HomeMy WebLinkAboutFebruary 5, 2018 MinutesMINUTES
OF
BOARD
MEETING
ELK
GROVE
FIREFIGHTERS
PENSION
FUND
February
5,
2018
CALL
TO
ORDER
A
meeting
of
the
Firefighters
pension
fund
was
held
on
February
5,
2018
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
1:50PM.
ROLL
CALL
The
following
members
attended
the
meeting:
Bernard
Goss,
Mike
Belpedio and
Tim
Sexton.
Additional
attendees
included
Christine
Tromp
(Treasurer),
Brian
Koehler and
David
Wernecke
of
Marquette
Associates.
MINUTES
A
motion
was
made
by
Mike
Belpedio
to
accept
the
minutes
from
the
pension
board
meeting
held
on
November
6,
2017.
Bernard
Goss
seconded
the
motion.
The
motion
passed
unanimously.
REPORT
OF
INVESTMENTS
David
Wernecke
of
Marquette
Associates
submitted
a
quarterly
review/report
of
the
Elk
Grove
Village
Fire
Pension
Fund
investments
dated
December
31,
2017
explaining
its
contents.
In
summary,
the
total
fund
returned
3.2%
(net)
for
the
quarter,
slightly
underperforming
the
policy
benchmark
return
of
3.4%.
The
total
fund
had
a
return
of
13.1%
(net)
for
the
year,
slightly
underperforming
the
policy
benchmark
return
of
13.3%.
The
total
fund
market
value
as
of
December
31,
2017
was
$75,257,480.
David
explained
the
fund
growth
was
driven
by
strong
returns
from
both
U.S.
and
international
equities,
supported
by
corporate
earnings
and
a
3%
growth
in
GDP.
Yields
have
risen
in
the
bond
market,
in
line
with
projects
of
inflation.
David
made
the
recommendation
of
terminating
the
position
in
the
Harbor
International
Fund
by
moving
the
balance
of
$3,390,700
into
the
Vanguard
Total
International
Stock
Index
Fund.
David
explained
the
Harbor
Fund
had
failed
to
meet
its
bench
mark
for
the
fourth
consecutive
year
and
Marquette
Associates
researchers
see
uncertainty
in
the
future.
This
reallocation
would
increase
the
Vanguard
Total
International
Stock
Index
Fund
to
a
bench
mark
of
9%
of
the
policy,
while
maintaining
the
Non-‐U.S.
Equity
Composite
at
14%
of
the
policy.
Mike
Belpedio
made
the
motion
to
approve
this
action.
Tim
Sexton
seconded
the
motion.
The
motion
passed
unanimously.
David
submitted
the
Annual
Consultant
Disclosure
to
the
board,
fulfilling
Public
Act
100-‐0542.
TREASURER’S
REPORT
Christine
Tromp
submitted
a
balance
sheet,
open
investment
listing
and
disbursement
register
with
no
increases
to
pension
payments
as
of
December
2017.
Christine
reviewed
and
explained
the
contents
to
the
board.
The
fund
total
cash
and
investment
balance
as
of
December
31,
2017
is
$77,036,260.
No
new
benefit
requests
or
recipients
were
added
since
the
last
board
meeting.
Beneficiaries
received
January
1st
increases.
The fund received a revenue of $974,430 from the Electric Use Tax and Christine explained
approximately $500,000 can be anticipated for next year.
No
actions
recommended.
Bernard
Goss
made
the
motion
to
approve
this
report.
Mike
Belpedio
seconded
the
motion.
The
motion
passed
unanimously.
OLD
BUSINESS
None
NEW
BUSINESS
The
board
discussed
the
retiree
election.
Bernard
Goss’s
term
is
up
on
April
30,
2018.
Bernard
stated
he
will
be
running
for
reelection.
Election
notices
will
be
mailed
to
retirees
prior
to
March
1,
2018.
ADJOURNMENT
Mike
Belpedio
made
a
motion
to
adjourn
the
meeting.
Tim
Sexton
seconded
the
motion.
The
motion
passed
unanimously.
The
meeting
was
adjourned
at
2:20
PM.
The
next
regular
meeting
date
will
be
Monday,
May
7th,
2018
at
1:30
PM,
in
Conference
room
“A”
of
Village
Hall.
Respectfully
submitted
by:
Mike
Belpedio
Vice-‐President,
Elk
Grove
Village
Firefighters
Pension
Fund