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HomeMy WebLinkAbout10/22/2013 FPFB Minutes Minutes of the Regular Meeting of the Mount Prospect Firefighters Pension Fund Meeting th 4 Quarter October 22, 2013 I. CALL TO ORDER ROLL CALL President John Malcolm called the meeting to order at 8:30 a.m. Present upon roll call: John Malcolm President David Erb Treasurer Sam Baas Retired Firefighter Joe Knoll Secretary/Firefighter Jim East FOIA/OMA Officer/Firefighter Also present was Howard Pohl & Jeffery Black of Becker, Burke Associated Carry Collins the Pension Fund Attorney arrived at 8:38 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 July 23, 2013 Minutes will be submitted at the January 28, 2014 meeting. B. Special Meeting July 26, 2013 Motion by Jim East, seconded by Dave Erb to approve the Minutes as submitted. Motion was approved. V. A. David Erb handed out a copy of the Mount Prospect Firefighters Pension Fund Financial report for the period July 1, 2013 and ending September 30, 2013. Mr. Erb outlined the information in the report. Statement of Assets As of September 30, 2013 the Fund had net assets with a market value totaling $51.9 million. Of this amount, $8.8 million was under management by Galliard and $13.1 million was under management by Segall Bryant. Income Statement rd $2,678.596 for the 3 quarter are up $4,637,441 year-to-date. Total revenues for this quarter were $3,698, 392. Contributions of $1,281,793 were made up of property and replacement taxes totaling $1,116,515 and pension contributions of $165,278. Gains from the fixed income portion of the portfolio totaled $162,511 while the value of equities grew $2,253,966. Expenditures for pension benefits accounted for $980,233 of the total during the third quarter, other operating expenses including investment advisor fees, legal, bank charges, insurance and other expenses totaled $39, 563. Motion by Joe Knoll, seconded by Sam Baas to accept Report as presented. Motion was approved. B. Approve Disbursements Motion by Sam Baas, seconded by Jim East to accept the list as presented. Roll John Malcolm yes Dave Erb yes Sam Baas yes ` Jim East yes Joe Knoll - yes C. Quarterly Financia Report l Mr. Erb asked Howard Pohl & Jeffery Black from Becker, Burke Associates to provide the Quarterly Financial Report. They went through the entire document highlighting pertinent facts, charts and graphs Motion by Joe Knoll, seconded by Dave Erb to authorize Dave Erb to fill out the paperwork to invest 5% into Principal Real Estate Investors LLC in an amount up to $2.5 million, and authorize Dave Erb to transfer the money into this Fund. Roll John Malcolm yes Dave Erb yes Sam Baas yes ` Jim East yes Joe Knoll - yes Motion by Dave Erb, seconded by Joe Knoll to accept the Quarterly Financial Report as presented. Motion was approved. D. Ratify Transactions of Trade from last quarter None VI. COMMITTEE REPORTS A. Medical Committee No Report. B. Legal Committee No Report. VII. OLD BUSINESS A. Motion by Dave Erb, seconded by Joe Knoll to accept the Rules & Regulations with the changes discussed. Motion was approved. B. Attorney Collins brought the Board up to date with the discussions so deposed and the other two doctors will be deposed by January 2014. VIII. NEW BUSINESS A. Trustee Training Requirements 5/1/13 4/30/14 Dave Erb 12 hours Jim East 16 hours Joe Knoll 0 hours Sam Baas 0 hours John Malcolm 16 hours B. Request for Benefits/Refunds. a. Retirement Benefits None b. Disability Benefits Attorney Collins reports that he has received the reports of Eric Mertes Physical Exams. He will ask for the Medical Records and set up Medical Appointments with the Doctors Motion by Joe Knoll, seconded by Sam Baas to accept Eric Mertes Disability Application subject to review by Board Members. Motion was approved. c. Application for Admission into the Fund None d. Request for Refund None IX. OTHER NEW BUSINESS None X. EXECUTIVE SESSION None XI NEXT MEETING DATE January 28, 2014 XII. ADJOURNMENT John Malcolm, seconded by Dave Erb moved to adjourn the meeting at 10:19 a.m. Motion was approved. Respectfully Submitted ________________________________ Joe Knoll Secretary Minutes approved at the meeting.