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Home My WebLink AboutFIRE PENSION - 11/07/2017 - Fire Pension MinutesMINUTES OF BOARD MEETING ELK GROVE FIREFIGHTERS PENSION FUND November 6, 2017 "ff" A meeting of the Firefighters pension fund was held on November 6, 2017 in Conference room X at the Charles Zettek Municipal Center located at 901 Wellington Ave. Vice President Mike Belpedio called the meeting to order at 1:35 PM. ROLL CALL The following members attended the meeting: Bernard Goss, Richard Mikel, Mike Belpedio, Joe Hamilton, and Tim Sexton. Also in attendance were Christine Tromp (Treasurer), Brian Koehler and Jason Sanchez of Marquette Associates. MINUTES A motion was made by Belpedio to accept the minutes from the Pension board meeting held on August 7, 2017. Bernard Goss seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Jose Sanchez of Marquette Associates submitted a quarterly review/report of the Elk Grove Village Fire Pension Fund investments dated September 30, 2017, explaining its contents. In Summary the Total Fund returned 2.9% (net) for the quarter, slightly underperforming the policy benchmark return of 3.1%. The Total Fund had a return of 10.5% (net) for the year, slightly underperforming the policy benchmark return of 10.8%. The Total Fund market value as of September 30, 2017 was $72,923,331. No actions recommended. TREASURER'S REPORT Christine Tromp submitted a balance sheet, open investment listing and disbursement register with increases to pension payments as of September 2017. Christine reviewed and explained the contents to the board. No actions recommended. OLD BUSINESS None NEW BUSINESS Joe Hamilton was in receipt of an application for regular retirement for Rick Krieger. Rick Krieger began his career with the fire department on November 3rd, 1980 and retired on August 17th, 2017, finishing with 36 years and 9 months of creditable service. Rick is currently married and has three children. Krieger's initial annual benefit was $89,472.24, monthly $7,456.02. Belpedio motioned to accept Krieger's application, and Hamilton seconded the motion. The motion passed unanimously. Sean Ratchford submitted an Application for Admission to the Fund that was received on 09/18/2017, along with all appropriate supporting documents. Board received a copy of "fit for duty" physical. Sean is 30 years old and married with no children. Sean does not have any prior fire or military service. Belpedio motioned to accept Ratchford's application, and Hamilton seconded the motion. The motion passed unanimously. The board reviewed the Actuarial Valuation Report for the year ending April 30, 2017. Belpedio motioned to accept the valuation report, and Hamilton seconded the motion. The motion passed unanimously. PUBLIC COMMENTS None. ADJOURNMENT Belpedio made a motion to adjourn the meeting. Hamilton seconded the motion. The motion passed unanimously. The meeting was adjourned at 2:00 PM. The next regular meeting date will be Monday February 5th, 2018 at 1:30 PM, in Conference room "A" of Village Hall. Respectfully submitted by: Joe Hamilton Secretary, Elk Grove Village Firefighters Pension Fund VILLAGE OF ELK GROVE STATEMENT OF PLAN NET ASSETS FIRE PENSION TRUST FUND AS OF SEPTEMBER 30, 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 C.S. Mckee Total Cash and Investments Due From General Fund Accrued Interest 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 /Cpcvivsd ii/ov. 6�.�0!'7 BALANCE GAIN/(LOSS) EARNINGS FEES 2,674,670 558,521 7,152,814 - 40,319,789 2,252,867 346,376 1,021 12,229,925 (21,862) 50,284 6,072 12,242,980 (4,285) 53,455 7,953 $ 75,178,699 2,226,720 450,115 15,046 $ 75,178,699 $ 75,178,699 Note: Per an independent actuarial report, the fund is 62.0% (entry age) funded as of May 1, 2017. G:\FINANCE\ACCT\Acctg Supervisor\Fire Pension Reports\Reports for Meetings\[17-18 Fire Pension Meeting Reports. xlsx]Sept BS -Nov 2017 mtg VILLAGE OF ELK GROVE REVENUE AND EXPENSE REPORT FIRE PENSION TRUST FUND FOR PERIOD ENDED SEPTEMBER 30, 2017 ANNUAL BUDGET YTD % REVENUES: Property Taxes Electric Use Tax / 3,176,320 i C �' 5'n 3,061,709 96% i Professional Management Fees o� `/ooK — Sc�► - 14,025 0% Intergovernmental-PPRT 7yt vrty»vtwrt / a O 349,430 138,226 40% Interest Income •4�`'`'t'-cc 5,000,500 2,676,981 54% Member Contributions v 820,000 354,010 43% Portability Buy Back: - - 0% Other 155,500 TOTAL REVENUES 9,346,250 6,230,926 67% EXPENSES: 2,616,496 39% MONTHLY BENEFIT PAYMENTS: 2,665,750 Member Pensions 6,525,000 2,116,124 Surviving Spouse Pensions 266,630 Disability Pensions 186,397 Quildros 13,049 Sub -Total 6,525,000 2,582,200 40% � Q 'J"? " 1 � � � c t✓ i.� Acct #520200 Office Supplies 250/° 0 ° Acct #530300 Publishing/Advertising 250 0% Acct #540100 Dues & Memberships - 0% Acct #541000 Career Development 5,000 0% Acct #560000 Professional Services 65,000 11,250 17% Includes quarterly payments to Marquette: July 2017 $11,250 Acct #560500/560501 Professional Management Fees Equity Managers 20,000 1,021 5% Professional Management Fees Fixed Income 50,000 14,025 28% Acct#571000 Other Services & Charges Compliance Fee 10,000 8,000 80% Acct#570500 Refund -Member Contributions 5,000 - 0% Sub -Total 155,500 34,296 22% TOTAL EXPENSES 6,680,500 2,616,496 39% Revenues Over (Under) Expenses 2,665,750 3,614,430 G:\FINANCEIACCT Acctg Supervisor\Fire Pension Reports\Reports for Meetings\[] 7-18 Fire Pension Meeting Reports. xlsx]Sept17 INC. ST -Nov 2017 mtg GROSS MONTHLY PENSION PAYMENTS IS: 721 New Amounts per benefit calculator 0/30/2017 RETIREE Benefit Date DOB I May -17 Jun -17 I Jul -17 I Aug -17 I Sep -17 BANOT DALE 11/05/02 5/15/1947 7,764.91 7,764.91 7,764.91 7,764.91 7,764.91 BECK PATRICK 12/22/04 12/23/1953 51100.83 5,100.83 5,100.83 5,100.83 5,100.83 BENSON KAREN 06/04/11 12/21/1957 5,899.46 5,899.46 5,899.46 5,899.46 5,899.46 BLUMENTHAL _ RALPH 05/11/02 10/14/1950 5,306.76 5,306.76 5,306.76 5,306.76 5,306.76 BOULANGER