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Home My WebLink About04/23/2024 FFPB MinutesMINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES APRIL 23, 2024 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, April 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 9:02 a.m. ROLL CALL: PRESENT: Trustees John Dolan, Sam Baas, Amit Thakkar, and Joe Vena ABSENT: Trustee Seth McCrory ALSO PRESENT: Attorney Tom Radja, Radja & Collins Law; Mary Nye, Mariner; Delia Dadirlat and Dhara Patel, Lauterbach & Amen, LLP (L&A); Deputy Director of Finance, Jennifer Fitzgerald and Deputy Chief Tom Wang (arrived at 9:03 a.m); Mount Prospect Fire Department PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 23, 2024 Regular Meeting: The Board reviewed the January 23, 2024 regular meeting minutes. A motion was made by Trustee Vena and seconded by Trustee Thakkar to approve the January 23, 2024 regular meeting minutes as written. Motion carried unanimously by voice vote. Deputy Chief Wang arrived at 9:03 a.m. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Presentation and Approval of Bills: The Board reviewed the Quarterly Disbursement Report, Quarterly Deduction Report and Quarterly Transfer Report for the period December 1, 2023 through February 29, 2024 for total disbursements of $35,197.75. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to approve the disbursements shown on the Quarterly Disbursement Report in the amount of $35,197.75. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee McCrory Monthly Financial Report: The Board reviewed the Monthly Financial Report for the two-month period ending February 29, 2024 prepared by L&A. As of February 29, 2024 the net position held in trust for pension benefits is $80,053,325.44 for a change in position of $1,291,562.02. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. A motion was made by Trustee Thakkar and seconded by Trustee Vena to accept the Monthly Financial Report as presented. Motion carried unanimously by voice vote. 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. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2024 Page 2 of 4 INVESTMENT REPORT: AndCo: Ms. Nye informed the Board that AndCo Consulting LLC has been acquired by Mariner Wealth effective April 2, 2024. Ms. Nye reviewed the Mariner Market Environment Report period ending March 31, 2024. All questions were answered by Ms. Nye. FPIF — Marquette Associates: The Board reviewed the FPIF Monthly Summary prepared by Marquette Associates for the period ending February 29, 2024. As of February 29, 2024, the one-month total net return is 2.4% and the year-to-date net return is 2.3% for an ending market value of $8,578,910,197. The current asset allocation is as follows: Total Equity at 68.1%, Fixed Income at 26.9%, Real Estate at 4.5% and Cash at 0.5%. The Board noted that they will place the FPIF Monthly Summary on file with the Board's records. Northern Trust Statements: The Board reviewed the FPIF Statement of Results for the period ending February 29, 2024. As of February 29, 2024, the beginning value was $79,255,641.59 and the ending value was $82,222,395.84 with a net return on total assets of 2.47%. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2023 affidavits of continued eligibility have been received by L&A. The originals were provided to the board for their recordkeeping. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2024. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: The Board reviewed the Application for Membership submitted by Luke Schmiederer. A motion was made by Trustee Dolan and seconded by Trustee Baas to accept Luke Schmiederer into the Mount Prospect Firefighters' Pension Fund effective February 5, 2024, as a Tier II participant. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Michael Ghawaly: The Board reviewed the regular retirement benefit calculation for Michael Ghawaly prepared by L&A. Lieutenant Ghawaly had an entry date of July 25, 1994, retirement date of January 28, 2024, effective date of pension of January 29, 2024, 55 years of age at date of retirement, 29 years and 6 months of creditable service, applicable salary of $144,659.48, applicable pension percentage of 73.75%, amount of originally granted monthly pension of $8,890.53 and amount of originally granted annual pension of $106,686.36. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to approve Michael Ghawaly's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee McCrory Deceased Pensioner — Timothy Evans/Approval of Surviving Spouse Benefits — Sandra Evans: The Board noted that Timothy Evans passed away March 30, 2024. The Board reviewed the surviving spouse benefit calculation for Sandra Evans with an effective date of March 31, 2024 for a monthly benefit of $8,639.37 with no additional increases. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to approve the surviving spouse benefit on an interim basis for Sandra Evans calculated by L&A. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee McCrory Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2024 Page 3 of 4 The Board discussed requesting the medical records for Timothy Evans. A motion was made by Trustee Dolan and seconded by Trustee Thakkar to authorize the Board Attorney to send a subpoena for Timothy Evans' medical records. AYES: Trustees Dolan, Baas, Thakkar, and Vena NAYS: None ABSENT: Trustee McCrory OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Certs Board Election Results — Retired Member Position: L&A conducted an election for the retired member position on the Mount Prospect Firefighters' Pension Fund Board of Trustees. Sam Baas ran unopposed and was reelected for a three-year term expiring April 30, 2027. A motion was made by Trustee Dolan and seconded by Trustee Thakkar to certify the retired member election results. Motion carried unanimously by voice vote. Appointed Member Term Expiration — John Dolan: The Board noted that Trustee Dolan was reappointed to the Mount Prospect Firefighters' Pension Fund Board of Trustees for a three-year term expiring April 30, 2027. Review Preliminary Actuarial Valuation: The Board noted that the preliminary Actuarial Valuation is in process by Nyhart. The final report will be reviewed by the Board at the next regular meeting. IDOIAnnual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. 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. The Board discussed sending James East for his annual independent medical examination (IME). A motion was made by Trustee Dolan and seconded by Trustee Thakkar to authorize the Board Attorney to send James East for his annual IME. Further discussion will be held at the next regular meeting. Motion carried unanimously by voice vote. Discussion/Possible Action — Revised Board Rules and Regulation: Attorney Radja discussed the draft Rules and Regulations. Further discussion will be held at the next regular meeting. Trustee Baas left the meeting at 10:06 a.m CLOSED SESSION: There was no need for a closed session. Trustee Baas returned at 10: 09 a.m. Mount Prospect Firefighters' Pension Fund Meeting Minutes — April 23, 2024 Page 4 of 4 ADJOURNMENT: A motion was made by Trustee Dolan and seconded by Trustee Baas to adjourn the meeting at 10:11 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for July 23, 2024 at 9:00 a.m. and President or Secretary inutes approved by the Board of Trustees on Sv 1 H 13, Z o Zq Minutes prepared by Dhara Patel, Professional Services Administrator, Lauterbach & Amen, LLP