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HomeMy WebLinkAboutFIRE PENSION - 11/05/2012 - FIRE PENSION FUND MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND November 5, 2012 CALL TO ORDER A meeting of the Firefighter's pension fund was held on November 5, 2012 in the Fire Department Administration Office located at 901 Wellington Avenue. President Brian McVeigh called the meeting to order at 7:20 PM, ROLL CALL The following members attended the meeting: Brian McVeigh; Bernard Goss, Mark Percudani and David Miller also in attendance were Christine Tromp (Finance Director), Mary Tomanek (financial consultant to the pension board),Richard Mikel (Fire Chief) and Mark Sellers. Absent was Hilda Ingebrigtsen MINUTES A motion was made by David Miller to accept the minutes from the pension board meeting held on August 13, 2012. 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 two strategies when dealing with the Calamos account due to the resent changes in the firm. Either a wait and see for another quarter, watching how the firm moves forward or split the Calamos monies 50/50 between our Gateway and Ivy accounts. Discussion followed. Bernard Goss made the motion to remove the monies from the Calamos account splitting it 50/50 into Gateway and Ivy. Mark Percudani 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 Brian McVeigh to accept the Treasurers report. Mark Percudani seconded the motion. The motion passed unanimously. Christine also talked about the 2012-201; actuarial valuation report providing the board with valued information explaining the report when members had questions. Brian McNeight made the motion to accept the report written by Timothy W. Sharpe and the $3,009,522 Tax levy for this period. David Miller seconded the motion. The motion passed unanimously. OLD BUSINESS Training—Mark Percudani, Brian McVeigh and David Miller reported that they have completed the required sixteen hours of continuing education training that the act requires. Bernard Goss and Hilda Ingebrigtsen still need eight hours of trustee training. NEW BUSINESS Firefighter Doug Brammer will be participating in the section of the act (40 ILCS 5/4 - 108)that allows him to apply his military service time toward his years of service in the fund with the EGVFD. F/F Brammer has paid the Elk Grove Village fire pension fund $20,913.59 that qualifies him for this section of the act. Brian McVeigh made the motion to accept F/F Brammer's application for this section of the act. Bernard Goss seconded the motion. The motion passed unanimously. Daniel R. Ritchie resigned from the Elk Grove Village fire department to become a member of the Orland fire protection district. Daniel R. Ritchie paid the required $3,186.78 into the Elk Grove Village fire pension fund making him eligible to participate in the reciprocity portion of the act (40 ILCS 5/4-109.3). Bernard Goss made the motion accepting his application and this dollar amount. David Miller seconded the motion. The motion passed unanimously. Brian McVeigh stated that he was in receipt of the application into the fund along with all supporting documents for the new Fire Chief Richard Mikel. Mark Percudani made the motion to accept Chief Mikel into the fund as of August 13, 2012 his hire date. David Miller seconded the motion. The motion passed unanimously. Brian McVeigh stated that he is in receipt of the application for regular retirement from James Denna Sr. Jim has a salary of$110,018.00(this amount includes his MEP) at the time of retirement, November 28, 2012. Creditable service time of 39 years 10 months and 27 day was verified through the Finance department along with the pension files. Jim will receive an annual pension from EGV in the amount of$82,513.50. Jim's first increase will take place on December 1, 2013. Bernard Goss made the motion to accept the application for regular retirement pension. Brian McVeigh seconded the motion. The motion passed unanimously. Patrick L Jagger applied for a refund of his pension contributions. Patrick filled out the required documentation. David Miller made the motion to accept this application and refund the amount of$1,089.49 that was confirmed by the Finance department. Mark Percudani seconded the motion. The motion passed unanimously. 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 February 4, 2013 at 7:00 PM, at the Fire Department Administration Building. Respectfully submitted y: n Mark W. Percudani, Sr. Secretary, Firefighter's Pension Fund