Loading...
HomeMy WebLinkAboutFIRE PENSION - 02/04/2002 - MINUTES OF BOARD MEETING . ' ELK GROVE FIREFIGHTER'S PENSION FUND February 4,2002 CALL TO ORDER A meeting of the Firefighter's pension fund was held on February 4, 2002 in the Fire Department Administration Office 901 Brantwood Avenue. The meeting was called to order by President Brian McVeigh at 7:00 p.m. ROLL CALL On roll call the following members were present: Brian McVeigh, Hilda Ingebrigtsen, Mark Percudani, James MacArthur,Jerry Norris,Ann Walsh, and Nathan Gac. Absent were: Craig Johnson, and George Knickerbocker. Also in attendance were Bob Zelek attorney at law pension fund legal council and Ron Tomanek of Solomon Smith&Barney. MINUTES A motion was made by James MacArthur to accept the minutes of the November 5,2001 meeting. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Ron Tomanek submitted a quarterly review/report of the Elk Grove Village Fire Pension Fund investments with Solomon Smith Barney. He reviewed and explained its contents to its members. The new management team that was put in place at Guardian(as mentioned at our last meeting) is not performing as well as our Soloman Smith Barney representative Mary Tomanek would hope. Therefore she recommends we remove all monies with the Guardian Fund and transfer them into Pacific Fund. Discussion took place on this matter. The motion was made by James MacArthur to follow this recommendation. The motion was seconded by Jerry Norris. The motion passed unanimously. Hilda Ingebrigtsen made the recommendation to the Board to have Mary Tomanek review our account with Lincoln National Fund and report back to the board with her findings. The Board agreed and Mary Tomanek will be instructed to follow up on this matter. 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. Hilda made the recommendation to transfer all our securities currently held with Northern Trust. They should be transferred to Soloman Smith Barney. This will consolidate our funds making it easier to administer and will be cheaper due to the fact that no fees are involved and Bank of America would charge for every transaction along with the Jenny May payments. Jerry Norris made the motion to follow Hilda's recommendation. The motion was seconded by Nathan Gac. The motion passed unanimously. Hilda stated that taxes were levied to meet our actuarial recommendation. Hilda also reported our funding level is 99.8% at this time when comparing our assets to our liabilities. A motion was made by James MacArthur to accept the Treasurer's report. Mark Percudani seconded the motion. The motion passed unanimously. 1 of 2 OLD BUSINESS Illinois Department of Insurance audit was completed. The results were forwarded to all Board members. All corrections were made. We are currently working on updating our Pension files. NEW BUSINESS A motion was made to accept Daniel Ryan into the Fund by Nathan Gac. James MacArthur second the motion. The motion passed unanimously. The Fire Chief stated that we will have four(4)new FireFighters starting February 11,2002. Mark Percudani stated the two (2)terms of office are up. Jerry Norris representing the retirees term is expiring along with Mark Percudani's term. Elections will be held in April and confirmed at the next meeting in May. ADJOURNMENT Brian McVeigh made a motion to adjourn the meeting. Nathan Gac seconded the motion. The motion passed unanimously. The meeting was adjourned at 7:35 p.m. The next meeting will be Monday, May 6,2002, at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: "'2"'4, -1, Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund 2 oft