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HomeMy WebLinkAboutFIRE PENSION - 11/03/2008 - REPORT OF INVESTMENTS MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND November 3, 2008 CALL TO ORDER A meeting of the Firefighter's pension fund was held on August 11, 2008 in the Fire Department Administration Office 901 Brantwood Avenue. President Brian McVeigh called the meeting to order at 7:05p.m. ROLL CALL On roll call the following members were present: Brian McVeigh, Mark Percudani, Bernard Goss, Dave Miller and Hilda Ingebrigtsen. Also in attendance were Christine Tromp (Finance Director) and Mary Tomanack financial consultant to the pension board. MINUTES A motion was made by Bernard Goss to accept the minutes of the August 11, 2008 meeting. Brian McVeigh seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Mary Tomanack 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 members. Dave Miller made the motion to have finance director Christine Tromp work with Mary Tomanek and look at the annuities and transfer any monies that have come due into fixed income accounts with Pacific Income and Boyd Watterson, splitting the amount evenly into each of the fixed income account. Bernard Goss seconded the motion. The motion passed unanimously. Mary recommended and the board agreed that any search fora replacement of Voyager Large Growth be put on hold at this time, seeing as they have been removed from "watch" status. Mary recommended and Bernard Goss made the motion for the shift to a more defensive strategy by transferring $200,000 from Madison Mid Cap Core and $400,000 from Mackay Shields Large Value to Gateway Fund, which Mary stated has a more conservative strategy. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. Mary recommended and Hilda made the motion that we approve Dreyfus Institutional Treasure Reserve Funds as a money market "sweep" account. Dave Miller 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. A motion was made by Mark Percudani to accept the Treasurers report. Bernard Goss seconded the motion. The motion passed unanimously. OLD BUSINESS Mark Percudani reported that FIF Michael Liska provided the Fire Pension board with.a certified copy of his birth certificate and was then accepted into the fund. Brian McVeigh reported to the board that he has a letter from Belinda Guglielmo stating that she has withdrawn her application for a non-duty disability pension and will apply for a deferred pension. Mark Percudani stated that he would contact Belinda for a completed application. NEW BUSINESS Brian McVeigh stated that he is in receipt of pension applications for three new personnel that were hired by the Elk Grove Village Fire Department on September 29, 2008. Michael S. Foster, Luke M. Titre and Joseph M. Hamilton. All three personnel have all the supporting documents to be accepted into the fund. Bernard Goss made the motion to accept all three firefighters into the fund. Hilda Ingebrigtsen seconded the motion the motion passed unanimously. ADJOURMENT Dave Miller made a motion to adjourn the meeting. Bernard Goss seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:05 p.m. The next meeting will be Monday February 2, 2009 at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund