Loading...
HomeMy WebLinkAbout2012 Elgin Fire Pension Fund Agendas & Minutes .,, Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meeting of the Elgin Fire Fighters Pension Fund Board previously scheduled for Tuesday, January 31, 2012 has been cancelled. The meeting has been rescheduled to Monday, January 30, 2012. Anthony Bialek Secretary Elgin Firefighter's Pension Board r Elgin Fire Pension Fund Monday Jan. 30, 2012 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Nov.29 , 2011 • Election of President and Secretary of Board Treasurer' Report: • Marquette report Secretary report: • Death of retired member A. Vogt • Approval of widow pension Lois Vogt • Annual retirement increases approval • Levy amount from City of Elgin $3,259,250 • Collins/Radja invoice for Jan., Feb., Mar. 2012 $900.00 • Marquette invoice Dec.2011, Jan., Feb. 2012 $6500.00 • Cola increases Unfinished business: • Disability application of FF Jakabauskas (on hold) New Business: • Retirement application of A/C Baker 1/29/12 (1st day) • Lt. FF/Medic Scott Heinrich disability application • Open Meetings Act training Misc: • elk Adjournment: ELGIN FIRE PENSION FUND MINUTES Jan. 30, 2,011 �O/o2 Meeting was called to order at 8:3o am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli Treasurer: C. Lavery Council: Absent: M. Przybylski Guest : Mike Pietroski (Marquette) Y MVT Minutes Minutes of the November 29, 2011, meeting were read and approved on a motion by R. Tripoli , seconded by J, Henrici. Carried. Treasurer Report Mike Pietroski presented the Executive Summary ending December 31, 2011. MVT is getting some positive returns and although the end of the year had good returns, overall, the Fund showed a loss of 1.4%. 2012, barring any financial meltdowns, should show improvements with respect to being able to invest in Corp. Bonds and increasing the percentage put into the Market, if we should so choose. The major remaining area of concern is with the European market and the recession they are in. The DFA Fund was discussed as to their lacking in performance. It was pointed out that they are on a watch and was expected to be doing much better. It was not recommended to change at this time, thereby missing the low spot and moving to another fund and losing out on that gain. A search report was handed out for future reference, if we decide to move out of the DFA Fund. Fees were discussed briefly and it was agreed that we are getting great rates for what we have in our portfolio. The Actuary report was handed out for review and T. Sharpe will be available next meeting for a phone conference, to go over the report and any questions we have. The amount that the City approved as their portion $3,259,240.00. A motion was made to approve the report by J. Nowicki, Seconded by A. Bialek. Carried. Secretary Report It was reported that retired Fire Capt. A.Vogt had passed away on 12/14/11. A motion was made to approve the Widow Pension for Lois Vogt. to start 12/16/11 by A. Bialek, seconded by R. Tripoli. Carried. The annual Cola pension increases were handed out for review. A motion was made to approve these by. Nowicki, seconded by R. Tripoli. Carried. fink The City of Elgin levy amount was presented, $3,259,250.00 and a motion was made to accept this by A. Bialek, seconded by, J. Nowicki. Carried. - 1 - The following invoices were presented and a motion to approve them was made by A. Bialek, -seconded by R. Tripoli. Carried. J. Nowicki recused from voting on the MVT Invoice which passed 3yes, 1 recused. Collins/Radja Jan.Feb.Mar. 2012 $ 900.00 Marquette Dec.2011, Jan.Feb. 2012 $ 6500.00 FMA Jan.1st through March 31St, 2012 $16,058.02 MVT Jan.1st through March 31St, 2012 $14,231.00 Unfinished business. The disability application of FF M. Jackabauskus is still on hold. It was reported that she was doing well in the Fire Academy. New Business A retirement application for A/C W. Baker was received, taking affect Jan. 29, 2012. He will receive a 66.88%pension of$7185.06. A motion was made to approve this, after review by the Treasurer, C. Lavery, by R. Tripoli, seconded by A. Bialek. Carried. A Disability application was filled out and given to the Secretary, from Lt. FF/Medic S. Heinrich. The Board is waiting on the paperwork from the Lawyer at this time. In the mean time,he is on light duty, in the Fire Prevention Bureau. The Secretary reported that all members are now required to take the online Open Meetings Act. training, provided by the Public Access Councilor, with the State of Illinois. When finished, submit the certificate to the Secretary. Misc r None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by A. Bialek. Carried. 9:45a. Attachments none Anthony Bialek, Recording Secretary Date approved r - 2 - Elgin Fire Pension Fund Tuesday Feb. 28, 2012 Agenda �* 08:30am t 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Jan 30, 2012 Treasurer' Report: • Marquette report • Accuarial report and Sharpe Teleconference Secretary report: • Disability application of FF Jakabauskas (on hold) • Chief Fahy on above applicant Unfinished business: • Lt. FF/Medic Scott Heinrich disability application • Open Meetings Act training New Business: • Retirement application of Lt./Medic James Schlesinger 21 yrs 10months service. 54.58% $4729.31 monthly rate. Misc: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES Feb. 28, 2012 Meeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, M. Przybylski Treasurer: C. Lavery Council: C. Collins Absent: Guest : Chief J. Fahy Minutes Minutes of the Jan. 30, 2012, meeting were read and approved on a motion by R. Tripoli, seconded by M. Przybylski. Carried. Treasurer Report Actuarial report was teleconferenced with Tim Sharpe. We went over the 2011 year and although we dropped in our funding from 56.5%to 55%, there was a positive note. The FF contributions along with the City of Elgin's' share, covered all of our pension requirements. This left our investments accruals to show an increase of our total. We went from @ $47 mil to a little over $51 mil, in our portfolio. The drop in interest rate assumption was also a big help. Going to a 7.75%would ease the expectations of the fund. The main concern was may happen at the State level. The new statutes that were passed, does not address the problems or concerns of the pension within the State. It only passes them off to future generations. What the legislature decides to do in the future is going to be vital to health of the pensions within the state. Our fund is doing well as a whole. Each member was given a copy of the report and it was filed for future reference. A motion was made to approve the report by J. Nowicki, Seconded by A. Bialek. Carried. Secretary Report It was reported that FF Jakabauskas was terminated with the City of Elgin. Chief Fahy was on hand to discuss her status and why she had been terminated. A grievance had been filed, by her, through the union, the day before on her termination. There was some confusion as to what her status was with the Pension and the reasons why she had been terminated. After much discussion, it was decided that the Board attorney would handle all inquiries with her and that any questions that she may have for any of the Board members, should be directed to C. Collins. The reports from the Fire Academy, concerning FF Jakabauskus,were given to the attorney and his office would send an inquiry to what may be her attorney, asking for some direction from him. Unfinished business. The disability application of Fire Lt. /Medic S. Heinrich is proceeding smoothly and expects to wrap up a hearing in 30 to 45 days. r - 1 - New Business A retirement application from Fire/Medic Lt. James Schlesinger was received. He has accumulated 21yrs and 10 months service. A 54.58% pension and $4729.31 monthly rate is what he qualified for. A motion was made to approve the request by R. Tripoli, seconded by M. Przybylski. Carried. Misc None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by A. Bialek. Carried. 9:45a. Attachments none Anthony Bialek, Recording Secretary Date approved r r - 2 - r' Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meeting of the Elgin Fire Fighters Pension Fund Board previously scheduled for Tuesday, March 27, 2012 has been cancelled. Next regular meeting will be held on April 24, 2012 Anthony Bialek Secretary r Elgin Firefighter's Pension Board r Elgin Fire Pension Fund Tuesday Apr. 24, 2012 Agenda 08:30am F 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Feb. 28, 2012 Treasurer' Report: • Marquette report Secretary report: • IPPAC Seminar in May (approval) • Annual report • Collins invoice for April, May, June, 2012 $900.00 • Marquette invoice March, April, May, 2012 $6500.00 • MVT invoice $14,263.00 (Fire portion) Unfinished business: • Lt. FF/Medic Scott Heinrich disability application • Physician invoice from Dr. Stamalos. $1100.00 (S. Heinrich Disabilty) • FF Jakabauskas disability application • Open Meetings Act Training New Business: • -3- new FF applications Guy Blando (24) Karl Jeschke (30) Brandon Schuh (27) Misc: • Adjournment: ELGIN FIRE PENSION FUND MINUTES Apr. 24, 2012 Meeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, M. Przybylski Treasurer: C. Lavery Council: Absent: Guest : M. Piotrowski, W. Yocius Minutes Minutes of the Feb. 28,2012 meeting were read and approved on a motion by R. Tripoli, seconded