HomeMy WebLinkAboutFIRE PENSION - 05/02/2011 - FIRE PENSION MINUTES MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
May 2, 2011
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on May 2, 2011 in the Fire
Department Administration Office 901 Wellington Avenue. President Brian McVeigh
called the meeting to order at 7:15 PM.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Mark Percudani,
Bernard Goss and David Miller and Hilda ingebrigtsen, also in attendance were Christine
Tromp(Finance Director)and Mary Tomanek financial consultant to the pension board.
MINUTES
A motion was made by David Miller to accept the minutes of the February 7, 2011
meeting. Bernard Goss 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 presented the Fire Pension board with options to modify our Investment policy
discussion followed then Bernard Goss made the motion to adjust our Equities to 40%
with a Max of 50%. Within that segment Large Cap would be changed to a 60%with a
max of 85%, Small/Mid Cap would move to 20% with a max of 25%, International
would move to 10% with a max of 15% and Other would land at 10%with a max of 25%
Fixed income to 60%with a Max of 70%. Within the Fixed income segment the
Corporate/Municipals moves to 35% with a max of 40% and Governments moves to 65%
with a max of 100%. Hilda ingebrigtsen Seconded the motion. The motion passed
unanimously.
To bring the fund more into alignment with the above changes Mary recommended and
David Miller made the motion to move $800,000 from the International accounts
($400,000 from Vanguard Total International stock index and $400,000 from Harbor
International fund) into the Congress Large Growth Fund. Hilda ingebrigtsen Seconded
the motion. The motion passed unanimously.
In continuing with the fund adjustments Mary recommended and David Miller made the
motion to move $800,000 from Madison Mid Core fund splitting it $400,000 into
Columbia Dividend and $400,000 into Congress Large Growth fund. The motion was
seconded by Ingebrigtsen Seconded the motion. The motion passed unanimously.
Mark Percudani made the motion to accept the policy as written. Bernard Goss seconded
the motion. The motion passed unanimously. The new policy will be forwarded to the
Finance department then to the pension fund secretary.
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. Brian McVeigh
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Brian McVeigh stated that we are still waiting to hear back from the Police and Fire
commissioners' office about getting copies of the new hires physicians' physical exams
for the pension files.
Brian McVeigh stated that Firefighter Quinlan is still in the process of visiting doctors in
regards to his disability case.
NEW BUSINESS
Brian McVeigh's and David Miller's terms had expired on April 30, 2011. Dave Miller
was appointed to another three year term. Brian McVeigh ran unopposed for his three-
year term of office. Both Dave and Brian's term will expire April 30, 2014.
Election of this year's officers was held. Mark Percudani made the motion to nominate
Brian McVeigh as the President of the fund. Brian accepted, the motion was seconded by
David Miller. The motion passed unanimously. Mark Percudani made the motion to
nominate Bernard Goss as the Vice- President of the fund. Bernard Goss accepted the
nomination. The motion was seconded by David Miller. The motion passed unanimously.
David Miller made the motion to nominate Mark Percudani as the Secretary of the fund.
Mark accepted the nomination. Bernard Goss seconded the motion. The motion passed
unanimously.
Brian McVeigh presented the board with documents for signatures required by the
pension boards' attorney Richard Reimer. The first document was the certificate of
payment for the Johnson and Stenzel hearings to be signed by the treasurer, secretary and
president. The second document was for all trustees to sign on the decision made during
the above hearings.
ADJOURNMENT
Brian McVeigh made a motion to adjourn the meeting. Bernard Goss seconded the
motion. The motion passed unanimously. The meeting was adjourned at 8:00 p.m.
The next meeting will be held on Monday August 1, 2011 at 7:00 PM, at the Fire
Department Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighter's Pension Fund