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Home My WebLink About07/23/2024 FFPB MinutesMINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES JULY 23, 2024 A regular meeting of the Mount Prospect Firefighters' Pension Fund Board of Trustees was held on Tuesday, July 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 9:00 a.m.. ROLL CALL: PRESENT: Trustees John Dolan, Sam Baas, Amit Thakkar (arrived at 9:07), Seth McCrory and Joe Vena ABSENT: None ALSO PRESENT: Attorney Tom Radja, Radja & Collins Law; Mary Nye, Mariner; Dhara Patel, Lauterbach & Amen, LLP (L&A); Deputy Director of Finance Jennifer Fitzgerald, Village of Mount Prospect; Greg Kiesewetter, Cook Castle Associates, LLC PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 23, 2024 Regular Meeting: The Board reviewed the April 23, 2024 regular meeting minutes. A motion was made by Trustee Vena and seconded by Trustee Bass to approve the April 23, 2024 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. A motion was made by Trustee Vena and seconded by Trustee McCrory to not release the closed session meeting minutes due to pending matters. Motion carried unanimously by voice vote. Trustee Thakkar arrived at 9: 07 a.m ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the five-month period ending May 31, 2024 prepared by L&A. As of May 31, 2024 the net position held in trust for pension benefits is $82,057,097.72 for a change in position of $3,295,334.30. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly Transfer Report and the Quarterly Disbursement Report for the period March 1, 2024 though May 31, 2024 for total disbursement of $43,582.03. A motion was made by Trustee Thakkar and seconded by Trustee Bass to accept the Monthly Financial Report as presented and to approve the disbursement shown on the Disbursement Report in the amount of $43,582.03. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar, McCrory and Vena NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented for approval. Discussion/Possible Action — Cash Management Policy: The Board discussed updating the current withdrawal instructions for FPIF. A motion was made by Trustee Thakkar and seconded by Trustee Bass Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 23, 2024 Page 2 of 4 to set 2024 monthly recurring deposits at $640,000 from FPIF effective August 2024. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar, McCrory and Vena NAYS: None ABSENT: None INVESTMENT REPORTS: Mariner: Ms. Nye reviewed the Mariner Market Environment Report period ending May 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 May 31, 2024. As of May 31, 2024, the one-month total net return is 3.2% and the year-to-date net return is 5.1% for an ending market value of $8,814,004,471. The current asset allocation is as follows: Total Equity at 65.7%, Fixed Income at 29.4%, Real Estate at 4.4% and Cash at 0.6%. 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 May 31, 2024. As of May 31, 2024, the beginning value was $79,175,351.01 and the ending value was $81,338,027.71 with a net return on total assets of 3.19%. COMMUNICATIONS AND REPORTS: Active Member 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 FUND: Applications for Membership — Cymon Wind and Patrick Kane: The Board reviewed the Applications for Membership submitted by Cymon Wind and Patrick Kane. A motion was made by Trustee Dolan and seconded by Trustee Vena to accept Cymon Wind effective June 3, 2024 and Patrick Kane effective June 27, 2024 into the Mount Prospect Firefighters' Pension Fund as Tier II participants. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Paul Wojcik: The Board reviewed the regular retirement benefit calculation for Paul Wojcik prepared by L&A. Firefighter Wojcik had an entry date of August 7, 1989, retirement date of June 23, 2024, effective date of pension of June 24, 2024, 59 years of age at date of retirement, 34 years and 10 months of creditable service, applicable salary of $121,703.96, applicable pension percentage of 75%, amount of originally granted monthly pension of $7,606.50 and amount of originally granted annual pension of $91,278. A motion was made by Trustee Thakkar and seconded by Trustee Bass to approve John Wojcik's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar, McCrory 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, 2024 deadline. NEW BUSINESS: Review/Approve —Actuarial Valuation and Tax Levy Request: The Board reviewed the finalized Actuarial Valuation prepared by Nyhart. Based on data and assumptions, the recommended contribution amount is $5,133,242 which is a $306,049 increase from the prior year recommended contribution. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 23, 2024 Page 3 of 4 The Board discussed requesting a tax levy in the amount of $5,133,242. A motion was made by Trustee Vena and seconded by Trustee Bass to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $5,133,242 from the Village of Mount Prospect, based on the recommended amount stated in the Actuarial Valuation prepared by L&A. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar, McCrory and Vena NAYS: None ABSENT: None Review/Adopt — Municipal Compliance Report: The Board noted that the Municipal Compliance Report will be reviewed and adopted at the next regular meeting. Review/Approve — Fiduciary Liability Insurance: The Board reviewed the fiduciary liability insurance renewal provided by Hudson Insurance Company through Cook Castle Associates, LLC. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to approve payment of the fiduciary liability insurance renewal effective August 1, 2024 through August 1, 2025 in the amount of $17,828 as well as the three-year crime policy in the amount of $2,762. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar, McCrory and Vena NAYS: None ABSENT: None Trustees McCrory, Vena and Bass left at 10: 00 a.m. and the Board took Brief Recess Trustees Vena and Bass returned and the meeting resumed at 10:03 a.m. Board of 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 Thakkar and seconded by Trustee Bass to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer and OMA 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 Thakkar to maintain Trustee Vena as the FOIA Officer and OMA Designee. Motion carried unanimously by voice vote. 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. Discussion/Possible Action — Revised Board Rules and Regulation: The Board discussed the revised Rules and Regulations. Further discussion will be held at the next regular meeting. Annual Independent Medical Examination — James East: The Board discussed the status of James East's annual independent medical examination (IME). Further discussion will be held at the next regular meeting. Mount Prospect Firefighters' Pension Fund Meeting Minutes — July 23, 2024 Page 4 of 4 Application for Survivor Benefits for Spouse of Timothy Evans: The Board discussed the status of Timothy Evan's Surviving Spouse Benefits and noted that all medical records have been subpoenaed and the Village of Mount Prospect has filled a petition to intervene in the process. A motion was made by Trustee Thakkar and seconded by Trustee Dolan to grant the Village of Mount Prospect's petition to intervene in Timothy Evan's surviving spouse application process. Motion carried by roll call vote. AYES: Trustees Dolan, Baas, Thakkar and Vena NAYS: None ABSENT: Trustee McCrory CLOSED SESSION: There was no need for a closed session. ADJOURNMENT: A motion was made by Trustee Thakkar and seconded by Trustee Vena to adjourn the meeting at 10:28 a.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 22, 2024 at 9:00 a.m. Bo t d Presi Y ent or Secretary pp Y 1�,� nutes a roved b the Board of Trustees on Minutes prepared by Dhara Patel, Professional Services Administrator, Lauterbach & Amen, LLP