by M. Przybylski. Carried. A correction to the Oct. 25, 2011 minutes was discussed. J. Nowicki was mistakenly put down as making a motion to approve an investment move involving MVT. J. Nowicki was recused from this motion. The change would be made by the Secretary and forwarded to the City Clerk, explaining the correction. Treasurer Report M. Priotrowski sarted off the report with a general overview of the market and its treads, as of late. Europe still is the problem, which is causing concerns with the overall recovery. Housing and unemployment are moving along slowly, but nothing significant. Total return for the Fund was up 6%, for the 1st quarter and it has a value of a little over $52mil. rat present. FMA underperformed for the quarter,but this was not a concern, at present. It was recommended that we have them come to the July Meeting, to go over this portion of our fund. DFA is still on alaert, but is was expected that they will start to improve returns by next quarter. Our investment policy needs to be revised, slightly, to show the new rule which allows the Fund to invest up to 55% in Equities. This would be done, with Cary looking over the changes before a final approval. A motion was made to do this by A. Bialek,seconded by M. Przybylski. Carried W. Yocius then went over the MVT portion of the portfolio. All of the holdings were now in place,but with the market performing as it has,we still showed a slight loss of-0.1%. This is better than its comparison, Barclays Int. Govt. which was -0.4%. A motion was made to accept the report by J. Nowicki, seconded by R. Tripoli. Carried. Discussion turned to Marquette and their Advisory Fee arrangement. It was noted that there had not been an increase since 2004 and the portfillio had increased quite a bit during that time. The proposed increase of$5000.00 annually, was asked for. This would be a guarantee not to increase for-2- years, beginning on Sept. 1, 2012. Two other options were also discussed, that Marquette offers through their firm. After discussing these the Board decided that we do not really need either at this time. The request for an increase was made on a motion by A. Bialek, seconded by J. Nowicki,to accept the increase which would be paid quarterly, of$5000.00. Carried. Quarterly payments would be $7750.00 rA motion was made to approve the report by J. Nowicki, Seconded by A. Bialek. Carried. - 1 - Secretary Report The following invoices were submitted for approval. A motion was made to do this by J. Nowicki, seconded by R. Tripoli. Carried. Collins retainer for April, May, June $900.00 Marquette invoice for March,April, May $6500.00 An invoice for MVT covering the seconded quarter of 2012 was received for $14,263.00. A motion was made to pay this by A. Bialek, seconded by R. Tripoli. Carried. J. Nowicki recused. Members were reminded that the IPPAC seminar is coming up at the end of May. Lauterbach and Amen had all of the info needed for the 2011 annual report to be filed. Unfinished business. The disability hearing for Fire Lt. /Medic S. Heinrich is ready to proceed. May 15, 2012, at o9ooa would be the date to hold the hearing. An invoice from Dr. Stamalos, for one of the Physician evaluations was motioned to be approved by, J. Nowicki, seconded byR. Tripoli. Carried. Amount of$1100.00. ""' A reminder to complete the Open Meetings Act training was mentioned. The Disabilty request for M. Jakabauskas is waiting for approval to send to the Physicians. However, there being a request for reinstatement to active duty, through a grievience from the Union, has put the physicals temporarly on hold. New Business -3- new FF applications were received for inclution into the fund. It was noted that they will be under the Tier II portion of the Firefighter Retirement Article. A motion was made to accept, Guy Blando 24 Karl Jeschke 30 Brandon Schuh 27 into the fund by, A. Bialek, seconded by M.Przybylski. Carried. Start date of the -3- is 4-11-12. Misc None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. Tripoli. Carried. 