HomeMy WebLinkAboutFIRE PENSION - 11/07/2011 - FIRE PENSION MINUTES MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
November 7, 2011
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on November 7, 2011 in the Fire
Department Administration Office located at 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,
David Miller and Hilda Ingebrigtsen, also in attendance were Christine Tromp (Finance
Director) and Mary Tomanek financial consultant to the pension board. Absent was
Bernard Goss.
MINUTES
A motion was made by Hilda Ingebrigtsen to accept the minutes of the August 2, 2011
meeting after a correction of the last meeting date. Brian McVeigh 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 Hilda Ingebrigtsen made the motion to move custody of the
dollar amounts from CS Mckee ($12,839,664 or value at the time of move), McDonnell
($12,635,108 or value at the time of move), and Boyd Watterson ($7,460,080 or value at
the time of move) into a third party custodian/institution US Bank at the Illinois funds.
We will be transferring custody of our fixed income securities to US bank/Illinois funds.
David Miller seconded the motion. The motion passed unanimously.
Mary recommended and David Miller made the motion to notify Boyd Watterson that we
are requesting that they not purchase the lower risk agency debts in the future. The
motion was seconded by Hilda Ingebrigtsen . The motion passed unanimously. Mary will
work with Christine on formulating a letter and notifying them of this request.
TREASURERS REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement
register. Christine reviewed and explained the contents to the members.
Tax levy- Christine reported to the pension board, as included in the treasurer's report,
that the Elk Grove Village board of trustees has approved the following tax levies for the
Fire Pension Fund. This amount covers the pension funds expenses based on the actuary
report provided to the Village board by Actuary Tim Sharpe;
Property taxes $2,173,300.00
Intergovernmental—PPRT $ 379,730.00
Brian McVeigh made the motion to accept the tax levy as set by the Village Board. David
Miller seconded the motion. The motion passed unanimously.
A motion was made by David Miller to accept the Treasurers report. Hilda Ingebrigtsen
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Responses to the department of insurance audit is in these minutes as indicated in the
email sent back to Travis March, Deputy Director of the IDOI Public Pension Division
on September 1, 2011. Three items needed to be addressed(1) Tax levy approval as
stated above in the Treasurers report. (2) Any annual pension increases need to be added
to the minutes as they take place. The Secretary will start documenting any increase to
any pensions in the minutes moving forward. (3) The Treasurer was not a required signer
on the Fund's account. The board agrees to update the accounts having the treasurer be a
required signature.
The Board discussed increasing next years career development portion of the budget from
$3,000.00 to $6,000.00 bringing the amount closer to what was spent this year due to the
mandatory training required by all trustees.
Brian McVeigh has been contacted by the Boards attorney stating that the Jerry Quinlan
case is ready to move forward. Brian asked if all board members would check their
schedule for possible dates in December and January. All board members present stated
that they would check for availability and report back to Brian.
NEW BUSINESS
Open meetings act training will be mandated by the state with more information coming
soon.
ADJOURNMENT
David Miller made a motion to adjourn the meeting. Hilda Ingebrigtsen seconded the
motion. The motion passed unanimously. The meeting was adjourned at 7:35 p.m.
The next meeting will be Monday February 6, 2012 at 7:00 PM, at the Fire Department
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighter's Pension Fund