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HomeMy WebLinkAboutFIRE PENSION - 05/03/2010 - FIREFIGHTER'S PENSION FUND I 1 MINUTES OF BOARD MEETING i ELK GROVE FIREFIGHTER'S PENSION FUND May 3, 2010 i CALL TO ORDER A meeting of the Firefighter's pension fund was held on May 3, 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. Also in attendance were Christine Tromp(Finance Department) and Mary Tomanek financial consultant to the pension board. Absent was Hilda Ingebrigtsen. MINTUTES A motion was made by Bernard Goss to accept the minutes of the February 1, 2010 meeting. Dave Miller seconded the motion. The motion passed unanimously. i REPORT OF INVESTMENTS Mary 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 recommended moving$500,000.00 from Calamos and $500,000.00 from Gateway Funds into the mid cap section of the portfolio. Mary stated that some reasons for this would be due to current market trends along with all the merger and acquisitions taking place in the market, Mary also recommends this shift due to the underperformance of these two funds. Mary recommended moving$500,000.00 into Madison Mid Core and the other$500,000.00 into Golden Small Core Value funds. Bernard Goss made the motion to move the funds as Mary recommended. Brian McVeigh seconded the motion. The motion passed unanimously. Mary reported she is in receipt of the actuarial Assumption from Tim Sharpe and stated that the Firefighters pay approximately$680,000.00 a year into the fund and the Tax levy is about $1,500,000.00. Mary presented the board with the updated two pages of the "Investment Policy". The changes on these pages represented the request by the auditors who asked that the changes in the accounting standards be represented in the policy. This has no impact on the board's current strategies in the investment area. I I TREASURERS REPORT Christine Tromp submitted a balance sheet, open investment listing and disbursement register. Christine reviewed and explained the contents to the members. ' A motion was made by David Miller to accept the Treasurers report. Bernard Goss seconded the motion. The motion passed unanimously. OLD BUSINESS Bernard Goss reported that he recorded two hours of training as a pension fund trustee giving him a total of 4 of the 16 hours to date. NEW BUSINESS Firefighter Bryl turned in all necessary paper work from her divorce, she turned all documents to Mark Percudani. Mark stated that he placed all documents in her pension file. Mark Percudain's term as pension fund trustee had expired on April 30, 2010. Mark ran unopposed for the three-year term of office. Mark's term will expire April 30, 2013. Election of this year's officers was held. Brian McVeigh will serve as President of the fund. Bernard Goss will serve as Vice-President and Mark Percudani will serve as the Secretary of the fund. The motion was made by Dave Miller and seconded by Bernard Goss. The motion passed unanimously. All Trustees reported filling out the "Statement of Economic Interest" form provided by the state (this is the yellow form). Mark Percudani presented the board with a "Department of Insurance Annual Statement filing form"all required signatures placed on this form at this meeting. This form was given to Christine Tromp for her to follow up with the state. Brian reported to the board that he is in receipt of applications for disability pension for Gary Sterzel and James Johnson. Brian stated that he contacted Pension board attorney Richard Reimer who will be providing a disability packet to both to fill out and start the process moving forward. ADJOURMENT Dave Miller made a motion to adjourn the meeting. Bernard Goss seconded the motion. The motion passed unanimously. The meeting was adjourned at 7:55 p.m. The next meeting will be Monday August 2, 2010 at 7:00 PM, at the Fire Administration Building. Respectfully submitted by: Mark W. Percudani, Sr. Secretary Firefighter's Pension Fund ' i i