HomeMy WebLinkAboutFIRE PENSION - 08/16/2004 - MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 16,2004
CALL TO ORDER
A meeting of the Firefighter's pension fwzd was held on August 16,2004 in the Fire
Department Administration Office located at 901 Brantwood Avenue. President Brian
McVeigh called the meeting to order at 7:10 p.m.
ROLL CALL
On roll call the following members were present: Brian McVeigh,Nathan Gac,Ann
Walsh, Mark Percudani and Bernard Goss. Absent were: Christine Tromp, Douglas
Goostree, Craig Johnson and George Knickerbocker. Also in attendance were Rich
Puchlski attorney at law pension fund legal council and Mary Tomanek of Solomon
Smith& Barney, Chris Soriano Assistant director of finance along with Fund member
Richard Garchie.
MINUTES
A motion was made by Bernard Goss to accept the minutes of the meeting held on May
3, 2004. Nathan Gac 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 its contents
to the board.
Mary submitted an updated version of the investment policy so that it would reflect the
updates/changes the board has made since last issued.Nathan Gac made the motion to
accept this revision of the policy. The motion was seconded by Brian McVeigh,the
motion passed unanimously. A final copy will be sent to finance for the required
signatures.
Mary recommended and Nathan made the motion that we add the Guardian assets to
separate accounts to obtain 75%large cap, 25% small/medium cap, and 50/50
value/growth equity allocations.
Mary also recommended and Nathan Gac made the motion to consider adding additional
available cash equivalent to investments 65%/35%per our investment policy. The motion
was seconded by Brian McVeigh the motion passed unanimously.
TREASURER'S REPORT
Chris Soriano submitted a balance sheet, open investment listing and disbursement
register. Chris reviewed and explained the, contents to the members.
A motion was made by Nathan Gac to accept the Treasurer's report. Mark Percudani
seconded the motion. The motion passed unanimously.
OLD BUSINESS
NONE
NEW BUSINESS
Newly hired firefighter David Hoppe has not turned in an application to the fund Mark
Percudani will look into this.
The recent changes to the pension codes were discussed briefly. It was apparent that the
board needs to gather further information pertaining to the changes.
Nathan Gac stated that the two actuarial reports possibly have two different return
percentages on our investments.Nathan stated that more information is needed and that
he will be looking into this and keeping the board informed of his findings.
ADJOURNMENT
Bernard Goss made a motion to adjourn the meeting. Mark Percudani seconded the
motion. The motion passed unanimously. The meeting was adjourned at 7:38 p.m.
The next meeting will be Monday,November 1, 2004 at 7:00 PM,at the Fire
Administration Building.
Respectfully submitted by:
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Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund