HomeMy WebLinkAboutFIRE PENSION - 05/07/2001 - MINUTES OF BOARD MEETING 0+
ELK GROVE FIREFIGHTER'S PENSION FUND 3
May 7, 2001
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on May 7, 2001 in the Fire Department
Administration Office 901 Brantwood Avenue. The meeting ws called to order at 7:05 p.m.
ROLL CALL
On roll call the following members were present: Richard Dugan, Hilda Ingebrigtsen, Mark Percudani,
Brian McVeigh, James D. MacArthur, Ann Walsh. Absent were: Craig Johnson and George
Knickerbocker. In addition Rick Puchlski, Attorney at Law, Pension Fund Legal Counsel was in
attendance, along with newly elected Pension trustee Nathan Gag and Pension member Ted Popielewski.
MINUTES
A motion was made by Brian McVeigh to accept the minutes of February 12, 2001 meeting. Hilda
Ingebrigtsen seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Mary Tomanek submitted a Quarterly Review/Report of the Elk Grove Village Fire Pension Fund
investments with Solomon Smith Barney. She reviewed and explained it's contents to the members.
Mary asked the Board to consider 4 strategies.
1. Fund fixed(10 -20 years segment)with cash and existing securities rather than just cash. The
securities would come from the 2 - 5 year segment.
2. Consider a fixed income manager search for assets on the 2nd and 3rd segments.
3. Continue dollar cost averaging of equities beyond 6/30/01.
4. Create a strategy of rebalancing of the funds on a timely basis. Once a year or every 6 months.
The board decided to rebalance the funds at this time to bring them back in line with the originally
proposed equity allocations.
The board asked Mary to research candidates of fixed income managers and present options and
recommendations to them at the next meeting(8/13/01).
TREASURER'S REPORT
Treasurer Hilda Ingebrigtsen submitted a balance sheet and disbursement register. Hilda reviewed and
explained the contents of the balance sheet to the members.
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A motion was made by James MacArthur to accept the Treasurer's report. Brian McVeigh seconded the
motion. The motion passed unanimously.
OLD BUSINESS
None
NEW BUSINESS
A motion was made by James MacArthur to certify the election held on April 23, 2001 of Nathan Gag to
a three year term of Office on the Elk Grove Village Fire Pension Board.
Election of officers was held for next year. Brian McVeigh was elected President, Jerry Norris was
elected Vice President, and Mark Percudani was elected Secretary.
Discussion took place on the topic of absentee ballets. A motion was made by Jerry Norris to amend the
rules and regulations to allow absentee ballets for the next election. The motion was seconded by Mark
Percudani. The motion was passed unanimously.
The State is going to audit the Fire Pension Fund sometime in June.
ADJOURNMENT
Jerry Norris made a motion to adjourn the meeting. Brian McVeigh seconded the motion. The motion
passed unanimously
at 8:45 p.m.
The next meeting will be Monday, August 13, 2001 at the Fire Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr. ,
Secretary Firefighter's Pension Fund
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