,277,573.16 and the ending
value was $73,129,278.16 with a net return of 7.57%.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A
mailed Affidavits of Continued Eligibility to all pensioners in December with a due date of January 31,
2024. A status update will be provided at the next regular meeting.
Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County
by the Village by February 1, 2024. Statements of Economic Interest will be sent to all registered filers who
will need to respond by the deadline of May 1, 2024.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no
applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for
membership or disability benefits.
OLD BUSINESS: Discussion/Possible Action — Lauterbach & Amen, LLP Records Inventory Disposal
Service Proposal: The Board reviewed the L&A engagement letter for Records Inventory and Disposal
Service. A motion was made by Trustee Thakkar and seconded by Trustee Vena to engage L&A for Records
Inventory and Disposal Services in an amount not to exceed $2,750. Motion carried by roll call vote.
AYES: Trustees Dolan, Baas, McCrory, Vena and Thakkar
NAYS: None
ABSENT: None
NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the
2024 Cost of Living Adjustments calculated by L&A. A motion was made by Trustee Thakkar and
seconded by Trustee Baas to approve the 2024 Cost of Living Adjustments as required by statute and
calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Dolan, Baas, McCrory, Vena and Thakkar
NAYS: None
ABSENT: None
Review Trustee Term Expirations and Election Procedures: The Board noted that the retired member term
currently held by Trustee Baas is expiring in April 2024. Trustees Baas expressed his interest to remain on
the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the retired member
Trustee position. The Board also noted that the appointed member position held by Trustee Dolan is
expiring in April 2024 and he is interested in remaining on the Board. The Board will contact the Village
and seek reappointment of Trustee Dolan to the Board.
Mount Prospect Firefighters' Pension Fund
Meeting Minutes — January 23, 2024
Page 3 of 3
TRUSTEE TRAINING UPDATES: 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
registration fees or reimbursable expenses.
ATTORNEY'S REPORT — RADJA & COLLINS LAW: Legal Updates: Attorney Radja provided
legislative updates pertaining to Article 4 Pension Funds; including recent court cases and decisions, as
well as general pension matters.
CLOSED SESSION: There was no need for a closed session.
ADJOURNMENT: A motion was made by Trustee Vena and seconded by Trustee Baas to adjourn the
meeting at 9:44 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for April 23, 2024 at 9:00 a.m.
o � d President or Secretary
....................................
ktes approved by the Board of Trustees on Tv t 2.3 ZoZ `f
Minutes prepared by Delia Dadirlat, Professional Services Administrator, Lauterbach & Amen, LLP