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HomeMy WebLinkAbout9a. FPFB Minutes 07/22/2014 MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES PENSION FUND JULY 22, 2014 A regular meeting of the Board of Trustees of the Pension Fund was held TUESDAY, JULY 22, 2014, at 8:30 am on at 112 East Northwest Highway, Mount Prospect, Illinois, pursuant to notice. CALL TO ORDER: The meeting was called to order by Trustee Malcolm at 8:35am. PRESENT: Trustee John Malcolm, Trustee Joseph Knoll, Trustee Jim East, Trustee Sam Baas, Trustee Dave Erb ABSENT: None ALSO PRESENT: Howard Pohl and Mary Nye, The Bogdahn Group; Cary Collins, Collins & Radja; Barb Utterback and Sara Williams, Lauterbach & Amen, LLP PUBLIC COMMENT: None nd APPROVAL OF MEETING MINUTES: The minutes from the regular meeting of April 22, 2014 were reviewed. A motion was made by Trustee Erb and seconded by Trustee East to approve the minutes as amended. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Minutes: There are no closed session meeting minutes for review and release at this time. Trustee Joseph Knoll and Mr. Cary Collins arrived to the meeting at 8:38am. T Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending June 30, 2014. The total market value of the fund as of 06/30/2014 is $55,675,672. The unrealized gain is $394,158 for the quarter. A list of all vendor disbursements for the quarter was included in the report, totaling $89,572.85. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 6/30/2014. All questions were answered by Trustee Erb. A motion was made by Trustee Knoll and seconded by Trustee Baas to accept the financial report for the period ending 06/30/2014 as presented by Trustee Erb. Motion carried by unanimous voice vote. A motion was made by Trustee Knoll and seconded by Trustee Baas to approve the vendor disbursements for the second quarter in the amount of $89,572.82. Motion carried by roll call vote AYES: Trustees Malcolm, Knoll, East, Baas, Erb NAYS: None ABSENT: None INVESTMENT REPORT: Howard Pohl discussed the long term market value of the fund, along with the risk-reward analysis, current and projected market conditions. Mary Nye presented the investment report for the period ending 06/30/2014. As of 06/30/2014, the market value of the portfolio is $59.4 million. Investment return is 3.07% for the quarter. The portfolio composition is 60% in equities, 39% in fixed income, and 0.3% in cash and equivalent. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance, and investment fees. All questions were answered by the representatives from The Bogdahn Group. A motion was made by Trustee Knoll Pension Fund Minutes of Meeting July 22, 2014 Page 2 and seconded by Trustee Baas to accept the investment report as presented. Motion carried unanimously by voice vote. COMMUNICATIONS AND REPORTS: Active Member Files: Lauterbach & Amen reported that the scanning of Active Member Files will being soon. Trustees were asked to review a sample of the letter that will be sent to all Active Members to update files as necessary. L&A will mail letters to the home mailing addresses of Active Members. An update will be provided at the next regular meeting on October 21, 2014. Affidavits of Continuing Eligibility: L&A provided Trustees with a sample of the Affidavits of Continuing Eligibility. Upon receipt of Retired Member names and mailing addresses from the Board, Lauterbach & Amen will send Affidavits to Pensioners in December 2014. NEW HIRES/APPLICATIONS TO THE PENSION FUND: The Board acknowledged the admission of two newly hired firefighters, Joseph Wysong and Michael Romano. Both firefighters are Tier II status. Joseph Wysong was appointed to the department on 06/02/14 and Michael Romano was appointed to the department on 07/07/14. RETIREMENT AND DISABILITY APPLICATIONS: Mr. William Foehring has given notice of retirement, with an effective date of retirement of August 8, 2014. A motion was made by Trustee Knoll and seconded by Trustee Baas to give Trustee Erb the authority to prepare the benefit calculation for Mr. William Foehring, to be ratified at the next regular meeting on October 21, 2014. Motion carried by unanimous voice vote. Disability Update Reicher Cary Collins reported that Mr. Reicher is scheduled for a Functional OLD BUSINESS: Disability Application Update Tom Willming: There is no update at this time as there has not been communication received from Mr. Willm Trustee Training Updates: Lauterbach & Amen reminded all Trustees to provide any copies of Trustee Training certificates to Lauterbach & Amen for record keeping. Upcoming Trustee Training opportunities were discussed. NEW BUSINESS: The Bogdahn Group presented the Board with an updated contract of services. The fee for the two year service agreement has stayed the same as the previous contract at $36,000.00. A motion was made by Trustee Erb and seconded by Trustee Knoll to approve the Agreement for Investment Performance Monitoring and Advisory Services, Motion carried by roll call vote. AYES: Trustees Malcolm, Knoll, East, Baas, Erb NAYS: None ABSENT: None ATTORNEY REPORT: Mr. Cary Collins of Collins & Radja reviewed recent court cases regarding pension funds. Pension Fund Minutes of Meeting July 22, 2014 Page 3 CLOSED SESSION: There was no Closed Session needed. ADJOURNMENT: A motion was made by Trustee Erb and seconded by Trustee Baas to adjourn the meeting at 10:07am. Motion carried unanimously by voice vote. The next regular meeting is scheduled for TUESDAY, OCTOBER 21, 2014 at 8:30am at 112 East Northwest Highway, Mount Prospect, Illinois. _________________________________________ Date Approved by Board _____________. Joseph Knoll, Board Secretary Minutes prepared by Sara Williams, Pension Services Administrator, Lauterbach & Amen, LLP