9:3oa. r - 2 - Attachments Dr. Stamalos invoice filed Collins invoice filed MVT invoice filed. Marquette increase signed and filed. Anthony Bialek, Recording Secretary Date approved r - 3 - • ELGIN FIREFIGHTERS PENSION BOARD r" IN THE MATTER OF ) THE CLAIM OF: ) ) 12 EFPB 1202 Scott A. Heinrich ) Applicant ) NOTICE OF HEARING May 29, 2012 To: Scott A. Heinrich c/o Elgin Firefighters Pension Board 550 Summit Street Elgin, IL 60120 Please be advised that the Elgin Firefighters Pension Board will conduct an administrative hearing on June 15, 2012 at 9:00 AM at Elgin City Hall, 150 Dexter Court, 2nd floor conference room 'A', Elgin, Illinois regarding the Determination of Disability and possible restoration to active service. rThat the applicant may be represented by legal counsel and may provide testimony and evidence in support of his position on this matter to the Elgin Firefighter Pension Board. That the hearing is being conducted under the authority granted the Elgin Firefighter Pension Fund under Chapter 40 Act 5 Section 3 of the Illinois revised Statutes. Anthony Bialek, Secretary Elgin Firefighter Pension Board Elgin Firefighter Pension Board 550 Summit Street Elgin, IL 60120 Elgin Fire Fighters Pension Fund Please be advised that the Disability Hearing for Lt. Scott Heinrich Elgin Fire Fighters Pension Fund Board previously scheduled for Friday June 15, 2012 has been cancelled and will be rescheduled for a later date. Anthony Bialek Secretary Elgin Firefighter's Pension Board r r Elgin Fire Pension Fund Tuesday June 26, 2012 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Apr. 24, 2012 Treasurer' Report: • Marquette report Secretary report: • Annual report filed and invoice from Lauterbach and Amen $1,850.00 • Marquette invoice for June, July, August 2012 $6500.00 • Reimbursement for IPPAC seminar Bialek $242.74 Tripoli 358.94 Henrici 490.01 Przybylski 499.91 • IPPAC Tuition for Henrici,Bialek,Przybylski,Tripoli $1040.00 Unfinished business: • Lt. FF/Medic Scott Heinrich disability Hearing 7/2/12 • Dr. invoice for Dr. Trotter $700.00 • FF Jakabauskas disability application (on hold) New Business: • New Retired FF application. J. Miller 30yrs service 75% pension Monthly amount $5139.85 Misc: • Adiournment: ELGIN FIRE PENSION FUND MINUTES June 26, 2012 Meeting was called to order at 8:35 am by J. Henrici r Roll Call: Present: A. Bialek, J. Henrici, R. Tripoli, M. Przybylski Treasurer: C. Lavery Council: Absent: J. Nowicki Guest : M. Piotrowski, W.Yocius Minutes Minutes of the Apr. 24, 2012 meeting were read and approved on a motion by R. Tripoli, seconded by J. Henrici. Carried. Treasurer Report M. Priotrowski started off with a brief overview of the Market. Europe is what is holding back the economy. As one country gets some help financially, another comes up with a request. This is holding back the U.S. as no one wants to make a bad move. Overall, the Market basically is flat for the year. Our fund is a little over $5omil. At the July meeting, we will be going over the 2nd quarter report and a representative from FMA will be there to discuss their holding. W.Yocius discussed the difficulty that the Market is having with fixed income side of the rPortfollio. The direction to take is to reduce the duration of the holdings, waiting for the rates to move higher. When this will happen is what is holding back earnings. This being said a recommendation to move $1.5mil. to the equity side of the porfollio was recommended. A motion was made to move $500,000.00 from cash and $imillion fixed to the equity side of the fund, as recommended by M. Priotrowski,by R. Tripoli, seconded by A. Bialek. Carried. A motion was made to accept the Treasurer report by R. Tripoli, seconded by J. Henrici. Catrried. Secretary Report The following invoices were submitted for approval. A motion was made to do this by R. Tripoli, seconded by M. Przybylski. Carried 4 yes-o nay. Each of the following were discussed and approved individually. Collins retainer for July, Aug., Sept. $ 900.0o Marquette invoice for March, April, May $6500.00 Lauterbach and Amen Annual report $1800.00 Center for Sports Orthopedics $ 700.0o (concerning S. Heinrich physical) rThe following invoices were recorded in the minutes concerning the Pension Seminar with IPPAC and cost for the schooling. These had been approved at the April meeting. - 1 - IPPAC seminar tuition $1040.00 Individual reimbursements A. Bialek $ 242.74 M. Przybylski 499.91 J. Henrici 515.28 R. Tripoli 358.94 Unfinished business. The disability hearing for Fire Lt. /Medic S. Heinrich is ready to proceed. July 2, 2012, at 09ooa would be the date of the hearing. The Disability request of M. Jakabauskas is waiting is still temporarily on hold. New Business An application for regular retirement was received from FF John Miller. He has served with the Fire Department for 3oyears and is intitled to a 75% pension. A copy of the details and calculations was given to the Treasurer for review. A motion was made to approve the pension by A. Bialek, seconded by R. Tripoli. Carried. He monthly amount would be $5,139.85. Misc None Adjournment There being no further business, a motion was made to adjourn by M. Przybylski, seconded by R. Tripoli. Carried. 