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HomeMy WebLinkAboutFIRE PENSION - 02/05/2007 - FIRE PENSION MEETING MINUTES MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND February 5, 2007 CALL TO ORDER A meeting of the Firefighter's pension fund was held on February 5; 2007 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, Mark Percudani, Bernard Goss; Dave Miller; Hilda Ingebrigtsen , Christine Tromp (Finance Director) and Mary Tomanack financial consultant to the pension board. Also in attendance were Geoffrey Johnson and Derek Peterson of Russell investments that spoke to the Pension board about the services that Russell Investments could possibly offer to the Elk Grove Village Fire Pension Board. After an overview and explanation of the services that Russell Investments could provide to the Board both left the meeting to be contacting President Brian McVeigh at a later date. MINUTES A motion was made by David Miller to accept the minutes of the November 6, 2006 meeting. Bernard Goss 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 Brian McVeigh made the motion to update long duration segment (manager CS McKee) by shortening the average duration to 7.5 years from 8 years. Hilda Ingebrigsten seconded the motion. The motion passed unanimously. Mary recommended and Hilda Ingebrigsten made the motion to increase equity allocations to 45% (2;400,000) 1;200,000 now and 1;200;000 next quarter. Monies would come from the CS McKee account to be transferred into the Parnassus account. The motion passed unanimously. Mary stated that she would continue to seek a Sudan free International fund. TREASURERS 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 Bernard Goss to accept the Treasurers report. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. OLD BUSINESS Retiree Fred Rohrer has asking the pension board to provide him with information relating to him converting his duty related disability pension to a regular retirement pension. The board contacted Fred to provide him with this information. Fred stated that he is not interested in converting at this time. Annual statements sent out with an error (Howard Hall). Christine stated that this was due to a payroll code that was inactivated at the time the Fire Union and the Village agreed on a new contract. Christine stated that this amount reported to the firefighter in error was only sent to the firefighter and this error never appeared in the annual statement that was sent to the state. The Finance department reported the correct amounts and figures to the state. The finance department will be sending a letter to all firefighters explaining the error. NEW BUSINESS Mark Percudanis term as trustee to the Pension board is due to expire in April of 2007. Mark has indicated that he is interested in this three-year term and Notices will be placed in all the fire stations for anyone that is an active firefighter to run for this trustee position. Christine Tromp reported to the board that Mrs. Marconi (Halvorsen) has contacted the Finance department via an attorney. She will be seeking an increase in the amount provided to her from retiree Ronald Halvorsen. The Board informed Christine that she could handle the request and that she keeps the board informed of the status of this request as it goes through the courts. When an order is received the board will be informed. Christine stated that a new pension law went into effect that allows for health insurance costs up to $3,000.00 be deducted tax free from a retiree who is collecting a pension. The HR department will be sending this information to all the retirees along with forms to participate. Christine asked if the board would allow the assistant finance director Chris Soriano to be a signer on the security and cash account. Christine stated that this would make for a more functional move for both the finance department and the Fire Pension Board. All agreed to allow this. ADJOU%NMENT Bernard Goss made a motion to adjourn the meeting. Dave Miller seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:00 p.m. The next meeting will be Monday May 14, 2007 at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: Mark W. Percudam, Sr. Secretary Firefighter's Pension Fund