HomeMy WebLinkAboutCCDATE=NOVEMBER 20, 2001 • Elgin Fire pension Board
Minutes
Nov. 20,2001
Mediae was called to order at 9:00am
Present: '1'. Michaels„ Ll Emric9, L. Mcanni, V. Heard
A. eialek, K. Nelwn
Absent Mayor Schock, J. Bowicki
Guest L. Rndrins, C. C0111115
mantes
Minutes of the May 2001 meeting seem read and a motion a'as made to all by J. Henrici.
seconded by V. Beard. Carrie.
Treasurers' Report
The Secretary handed out the report lions Knox for the month of ocwber 2001 and a0 mi ewwed.
As per direction of the last mooting, J- "Callable type floods' each of$250,000 were invested.
A motion was made to Slem eve this by J. I lenrici, seconded by V. Heard carried. A list of the
details is atUdicd with these minures.
• The Board ranchers discussed the bermauncndationss of the lnvumtad conmuttee with direction
Canyon tang the guidelines setup previously and what pentcnlar finds to invest in as
recommended by Mnchlcr hlnanciai Group, as rnprasnned by L. births. Appraise. 515,000,000
would be available won, over the next few mon0u, for reinvestment. This was ducinlarse pan
to unties maturing and the liquidation of(lie pmeceds Son the funds existing mumlties. Over
the past year, Ilia investment commiucc, with fir idiines from the Board, have set up pnmmeters in
follow for tonne investment into Mural fonds. Alist was vaunted to the members to examine,
with in,eztnent amounts, percentages and the stipulation for dollar cost m emeing into these
Ponds. All funds must have no 'load fees'. This would be reviewed by the members over the next
few weeks and 11 URS011c. hod any qu SLIm s or cuuccros on n particular fund, they wwo contact
the Treanor.
❑mess them over gnostions during this time, We vnmmtee was riven the go alarad to Stan
venting, l'ullowing the guidelines sat up as nevinusly discuss W, on a umti0o by J. Ifarriei,
unded by L.blecutn. Carried. lhese investments would be imported on at least a quarterly
haris and adjusted accordingly, if the market ort dintd fell outside ofthe set parameters.
Seerelnry Report
A reminder was givut to all on the -1- day sctoinar given by IPPAC on Dec. C", in Hoffman
pztates.IL.
• Aphysician tcgort waz received un disabled P/FR/ Goss. '[lie Ur. oontnues to recommend that
he remain on the disabled rules an r exdmna0nn.