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HomeMy WebLinkAbout04/24/2012 FFPB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting April 24. 2012 CALL TO ORDER — ROLL CALL President John Malcolm called the meeting to order at 8:34 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Retired Firefighter Joe Knoll — Secretary /Firefighter Absent: Jeff Ricker — FOIA/OMA Officer /Firefighter Also present was Rick Potter of Becker, Burke Associated. Carry Collins the Pension Fund Attorney arrived at 8:40 a.m. II. APPROVE AGENDA Motion by Dave Erb, seconded by Sam Baas to approve the Agenda as submitted. Motion was approved. III. CITIZENS TO BE HEARD None. IV. APPROVE MINUTES A. Regular Meeting January 24, 2012 Motion by Sam Baas, seconded by Joe Knoll to approve the Minutes as submitted. Motion was approved. V. TREASURER'S REPORT A. Approve Treasure's Report David Erb handed out a copy of the Mount Prospect Firefighters Pension Fund Financial report for the period January 1, 2012 and ending March 31, 2012. Mr. Erb outlined the information in the report. Statement of Assets As of March 31, 2012 the Fund had net assets with a market value totaling $47.3 million. Of this amount, $9.6 million was under management by Galliard and $12.9 million was under management by Segall Bryant. As of March 31, 2012 there was an unrealized loss in the Fund's portfolio totaling $86,202. This is down from the $20,875 in unrealized gains reported last quarter. Income Statement The Fund's net assets increased $3,407,820 for the first quarter. Total revenues for this quarter were $4,331,877. Contributions of $1,267,506 were made up of property and replacement taxes totaling $1,126,523 and pension contributions of $140,983. Gains from the fixed income portion of the portfolio totaled $166,355 while the value of equities grew $2,897,662. Expenditures for pension benefits accounted for $910,759 of the total during the first quarter. Other operating expenses including investment advisor and manager cost, legal and bank charges and organizational memberships totaled $13,298. Motion by Joe Knoll, seconded by Sam Baas to accept the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by Sam Baas, seconded by Joe Knoll to accept the list as presented. Motion was approved. C. Quarterly Financial Report Mr. Erb asked Rick Potter from Becker, Burke Associates to provide the Quarterly Financial Report. Mr. Potter went through the entire document highlighting pertinent facts, charts and graphs Motion by Dave Erb, seconded by Sam Baas to transfer $400.000 out of Vanguard Morgan Growth, and transfer it to American FDS- Europacific. Motion was approved. Motion by Dave Erb, seconded by Joe Knoll to accept the Quarterly Financial Report as presented. Motion was approved. Becker, Burke's contract has run out. They propose a 2 year contract with no change in fees, $36,000 per year. Attorney Collins will review the contract and report back to the board at the next meeting. VI. COMMITTEE REPORTS A. Medical Committee No Report. B. Legal Committee No Report. VII. OLD BUSINESS A. Rules & Regulations updates will be discussed at the next meeting. VIII. NEW BUSINESS A. Request for Benefits /Refunds. None B. Trustee Training Requirements 5/1/11 — 4/30/12 Dave Erb — 12 hours Jeff Ricker — 3 hours Joe Knoll — 0 hours Sam Baas — 0 hours John Malcolm — 32 hours C. Results of the Retired Member Election On February 13, 2012 Certified letters were sent to all members receiving Pension Benefits (56) notifying them of the opening on the Pension Board for the Retired Member position. They were asked to send an intent letter, via E -Mail, Fax or a letter to the President by March 12, 2012. The letter also stated that if only one person applied for the position there would be no election. Only one letter was received by the President, Sam Baas. Sam Baas 1 vote. Motion by Dave Erb, seconded by Joe Knoll to certify the results of the Election. Motion was approved. D. OMA Training Attorney Collins advised that all Trustees need to take the OMA Training. The Course is offered on line through the Attorney Generals Web's site. E. Election of President. Motion by Joe Knoll, seconded by Dave Erb to appoint John Malcolm as President of the Mount Prospect Firefighters Pension Fund. Motion was approved. F. Election of Secretary. Motion by Sam Baas, seconded by Dave Erb to appoint Joe Knoll as Secretary of the Mount Prospect Firefighters Pension Fund. Motion was approved. G. FIOA/OMA Officer. Motion by John Malcolm, seconded by Sam Baas to appoint Jeff Ricker as FIO /OMA Officer. Motion was approved. IX. OTHER NEW BUSINESS None X. ADJOURNMENT John Malcolm, seconded by Sam Baas moved to adjourn the meeting at 9:45 a.m. Motion was approved. Respectfully Submitted Joe Knoll Secretary Minutes approved at the July 24, 2012 meeting.