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HomeMy WebLinkAboutFIRE PENSION - 05/06/2013 - FIREFIGHTER'S PENSION BOARD MINUTES OF BOARD MEETING ELK GROVE FIREFIGHTER'S PENSION FUND May 6, 2013 CALL TO ORDER A meeting of the Firefighter's pension fund was held on May 6, 2013 in the Fire Department Administration Office located at 901 Wellington Avenue. President Brian McVeigh called the meeting to order at 7:10 PM. ROLL CALL The following members attended the meeting: Brian McVeigh, Bernard Goss, Mark Percudani David Miller and Hilda Ingebrigtsen also in attendance were Christine Tromp (Finance Director), Mary Tomanek(financial consultant to the pension board). NHNUTES A motion was made by David Miller to accept the minutes from the pension board meeting held on February 4, 2013. Bernard Goss seconded the motion. The motion passed unanimously. REPORT OF INVESTMENTS Mazy 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 David Miller made the motion to move $1,000,000 from Atalanta/Sosnoff large cap core to Vanguard total stock index fund. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. Mary recommended and Bernard Goss made the motion to take our equities portion closer to the 45% by moving$500,000 from McDonnell to the Vanguard Total International Stock index fund. Brian McVeigh seconded the motion. The motion passed unanimously. Mary recommended and Bernard Goss made the motion to move custody of the mutual fluids from Morgan Stanley to our other custodian US Bank. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. TREASURERSREPORT Christine Tromp submitted a balance sheet, open investment listing and disbursement register. Christine reviewed and explained the contents to the members. Christine also included in her report pensioner Howard Hall received an increase in his pension due to the new agreement and signing of a new contract between the Village of Elk Grove Village and the Elk Grove Village Professional Fire Fighters local 2340. Discussion followed while the board reviewed this increase. Brian McVeigh made the motion to approve the increase. Bernard Goss 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 Brian McVeigh reported that the Jerry Quinlan new court date was set for July 10, 2013 at this time. The pension board will be represented by our attorney who will report to President McVeigh if any action is requested by the board. NEW BUSINESS Mark Percudani ran unopposed for his term as an active member of the fire department to hold a position as trustee of the Elk Grove Village Fire Pension Board. His new term will expire on April 30, 2016. Election of this year's officers was held. David Miller made the motion to nominate Brian McVeigh as the President of the fund. Brian accepted Mark Percudani seconded the motion. The motion passed unanimously. David Miller made the motion to nominate Bernard Goss as the Vice-President of the fund. Bernard Goss accepted the nomination. Mark Percudani seconded the motion. The motion passed unanimously. Bernard Goss made the motion to nominate Mark Percudani as the Secretary of the fund. Mark accepted the nomination. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. The Board discussed the need to conduct interviews of different consulting firms as required by codes that govern this board. This interview process would begin soon and the board will continue with this process at the next meeting. ADJOURNMENT Brian McVeigh made a motion to adjourn the meeting. Hilda Ingebrigtsen seconded the motion. The motion passed unanimously. The meeting was adjourned at 8:05 PM. The next meeting will be Monday July 29, 2013 at 7:00 PM, at the Fire Department Administration Building. Respectfully submitted by: Mark W. Percudani, Sr. Secretary, Firefighter's Pension Fund