HomeMy WebLinkAboutFIRE PENSION - 08/13/2007 - FIRE PENSION MEETING MINUTES MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 13, 2007
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on August 13, 2007 in the Fire
Department Administration Office 901 Brantwood Avenue. President Brian McVeigh
called the meeting, to order at 7:00 p.m.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark Percudani,
Bernard Goss, Dave Miller, Hilda Ingebrigtsen , Sandy Smalley (Finance Dept.) and Ron
Tomanack financial consultant to the pension board. Also in attendance was Pension fund
members Marc Blackaller and Howard Hall.
MINUTES
A motion was made by David Miller to accept the minutes of the May 14, 2007. Brian
McVeigh seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Ron Tomanek submitted a quarterly review/report of the Elk Grove Village Fire Pension
Fund investments with Solomon Smith Barney. He reviewed and explained its contents
to its members.
Ron recommended and Brian McVeigh made the motion to transfer funds from Parnassus
Equity Income Fund in the amount of $1,800,000 into International mutual funds. Split
50% and 50% between Vanguard Total International and Harbor Funds. The remaining
Parnassus assets would be transferred to large capitalization core mutual fund, Thornburg
Value Fund. Hilda Ingebrigsten seconded the motion. The motion passed unanimously.
TREASURERS REPORT
Sandy submitted a balance sheet, open investment listing and disbursement register.
Sandy reviewed and explained the contents to the members.
A motion was made by Brian Mcveigh to accept the Treasurers report. Hilda Ingebrigtsen
seconded the motion. The motion passed unanimously.
OLD BUSINESS
None
NEW BUSINESS
Brian McVeigh presented applications for Regular Retirement for fire department
members William (John) Pilkington and Robert M. Mikenas. (Pension amounts to change
after contract is finalized between the Firefighters union and the Village)
John Pilkington has a Salary of$84,472.00 at the time of retirement (June 3, 2007).
Creditable service of 36 years and 6 months was verified through the Finance and Fire
Chiefs office. John will receive a monthly pension in the amount of$5;279.50 with his
first increase taking place on July 1; 2008.
Robert Mikenas has a salary of$72;160.00 at the time of retirement (July 3, 2007).
Creditable service time of 28 years and 8 months was verified through the Finance and
Fire Chiefs office. Bob will receive a monthly pension in the amount of $4,334.61 with
his first increase taking place on March 1; 2010.
Bernard Goss made the motion to accept the applications for regular retirement pension;
Brian McVeigh seconded the motion. The motion passed unanimously.
The pension board reviewed information on the HELPS (Healthcare Enhancement for
Local Public Safety) Retirees Act. This allows the pensioners to have their health
insurance premiums withheld from their pension checks on a pre-tax basis beginning
January 2007. The motion to offer this to our retirees was made by Bernard Goss and
seconded by Mark Percudani the motion passed unanimously. This process will need to
go through the Human Resource Department to be implemented so that our members can
take advantage of this benefit.
ADJOURNMENT
Brian McVeigh made a motion to adjourn the meeting. Hilda Ingebrigtsen seconded the
motion. The motion passed unanimously. The meeting was adjourned at 7:40 p.m.
The next meeting will be Monday November 5, 2007 at 7:00 PM, at the Fire
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund