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HomeMy WebLinkAboutFIRE PENSION - 05/07/2012 - FIRE PENSION BOARD MINUTES OF BOARD MEETING ELK GROVE FIREFIGNTER'S PENSION FUND May 7, 20]2 CALL TO ORDER A meeting of the I'ireliLhtei's pension Fund was held on May 7. 2012 in the hire Department Administration Office 901 Wellington .Avenue. President Brian McVeigh called the meethiL to order at 7:05 PM. ROLL CALL On roll call the following members were present: Brian lvlcVeioh,. Bernard Goss and Mark Percudani, also in attendance were Sandy Smalley (Finance Director) and Mary 'I omanck financial consultant to the pension board. Absent were David Miller and Hilda I n 1,cbri msen MINUTES A motion was made by Brian McVeigh to accept the minutes from the pension board meeting held on February 6.201"_'. Bernard Goss seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Mare Tomanek submitted a quarterly review'/report of the Elk Grove Village Fire Pension Fund investments with Solomon Smith Barney. She re.-iemcd and explained its contents to the members. Mary recommended and Bernard Goss made the motion to move assets within the fixed income bracket into the investment grade corporate bonds of Boyd Watterson. This monev would stay within Boyd Watterson only requiring Boyd Watterson to layer on investment grade corporate bonds moving money internally only changine the style to include this type of bond. t\9ark Percudani seconded the motion. The motion passed unanimoush. Mary recommended and Bernard Goss oracle the motion to move 2%-3% of the total equity component of the fund into Virtus Emerging Markets Opportunities. The board would be moving $400;000.00 from Congress Large Growth fund into the VuLLIs Fund. \lark Percudani seconded the motion. The motion passed unanimously. TREASURERS REPORT Sandy Smalley submitted a balance sheet, open investment listim, and disbursement register. Sandy reviewed and explained the contents to the members. A motion was made by Mark PerCndatli to accept the Treasurers report. Bernard Goss seconded the motion. The motion passed unanimously. OLD BUSINESS Brian McVeigh stated that he has the report from the court repotted on the Jerry Quinlan case and will place it in the file. NEW BUSINESS The NMavor reappointed Hilda Ingebri.otsen to the Fire pension board. Hilda's new tern will expire on April 30. 201-5. Bernard Goss ran unopposed for his term as the retired member of the Board. His new term will expire on April 30; 2015. Election of this year's officers was held. Mark Percudani made the motion to nominate Brian McVeieh as the President of the fund. Brian accepted. Bernard Goss seconded the motion. The motion passed unxninuntSIV. Mark Percudani made the motion to nominate Bernard Goss as the Vice- President oPthe fund. Bernard Goss accepted the nomination. Brian McVei(h seconded the motion. The motion passed unanimously. Bernard Goss made the motion to nominate Marl: Percudani as the Sccretary of the fund. Mark accepted the nomination. Brian NMeVeigh seconded the motion. The motion passed unanimoush. Brian McVeigh stated that be is in receipt of pension applications for the foto'new personnel that were hired by the Elk Grove Village Fire Departmem on April 9, 2012, Ryan M. Bruess. Donald A. Hoffman Jr.. !Mark A. Pellet-eau and Mario A. Gutierrez. Brian reported that all four personnel have all supporting dlocuments to be accepted into the fund. Bernard Goss made the motion to accept the new firefighters into the fund Mark Percudani seconded the motion. The motion passed unanimously. ADJOURNDIENI' Bernard Goss made a motion to adjourn the meeting. Brian McVeigh seconded the motion. The motion passed unanimously. The mcetino was adjourned at 8:00 PM. The next mectine will be Mondav August 13, 20 t2 at 7:00 PM, at the Fire Department Administration Buildin�'. Respectfully submittedby: O Mark W. Percudani, Sr. Secretary, Fird](Ihter's Pension Fund