LEO 07/21/01 8/23/1949 5,801.79 5,801.79 5,801.79 5,801.79 58012 BRAMMER DOUGLAS 08/18/17 5/17/1963 CASSATA BRET 06/28/18 8/28/1968 2,126.54 4,708.76 CASTERTON THOMAS 05/15/00 5/21/1941 6,818.61 6,818.61 6,818.61 6,818.61 6,818.61 CLARK WILLIAM 07/28/01 11/17/1943 8,436.34 8,436.34 8,436.34 8,436.34 8,436.34 COLMAN DOD 12/26/2016 'EDWIN 11/08/96 7/15/1943 - DENNA SR. JAMES 11/29/12 8/21/1950 7,971.31 7,971.31 7,971.31 7,971.31 7,971.31 DUGAN _ RICHARD 05/08/04 11/27/1948 6,462.56 6,462.56 6,462.56 6,462.56 6,462.56 TALK ROBERT 06/09/01 11/20/1943 5,803.03 51803.03 5,803.03 5,803.03 5,803.03 FORDE, JAMES _ JAMES 06/01/05 8/24/1951 8,733.19 8,733.19 8,733.19 8,733.19 8,733.19 FORDE, JOHN------ JOHN _ 07/30/08 10/18/1949 6,863.61 6,863.61 6,863.61 6,863.61 6,863.61 FRERES _ GARCHIE RONALD 11/07/91 10/7/1941 3,593.96 3 3,593.96 3,593.96 3,593.96 it GARDNER RICHARD 05/14/16 3/8/1960 7,442.61 7,665.89 7,665.89 7,665.89 7,665.89 JOSEPH 06/02/94 2/13/1941 3,978.63 .63 3,978.63 3,978.63 3,978.63 GAUSS THOMAS 06/04/98 9/28/1942 6,061.98 6,061.98 6,061.98 1 6,061.98 6,061.98 GOOSTREE DOUGLAS 06/10/06 3/13/1956 9,931.03 9,931.03 9,931.03 9,931.03 9,931.03 GOSS BERNARD 11/07/99 2/13/1943 7,053.64 7,053.64 7,053.64 7,053.64 7,053.64 GREEN OWEN 03/17/05 5/19/1950 5,336.79 5,336.79 5,336.79 5,336.79 5,336.79 GUGLIELMO BELINDA 04/06/22 4/6/1962 GUGLIELMO JOHN 01/18/11 12/28/1960 5,054.94 5,054.94 5,054.94 5,054.94 5,054.94 GUSTAVSEN HANS 11/16/13 5/18/1960 5,343.10 5,343.10 5,343.10 5,343.10 5,343.10 HALL '_ '(ORSEN HOWARD 06/24/12 6/17/1957 4,731.35 4,731.35 4,731.35 4,731.35 4,731.35 RONALD 05/25/02 6/2/1950 3,700.51 3,700.51 3,700.51 3,700.51 3,700.51 <0 JOHN 05/04/95 2/23/1939 4,723.16 4,723.16 4,723.16 4,723.16 4,723.16 HANSELMAN FRED 11/17/10 5/15/1951 6,398.72 6,398.72 6,398.72 6,398.72 HARRIS _HA MICHAEL 06/01/10 9/11/1951 7,392.67 7,392.67 7,392.67 7,392.67 6,398.72 7,392.67 VERLAND PHILIP 08/12/08 2/111938 6,077.64 6,077.64 6,077.64 6,077.64 6,077.64 HENRICI CHARLES 03/28/86 11/21/1935 5,452.59 5,452.59 5,452.59 5,452.59 5,452.59 HERRMANN ROBERT 05/04/98 1/14/1948 6,285.48 6,285.48 6,285.48 6,285.48 6,285.48 HOPKINS WILLIAM 07/06/10 2/20/1945 6,106.63 6,106.63 6,106.63 6,106.63 6,106.63 KEMP DOD 2/6/2017 JAMES 09/03/96 5/12/1939 KEYWORTH RICHARD 12/31/00 11/15/1942 6,412.50 6,412.50 6,412.50 6,412.50 6,412.50 KRIEGER RICHARD 08/17/17 6/26/1952 KOPINSKI LEONARD 06/10/97 12/21/1937 5,274.78 5,274.78 5,274.78 3,607.75 274.78 7,456.02 KRIESANT DOD 9/30/2016 WALTER 05/12/89 5/13/1935 5,274.78 KUHN DONALD 11/28/88 10/23/1934 5,086.17 5,086.17 5,086.17 5,086.17 5,086.17 LACKMAN MICHAEL 08/25/01 12/6/1950 6,720.36 6,720.36 6,720.36 6,720.36 6,720.36 LAMKA DANIEL 06/01/10 12/31/1945 6,106.63 6,106.63 6,106.63 6,106.63 6106.63 LANGLAND DONALD 07/31/94 7/9/1941 5,173.67 5,173.67 5,173.67 5,173.67 5,173.67 MACARTHUR JAMES 02/18/03 3/26/1948 9,840.17 9,840.17 9,840.17 9,840.17 9,840.17 MARSHALL ROBERT 09/13/04 10/27/1948 5,881.16 5,881.16 5,881.16 5,881.16 5,881.16 MERGENS JOHN 09/16/99 6/26/1935 7,345.06 7,345.06 7,345.06 7,345.06 7,345.06 MIKENAS ROBERT 07/04/07 2/22/1955 5,746.16 5,746.16 5,746.16 5,746.16 5,746.16 MILLER_ DAVID 07/02/11 1/12/1950 10,693.25 10,693.25 10,693.25 10,693.25 10,693.25 MILLER SCOTT 12/17/13 12/7/1958 8,047.03 8,047.03 8,047.03 8,047.03 8,047.03 MORONY THOMAS 07/17/00 1/10/1944 5,973.92 5,973.92 5,973.92 5,973.92 5,973.92 NOVAK LAWRENCE 06/08/95 3/4/1939 4,440.28 4,440.28 4,440.28 4,440.28 4,440.28 OGOREK EDWARD 11/18/10 1/31/1952 7,100.59 7,100.59 7,100.59 7,100.59 7,100.59 PASSAGLIA PETER 05/31/15 8/11/1958 51907.35 5,907.35 5,907.35 5,907.35 5,907.35 PENN CARLA 05/20/15 1/9/1962 41642.33 4,642.33 4,642.33 4,642.33 4,642.33 PILKINGTON WILLIAM 06/04/07 10/6/1948 7,170.06 7,170.06 7,170.06 7,170.06 7,170.06 POPIELEWSKI THADDEUS 05/31/01 7/8/1941 5,706.30 5,706.30 5,706.30 5,706.30 5,706.30 QUINLAN GERALD 01/24/11 10/11/1949 6,212.35 6,212.35 6,212.35 6,212.35 6,212.35 KEVIN 11/16/13 11/22/1960 4,738.93 4,738.93 4,738.93 4,738.93 4,738.93 1KE ARTHUR 08/10/96 8/18/1937 4,593.01 4,593.01 4,593.01 4,593.01 4,593.01 REID WILLIAM 11/17/10 9/10/1951 6,106.63 6,106.63 6,106.63 6,106.63 6,106.63 REINHARDT THOMAS 1 09/25/15 7/28/1960 5,975.25 5,975.25 5,975.25 5,975.25 5,975.25 RENNACKCRAIG 1 05/15/02 6/4/1948 9 RAA 1d S GAA 14 1 G o.. .. ., .. Gross_Pension_Fire MONTHLY PAYMENTS 2017-2018 �� rL,�Vw1\ rV1YL/I I it U/Ouizv II GROSS MONTHLY PENSION PAYMENTS FISCAL YEAR 2017-2018-F II New Amounts per benefit calculator gbtKu IRONALO 1 11/04/94 1 6/12/1936 1 1 3 v 151 area 19 Qm04C-------------- Benefit Date I DOB I May -17 I Jun -17 Jul -17 Aug -17 Sep -17 RZESZUTKO SCHLOTTMAN SELLERS SINGEL STECKI STILLSON STROKER SUNAGEL TOSTO TURNER VRSHEK WILHELM WISNIEWSKI IKENNETH RANDALL WILLIAM WAYNE ROBERT MELVIN HOWARD JAMES MICHAEL MICHAEL ALBERT FRANK THOMAS 05/03/90 07/18/10 05/19/15 08/12/88 05/20/15 11/16/13 05/18/92 08/01/89 05/17/14 11/29/14 06/02/10 09/15/03 05/02/99 12/25/1943 7/16/1954 3/14/1958 2/20/1938 5/31/1958 5/13/1954 6/18/1934 8/4/1938 8/23/1961 1/6/1949 12/17/1955 12/20/1942 9/22/1939 3,070.30 6,398.72 71522.16 4,560.76 6,855.91 5,914.84 4,084.35 5,283.91 5,765.68 7,098.23 9,469.22 5,830.64 5,245.71 3,070.30 6,398.72 7,522.16 4,560.76 6,855.91 5,914.84 4,084.35 5,283.91 5,765.68 7,098.23 9,469.22 5,830.64 5,245.71 3,070.30tO7O3O0.30 6,398.728.72 7,522.162.16 4,560.760.76 6,855.91 5,914.84.84 4,084.35 5,283.91 5,765.68 7,098.23 9,469.22 5,830.64 5,245.71 5.91 .35 3.91 .68 .23 .22 .64 .71 3,070.30 6,398.72 7,522.16 4,560.76 6,855.91 5,914.84 4,084.35 7,098.23 9,469.22 5,830.64 5,245.71 Sub -total Retirees 419,466.34 419 689.62 419 689.62 425,423.91 j 431,854.40 DISABILITY --DUTY 03/07/05 10/01/16 03/22/15 10/10/95 01/04/10 07/31/14 09/14/10 06/28/14 07/22/15 07/05/98 06/01/15 3/23/1940 10/29/1935 1 1 6/18/1937 8/7/1951 2/1/1955 6/19/1937 9/6/1941 12/30/1954 5/2/1957 8/30/1966 6/12/1926 4372.50 4,457.86 4,340.96 