HomeMy WebLinkAboutFIRE PENSION - 08/04/2014 - FIRE PENSION BOARD MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTER'S PENSION FUND
August 4, 2014
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on August 4, 2014 in Conference
room "C" at Village Hall located at 901 Wellington Ave. President Brian McVeigh called
the meeting to order at 1 :40 PM.
ROLL CALL
The following members attended the meeting: Brian McVeigh, Mark Percudani, and
Richard Mikel. Also in attendance were Christine Tromp (Finance Director), and Doug
Oest of Marquette Associates (financial consultants to the pension board). Absent was:
Bernard Goss and Hilda Ingebrigtsen.
MINUTES
A motion was made by Richard Mike] to accept the minutes from the Pension board
meeting held on May 5, 2014 with the minor changes as mentioned. Brian McVeigh
seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Doug Oest of Marquette Associates submitted a quarterly review/report of the Elk Grove
Village Fire Pension Fund investments with Marquette Associates dated June 30, 2014
explaining its contents.
In Summary the Total Fund returned 3.3% for the quarter slightly underperforming the
policy benchmark. The Total Fund market value as of June 30, 2014 was $63,683,593.
No other action was taken or recommended at this time.
TREASURERS REPORT
Christine Tromp submitted a balance sheet as of April 2014, open investment listing and
disbursement register. Christine reviewed and explained the contents to the members.
Mark Percudani made the motion to accept the Treasurers report. Brian McVeigh
seconded the motion. The motion passed unanimously.
OLD BUSINESS
Brian McVeigh reported that the Jerry Quinlan case was in court on December 20, 2013
with briefs being filed by both parties shortly after this date. The pension board is
represented by our attorney Richard Reimer who will report to President McVeigh with
any new information or if any action is required by the board.
NEW BUSINESS
Brian McVeigh stated that he was in receipt of the applications with medical forms of
four new firefighters to be considered as members into the Firefighters pension fund.
Brian stated that he has all supporting documents for the new Firefighters to be admitted
into the fund. Firefighters to be considered are as follows; Brian R. Gumprecht and
Joseph M. Thompson. Mark Percudani made the motion to accept both members into the
fund as of May 19, 2014 their hire date. Richard Mikel seconded the motion. The motion
passed unanimously.
Brian Paliga applied for a refund of his pension contributions. Brian filled out the
required documents and returned them to the board. Mark Percudani made the motion to
accept this application and refund the amount of$1 1 11.58. Richard Mike] seconded the
motion for refund. The motion passed unanimously.
The Riddle family contacted the Fire Department advising that Greg Riddle passed away
on June 27, 2014. Charlene Riddle will now be collecting a survivors pension in the
amount of$7,080.28 per month.
The Menas Family contacted the Fire Department advising that retired member Robert
Menas passed away on July 30, 2014. Lorna Menas will now be collecting a survivors
pension in the amount of$6273.61 per month.
ADJOURNMENT
Brian McVeigh made a motion to adjourn the meeting. Richard Mike[ seconded the
motion. The motion passed unanimously. The meeting was adjourned at 2:20 PM.
The next regular meeting date will be Monday November 3, 2014 at 1:30 PM, in
Conference room "C" of Village Hall.
Respectfully submitted by:
Mark W. Percudani, Sr.
Secretary, Firefighters Pension Fund