HomeMy WebLinkAboutFire Pension Board Meeting Minutes May 2016MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTERS PENSION FUND May 2, 2016
CALL TO ORDER
A meeting of the Firefighters pension fund was held on May 2, 2016 in Conference room “A” at
Village Hall located at 901 Wellington Ave. President Bernard Goss called the meeting to order
at 1:30 PM.
ROLL CALL
The following members attended the meeting: Bernard Goss, Richard Mikel, Mike Belpedio,
Joe Hamilton, and Tim Sexton. Also in attendance were Christine Tromp (Finance Director),
and Jason Sanchez and David Wernecke of Marquette Associates (financial consultants to the pension board).
MINUTES
A motion was made by Richard Mikel to accept the minutes from the Pension board meeting
held on August 3, 2015. Bernard Goss seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Jose Sachez of Marquette Associates submitted a quarterly review/report of the Elk Grove
Village Fire Pension Fund investments with Marquette Associates dated March 31, 2016
explaining its contents.
In Summary the Total Fund returned 1.7% for the quarter, outperforming the policy benchmark
return of 1.6%. The Total Fund market value as of March 31, 2016 was $65,004,828.
No other action was recommended or taken at this meeting.
TREASURERS REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement register
with no increases of pension as of February 2016. Christine reviewed and explained the contents
to the members.
The Christine Tromp reviewed some of the 2015-2016 actuarial valuation report with the board.
Tromp explained that she was looking to liquidate $2,000,000 in the next two and was looking to
Marquette Associates as to where to place this money.
Bernard Goss made the motion to accept the Treasurers report. Mikel seconded the motion. The
motion passed unanimously.
OLD BUSINESS
None
NEW BUSINESS
Joe Hamilton stated that he is in receipt of the application for regular retirement from Richard
Garchie. Richard Garchie’s salary at the time of retirement is $119,081.80, this includes his
$1,125 for MEP. Creditable service time of 30 years, 2 months and 4 days was verified through the Finance department along with the pension files. Garchie will receive an annual pension from
EGV Fire Pension Fund in the amount of $89,311,35. His first increase will take place on June 1,
2017. Bernard Goss made the motion to accept the application for regular retirement pension for
Richard Garhie. Joe Hamilton seconded the motion. The motion passed unanimously
Mark Percudani terms ends May 2016 and he has expressed that he will not seek reelection.
Elections were held for the vacated seat on April 18, 2016. Carl Evert and Mike Belpedio were
the two candidates up for election. Joe Hamilton and Richard Mikel tallied the votes on April 28,
2016. 66 ballots were cast. Mike Belpedio received 57 ballots and Carl Evert received 9 ballots.
Bernard Goss made the motion to accept the election results. Joe Hamilton seconded the motion. The motion passed unanimously.
Mike Belpedio shared with the board that he has served as a Firefighter/Paramedic for Elk Grove
since . Mike Belpedio earned his bachelors degree in finance from Illinois State University.
On March 29, 2016, Mayoral appointee and board member Mike Brottman tendered his
resignation to Elk Grove Village Mayor Craig Johnson from the Elk Grove Village Pension
Board effective immediately. Mike Brottman was appointed in May 2015 for a three term.
Mayor Craig Johnson appointed Tim Sexton to the board for remainder of Brottman’s term. Tim
Sexton shared with the board that has been an Elk Grove resident of 15 years with his wife and 3 kids. Professionally, Tim is the Director of Finance for the Village of Lombard (9 years), and
has been heavily involved with pensions. Tim Sexton has been with Lombard for 17 years, also
serving as an Accountant and Assistant Director of Finance. Prior to coming to Lombard, he
spent 3 years working in a corporate tax department, and one year as a state tax auditor. Tim
also served nine years in the Illinois Army National Guard and the Army Reserves and has served as the team leader for pension training on the Illinois Government Finance Officers
Association Professional Education Committee from 2009 to 2013. He has a Bachelor’s degree
in Accounting and a Master’s degree in Public Administration, both from NIU.
Elections for officers of board were held. Bernard Goss was elected President, Mike Belpedio as Vice President, and Joe Hamilton as Secretary.
Former Elk Grove Village and current Schaumburg Firefighter Gus Tsoulos has indicated to the
board of his interest to receive benefits based on combined creditable service. The board awaits
the submition of Tsoulos’ notice of intent.
ADJOURNMENT
Joe Hamilton made a motion to adjourn the meeting. Bernard Goss seconded the motion. The
motion passed unanimously. The meeting was adjourned at 2:04 PM.
The next regular meeting date will be Monday August 1, 2016 at 1:30 PM, in Conference room
“A” of Village Hall.
Respectfully submitted by:
Joe Hamilton
Secretary, Firefighters Pension Fund