HomeMy WebLinkAboutFIRE PENSION - 11/05/2007 - FIRE PENSION MEETING MINUTES MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
November 5, 2007
CALL TO ORDER
A meeting, of the Firefighter's pension fund was held on November 5, 2007 in the Fire
Department Administration Office 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 McVeigh, Mark Percudani, Dave
Miller; Hilda Inaebrigtsen , Christine Tromp (Finance Director) and Mary Tomanack
financial consultant to the pension board. Absent was Bernard Goss.
MINUTES
A motion was made by Brian McVeigh to accept the minutes of the August 13; 2007
meeting after some changes where made that included Sandy Smalley at the meeting not
Christine and the mention in the minutes about the retirement pension adjustments to
Pilkington and Mikenas after the new agreement between the Firefighters union and the
Village this new amount will be mentioned as old business at this meeting. Dave Miller
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 move $500;000.00 from
Pacific into cash at Smith Barney to meet our expenditures while the tax levys come in.
Dave Miller seconded the motion the motion passed unanimously.
Mary also recommended and Brian made the motion to increase Large Cap growth fund
"Voyageur" by 51.3 million this money would come from small cap and mid cap funds
($600;000 from Golden Small Core and $700,000 from Madison Mid Core) Hilda
Ingebrigtsen seconded the motion the motion passed unanimously.
TREASURERS REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement
register. Christine reviewed and explained the contents to the members.
Christine stated that the adjustment was made to Surviving spouse Pension of Clifford to
meet the required new minimum in Pension per the code. This amount went from
$1,092.73 to $1,125.51 on July 1, 2007.
Christine also stated that the Marconi (Halvorsen) quildro was adjusted per a court order
to reflect an automatic increase in pension. This court order now states when Ron
Halvorsen receive an increase in pension that Mrs. Marconi will automatically receive an
increase as well (her increased amount will come from Ron Halversons new rate of
pension).
A motion was made by Mark Percudani to accept the Treasurers report. Dave Miller
seconded the motion. The motion passed unanimously.
OLD BUSINESS
HELPS was discussed again. Christine reported to the board that congress has still not
approved this officially and the Village manager would not allow this to be provided until
congress officially approves it.
Due to the recent settlement of the contract between the Firefighters union and the
Village of Elk Grove Village an adjustment in the pension to John Pilkington and Robert
Mikenas was made. The new salary of John Pilkington will be $85;363.00; the new salary
of Robert Mikenas will be $72,185.00.
NEW BUSINESS
\Tone
ADJOURTtiiMENT
Brian McVeigh made the motion to adjourn the meeting. Dave Miller seconded the
motion. The motion passed unanimously. The meeting was adjourned at 7:50 p.m.
The next meeting will be Monday February 4, 2008 at 7:00 PM, at the Fire
ZD
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund