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HomeMy WebLinkAboutFIRE PENSION - 02/02/2009 - INVESTMENT REPORT MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND February 2, 2009 CALL TO ORDER A meeting of the Firefighter's pension fund was held on February 2, 2009 in the Fire Department Administration Office 901 Brantwood Avenue. President Brian McVeigh called the meeting to order at 7:35p.m. ROLL CALL On roll call the following members were present: Brian McVeigh; Mark Percudani, Bernard Goss and David Miller. Also in attendance were Christine Tromp (Finance Director) and Mary Tomanek financial consultant to the pension board. Absent was Hilda Ingebrigtsen MINUTES A motion was made by Bernard Goss to accept the minutes of the November 3, 2008 meeting. David 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 the members. Mary recommended and Bernard Goss made the motion, Mark Percudani seconded the motion to give Mary the OK to move 2.8 Million into McDonnell Investment Management for municipal bonds. Mary will be visiting with the money manager and if that meeting goes as expected, Mary would be authorized to move the 2.8 million. The monies would come from Boyd Waterson and Pacific Income Advisers $1,000,000 each, with the remaining $800,000 coming from a Keyport/SunLife annuity. If Mary finds that McDonnell Investment Management does not meet the pension funds standards then Mary would take the $800,000 from the Keyport/Sunlife annuity and split it up between Boyd Waterson and Pacific Income Advisers. Mary would notify the board before any monies would be transferred. The motion passed unanimously. Mary recommended and Bernard Goss made the motion to Transfer $20,000 from Mackay Large Value and $20,000 from Voyageur Large Growth into Calamos. This is a move to reduce the down side and still participate in the up side of the market fluctuation. David 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. David Miller seconded the motion. The motion passed unanimously. Christine reported to the board that the Pension fund has sent $400.00 in efforts to cover filling fees and legal expenses involved in the IRS determination letter. The Board agreed that this was in the funds best interest. OLD BUSINESS Mark Percudani secured an application from Belinda Guglielmo stating that she has applied for a deferred pension. Christine Tromp reported to the board that she has corrected the separation date on the application, this was reviewed with Belinda and she agreed with the new date. Belinda Guolielmo has a separation/retirement date of July 4, 2008 her pension will be bases on the salary of$77,878 that includes longevity of$62 .00 and $3,600.00 paramedic pay. Belinda will start to collect a pension on April 6, 2022 in the annual amount of$13,706. 3. Mark Percudani made the motion to accept the application of deferred pension. Bernard Goss seconded the motion. The motion passed unanimously. NEW BUSINESS Bernard Goss and Hilda Ingebrigtsen's term will expire at the end of April 2009, The Mayor will be notified of the appointment that he will need to make for Hilda"s position. Mark Percudani will notify all retired members of the retired board members position that will be up on this date as well. ADJOURMENT Bernard Goss made a motion to adjourn the meeting. David Miller seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:25 p.m. The next meeting will be Monday May 1 1, 2009 at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund