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HomeMy WebLinkAbout3. FFPB Minutes 01/22/2013 Minutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting January 22, 2013 I. CALL TO ORDER – ROLL CALL President John Malcolm called the meeting to order at 8:38 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 Joe Knoll – Secretary/Firefighter Also present was Rick Potter of Becker, Burke Associated. II. APPROVE AGENDA Motion by Dave Erd, seconded by Sam Baas to amend the Agenda to add item X to read next meeting date April 23, 2013 and item XI to be Adjournment Motion was approved. Motion by Sam Baas, seconded by Dave Erb to accept the amended agenda. Motion was approved. Joe Knoll arrived at 8:40a.m. III. CITIZENS TO BE HEARD None. IV. APPROVE MINUTES A.Regular Meeting October 23, 2012 Motion by Dave Erb, 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 October 1, 2012 and ending December 31, 2012. Mr. Erb outlined the information in the report. Statement of Assets As of December 31, 2012 the Fund had net asset with a market value totaling $47.2 million. Of this amount, $9.4 million was under management by Galliard and $13.3 million was under management by Segall Bryant. As of December 31, there is an unrealized loss in the Fund’s portfolio totaling $305,987. This is down from the $47,142 in unrealized losses reporter last quarter. Income Statement The Fund’s net assets decreased $413,035 for the fourth quarter. Total revenues for this quarter were $544.738. Contributions of $161,052 were made up of property and replacement taxes totaling $25,205 and pension contributions of $135,847. Gains from the fixed income portion of the portfolio totaled $47,215 while the value of equities grew by $336,077. Investment income totaled $383,686. Expenditures for pension benefits accounted for $931,727 of the total during the fourth quarter. Other operating expenses including investment advisor and manager costs, bank charges, legal fees and other professional services totaling $26,046. 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 Financia Report l 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 Joe Knoll to invest $400,000 into American FDS- Europacific GWTH and &150,000 into T. Rowe Price... Roll John Malcolm – yes David Erb – yes Sam Baas – yes Joe Knoll – yes Motion was approved. Motion by Dave Erb, seconded by Joe Knoll to withdraw $350,000 from Windsor II, $100,000 from American Funds and $100,000 from Vanguard Morgan Growth to cover the investment. Roll John Malcolm – yes David Erb – yes Sam Baas – yes Joe Knoll – yes Motion was approved. Motion by Joe Knoll, seconded by Sam Baas to accept the Quarterly Financial Report as presented. Motion was approved. D. Transactions of Trade last quarter None VI. COMMITTEE REPORTS A. Medical Committee No Report. B. Legal Committee No Report. VII. OLD BUSINESS A. Rules & Regulations updates Deferred to the next meeting. B. Status of Tom Willming’s Disability Application Motion by Dave Erd, seconded by Sam Baas to direct Attorney Collins to select two independent Doctors from the INSPE service to evaluate his medical condition along with Tom’s personal Doctor to determine his Disability Application. Motion was approved. VIII. NEW BUSINESS A. Request for Benefits/Refunds. Dave Erb advised the board that he has sent letters to Scott Vasicek and Jeffery Wiley about what they want done with their Pension Contributions, and to date he has not had a response from them. B. Trustee Training Requirements 5/1/12 – 4/30/13 Dave Erb – 12 hours Jeff Ricker – 3 hours Joe Knoll – 0 hours Sam Baas – 0 hours John Malcolm – 32 hours IX. OTHER NEW BUSINESS Attorney Collins was not present at the meeting, and President Malcolm will contact Mr. Collins to see what happened. X. ADJOURNMENT Dave Erb, seconded by Sam Baas moved to adjourn the meeting at 9:50 a.m. Motion was approved. Respectfully Submitted ________________________________ Joe Knoll Secretary Minutes approved at the meeting.