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MINUTES OF B01 f&MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
May 3,2004
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on May 3, 2004 in the Fire
Department Administration Office located at 901 Brantwood Avenue. President Brian
McVeigh called the meeting to order at 7:00 p.m.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark Percudani,
Douglas Goostree, Christine Tromp,Benard Goss,Ann Walsh, and Nathan Gac. Absent
were: Craig Johnson and George Knickerbocker. Also in attendance was Mary Tomanek
of Solomon Smith& Barney.
MINUTES
A motion was made by Douglas Gooshce to accept the minutes of the last meeting on
November 3, 2003.Nathan Gac seconded the motion. The motion passed unanimously.
(The February 2004 meeting was canceled due to poor weather)
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 its contents
to its members.
Alliance (large cap growth)was on a watch status but has formally been taken off and is
back to the four diamond rating with the firm. A full report will be issued.
Mary recommended and Nathan Gac rnade the motion to remove all monies from
Guardian(penalty free at the end of July) and distribute it proportionately through our
current managers. Mark Percudani seconded the motion. The motion passed
unanimously.
Mary recommended and Nathan Gac made the motion that the Board seeks a 50/50
balance between value and growth investing within 10% of the target. The Trustees shall
review the portfolio target allocation quarterly and consider rebalancing through new
contributions or account asset transfers. This is a change in the current investment policy.
Brian McVeigh seconded the motion. The motion passed unanimously.
TREASURER'S REPORT
Treasurer Christine Tromp submitted a balance sheet and disbursement register.
Christine reviewed and explained the contents of the balance sheet to the members.
A motion was made by Bernard Goss to accept the Treasurer's report. Brian McVeigh
seconded the motion. The motion passed unanimously.
OLD BUSINESS
None
NEW BUSINESS
President Brian McVeigh presented to the Board an application for regular retirement
pension by Lt. Richard Dugan. Creditable service time (31 years 4 months)was verified
through the Fire Chief s office along with the finance department. Date of Pension is May
8, 2004 with an original pension amount of $48,934.50 making the original monthly
pension$4,077.88. Richard Dugan's first prorated monthly pension will be $3,157.07. A
motion was made by Douglas Goostree to accept the application and grant a regular
retirement pension to Richard Dugan with the mention that the salary attached to Lt.
Dugans retirement will be adjusted once the Village and the Firefighters union agree on
the new wage agreement. Nathan Gac seconded the motion. The motion passed
unanimously.
Nathan Gac was re-elected by acclimation to serve a three-year term as trustee on the
pension board. The Election was to take place in April of 2004.
Election of officers was held for next year. Brian McVeigh was elected President.
Nathan Gac was elected Vice-President and Mark Percudani was elected Secretary.
James MacArthur has received his first: increase in pension in the amount of$195.17 this
took place in March of 2004. The new monthly pension is now$ 6,700.67.
ADJOURNMENT
Nathan Gac made a motion to adjourn the meeting. Brian McVeigh seconded the motion.
The motion passed unanimously. The meeting was adjourned at 8:00 p.m.
The next meeting will be Monday, August 16, 2004, at 7:00 PM, at the Fire
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund