HomeMy WebLinkAboutFIRE PENSION - 02/06/2012 - FIRE PENSION FUND MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
February 6, 2012
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on February 6, 2012 in the Fire
Department Administration Office 901 Wellington Avenue. President Brian McVeigh
called the meeting to order at 7:00 PM.
ROLL CALL
On roll call the following members were present: Brian McVeigh, Bernard Goss. Mark
Percudani, 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 Hilda Ingebrigtsen to accept the minutes of the November 7,
2011. David Miller 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 contact CS McKee telling
them to adjust the account to reflect a 25% BC Long Govt/75% BC Govt, from the 50%
BC Long Govt/50% BC Govt. Hilda Ingebrigtsen seconded the motion. The motion
passed unanimously.
Mary presented the board with a study involving the Emerging Markets. Five funds are
involved in the study with Mary asking the board to just think, about facts in the study as
she wouldbring the board more information for more discussion at our next meeting.
TREASURERS REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement
register. Christine reviewed and explained the contents to the members.
Christine presented in the treasurer's report the increase in pension for the month of
December in the Hanselman (from $5;202.75 to $5,358.83), Ogorek (from $5,773.44 to
$5,946.64) and Reid (from $4,965.25 to $5114.12) pensions. Berdard Goss made the
motion to accept these increases. Mark Percudani seconded the motion the motion passed
unanimously. Christine also presented in the board with"EXIBIT A"this included the
3% January increases due to the qualifying members (see "EXIBIT A" for details). Brian
McVeigh made the motion to approve these increases. Hilda Ingebrigtsen seconded the
motion the motion passed unanimously.
A motion was made by Mark Percudani to accept the Treasurers report. Brian McVeigh
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Training was discussed with all board members reminded about the open meetings act
training required.
The IPPFA and IPFA are both offering training for board members in March and April.
NEW BUSINESS
The pension board is in receipt of an applications for regular retirement pension from
Bret C, Casata.
Bret Cassata has a salary of$84,154.00 at the time of retirement (November 19, 2011).
Creditable service time of 20 years 1 months and 6 day was verified through the Finance
department along with the pension files. Bret will receive an annual pension in the
amount of$42,22.29 starting on August 28, 2018, with his first increase taking place on
September 1, 2023. Bernard Goss made the motion to accept the application for Regular
Retirement pensions. David Miller seconded the motion. The motion passed
unanimously.
Mark Percudani reported that he received a phone call from Belinda Gughemo asking for
some answers to a couple of questions regarding her benefits. With the help from the
IDOI Pension division and the EGV Finance department, Mark will report back to her.
Mark Percudani presented the treasurer with the Application for refund from Firefighter
Bethany Policky. The application is asking for 100% of her contributions to be rolled into
a qualified retirement plan or IRA (Diversified investment).
Mark Percudani informed the board that no resignation letter was in the files of two
firefighters. We do not have the resignation letters for firefighter Allison Chite and Pat
Jagger. Christine Tromp stated that she would look into providing a copy for our tiles.
The Pension board trustee terms of office for Mark Percudani and Bernard Goss are due
to end at the end of April 2012. Both have indicated that they are interested in running
again. The election process will start in March per the rules and regulations of the Elk
Grove Village Fire Pension fund.
ADJOURNMENT
Brian McVeigh made a motion to adjourn the meeting. David Miller seconded the
motion. The motion passed unanimously. The meeting was adjourned at 8:10 PM.
The next meeting will be Monday May 7, 2012 at 7:00 PM, at the Fire Department
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighter's Pension Fund