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Home My WebLink AboutFIRE PENSION - 05/01/2017 - Fire Pension MinutesMINUTES OF BOARD MEETING ELK GROVE FIREFIGHTERS PENSION FUND May 1, 2017 CALL TO ORDER A meeting of the Elk Grove Firefighters Pension Fund was held on May 1, 2017 in Conference room "A" at the Charles Zettek Municipal Center located at 901 Wellington Ave. Vice President Mike Belpedio called the meeting to order at 1:40 PM. ROLL CALL The following board members attended the meeting: Bernard Goss, Mike Belpedio, Joe Hamilton, Richard Mikel, and Tim Sexton. Also in attendance were Finance Director Christine Tromp, Jose Sanchez and David Wernecke of Marquette Associates, Mark Percudani and Mayor Craig Johnson. MINUTES Goss made a motion to accept the minutes from the February 6, 2017 board meeting. Belpedio seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS David Wernecke of Marquette Associates submitted the Elk Grove Village Firefighters Pension Fund Executed Summary dated March 31, 2017. In summary, the Total Fund had a return of 3.9% (net) for the quarter, outperforming the policy benchmark return of 3.8%. The Total Fund had a return of 9.7% (net) for the year, slightly underperforming the policy benchmark return of 9.8%. The Total Fund value as of March 31, 2017 was $69,145,029. Jose Sanchez discussed with the board rebalancing assets to include a transfer of 3.25 million out of U.S. equites to fixed income, adding 1% to DFA International. Belpedio made a motion to accept the rebalancing. Hamilton seconded the motion. The motion passed unanimously. TREASURER'S REPORT Christine Tromp submitted a balance sheet, open investment listing and disbursement register with increased in pension payments as of February 28, 2017. Tromp reviewed and explained the contents to the members. Tromp explained that the electric tax will exceed 2 million for the year and with 98% of property tax and PPRT collected, taxes exceeded 7.5% of the actuarial expectation. Tromp indicated there was an increased to payments with Carla Penn reaching the age of 55. New morality tables began at the calendar year and will be reflective in the actuarial report. The new tables from the Actuarial Society take into account the demographics of the profession. Goss made a motion to accept the Treasurer's report. Hamilton seconded the motion. The motion passed unanimously. OLD BUSINESS None. NEW BUSINESS Hamilton's term ended April 30, 2017 and he expressed interest in re-election. In accordance with the bylaws of the Board, the election process initiated March 1, 2017. Hamilton ran unopposed. Hamilton's new term in set to expire April 30, 2020. Belpedio motioned to accept the election results. Goss seconded the motion. The motion passed unanimously. Nomination were held for board positions as followed: Goss —President, Belpedio — Vice President and Hamilton — Secretary. Hamilton motioned to approve the nominations. Belpedio seconded the motion. The motion passed unanimously. Semi-annual discussion and approval of closed session meeting minutes were year held. There were no closed sessions held in the last six months. No action needed. Update to Cook County Clerk — Statement of Economic Interest filings. All members are up to date. No action needed. FOIA Officer Designation — Lorrie Murphy is the new Village Clerk as of February 17, 2017. Murphy accepted the role as the FOIA Officer for the fund. Belpedio motioned to accept Murphy as the Board's new FOIA Officer. Hamilton seconded the motion. The motion passed unanimously. Open Meetings Officer — Lorrie Murphy indicated that she has received training as an Open Meeting Officer and would gladly accept the position for the Board. Belpedio motioned to accept Murphy as the Open Meetings Officer. Hamilton seconded the motion. The motion passed unanimously. Review of annual board member training — Belpedio and Hamilton completed the 32 hour IPPFA Certified Trustee Program. No action needed. PUBLIC COMMENT Mayor Craig Johnson attended the meeting a spoke to the board about the Village's "2025" redevelopment plan. He indicated the Village would be diverting some of the Electric tax from the Police, Fire and IMRF pension funds towards future infrastructure projects. Johnson stated that Village has committed itself to funding pensions for all current employees and that the village intends to keep this commitment going forward. ADJOURNMENT Belpedio made a motion to adjourn the meeting. Goss seconded the motion. The motion passed unanimously. The meeting adjourning at 2:00 PM. The next regular meeting date will be August 7 , 2017 at 1:30 PM in conference room "A" at the Charles Zettek Municipal Center. Respectfully submitted by: Joe Hamilton Secretary, Elk Grove Village Firefighters Pension Fund /0*4 VILLAGE OF ELK GROVE STATEMENT OF PLAN NET ASSETS FIRE PENSION TRUST FUND AS OF FEBRUARY 28, 2017 ASSETS Cash and Investments US Bank J.P. Morgan Chase Insurance: Metlife Life Insurance 3/27/03 Goss $350,000 acct # 9200519341 Principal US Property Fund U.S. Bank Managed Accounts: U.S. Bank Mutual Fund McDonnell Ryan Labs-C.S. Mckee Total Cash and Investments Due From General Fund Accrued Interest 00"k Total Receivables Total Assets LIABILITIES: Accounts Payable Deferred Property Taxes Due To General Fund Liability/Other Benefits Total Liabilities Net Assets Held in Trust for Pension Benefits �IQCe,, Vv,j !t 1201? BALANCE - GAIN/(LOSS) EARNINGS FEES 1,826,590 176,742 540,891 6,581,433 - 39,417,329 4,348,809 595,487 2,889 10,816,005 (274,443) 179,602 18,200 10,828,774 (216,149) 166,143 21,064 $ 70,187,764 3,858,217 941,232 42,153 231,156 $ 231,156 $ 70,418,920 291,618 $ 291,618 $ 70,127,302 Note: Per an independent actuarial report, the fund is 58.6 % (entry age) funded as of May 1, 2016 G:\FINANCE\ACCT\Acctg Supervisor\Fire Pension Reports\Reports for Meetings\[16-17 Fire Pension Meeting Reports.xlsx]Febl7 INC. ST -May 2017 mtg I VILLAGE OF ELK GROVE REVENUE AND EXPENSE REPORT FIRE PENSION TRUST FUND FOR PERIOD ENDED FEBRUARY 28, 2017 ANNUAL BUDGET YTD % REVENUES: Property Taxes . 2,654,846 2,574,643 97% Electric Use Tax 2,000,000 1,638,268 82% Intergovernmental-PPRT 358,440 238,126 66% Interest Income 5,000,100 4,800,739 96% Member Contributions 750,000 636,946 85% Portability Buy Back: - 66,844 0% Tsoulos buy back $12,499 Naida military buy back $54,345 Other - 100 0% TOTAL REVENUES 10,763,386 9,955,666 92% EXPENSES: MONTHLY BENEFIT PAYMENTS: Member Pensions 6,200,000 4,187,054 Surviving Spouse Pensions 436,982 Disability Pensions 359,188 Quildros 25,489 Sub -Total 6,200,000 5,008,713 81% Acct #520200 Office Supplies 250 - 0% Acct #530300 Publishing/Advertising 250 - 0% Acct #540100 Dues & Memberships 800 795 99% Acct #541000 Career Development 5,000 2,125 43% Acct #560000 Professional Services 64,200 35,414 55% Includes quarterly payments to Marquette: July 2016 $11,250 October 2016 $11,250 January 2017 $11,250 Acct #560500/560501 Professional Management Fees Equity Managers 50,000 2,889 6% Professional Management Fees Fixed Income 50,000 39,266 79% Acct#571000 Other Services & Charges Compliance Fee 10,000 8,204 82% Acct#570500 Refund -Member Contributions 3,000 - 0% Sub -Total 183,500 88,693 48% TOTAL EXPENSES 6,383,500 5,097,406 80% Revenues Over (Under) Expenses 4,379,886 4,858,260 G:\FINANCEIACCT\Acctg Supervisor\Fire Pension Reports\Reports for Meetings\(16-17 Fire Pension Meeting Reports.xlsx)Febl7 INC. 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