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HomeMy WebLinkAboutFIRE PENSION - 05/02/2005 - D A MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND May 2, 2005 CALL TO ORDER A meeting of the Firefighter's pension fund was held on May 2, 2005 in the Fire Department Administration Office 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, Douglas Goostree, Bernard Goss and Ann Walsh. Absent were: Craig Johnson and George Knickerbocker. Also in attendance was Rich Puchlski 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 February 2, 2005 meeting. Brian McVeigh 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 its members. Mary recommended and Nathan made the motion to have three Securities that we own whose name appears on the"List of company filing status" as of April 18, 2005 be removed from our portfolio. The three are Navistar, 99 cents only and AGI. Bernard Goss seconded the motion. The motion passed unanimously. Mary was asked to continue monitoring this list and inform the board if any other securities we own appear on this list and the board will make an informed decision as to what we would like to do at that time. Mary recommended and Nathan made the motion to add an International component to our portfolio of approximately 10% of our equities. The motion included moving $1,000,000 from Kayne Anderson and $500,000 from Vanguard small value for a total of $1,500,000 this amount would be split evenly between the two international funds that the board decided looked best out of the five that Mary researched. The Two funds would be Harbor International and Oakmark International. Bernard Goss seconded the motion. The motion passed unanimously. TREASURERS REPORT Treasurer Christine Tromp submitted a balance sheet,open investment listing and disbursement register. Christine reviewed and explained the contents to the members. A motion was made by Nathan Gac to accept the Treasurers report. Mark Percudani seconded the motion. The motion passed unanimously. OLD BUSINESS None NEW BUSINESS President Brian McVeigh presented to the Board an application for regular retirement pension by Owen Green. Creditable service time (27 years 5 months) was verified through the Fire Chiefs office along with the finance department. Date of pension is March 16, 2005 with an original pension amount of$??,???.??making the original monthly pension$?,???.??. Owen Greens fust prorated monthly pension will be $?.???.?? A motion was made by Brian Mcveigh to accept the application and grant a regular retirement pension to Owen Green with the mention that the salary attached to F/F Green will be adjusted once the Village and the Firefighter union agree on a new wage agreement. Nathan Gac seconded the motion. The motion passed unanimously. President Brian McVeigh stated that he is in receipt of Pension applications and all supporting documents of three new firefighters Scott R. Cordova, Douglas D. Simpson and Matthew G. Porten. A motion was made by Mark Percudani to accept Scott R Cordova, Douglas D. Simpson and Matthew G. Porten into the Elk Grove Village Fire Pension fund. The motion was seconded by Nathan Gac. The motion passed unanimously. A motion was made by Nathan Gac to certify the election for both the active member and the retired member of the board. This election took place in April of 2005. Douglas Gpostree seconded the motion. The motion passed unanimously. Mark Percudani(ran utppposed) will serve a three-year term as the active member on the board and Bernard Poss will serve a three-year term as the retired member on the board.Bernard Goss won the election 37 to 8 against Charles Henriici. Election of officers was held for this new year. Brian McVeigh was elected President, Nathan Gac was elected Vice-President and Mark Percudani was elected as the Pension fund Secretary. Richard Puchlski stated that he would be resigning as the pension attorney for Elk Grove Village Fire Pension Fund. He stated that he would bring to the next meeting a list of candidates for recommendation. ADJOURNMENT Brian McVeigh made a motion to adjourn the meeting. Nathan Gac seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:05 p.m. The next meeting will be Monday August 1, 2005, at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund