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HomeMy WebLinkAboutFIRE PENSION - 11/01/2004 - \u MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND November 1,2004 CALL TO ORDER A meeting of the Firefighter's pension fund was held on November 1, 2004 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 Mc Veigh, Christine Tromp, Mark Percudani, Doug Goostree and Bernard Goss. Absent were: Ann Walsh,Nathan Gac,Craig Johnson and George Knickerbocker. Also in attendance were Mary Tomanek of Solomon Smith&Barney and Actuary Timothy Sharpe. MINUTES A motion was made by Bernard Goss to accept the minutes of the meeting held on August 16, 2004. 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 the Board. Mary stated the Lord Abbett (Large Value) is exiting Illinois local pension plans. Mary has started a search to replace them. Starting with ten candidates she has compiled information and provided the Board with a package that outlined information on all ten. Mary felt that the best two candidates are NFJ Investment Group and NWQ Investment Managers. A discussion of both candidates followed with Mary recommending and Brian McVeigh making the motion to move the monies from the Lord Abbett account into NFJ Investment Group. Bernard Goss seconded the motion. The motion passed unanimously. Mary stated that we have a Bond coming due (Coupon Treasuree Receipt) for the amount of$995,000.00. Christine recommended and Brian made the motion to move this money into the pensions equity funds. Mark Percudani 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. Bernard Goss seconded the motion. The motion passed unanimously. OLD BUSINESS Firefighter David Hoppe has turned in his application for pension. Brian McVeigh made the motion to accept David Hoppe into the fund. Doug Goostree seconded the motion. The motion passed unanimously. NEW BUSINESS President Brain McVeigh presented to board an application for regular retirement pension by Robert T. Marshall. Creditable service time(29 years and 4 months)was verified through the Fire Chiefs office along with the Finance department. Date of Pension is September 13, 2004 with an original pension amount of$44,013.20 making the original monthly pension $3,667.77. Robert T. Marshall's first prorated monthly pension will be $2,200.66. A motion was made by Brian McVeigh to accept the application and grant a regular retirement pension to Robert T. Marshall with the mention that the salary attached to F/F Marshall will be adjusted once the Village and the Firefighters Union agree on a new wage agreement. Mark Percudani seconded the motion. The motion passed unanimously. The recent changes to the pension codes were discussed briefly. It was decided that the Board needs to gather further information pertaining to the changes. Discussion took place pertaining to the firefighters that have expressed interest in and possibly would apply for this benefit. It was noted that the Board would be looking into this matter with the pension fund legal council. Christine introduced Timothy Sharpe the actuary that provided the Actuarial Valuation Report for the Elk Grove Village fire pension fund from May 1, 2004 and ending April 30,2005. Mr. Sharpe provided the members with a copy of this report and reviewed its contents and figures with the Board. The Board felt that this was very informative and thanked Mr. Sharpe for his visit. ADJOURNMENT Bernard Goss made a motion to adjourn the meeting. Brian McVeigh seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:35 p.m. The next meeting will be Monday, February 7, 2005 at 7:00 PM. At the Fire Administration Building. Respectfully submitted by: ,�,zZ� I,- . Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund