HomeMy WebLinkAboutFIRE PENSION - 02/06/2017 - Fire Pension Minutes MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTERS PENSION FUND
February 6,2017
CALL TO ORDER
A meeting of the Elk Grove Firefighters Pension Fund was held on February 6,2017,in Conference
room A'at 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
and Tim Sexton.Also in attendance were Christine Tromp(Finance Director)and Doug Oest of
Marquette Associates.Absent from the meeting was board member Richard Mikel.
MINUTE
A motion was made by Belpedio to accept the minutes from the November 14,2016 board
meeting.Hamilton seconded the motion.The motion passed unanimously.
REPORT OF INVESTMENTS
Doug Oest of Marquette Associates submitted the Elk Grove Village Firefighters Pension Fund
Executed Summary dated December 31,2016.
In summary,the total fund had a return of 0.8%(net)for the quarter,slightly outperforming the
policy benchmark return of 1.1%.The total fund had a return of 7.3%(net)for the year,slightly
underperforming the policy benchmark return of 7.5%.The total fund market value as of
December 31,2016 was$65,999,198.
Doug Oest also reviewed with the board an updated Statements of Investment Policy Objectives
and Guidelines. Updated in the guidelines were a rebalancing of asset allocations to include the
elimination and transferred of the 1%target of annuities into'rotal U.S.Equity.Tromp notified
Oest that the Village still had an open annuity.Tromp and Oest would review prior to next
meeting.No action required at the the time.
TREASURER'S REPORT
Christine Tromp submitted a balance sheet,open investment listing and disbursement register
with increases in pension payments as of February 2017.Christine reviewed and explained the
contents to the members.Tromp indicated there were increases to payments starting the first of
the year.Goss motioned to accept the Treasurer's Report.Sexton seconded the motion.The
motion was accepted unanimously.
OLD BUSINESS
None
I
i
I
NEW BUSINESS
Hamilton stated that he was receipt of an application for combined creditable service from
Ronald Nadia for his prior service of 1 year,seven months and 11 days with Glenside Fire
Protection District.Naida made a distribution of$12,393.20 from his[CMA to the Glenside Fire
Protection Pension Fund.Tromp indicated that his payroll contributions to the Elk Grove Fund
would increase by 1%.All paperwork from Naida was correct and complete. A motion was made
by Goss to accept Naida's application. Hamilton seconded the motion.The motion passed
unanimously.
Hamilton stated that he was in receipt of an application for distribution of survivor's benefits for
Edwin Colman.Edwin Colman died 12/27/2016 and is survived by his wife Barbara Colman All
paperwork was review and verified by the board.Hamilton made a motion to accept the
application. Belpedio seconded the motion.The motion passed unanimously.
Hamilton submitted to the board literature regarding membership benefits to the Illinois Public
Pension Fund Association. Membership provides lobbyist representation in Springfield,access to
legal and investment professionals,free online training,low-fee IPPFA 457 plan,referrals to
medical professionals for disability hearings,and access to IPPFA VEBA health insurance plans.
The IPPFA also provides at 32 hour Certified Trustee Trainee program through NIU.The program
is$800.00 for members and$1700.00 for non-members. The membership rate to join IPPFA is
$795,00.Belpedio made a motion to join the IPPFA.Sexton seconded the motion.The motion
passed unanimously.
The Pension board trustee term of office for Joe Hamilton is due to end on April 30,2017.Joe
indicated that he is interested in running again.The election process will start in March 1,2017
per the rules and regulations of the Elk Grove Village Fire Pension fund.
PUBLIC COMMENTS
None.
ADIOURNMENT
Belpedio made a motion to adjourn the meeting. Hamilton seconded the motion.The motion
passed unanimously.The meeting adjourned at 2:35 PM.
The next regular meeting meeting date will be May 1,2017 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
R.e[e.��ec1 e`^Y(7ru4,•��,o1Gt'7
Awak VILLAGE OF ELK GROVE
STATEMENT OF PLAN NET ASSETS
FIRE PENSION TRUST FUND
AS OF DECEMBER 31,2016
BALANCE GAIN/(LOSS) EARNINGS FEES
ASSETS
Cash and Investments
Illinois Funds 0 854
US Bank 1,510,818
J.P.Morgan Chase 757,105
Insurance:
Metlife Life Insurance 540,891
3127/03 Goss $350,000 acct# 9200519341
Principal US Property Fund 6,581,433 -
U.S.Bank Managed Accounts:
U.S.Bank Mutual Fund 37,352.538 2,283,183 595,330 1;898
McDonnell 10,752,692 (299,697) 135,770 12,428
Ryan Labs-C.S.Mekee 10,764.512 (236,145) 115,093 14,280
Total Cash and Investments $ 68,259,989 1,747,341 847,047 28,606
Due From General Fund 167,261
Accrued Interest
Total Receivables $ 167,261
Total Assets S 68,427,250
LIABILITIES:
Accounts Payable -
Deferred Property Taxes
Due To General Fund
Liability/Other Benefits -
Total Liabilities S -
Net Assets Held in Trust for Pension Benefits S 68,427,250
Note:Per an independent actuarial report,the fundis 58.6%(entry age)funded as of May 1.2016
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VILLAGE OF ELK GROVE
REVENUE AND EXPENSE REPORT
FIRE PENSION TRUST FUND
FOR PERIOD ENDED DECEMBER 31,2016
ANNUAL
BUDGET YTD
REVENUES:
Property Taxes 2,654,846 2,602,107 98%
Electric Use Tax 2,000,000 1,242,677 62%
Intergovemmental-PPRT 358,440 .185,723 52%
Interestlncome 5,000,100 2,594,770 52%
Member Contributions 750,000 510,938 68%
Portability Buy Back: 66,844 08/.
Tsoulos bury back $12,499
Naida military buy back $54,345
Other 0%
TOTALREVENUES 10,763,386 7,203,059 67%
EXPENSES:
MONTHLY BENEFIT PAYMENTS:
Member Pensions 6,200,000 3,339,591
Surviving Spouse Pensions 339,077
Disability Pensions 284,631
Quildros 20,272
Sub-Total 6,200,000 3,983,571 64%
Am#520200
Office Supplies 250 0%
Acet#530300
Publishing/Adverdsing 250 - 6%
Acct#541000
Career Development 5,000 350 7
Acct#5600
Professional Services 65,000 24,120 37%
Includes quarterly payments to Marquette:
-July 2o16 $11,250
October 2016 $11,250
Acct#560500/.560501
Professional Management Fees Equity Managers 50,000 1,898 4%
Professional Management Fees Fixed Income 50,000 26,708 53%
Acct#57100_it
Other Services&Charges Compliance Fee 10,000 8,204 82%
Acct#570500
Refund-Member Contributions 3,000 - 0%
Sub-Total 183,500 61,280 33%
TOTAL EXPENSES 6,383,500 4,044,851 63%
Revenues Over(Under)Expenses 4379,886 3,158,208
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