HomeMy WebLinkAboutFIRE PENSION - 02/01/2010 - FIREFIGHTER'S PENSION FUND RECEIVED
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VILLAGE CLERKS OFFICE
MINUTES OF BOARD MEETING
:ELK GROVE FIREFIGHTER'S PENSION FUND
February 1, 2010
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on February 1, 2010 in the Fire Department
Administration Office 901 Brantwood Avenue. President Brian McVeigh called the meeting to
order at 7:10 p.m.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark.Percudani, Bernard
Goss and David Miller and Hilda I.ngebrigtsen, Also in attendance were Sandy Smalley(Finance
Department) Mary Tomanek financial consultant to the pension board.
YUNUTES
A motion was made by Bernard Goss to accept the minutes of the November 2, 2009 meeting.
Dave Miller seconded the motion. The motion passed unanimously.
REPORT OF INVESTNIENTS
Man,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 reported a good mix in equity managers at this time, all are doing fine so no manager
searches are needed. The only change is Pacific income is asking to invest in mortgages. Mary
explained that Ginnie Mae is a safer way to go because they are full faith in credit of US
government as opposed to Fannie Mae and Freddie Mac being implied. Mary stated that Ginnie
Mae is the safer way to go. Bernard Goss made the motion to allow Pacific Income to invest
10% in Ginnie Vlae*s only. Dave Miller 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. Dave Miller seconded
the motion. The motion passed unanimously.
OLD BUSINESS
Trustee training is ongoing Bernard Goss and Hilda Ingebrigtsen both attended a conference for
two hours on January 8, 2010 giving them 2 hours each to date.
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NEW BUSINESS
The pension board was notified of the passing away of retired F/F David McCulla. David's date
of death was January 3, 2010. F/F McCulla retired on a non-duty disability pension on May 8,
1986. An annual survivors pension in the amount of $29,046.36 will now be paid to Darlene
McCulla.
Mark Percudam's term will expire at the end of April 2010, Mark has indicated that he is
interested in running for the position again. Notices will be placed in all four fire stations
notifying all current firefighters of the upcoming nomination process and election that will
follow.
Attorney Richard Reimer sent notification to President McVeigh that all pension board trustees
must now file a`'Statement of economic interests" with the county clerks office. Dave Miller
stated that he will work with the Village to find out what the trustees need to do to make sure that
we are compliant. v
ADJOURMENT
Dave Miller made a motion to adjourn the meeting. Hilda Ingebrigtsen seconded the motion.
The motion passed unanimously. The meeting was adjourned at 7:55 p.m.
The next meeting will be Monday May 3, 2010 at 7:00 PM, at the Fire Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary Firefighter's Pension Fund
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