HomeMy WebLinkAboutFIRE PENSION - 08/17/2009 - REPORT OF INVESTMENTS/ANNUAL TRAINING MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 17, 2009
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on May 11, 2009 in the Fire Department
Administration Office 901 Brantwood Avenue. President Brian MCVeiuh called the meetinu to
order at 7:10 p.m. v v
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark Percudani. Bernard
Goss and David Miller, absent was Hilda Ingebrigisen, Also in attendance were Sandy Smalley
(Finance Department) Mary Tomanek financial consultant to the pension board and fire
department member Howard Hall.
MINUTES
A motion was made by David Miller to accept the minutes of the May 1 1, 2009 meeting. Brian
McVeigh 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 informed the board that the Investment policy has been updated to reflect the changes
requested by and voted on by the board prior to this meeting. Brian McVeigh made the motion to
accept this new policy. Bernard Goss seconded the motion the motion passed unanimously.
Mary reviewed information with the board in regards to some of the managers the Pension fund
is association with: Congress is conservative but more aggressive then Red Granite. The board
decided to stay conservative by staying with Congress. The board has previously decided to
review the CS McKee performance; Mary informed the board and recommended not making any
changes to this fund due to the recent performances for this CS McKee.
Mary recommended and Brian McVeigh made the motion to replace Mackey Shields Large
Value fund with Eaton Vance Large Cap Value. Mackay Shields is due to be closed out in
August. David Miller seconded the motion. The motion passed unanimously.
Mary recommended and Brian made the motion to transfer Harbor International and Vanguard
total international Stock to Smith Barney Advisor account to satisfy fiduciary status; Per Illinois
Pension Code. Mark Percudani seconded the motion. The motion passed unanimously.
TREASURERS REPORT
Sandy Smalley submitted a balance sheet; open investment listing and disbursement register.
Sandy 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
NONE
NEW BUSINESS
New legislation was passed in Springfield requiring all current pension board trustees to attain
eight hour of training annually. This board will be seeking more information as to when this
training needs to be completed and will the funds for training be required to come out of the
pension fund, if so the board will have to allocate a dollar amount for this in the budget. The
amount allocated for training will be decided at a later date.
ADJOURMENT
Bernard Goss made a motion to adjourn the meeting. Brian McVeigh seconded the motion. The
motion passed unanimously. The meeting was adjourned at 7:55 P.M.
The next meeting will be Mondav November 2. 2009 at 7:00 PM, at the Fire Administration
Building. V
Respectfully submitted by:
Mark W. Percudani. Sr.
Secretary Firefighter's Pension Fund
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