HomeMy WebLinkAboutFIRE PENSION - 02/07/2005 - MINUTES OF BOARD MEETING 1 p15 VS
ELK GROVE FIREFIGHTER'S PENSION FUND \\
February 7,2005
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on February 7, 2005 in the Fire
Department Administration Office located at 901 Brantwood Avenue. President Brian
McVeigh called the meeting to order at 7:05 p.m.
ROLL CALL
On roll call the following members were present: Brian McVeigh,Nathan Gac, Christine
Tromp,Mark Percudani, Ann Walsh,Douglas Goostree and Bernard Goss. Absent were:
Craig Johnson and George Knickerbocker. Also in attendance was Rich Puchalski
attorney at law pension fund legal council and Mary Tomanek of Solomon Smith&
Barney:
MINUTES
A motion was made by Nathan Gac to accept the minutes of the meeting held on
November 1, 2005. Bernard Goss 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 stated that the relocation of funds fi•om the Lord Abbett account into the NFJ
Investment Group has not taken place due to NFJ walking away from Illinois public
pension accounts. Mary stated that she has started the search all over again and narrowed
it to two candidates, MacKay Shields and Flippen, Bruce and Porter. Mary stated that she
would favor MacKay Shields with our asset mix.Nathan Gac made the motion to move
the monies from the Lord Abbett account into the MacKay Shield. Brian McVeigh
seconded the motion. The motion passed unanimously.
TREASURER'S REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement
register. Christine reviewed and explained the contents to the members.
A motion was made by Mark Percudani to accept the Treasurer's report. Nathan Gac
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Bemard Goss asked Pension attorney Rich Puchalski to provide the board with
information pertaining to the recent changes in the pension code that have to do with
benefits going to a surviving spouse.Rich stated that he would get back to the board with
this information.
NEW BUSINESS
Brian McVeigh presented to the board the application for regular retirement pension by
Patrick Beck. Brian stated that all his paperwork was in order. Creditable service time
(26 years and 4 months) was verified through the Fire Chiefs office along with the
Finance department. Date of pension is December 22, 2004 with an original pension
amount of $39,511.85 making the original monthly pension$3,292.65. Patrick Beck's
first prorated monthly pension will be $1,062.15. A motion was made by Nathan Gac to
accept the application and grant a regular retirement pension to Patrick Beck with the
mention that the salary attached to F/F Beck will be adjusted once the Village and the
Firefighters union agree on a new wage agreement. Bernard Goss seconded the motion.
The motion passed unanimously.
Mark Percudani stated that two trustee terms are to expire and that the board will be
holding elections in April. Bernard Goss elected as the retired trustee and Mark Percudani
elected active members of the fire department. Both terms will expire April 30, 2005.
BothJ have indicated that they will run for another term.
ADJOURNMENT
Nathan Gac made a motion to adjourn the meeting. Ann Walsh seconded the motion.
The motion passed unanimously. The meeting was adjourned at 8:05 p.m.
The next meeting will be Monday, May 2, 2005 at 7:00 PM, at the Fire Administration
Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund