HomeMy WebLinkAboutCCDATE=NOVEMBER 19, 2002 (2) • ELGIN FIRE PENSION FITND MINUTES
November 1 9. 2002
Meeting was called to order at %:35mm.
Present T. Michaels. V. Bunn]. J. ficraim K. Nelson, I'. BialeJc,1. Nowicki, L. Mecum
Absent E. Schack
Guests: Bon Chdnenwn (Margnme Associates), Rdncy (hercash (,%Iarquene
Associates), ion] Shope
Munims
The minutes of the Ocmher lith meeting were reviewed. Motion to accept [lie Ocmbcr
uunmen by J. Heniva. wcoadd by V. Heard. Carried.
Treasurer Report
Presentation ofrhe Actuarial Valuation Repon for the vtm bcgimung lnnnnp- I,2002
and ending Dcctmber 31. 2002 was made by T. Sharpe The Board discussed Nc pour
vestment recons due to nuukn conditions and the increase in the Citv'c Tax levv
requinmmnsll,c ercentfundeddmpp d ,ul9J0Gthisyew, fuMerdiwussion
• followed regarding whcthern change in the current investment morn assumptimmight
be prudent. I'he Board felt a reconmmndntiao to lower the assumption would not he
m.ce. ry at this paint.
B. Chnsteruan discuesed the status of the Pauion Fund mmsfere approved at October
mewing. B. Christenson pointed out that while the transom, have not lasi nide on any
of the funds, the Guardian Fund transfer and the Hartford fiend nansfns should not be
unsim red a laoNeot and should pro ccA within the next week B Chriatcnnm indicated
thal there have been sine issnes that have anwn regarding the bnn.sfer of funds out of
the Van Kamigen Fond and the Morgan Stanley Fund but that he felt Nt pradentthing to
do wan to continue to work with the companies to mtisfv their requirements as opposed
to in aging our anomer into (tic process at this point. Flit Board agreed to allow
Mm4 Lane mid J. Nowicki to rontinim to work with the 2 companies on Ne transfer
without involving C Collinsvet.
B. Chnsmamn also mdvisd Nr Bonnl Wat the trmrsfer of fund:team the imenmlly
nanagd m Nunhenfl'mzt had been complcoJ. llm tmtufer of Vaneuma funds 1Fam
retail shares to Admiral daamhows has also been completed.
Knox financial statements for Sepcinhorand October ocrc reviewed. Molionmaceept
the slmements mdc by J. Nowicki, seconded bv '1'. lnalek. Carried.
• %lotion made to accept Nc Ocmber Market Value repon from Marnmue was made by J.
Nowicki, seconded by J. Hennci. Commit.