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HomeMy WebLinkAboutFIRE PENSION - 02/07/2000 - � c MINUTES OF BOARD MEETING p� ELK GROVE FIREFIGHTER'S PENSION FUND February 7,2000 CALL L TO ORDER A meeting of the Firefighter's pension fund was held on February 7,2000 in the Fire Department Administration Office 901 Brantwood Avenue. The meeting was called to order by President Richard Dugan at 7:02 p.m. ROLL CALL On roll call the following members were present: Richard Dugan, Jerry Norris,Hilda Ingebrigtsen,Mark Percudani,James D. MacArthur,and Brian McVeigh. In addition William Mackie Attorney at Law, Pension Fund Legal Counsel,and Mary Tomanek of Solomon Smith Barney were also in attendance. Absent were,Craig Johnson, George Knickerbocker, and Ann WAIsh. MINUTES A motion was made by James Mac Arthur to accept the minutes of the November 8, 1999 meeting. Jerry Norris seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Mary Tomanek handed out a quarterly review/report of the Elk Grove Village fire pension fund investments with Solomon Smith Barney. She reviewed and explained its content to the members. Mary explained and discussed the process of researching candidates to manage a newly created fixed income longer duration bond type investment fund. Mary started with 253 candidates. She narrowed it down to two for the Board. After further review and discussion on both managers a motion was made by Jerry Norris to follow the recommendation of Mary Tomanek of Solomon Smith Barney. The motion was seconded by Mark Percudani. The Board was polled, all members voted in accordance with the motion. TREASURER'S REPORT Treasure Hilda Ingebrigisen submitted a balance sheet, disbursement register, and open investment listings. Hilda reviewed and explained the contents of these reports to the members. A motion was made by Jerry Norris, to move all monies in the account with Bank of America, (Due to the lack of activities with this account,and before any service charges might be incurred)and relocate the monies into another already existing account ILLINOIS FUNDS. The motion was seconded by Brian McVeigh. The motion passed unanimously. Pagc 2 of 2 A motion was made by Jerry Norris to accept the Treasurer's Report. Brian McVeigh seconded the motion. The motion passed unanimously. ODM President Dugan stated that he is in receipt of Gus Tsuolos' pension application and all supporting documents. A motion was made by Brian McVeigh to accept Gus into the Elk Grove Village Fire Pension Fund. The motion was seconded by James Mac Arthur. The motion passed unanimously. NEW BUSINESS Jerry Norris presented the Board with a copy of a letter he had sent to the Illinois Professional Firefighters Association regarding the video/audio taping of their pension seminars. The Illinois Professional Firefighter Association is now going to look into cost associated with taping and making these tapes available to pension funds like ours. Mark Percudani brought up the subject of the upcoming elections to the pension board. Brian McVeigh's term is up. Notices need to be posted in the fire houses in March for the election to take place the third week in April. President Dugan stated he would like to order 100 pocket books of the new pension codes at a cost of$3.00 each. This would provide each members of the fund with his/her own updated copy of the pension codes. The motion was made by Jerry Norris to purchase these books. The motion was seconded by James MacArthur. The motion passed unanimously. ADJOURNMENT Motion was made by Jerry Norris to adjourn. It was seconded by Mark Percudani_ Motion passed unanimously. Meeting was adjourned at 7:55 p.m. The next meeting will be on Monday, May 1, 2000 at 7:00 P.M. at the Fire Administration Building Respectfully submitted by: Mark W. Percudam, Sr. Secretary Firefighter's Pension Fund