HomeMy WebLinkAboutFIRE PENSION - 08/01/2005 - MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 1, 2005
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on August 1, 2005 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,
Christine Tromp, Mark Percudani, Bernard Goss, and Ann Walsh. Absent were:
Douglas Goostree,Craig Johnson and George Knickerbocker. Also in attendance was
Mary Tomanek of Solomon Smith &Barney, Rich Puchlski attorney at law, Pension fund
legal council along with pension members Robert Stecki, and Mathew Bonilla.
MINUTES
A motion was made by Nathan Gac to accept the minutes of the last meeting on May 2,
2005. 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 made the recommendation and Nathan Gac made the motion to amend the
investment policy asset allocation section to include an International componant with a
target of 10% (min 5% and a max of 15%). Mark Percudani seconded the motion. The
motion passed unanimously.
Mary recommended and Nathan made the motion to also amend the policy to lower the
small/mid cap target rate to 20% (from 30%) with a min of 15% and a max of 25%. Brian
McVeigh seconded the motion. The motion passed unanimously.
Mary asked the board to consider choosing one of the two mid cap managers Madison
investments or Segal Bryant as replacement of Kayne Anderson who was downgraded
from a four-diamond rating to a three-diamond rating. Discussion took place and Mary
recommended and Nathan made the motion that the board move the monies (aprox.
$1,600,000.00) in the Kayne Anderson account to Madison Investment Advisor. Brian
seconded the motion. The motion passed unanimously.
TREASURERS 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 Nathan Gac to accept the Treasurers report. Brian McVeigh
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Christine stated that she would contact Timothy Sharpe to help in responding back to F/F
Hall and F/F Reid regarding the transfer of creditable service.
NEW BUSINESS
President Brian McVeigh presented to the Board an application for regular retirement
pension by D/C James M. Forde. Creditable service time (30 years 1 month) was verified
through the Fire Chiefs office along with the finance department. Date of Pension is June
1, 2005 with an original pension amount of $72,972.00 making the original monthly
pension $6,081.00. James M. Forde's first prorated monthly pension will be $6,081.00. A
motion was made by Nathan Gac to accept the application and grant a regular retirement
pension to James M. Forde. Brian McVeigh seconded the motion. The motion passed
unanimously.
ADJOURNMENT
Nathan Gac made a motion to adjourn the meeting. Brian McVeigh seconded the motion.
The motion passed unanimously. The meeting was adjourned at 7:50 p.m.
The next meeting will be Monday, November 7, 2006, at 7:00 PM, at the Fire
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund