HomeMy WebLinkAboutFIRE PENSION - 08/02/2011 - FIRE PENSION MINUTES MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 2, 2011
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on August 2, 2011 in the Fire
Department Administration Office 901 Wellington Avenue. President Brian McVeigh
called the meeting to order at 7:05 PM.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark Percudani,
Bernard Goss and Hilda Ingebrigtsen, also in attendance were Christine Tromp (Finance
Director) Mary Tomanek financial consultant to the pension board along with Acting Fire
Chief William Balling. Absent was David Miller.
MINUTES
A motion was made by Bernard Goss to accept the minutes of the May 2, 2011 meeting.
Hilda Ingebrigtsen seconded the motion. The motion passed unanimously.
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 and Bernard Goss made the motion to move $1,000,000.00 out of
the Eaton Vance Large Value fund into the Columbia Dividend-SB advisor Fund.
Columbia has been doing a much better job at keeping with the benchmark. This would
be a lateral move having no change in our allocations affecting our strategies per our
investment guidelines. Hilda Ingebrigtsen seconded the motion. The motion passed
unanimously.
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 Mark Percudani to accept the Treasurers report. Bernard Goss
seconded the motion. The motion passed unanimously.
OLD BUSINESS
William Balling stated that he would touch base with the Police and Fire commissioners'
office about getting copies of the new hires physicians' physical exams for the pension
files. William stated that he would touch base with the board letting us know of his
progress.
Brian McVeigh has been contacted by the Boards attorney stating that the Jerry Quinlan
case is almost ready to move forward. Brian asked if all board members would be
available in the month of October. All board members present stated that they would be
available.
NEW BUSINESS
The pension board is in receipt of two applications for regular retirement pension, the
applicants are David Miller and Karen Benson.
David Miller has a salary of$143,287.00 at the time of retirement (July 1, 2011).
Creditable service time of 37 years I 1 months and 1 day was verified through the Finance
and the Fire Chiefs office. David will receive an annual pension in the amount of
$107,465.25 to include his Management enhancement package equaling a monthly
pension in the amount of$8,955.44 with his first increase taking place on August 1,
2012. Brian McVeigh made the motion to accept the application for Regular Retirement
pensions. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously.
Karen Benson has a salary of$80,254.00 at the time of retirement (June 3, 2011).
Creditable service time of 30 years 6 months and 3 days was verified through the Finance
and the Fire Chiefs office. Karen will receive an annual pension in the amount of
$60,190.50 to include his longevity pay equaling a monthly pension in the amount of
$5,015.88 with her first increase taking place on January I, 2013. Bernard Goss made the
motion to accept the application for Regular Retirement pensions. Mark Percudani
seconded the motion. The motion passed unanimously.
ADJOURNMENT
Brian McVeigh made a motion to adjourn the meeting. Bernard Goss seconded the
motion. The motion passed unanimously. The meeting was adjourned at 7:40 p.m.
The next meeting will be Monday November 7, 2011 at 7:00 PM, at the Fire Department
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighter's Pension Fund