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HomeMy WebLinkAbout01/24/2012 FFPB MinutesMinutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting January 24. 2012 I. CALL TO ORDER — ROLL CALL President John Malcolm called the meeting to order at 8:37 a.m. Present upon roll call: John Malcolm — President David Erb — Treasurer Sam Baas — Retired Firefighter Absent: Jeff Ricker — FOIA/OMA Officer /Firefighter Joe Knoll — Secretary /Firefighter Also present was Rick Potter & Jeremy Seeman of Becker, Burke Associated & Carry Collins the Pension Fund Attorney. 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 Dave Erb 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 October 1, 2011 and ending December 31, 2011. Mr. Erb outlined the information in the report. Statement of Assets As of December 31, 2011 the Fund had net assets with a market value totaling $43.8 million. Of this amount, $9.5 million was under management by Galliard and $13.3 million was under management by Segall Bryant. As of December 31, 2011 there was an unrealized gain in the Fund's portfolio totaling $20,875. This is down from the $297,268 in unrealized gains reported last quarter. Income Statement The Fund's net assets increased $2,429,084 for the fourth quarter. Total revenues for this quarter were $3,336,969 Contributions of $1,342,616 were made up of property and replacement taxes totaling $1,208,584 and pension contributions of $134,032. Gains from the fixed income portion of the portfolio totaled $184,165 while the value of equities grew by $1,809,848 Investment income totaled $1,994,353. Expenditures for pension benefits accounted for $888,133 of the total during the fourth quarter. Other operating expenses including investment advisor and manager costs, bank charges, legal fees and other professional services totaled $20,813. Motion by Sam Baas, seconded by John Malcolm to accept the Treasure's Report as presented. Motion was approved. B. Approve Disbursements Motion by John Malcolm, seconded by Sam Baas 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 $500.000 out of Segal Bryant & Hamill and invest $200,000 to T. Rowe Price and $300.000 to American FDS .Europacific.. Motion was approved. Motion by Dave Erb, seconded by Sam Baas to accept the Quarterly Financial Report as presented. Motion was approved. 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. Attorney Collins will correct typo's and changes discussed. VIII. NEW BUSINESS A. Request for Benefits /Refunds. None B. Trustee Training Requirements 5/1/11 — 4/30/12 Dave Erb — 0 hours Jeff Ricker — 3 hours Joe Knoll — 0 hours Sam Baas — 0 hours John Malcolm — 16 hours C. Next Pension Board Meeting April 24, 2012 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 April 24, 2012 meeting.