HomeMy WebLinkAboutNovember 26, 2018 MinutesMINUTES OF BOARD MEETING
ELK GROVE FIREFIGHTERS PENSION FUND
November 26, 2018
CALL TO ORDER
A meeting of the Elk Grove Firefighters' Pension Fund was held on November 26, 2018 in Conference
room "A" at the Charles Zettek Municipal Center located at 901 Wellington Ave. Mike Belpedio called
the meeting to order at 1:30 PM.
ROLL CALL
The following board members attended the meeting: Mike Belpedio, Bernard Goss, Joe Hamilton, Rich
Mikel and Tim Sexton. Also in attendance were Christine Tromp, Kyle Pochat, Richard Reimer,
Michele Marvin, Doug Oest, EJ Zbikowski and Chuck Walsh.
MINUTES
Minutes of the Board Meeting held August 13, 2018 were distributed and reviewed. No corrections
required.
A motion was made by Belpedio to accept the minutes from the August 13, 2018 Pension Board
Meeting. Hamilton seconded the motion. The motion passed unanimously.
REPORT OF INVESTMENTS
Doug Oest of Marquette Associates submitted to the board copies of the Elk Grove Village Firefighters
Pension Fund Executive Summary dated October 31, 2018 for explanation and review.
In summary, the Total Fund had a return of 3.0% (net) for the quarter, underperforming the policy
benchmark return of 3.3%. The Total Fund had a return of 7.3% (net) for the trailing 12 months,
underperforming the policy benchmark return of 7.6%. The Total Fund market value as of September
30, 2018 was $78,220,155.
Oest informed the board that one of the fund's investment managers, McDonnell Investment
Management, was in the process of merging into Loomis Sales. Oest expressed that Loomis Sales may
not be the best fit for public funds, and Marquette will prepare information regarding the search of a
replacement investment manager for the February board meeting.
No actions were recommended at the time.
TREASURER'S REPORT
Christine Tromp submitted a balance sheet, open investment listing and distribution register to the
board for review. Increases to pension payments were noted.
There was one decrease in benefit payments and that was to Thomas Rheinhart to reflect a recent
QUILDRO submission beginning June 1, 2018
A correction to recipient Brett Casatta's birthday was noted. Correction was made for September 1,
2018 distribution. Subsequent distributions were prorated to reflect correction.
A motion was made by Belpedio to accept the Treasurer's report. Mikel seconded the motion.
The motion passed unanimously.
PRESENTATION OF BILLS
None presented.
OLD BUSINESS
Review of 2018 continuing education — IDOI now requires electronic attestation of annual continuing
education. This will be done in conjunction with the Village's annual audit. 16 hours of CE are
required that include or are in addition to 8 hours of ethics training. All completed CE should be
submitted to Hamilton by the end of the year.
NEW BUSINESS
Approval of Actuarial Report dated May 1, 2018 — Tromp presented to the board the Actuarial
Valuation as of May 1, 2018 from Lauterbach & Amen, LLP. The Village switched from Timothy
Sharp, Actuary to Lauterbach & Amen, LLP and signed a three-year contract. Attached to the minutes
is the report.
A motion was made by Belpdio to accept the Elk Grove Village Firefighters' Pension Fund
Actuarial Valuation as of May 1, 2018 prepared by Lauterbach & Amen, LLP. Goss seconded
the motion. The motion passed unanimously.
Benefit distribution request — The board received a Benefit Distribution Request from Lt. Kevin
Nejedlo for normal retirement. Nejedlo began his career with the EGVFD on 09/30/1996 and separated
from the department on 10/1/2018 with 22 years, 0 months and 2 days of creditable service. Nejedlo's
initial annual benefit is $66,930.05. Nejedlo is not currently married and does not have any children
under the age of 18.
A motion was made by Belpedio to accept the Benefit Distribution Request for a normal
retirement for Kevin Nejedlo. Mikel seconded the motion. The motion passed unanimously.
Benefit distribution request — The board received a Benefit Distribution Request for a survivor's
pension from Patricia Stroker. Howard Stroker passed away on October 26, 2018 and is survived by his
wife Patricia Stroker. Howard Stroker's annual benefit at the time of passing was $50,402.56. All
supporting documentation was received and in accordance with his pension file and application.
A motion was made by Belpedio to terminate retirement benefits to Howard Stroker and to
begin distribution of survivor's benefits to Patricia Stroker. Hamilton seconded the motion. The
motion passed unanimously.
EJ ZBIKOWSKI NON -DUTY PENSION HEARING
Benefit distribution request — The board received a Benefit Distribution Request from Edmund Joseph
Zbikowski for a non -duty distribution. Disability hearing began at 2:10 PM with a roll call.
Present — Belpedio, Goss, Hamilton, Mikel and Sexton
Absent - none
A motion was made by Belpedio to accept Richard Reimer as meeting officer. Hamilton
seconded the motion. The motion passed unanimously
A motion was made by Belpedio to have Richard Reimer represent the Pension Board.
Hamilton seconded the motion. The motion passed unanimously.
A motion was made by Belpedio to accept evaluations of three treating physicians as experts.
Goss seconded the motion. The motion passed unanimously.
A motion was made by Belpedio to adopt and publish the written decision and order. Goss
seconded the motion. The motion passed unanimously.
A motion was made by Belpedio for court reporter to prepare a written transcript of the open
and executive session. Goss seconded the motion. The motion passed unanimously.
A motion was made by Sexton to adjourn open session and hold an executive session. Hamlton
seconded the motion. The motion passed unanimously. Open session adjourned at 2:23 PM.
Executive concluded at 2:35 PM, and a motion was made by Belpedio to continue open session.
Mikel seconded the motion. The motion passed unanimously. Open session reopened at 2:37
PM.
A motion was made by Belpedio to award a non -duty pension to Edmund Zbikowski effective
November 27, 2018. Goss seconded the motion. The motion passed unanimously.
PUBLIC COMMENT
None.
ADJOURNMENT
A motion was made by Hamilton to adjourn the meeting. Belpedio seconded the motion. The motion
passed unanimously. The meeting was adjourned at 2:46 PM.
The next regular meeting date will be February 4, 2019 at 1:30 PM in conference room "A" at Charles
J. Zettek Municipal Center.
Respectfully submitted by:
Joe Hamilton
Secretary, Elk Grove Village Firefighters Pension Fund
FIRE PENSION FUND
GROSS MONTHLY PENSION PAYMENTS
FISCAL YEAR 2018-2019
A/C MUNIS: 7210211-510721
BANOT
BECK
DALE
PATRICK
BENSON
KAREN
BLACKALLER
MARK
BLUMENTHAL
RALPH
BOULANGER_
LEO
BRAMMER
DOUGLAS
ocrT
la -18
Jun-18
Jul -IS
Au -18
Se -18
Oct-18
7,997.86
7,997.86
7,997.86
7,997.86
7,997.86
7,997.86
5,253.85
5,253.85
5,253.85
5,253.85
5,253.85
5,253.85
6,076.44
6,076.44
6,076.44
6,076.44
6,076.44
6,076.44
-
-
2,666.08
6,887.38
6,887.38
6,887.38
5,465.96
5,465.96
5,465.96
5,465.96
5,465.96
5,465.96
5,975.84
5,975.84
5,975.84
5,975.84
5,975.84
5,975.84
4,708.76
4,708.76
4,708.76
4,708.76
4,850.02
4,850.02
-
-
-
454.33
3,861.76
3,521.02
7,023.17
7,023.17
7,023.17
7,023.17
7,023.17
7,023.17
8,689.43
8,689.43
8,689.43
8,689.43
8089.43
8,689.43
8,210.45
8,210.45
8,210.45
8,210.45
-
-
6,656.44
6,656.44
6,656.44
6,656.44
6,656.44
6,656.44
5,977.12
5,977.12
5,977.12
5,977.12
5,977.12
5,977.12
8,995.19
8,995.19
8,995.19
8,995.19
8,995.19
8,995.19
7,069.52
7,069.52
7,069.52
7,069.52
7,069.52
7,069.52
3,701.78
3,701.78
3,701.78
3,701.78
3,701.78
3,701.78
7,895.87
7,895.87
7,895.87
7,895.87
7,895.87
7,895.87
4,097.99
4,097.99
4,097.99
4,097.99
4,097.99
4,097.99
6,243.84
6,243.84
6,243.84
6,243.84
6,243.84
6,243.84
10, 228.96
10, 228.96
10, 228.96
10, 228.96
10, 228.96
10, 228.96
7,265.25
7,265.25
7,265.25
7,265.25
7,265.25
7,265.25
5,496.89
5,496.89
5,496.89
5,496.89
5,496.89
5,496.89
5,206.60
5.206.60
5,206.60
5,206.60
5,206.60
5,206.60
5,503.39
5.503.39
5.503.39
5,503.39
5,503.39
5,503.39
4,873.29
4,873.29
4,873.29
4,873.29
4,873.29
4,873.29
3,811.53
3,811.53
3.811.53
3,811.53
3,811.53
3,811.53
4,864.85
4,864.85
4,864.85
4,864.85
4,864.85
4,864.85
6,590.68
6,590.68
6,590.68
6,590.68
6.590.68
6,590.68
7,614.45
7,614.45
7,614.45
7,614.45
7,614.45
7,614.45
6,259.97
6,259.97
6,259.97
6,259.97
6,259.97
6,259.97
5,616.17
5,616.17
5,616.17
5,616.17
5,616.17
5,616.17
6,474.04
6,474.04
6,474.04
6,474.04
6,474.04
6,474.04
6,289.83
6,289.83
6,289.83
6,289.83 ��6
,289.83
6,289.83
6,604.88
6,604.88
6,604.88
6,604.88
,604.88
6,604.88
7,456.02
_7,456.02
7,456.02
7,456.02
7,679.70
7,679.70
5,433.02
5,433.02
5,433.02
5,433.02
5,433.02
5,433.02
5,238.76
5.238.76
5,238.76
5,238.76
5.238.76
5,238.76
6,921.97
6,921.97
6,921.97
6,921.97
6,921.97
6,921.97
6,289.83
6,289.83
6,289.83
6,289.83
6,289.83
6,289.83
5,328.88
5,328.88
5.328.88
5,328.88
5,328.88
5,328.88
10,135.38
10,135.38
10,135.38
10,135.38
10,135.38
10,135.38
6,057.59
6,057.59
6,057.59
6,057.59
6,057.59
6,057.59
7,565.41
7,565.41
7,565.41
7,565.41
7.565.41
7,565.41
5,918.54
5,918.54
5,918.54
5,918.54
5,918.54
5,918.54
11,014.05
11,014.05
11,014.05
11,014.05
11,014.05
11,014.05
8,288.44
8,288.44
8,288.44
8,288.44
8,288.44
8,288.44
6,153.14
6,153.14
6,153.14
6,153.14
6,153.14
6,153.14
-
-
_
-
-
5,397.58
4,573.49
4,573.49
4,573.49
4,573.49
4,573.49
4,573.49
7,313.61
7,313.61
7,313.61
7,313.61
7,313.61
7,313.61
6,084.57
6,084.57
6,084.57
6,084.57
6,084.57
6,084.57
4,781.60
4,781.60
4,781.60
4,781.60
4,781.60
4,781.60
CASTERTON
THOMAS
CLARK
WILLIAM
DENNA SR. (DO
DUGAN
FALK
FORDE, JAMES
FORDE, JOHN
FRERES
GARCHIE
GARDNER
GAUSS
GOOSTREE
GOSS
GREEN
GUGLIELMO
GUSTAVSEN
HALL
HALVORSEN
HANKO _
HANSELM_A_N__
HARRIS
HAVERLAND
HENRICI
HERRMANN
HOPKINS
KEYWORTH
KRIEGER
KOPINSKI
KUHN
LACKMAN
LAMKA
LANGLAND
MACARTHUR
MARSHALL
MERGENS
MIKENAS
MILLER
MILLER
MORONY
NEJEDLO
NOVAK
OGOREK
PASSAGLIA
PENN
RICHARD
ROBERT
JAMES
JOHN
RONALD
RICHARD
BERNARD
OWEN
JOHN
HANS
HOWARD
RONALD
JOHN
FRED
MICHAEL
PHILIP
CHARLES —
ROBERT
WILLIAM
RICHARD
RICHARD
LEONARD
DONALD
MICHAEL
DANIEL
DONALD
JAMES
ROBERT
JOHN
ROBERT
DAVID
SCOTT
THOMAS
KEVIN _
LAWRENCE
EDWARD
!P
ETER
ETER --
CARLA
FIRE PENSION FUND
GROSS_ MONTHLY PENSION PAYMENTS
FI CAL YEAR 2018-2019
_
A/C MUNIS: 7210211-510721
Ma -18
Jun-18
Jul-18
Aug -ill
Se 18
Oct-18
PILKINGTON
WILLIAM
7,385.16
7,385.16
7,385.16
7,385.16
_ 7,385.16
7,385.16
POPIELEWSKI
THADDEUS
5,877.49
5,877.49
5,877.49
5,877.49
5,877.49
5,877.49
QUINLAN
GERALD
6,398.72
6,398.72
6,398.72
6.398.72
6,398.72
6,398.72
QUINN
KEVIN
4,881.10
4,881.10
4,881.10
4,881.10
4,881.10
4,881.10
RATHKE
ARTHUR
4,730.80
4,730.80
4,730.80
