HomeMy WebLinkAboutFIRE PENSION - 08/13/2012 - FIRE PENSION BOARD MINUTES r
MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
AUGUST 13, 2012
CALL TO ORDER
A meeting of the Firefighters pension fund was held on August 13, 2012 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, 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 Bernard Goss to accept the minutes from the pension board
meeting held on May 7, 2012. 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.
Christine Tromp informed the board that one million dollar is needed for the fund to meet
its obligation to end the year. Mary recommended and Hilda Ingebrigtsen made the
motion to transfer$1,000,000.00 from C.S. McKee to meet the required obligations.
David Miller seconded the motion. The motion passed unanimously.
Mary recommended and David Miller made the motion to up the Fixed style
CorporatelMunicipals from the current 40% maximum to 60%maximum. Hilda
Ingebrigtsen seconded the motion. The motion passed unanimously.
Mary recommended and David Miller made the motion to give C.S. McKee the ability to
invest in corporates. Bernard Goss seconded the motion. The motion passed
unanimously.
Mary recommended and David Miller made the motion to transfer 50% of the funds from
Congress Large growth into Wedgewood Partners Large Growth thus giving this portion
of the fund better chance to give the fiord better retnms and consistency. 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. No pension
increases took place during this quarter.
A motion was made by Mark Percudani to accept the Treasurers report. David Miller
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Brian McVeigh stated that Jerry Quinlan might be appealing the board's decision. The
EGVF pension attorney stated that he will handle for now advising the board when any
action on their part is needed.
Firefighter Mark Pelletreau is resigning from the EGVFD and taking a job with the
Palatine FD after six months of service with the EGVFD.
NEW BUSINESS
Brian McVeigh stated that he was in receipt of the application into the fund along with all
supporting documents for new Firefighter Jeremy Sullivan. Brian McVeigh made the
motion to accept Jeremy Sullivan into the fund as of July 2, 2012 his hire date. Mark
Percudani seconded the motion. The motion passed unanimously.
Brian McVeigh stated that he is in receipt of the application for regular retirement to
include the reciprocity portion of the act(Downers Grove) for Howard Hall. Howard Hall
has a salary of$80,254.00 at the time of retirement June 23, 2012. Creditable service
time of 21 years 7 months and 5 day was verified through the Finance department along
with the pension files. Howard also worked with Downers Grove for a total of 2 years 9
months and 27 days. Howard will receive an annual pension from EGV in the amount of
$47,523.42. Howard will receive from Downers Grove an annual pension in the amount
of$1,464.99 both starting on June 24,2012 with the first year being prorated. Howard's
first increase will take place on July 1, 2013. Brian McVeigh made the motion to accept
the application for Regular Retirement pensions to include reciprocity. David Miller
seconded the motion. The motion passed unanimously.
Firefighter Doug Brammer is thinking about participating in the section of the act(40
ILCS 5/4 - 108) that allows him to apply his service time toward his years of service in
the fund with the EGVFD. Mark Percudani will work with the board and Firefighter
Brammer moving forward on this issue.
ADJOURNMENT
David Miller made a motion to adjourn the meeting. Mark Percudani seconded the
motion. The motion passed unanimously. The meeting was adjourned at 8:00 PM.
The next meeting will be Monday November 5, 2012 at 7:00 PM, at the Fire Department
Administration Building.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighter's Pension Fund