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HomeMy WebLinkAboutFIRE PENSION - 11/02/1987 - Fire Pension MINUTES OF BOARD MEETING ELK GROVE FIREMEN'S PENSION FUND NOVEMBER 2, 1987 A meeting of the Firemen's Pension Fund was held on Monday, November 2, 1987 in the Headquarters Fire Station, 101 Biesterfield Road. The meeting was called to order by President Walter J. Kriesant at 7:00 P.M. ROLL CALL On Roll Call the following members were present: Walter J. Kriesant, Patricia S. Smith, George C. Coney, Charles B. Henrici, Harvey R. Speiden,, and Joseph Gardner III. In attendance was David E. Spung. MINUTES Minutes from the August 3, 1987 meeting were read aloud by Secretary J. Gardner III. Motion by H. Speiden, seconded by G. Coney to accept the August 3, 1987 Minutes as read. Motion passed unanimously. TREASURER'S REPORT Treasurer G. Coney submitted a Balance Sheet and Schedule of Investments of the Pension Fund as of October 29, 1987. Also attached was a Disbursement Register covering the period from May 1, 1987 to October 29, 1987. Treasurer G. Coney reviewed the Balance Sheet, Schedule of Investments, and Disbursement Register with the Board members and explained their contents. G. Coney informed the Board -� he had received a final report from Birger Nyborg & Co. ,Ltd.. It was wrong so he sent it back and told them to do it right and get it back to us. Northern Trust was informed. Birger Nyborg & Co. Ltd. was no longer managing any funds as of October 20, 1987. Birger Nyborg & Co. Ltd. has nothing of ours any longer. G.Coney informed the Board he had called Birger Nyborg and informed them the Board was unhappy with his accounting practices and we were cancelling our contract with them and didn't feel we were obligated for the 90 days notice charge. Birger Nyborg disagreeded with that but the Treasurer informed them to "put it in writing and send us a bill". A copy of Firemen's Pension Fund Annual Statement was given to the Secretary to place on file. Treasurer stated approximately $140,000.00 of investments coning up November 15, 1987 and there are some good 4 year treasury bonds yeildinq 10% + ay. available. Motion by C. Henrici, seconded by P. Smith to accept the Treasurer's Report and place the Balance Sheet, Schedule of Invest- ments, Disbursement Register on file with the Pension Board Minutes. Motion passed unanimously. PRESENTATION & APPROVAL OF DISBURSEMENTS Treasurer G. Coney informed the Board 4 bids had been received for a Fireproof, 4 drawer, vertical legal file cabinet with lock. These bids ranged from $989.00 to $780.00. Sun Office in Elk Grove had submitted the $780.00 bid. Motion by C. Henrici, seconded by H. Speiden to accept the $780.00 bid. Motion passed unanimously. APPLICATION FOR DISABILITY Secretary informed the Board he had received a Application for Disability from David E. Spung dated October 1, 1987. Also a letter from the law offices of • MINUTES OF BOARD =ING ELK GROVE FIREMEN'S PENSION FUND r" NOvaMER 2, 1987 Page 2 Kovitz, Shifrin, Ley, Waitzman, Smaller & Glink informing the Board they were representing David E. Spung. Dated October 6, 1987. A package of doctor reports on D. Spung from G. Coney dated October 14, 1987. A doctors report from LakeForest Hospital dated October 19, 1987: Secretary read aloud the application and informed the Board all birth certificates and marriage licences were on file and were certified copies. A discussion followed concerning the reports from the doctors treating D. Spung. What permanent disability was as per Section 4-lo5b. Consensus of the Board was the doctors reports were ambiguous if D. Spung was permanently disabled. The Secretary was directed: Write a letter to the 3 doctors for clarification of David E. Spungs disability. Write a letter to D. Spungs lawyer explaining his present status. Write a letter to Dwight Anderson of the Ill. Dept. of Insurance outlining David E. Spungs specific situation. H. Speiden volunteered to contact Dr. Moore and give him the reports we already had and ask his opinion of the reports and doctors. A discussion followed on what salary the 65% pension would be computed. C. Henrici stated he believed it would include his Para-medic pay. H. Speiden informed the Board at the recent Pension Seminar the specific question was asked and the Ill. Dept. of Insurance stated he should receive it because it was a rank and money had been payed into'the Pension Fund on it. Only if he voluntary quit being a para- medic would it not. David E. Spungs Application for Disability was tabled until the Board received clarification of his condition from his doctors. ., W. Kriesant reported on House Bill # 1931. It is in committee. Some discussion followed. W. Kriesant asked if the Village is still putting in 170 of the salaries? G. Coney reported we are over a $1,000,000.00 over funded. The Village had reduced it this year to put more in the Police Pension Fund approximately $20,000.00 to $25,000.00 to bring the Police Fund up to the Fire Pension Fund. ADJOURNMENT Motion by G. Coney, seconded by C. Henrici to adjourn. Motion passed unanimously. Meeting adjourned at 8:05 P.M. Respectfully submitted, -1f L Joseph Gardner III, Secretary Firemen's Pension Fund