HomeMy WebLinkAboutFIRE PENSION - 11/14/2016 - Fire Pension MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTERS PENSION FUND
November 14, 2016
CALL TO ORDER
A meeting of the Elk Grove Firefighters Pension Fund was held on November 14, 2016 in Conference
room"A" at Village Hall located at 901 Wellington Ave. Secretary Joe Hamilton called the meeting to
order at 1:40 PM.
ROLL CALL
The following board members attended the meeting: Mike Belpedio, Joe Hamilton and Richard Mikel.
Also in attendance were Deputy Director of Finance Sandy Smalley and Doug Oest and Jose Sanchez
of Marquette Associates. Absent from the meeting were board members Tim Sexton and Bernard Goss,
as well as Finance Director Christine Tromp.
MINUTES
A motion was made by Hamilton to accept the minutes from the August 10', 2016 Pension Board
Meeting. Belpedio seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Jose Sanchez of Marquette Associates submitted to the board copies of the Elk Grove Village
Firefighters Pension Fund Executive Summary dated September 30, 2016 for explanation and review.
In summary,the total fund had a return of 3.0% for the quarter, slighting outperforming the policy
benchmark return of 2.9%. The Total Fund had a return of 9.4% for the year, slightly underperforming
the policy benchmark return of 9.6%. The Total Fund market value as of September 30, 2016 was $65,
464,094.
In the report as explained by Sanchez, it was suggested that the board exchange 1.0% of the Vanguard
Total International Stock Index Fund with 1.0% of the Vanguard Institutional Index Fund. This cheaper
share class would result in a savings of about $2100.00 a year. A motion was made by Hamilton to
accept the exchange. Belpedio seconded the motion. The motion passed unanimously.
TREASURER'S REPORT
Sandy Smalley submitted a balance sheet, open investment listing and distribution register to the board.
There were no increases to the pension as of October 2016. A motion was made by Hamilton to accept
the Treasurer's report. Belpedio seconded the motion. The motion passed unanimously.
OLD BUSINESS
Hamilton stated that he was in receipt of a Notice of Intent to Receive Benefits Based on Combined
Creditable Service application from former fund member Gus Tsoulos dated May 19, 2016 along with
a check for distribution from ICMA-RC for the amount of$12,498.70. Gus Tsoulos began his
probationary appointment on 09/13/1999 and separated from the Elk Grove Village Fire Department on
02/06/2001. Since the last board meeting, Gus Tsoulos' application and refund from the pension fund
dated 2/12/2001 were verified against the Finance Department and Pension Board's records. Hamilton
made a motion to accept Gus Tsoulos' notice of intent and associated contribution for combined
creditable service. Belpedio seconded the motion. The motion passed unanimously.
NEW BUSINESS
Belpedio stated that he was in receipt of an Application for Military Service Credit from active member
Ronald Naida. Naida served in the United States Navy from December 4, 1984 until December 3, 1987
when he was honorably discharged from active duty. Christine Tromp received a check of$54,344.84
from Naida which satisfies the amount to receive 24 months credit for his military service prior to
employment with the Elk Grove Village Fire Department. Belpedio made a motion to accept Ronald
Naida's application for creditable service. Hamilton seconded the motion. The motion passed
unanimously.
Hamilton stated that he was in receipt of an application for distribution of survivor's benefits for Walter
Kriesant. Walter Kriesant died 9/30/2016 and is survived by his wife Lena Kriesant. Peggy Schauer of
Tomahawk, WI contacted the board regarding Walter's death and provided paperwork verifying that
she was Walter Kriesant's Durable Power of Attorney. Peggy Schauer gave information stating that
Lena Kriesant is mentally incapacitated and furnished a Durable Power of Attorney for Lena Kriesant
financial affairs. All paperwork was reviewed and verified by the board, the fund treasurer and the
board's attorney. Joe Hamilton made the motion to transfer Walter's survivor's benefit to Lena
Kriesant. Belpedio seconded the motion. The motion passed unanimously.
ADJOURNMENT
Hamilton made a motion to adjourn the meeting. Belpedio seconded the motion. The motion passed
unanimously. The meeting was adjourned at 2:15 PM.
The next regular meeting date will be February 6, 2017 at 1:30 PM in conference room "A" at Charles
J. Zettek Municipal Center.
Respectfully submitted by:
Joe Hamilton
Secretary, Elk Grove Village Firefighters Pension Fund