4,730.80
4,730.80
4,730.80
REID
WILLIAM
6,289.831
6,289.83
3,077.28
6,019.46
6,289.83
6,289.83
6,289.83
6,289.83
REINHARDT
THOMAS
6,154.51
3,077.26
3,077.26
3,077.26
3,077.26
RENNACK
CRAIG
6,019.46
6,019.46
6,019.46
6,019.46
6,019.46
RZESZUTKO
KENNETH
3,162.41
3,162.41
3,162.41
3,162.41
3,162.41
3,162.41
SCHLOTTMAN
RANDALL
6.590.68
6,590.68
6,590.68
6.590.68
6,590.68
6,590.68
SELLERS
WILLIAM
7,747.82
7,747.82
7,747.82
7,747.82
7,747.82
7,747.82
SINGEL
WAYNE
4,697.58
4,697.58
4,697.58
4,697.58
_ 4,697.58
4,697.58
_
STECKI
ROBERT
7,061.59
7,061.59
7,061.59
7,061.59
7,061.59
7,061.59
STILLSON
MELVIN
6,092.29
6,092.29
6,092.29
6,092.29
6,092.29
6,092.29
STROKER
HOWARD
4,206.88
4,206.88
4,206.88
4,206.88
5,442.43
4,206.88
4,206.88
SUNAGEL
JAMES
5,442.43
5,442.43
5,442.43
5,442.43
5,442.43
TOSTO
MICHAEL
5,938.65
5,938.65
5,938.65
5,938.65
5,938.65
5,938.65
TURNER
MICHAEL
7,311.18
7,311.18
7,311.18
7,311.18
7,311.18
7,311.18
VRSHEK
ALBERT
9,753.30
9,753.30
9,753.30
9,753.30
9,753.30
9,753.30
WILHELM
FRANK
6,005.56
6,005.56
6,005.56
6,005.56
6,005.56
6,005.56
WISNIEWSKI
THOMAS
5,403.08
5,403.08
5,403.08
5,403.08
5,403.08
5,403.08
_
Sub -total Retires
444 445.11
441 367.86
444033
448 709.57
444,271.48
449,328.33
DISABILITY -DU"
-
JOHNSON
JAMES
7,273.25
7,273.25
7,273.25
7,273.25
7,273.25
7,273.25
NORRIS
JERRY
3,224.26
3,224.26
3,224.26
3,224.26
3,224.26
3,224.26
ROHRER
FREDERICK
4,566.09
4,566.09
4,566.09
4,566.09
4,566.09
4,566.09
SCOTT
RANDALL
3,930.72
3,930.72
3,930.72
3,930.72
3,930.72
3,930.72
SPEIDEN
HARVEY
4,185.36
4,185.36
4,185.36
4,185.36
4,185.36
4,185.36
STERZEL
GARY
7,480.68
7,480.68
7,480.68
7,480.68
7,480.68
7,480.68
Sub -total Duty Disability
30 660.36
30 660.36
30 660.36
30 660.36
30 660.36
30 660.36
DISAB/UMNON DUTY
RYAN
LARRY
4,259.67
4,259.67
4,259.67
4,259.67
4,259.67
4,259.67
TERNBERG
RONALD
3,132.79
3,132.79
3,132.79
3,132.79
3,132.79
3,132.79
Sub -total Non Duty DisabilIty
7 392.46
7,392.46
7,392.46
7,392.46
1 7,392.46
7,392.46
SURVWQRS
4,372.50
4,372.50
4,372.50
4,372.50
BARBEAU KEMP
LAURA
4,372.50
4,372.50
COLMAN
BARBARA
4,467.86
4,467.86
4,467.86
4,467.86
4,467,86
8,210.45
4,340.96
4,467.86
RUIZ-DENNA
MELISSA
-
-
-
-
8,210.45
HOOD
EILEEN
4,340.96
4,340.96
4,340.96
4,340.96
4,340.96
KRIESANT
LANTZ
LENA
3,361.95
3,711.15
3,361.95
3,711.15
32361.95
3,361.95
3,361.95
3.361.95
LINDA
3,711.15
3,711.15
3,711.15
3,711.15
MAYER
RENVEIG
2,045.84
2,045.84
2,045.84
2,045.84
2,045.84
2,045.84
MC CULLA,
DARLENE
2,420.53
2,420.53
2,420.53
2,420.53
2,420.53
2,420.53
MENAS
LORNA
6,273.61
6,273.61
6,273.61
6,273.61
6,273.61
6,273.61
MEYER
GERALDINE
2,736.48
2,736.48
2,736.48
2,736.48
2,736.48
2,736.48
RIDDLE
CHA_RLENE
7,080.28
7,080.28
7,080.28
7,080.28
7,080.2E
7,080.28
SCHULZ
SHIRLEY
5,433.13
5,433.13
5,433.13
5,433.13
5,433.13
5,433.13
WELLWERTS
DIANE
3,639.00
3,639.00
1 3,639.001
3,639.00
3,639.00
3,639.001
FIRE PENSION FUND
GROSS MONTHLY PENSION PAYMENTS
FISCAL YEAR 2018-2019
A/C MUNI& 7210211-510721
_
— May-18
Jun-18
1 Jul-18 I
Aug-18
18
Oct-18
Sub -total Survivors
49,883.29 49,883.29
49,883.29 49,883.29 U 093.74
58,093.74
OILDROS
GUGLIELMO
BELINDA
1,066.41
1,066.41
1,066.41
1,066.41
1,086.41
1,088.41
MARCONI HALVORSEN
LYNN
1,621.57
1,621.57 1,621.57
3,077.25 3,077.25
1,621.57
1.621.57
1,621.57
REINHARDT
LESLIE
-
3,077.25
3,077.25
3.077.25
Sub -total Qildros
2687.98 5,765.23 5,765.23
5,765.23 5,765.23
5,765.23
TOTAL GROSS FIRE PENSION 535,069.20 535,069.20 537,735.28 542,410.91 546,183.28 551.240.12
R.,, , v , a /1/p6, 026 de a
VILLAGE OF ELK GROVE
STATEMENT OF PLAN NET ASSETS
FIRE PENSION TRUST FUND
AS OF OCTOBER 31, 2018
ASSETS
Cash and Investments
J.P. Morgan Chase
Insurance:
Metlife Life Insurance
3/27/03 Goss $350,000 acct# 9200519341
Principal US Property Fund
U.S. Bank Managed Accounts:
U.S. Bank Mutual Fund
McDonnell
C.S. McKee
Total Cash and Investments
Prepaid expenses
Due From General Fund
Accrued Interest
Total Receivables
Total Assets
LIABILITIES:
Accounts Payable
Deferred Property Taxes
Due To General Fund
Liability/Other Benefits
Total Liabilities
Net Assets Held in Trust for Pension Benefits
BALANCE GAM/(LOSS) EARNINGS FEES
2,400,452
576,741
7,763,644
40,513,624 (1,216,425) 416,239 3,291
12,681,322 (76,514) 79,412 19,403
12,737,477 (71,364) 84,461 23,259
$ 76,673,260 (1,364,303) 580,112 45,953
$ 76,673,260
$ 76,673,260
Note: An independent actuary reports the funding percentage as of May 1, 2018:
57.4% (entry age)
59.8% (projected unit credit)
G:\FINANCE\ACCT\Acctg Supervisor\Fire Pension Reports\Rcports for Meetings\[18-19 Fire Pension Meeting Reports. xlsx]OCT 18 BS
VILLAGE OF ELK GROVE
REVENUE AND EXPENSE REPORT
FIRE PENSION TRUST FUND
FOR FISCAL YEAR ENDED OCTOBER 31, 2018
ANNUAL
BUDGET YTD %
REVENUES:
Property Taxes
3,361,600
3,236,016
960/0
Electric Use Tax
500,000
-
00/0
Intergovernmental-PPRT
373,500
233,366
62%
Interest Income
5,500,000
(7779988)
-14%
Member Contributions
8459000
430,963
51%
Other
-
73
00/0
TOTAL REVENUES
10,580,100
3,122,430
30%
EXPENSES:
MONTHLY BENEFIT PAYMENTS:
Member Pensions
6,725,000
2,672,156
Surviving Spouse Pensions
315,721
Disability Pensions
2289317
Qildros
31,514
Sub -Total
6,7259000
3,247,708
48%
Acct #520200
Office Supplies 250 - 00/0
Acct #541000
Career Development
5,000
530
11%
Acct #560000
Professional Services
65,000
11,250
17%
Includes quarterly payments to Marquette:
June2018 $11,250
Acct #560500/560501
Professional Management Fees
Equity Managers 20,000
3,291
16%
Professional Management Fees
Fixed Income 55,000
42,662
78%
Acct#571000
Other Services 8t Charges
Compliance Fee 10,000
8,000
80%
Acct#570500
Refund -Member Contributions
5,000
-
00/0
Sub -Total
160,250
65,733
41%
TOTAL EXPENSES
6,885,250
3,313,441
48%
Revenues Over (Under) Expenses
3,694,850
(191,011)
G:\FINANCE\ACCT\Acctg Supervisor\Fire Pension Reports\Reports for Meetings\[18-19 Fire Pension Meeting Reports.xlsx]OCT18 BS