3.361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,372.50 4,467.66 4,340.96 3,361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,372.50 4,467.88 4,340.96 3,361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 - 4,467.86 4,340.96 3,361.95 3,711.15 2,045.84 2,420.63 6,273.61 2,736.48., 7,080.28 5,433.13 3,639.00 3,442.71 Sub -total Survivors JOHNSON NORRIS ROHRER SCOTT SPEIDEN STERZEL JAMES JERRY FREDERICK RANDALL HARVEY GARY 12/21/10 08/05/85 02/03/95 01/21/95 12/08/96 12/21/10 8/12/1949 12/14/1942 8/23/1941 3/20/1933 3/9/1942 8/27/1956 7,092.92 3,174.91 4,483.57 3,859.68 4108.33 7,295.21 7,092.92 3174.91 4,483.57 3,859.68 4,108.33 7,295.21 7,092.92 3,174.91 4,483.57 3,859.68 4,108.33 7,295.21 7,092.92 3,174.91 4483.57 3,,859 .68 1 4,108.33 7,295.21 7,092.92 3,174.91 4,483.57 3,858.68 4,108.33 7 295.21 /LORDS Sub -total Duty Disability 30 014.62 30,014.62 30,014.62 30,014.62 30,014.62 LYNN IBELINDA 1,574.34 1.035.36 1,574.34 1,035.36 1,574.34 1,035.36 1,574.34 1,035.36 1,574.34 1,035.36 Sub -total Quildros DISABILITY NON DUTY 2,609.70 2,609.70 1 2,609.70 2,609.70 2,609.70 R AN LARRY 12/30/92 4/9/1939 4,186.65 4,186.65 4,186.65 4,186.65 4.186.65 gbtKu IRONALO 1 11/04/94 1 6/12/1936 1 1 3 v 151 area 19 Qm04C-------------- 512,681.46 j 512 904.74 I 512 904.74 518,639.03 525,069.52 512,681.47 512,904.75 512,904.75 518,639.04 525,069.53 0.01 ---- - (o --- (0.01)7 -- (0 01)'!�(0.01) -- - Gross -Pension -Fire MONTHLY PAYMENTS 2017-2018 Non Du Disabili 7264.80 7264.80 7264.80 7 26480 7,264.80 t MP HOOD KRIESANT LANTZ MAYER MC CULLA, MENAS MEYER RIDDLE SCHULZ WELLWERTS ZGONINA _ LAURA BARBARA EILEEN LENA LINDA RENVEIG DARLENE LORNA GERALDINE ICHARLENE SHIRLEY DIANE MARIA 03/07/05 10/01/16 03/22/15 10/10/95 01/04/10 07/31/14 09/14/10 06/28/14 07/22/15 07/05/98 06/01/15 3/23/1940 10/29/1935 1 1 6/18/1937 8/7/1951 2/1/1955 6/19/1937 9/6/1941 12/30/1954 5/2/1957 8/30/1966 6/12/1926 4372.50 4,457.86 4,340.96 3.361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,372.50 4,467.66 4,340.96 3,361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,372.50 4,467.88 4,340.96 3,361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,372.504,372.50 4,467.86 4,340.96 3,361.95 3,711.15 2,045.84 2,420.53 6,273.61 2,736.48 7,080.28 5,433.13 3,639.00 3,442.71 4,467.86 4,340.96 3,361.95 3,711.15 2,045.84 2,420.63 6,273.61 2,736.48., 7,080.28 5,433.13 3,639.00 3,442.71 Sub -total Survivors 53 326.00 53 326.00 53,3:26.00 53 326.00 53,326.00 /LORDS MARCONI HALVORSEN GUGLIELMO LYNN IBELINDA 1,574.34 1.035.36 1,574.34 1,035.36 1,574.34 1,035.36 1,574.34 1,035.36 1,574.34 1,035.36 Sub -total Quildros 2,609.70 2,609.70 1 2,609.70 2,609.70 2,609.70 TOTAL GROSS FIRE PENSION I 512 681.46 512 904.74 j 512,904.74 518,639.03 1 525,069.52 Tom Reinhardt retro increase i 512,681.46 j 512 904.74 I 512 904.74 518,639.03 525,069.52 512,681.47 512,904.75 512,904.75 518,639.04 525,069.53 0.01 ---- - (o --- (0.01)7 -- (0 01)'!�(0.01) -- - Gross -Pension -Fire MONTHLY PAYMENTS 2017-2018