HomeMy WebLinkAboutFIRE PENSION - 02/02/2015 - FIRE PENSION MINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTERS PENSION FUND
February 2, 2015
CALL TO ORDER
A meeting of the Firefighter's pension fund was held on February 24, 2015 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 Brian McVeigh to accept the minutes from the Pension board meeting
held on November 3, 2014. Richard Mikel 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 December 31, 2014 explaining
its contents.
In Summary the Total Fund returned 2.2% for the quarter slightly outperforming the policy
benchmark return of 2.1%. The Total Fund market value as of December 31, 2014 was
$64,431,960.
No other action was taken or recommended at this time.
TREASURERS REPORT
Christine Tromp submitted a balance sheet, open investment listing and disbursement register
with no increases of pension as of December 2014. Christine reviewed and explained the
contents to the members.
Christine reported to the board that the January increases in pension took place during this period
and is reflected in the "Fire Pension Gross Pension Payments" spreadsheet attached to the
Revenue and Expense report. The board reviewed these increases. Brian McVeigh made the
motion to accept these increases. Richard Mikel seconded the motion. The motion passed
unanimously.
Christine reported to the board that Bernie Stillson received his first increase in pension on
December 1, 2014. This was his scheduled first increase as Bernie retired on November 15, 2013
and his fifty-fifth birthday has passed. Brian McVeigh made the motion to approve this increase
per the pension code. Mark Percudani seconded the motion. The motion passed unanimously.
Richard Mike] made the motion to accept the Treasurers report. Mark Percudani seconded the
motion. The motion passed unanimously.
OLD BUSINESS
None
NEW BUSINESS
Brian McVeigh stated that he was in receipt of the application with medical forms of new
firefighter Brian J. McConville to be considered as a member into the Firefighter Pension Fund.
Brian stated that he has all supporting documents for Firefighter McConville to be admitted into
the fund. Brian McVeigh made the motion to accept Firefighter McConville into the fund as of
his hire date of January 5, 2015. Richard Mikel seconded the motion. The motion passed
unanimously.
Brian McVeigh stated that he is in receipt of the application for regular retirement from Michael
R. Turner. Michael has a salary of$103,934.30.00 at the time of retirement, November 28, 2014.
Creditable service time of 43years 0 months and 1 1 day was verified through the Finance
department along with the pension tiles. Michael Turner will receive an annual pension from
EGV in the amount of$77,950.73. Michael's first increase will take place on December 1, 2015.
Mark Percudani made the motion to accept the application for regular retirement pension.
Richard Mikel seconded the motion. The motion passed unanimously
Elections - The Pension board trustee terms of office for Hilda Ingebrigtsen and Bernard Goss
are due to expire on April 30, 2015. Hilda Ingebrigtsen fills one of the appointed positions by the
Mayor. Hilda has indicated that she will not seek another term. Mark Percudani will reach out to
Mayor Johnson advising him of this need to appoint. Bernard Goss fills the retired trustee
position on the board. The election process for the retired trustee representative will start in
March per the rules and regulations of the Elk Grove Village Fire Pension fund.
ADJOURNMENT
Mark Percudani made a motion to adjourn the meeting. Richard Mikel seconded the motion.
The motion passed unanimously. The meeting was adjourned at 2:30 PM.
The next regular meeting date will be Monday May 4, 2015 at 1:30 PM, in Conference room `A"
of Village Hall.
Respectfully submitted by:
Mark W. Percudani. Sr.
Secretary, Firefighters Pension Fund