9:2oa. Attachments Sports Medicine Orthopedics invoice filed. Collins invoice filed. Pension seminar invoices filed. Marquette invoice filed. Lauterbach and Amen invoice filed. Anthony Bialek, Recording Secretary Date approved C - 2 - ELGIN FIREFIGHTERS PENSION BOARD rik IN THE MATTER OF ) THE CLAIM OF: ) ) 12 EFPB 1202 Scott A. Heinrich ) Applicant ) NOTICE OF HEARING June 12, 2012 To: Scott A. Heinrich c/o Elgin Firefighters Pension Board 550 Summit Street Elgin, IL 60120 Please be advised that the Elgin Firefighters Pension Board will conduct an administrative hearing on July 2, 2012 at 9:00 AM at Elgin City Hall, 150 Dexter Court, 2nd floor conference room, Elgin, Illinois regarding the Determination of Disability and possible restoration to active service. That the applicant may be represented by legal counsel and may provide testimony and evidence in support of his position on this matter to the Elgin Firefighter Pension Board. That the hearing is being conducted under the authority granted the Elgin Firefighter Pension Fund under Chapter 40 Act 5 Section 3 of the Illinois revised Statutes. Anthony Bialek, Secretary Elgin Firefighter Pension Board Elgin Firefighter Pension Board 550 Summit Street Elgin, IL 60120 r ELGIN FIRE PENSION FUND MINUTES July 31, 2012 Meeting was called to order at 8:35 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, R. Tripoli, Treasurer: C. Lavery Council: Absent: J. Henrici, M. Przybylski Guest : W. Yocius, R. Hudson and L. Harmon Minutes Minutes of the June 26, 2012 meeting were read and approved on a motion by R. Tripoli, seconded by J. Nowicki. Carried. Treasurer Report Brett Christenson, reviewed the 2rd quarter report, from Marquette. Over all, the fund is up. However, the Fixed accounts remains sluggish due to the economy. Europe is still a concern. B. Yocius went over the basics of the Bond Market to supplement the report. R. Hudson and L. Harmon were on hand to review FMA and their performance. There was a slight trade error, which was corrected, that they had made with an investment. The concern of the Board members was, how this will be prevented in the future. Safeguards have been added to what they have already and a different approach has been undergone in their investment strategy concerning services and technology stocks. This was explained in detail and included in their report packet that was handed out. The Market is still moving up slowly, in general, and all of our managers have been doing consistently with regards to their benchmark, except FMA. B. Christenson stressed that they are a good performing company but, will keep an "Eye"on how they are making up for their performance downturn. The other concern is FMA's growth as a company. Originally they were considered a Small Cap manager but, have moved very close to being considered a Mid Cap company. A motion was made to accept the Treasurer report by R. Tripoli, seconded by J. Nowicki. Carried. Secretary Report The following invoices were submitted for approval. A motion was made to do this by R. Tripoli, seconded by A. Bialek. Carried. Each of the following were discussed and approved individually. Receipt for coffee and rolls for A. Bialek $ 34.45 (Heinrich disability hearing) Collin invoice for Heinrich Disability $ 4,622.85 Invoice for Court Recorder $ 634.00 Invoice for S.W. Industrial Care $ 425.00 FMA invoice for March, April, May $17,354.00 Invoice for MVT for July,Aug., Sept. $14,411.00 J. Nowicki recused.Table till next meeting IPPAC annual membership $ 500.00 Unfinished business. - 1 - The Disability request of M. Jakabauskas is waiting is still temporarily on hold. New Business -2- New Firefighter applications were received by the Board. -Wade Smith and Ben Escutia have started in the Academy. They have filled out the proper forms and submitted documents needed. A motion was made to accept them into the plan by A. Bialek, seconded by R. Tripoli. Carried. A request to start the disability application process was made by FF Tim Beulow. This would be handled by the Boards Attorney as soon as the request comes in from his Lawyer. Holiday IPPAC Seminar would be held on 12/7/2012. Details to follow. The AFFI pension seminar is being held on 10/15-16/2012. Interested members should contact the Secretary is wishing to attend. Misc None Adjournment There being no further business, a motion was made to adjourn by R.Tripoli, seconded by A. Bialek. Carried. 9:35a. Attachments C MVT invoice filed. Collins invoice filed. SW. Industrial care FMA invoice filed. Court recorder invoice filed. IPPAC invoice filed. A.Bialek receipt filed Anthony Bialek, Recording Secretary Date approved - 2 - Elgin Fire Pension Fund Tuesday Aug. 28, 2012 Agenda r08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, July 31, 2012 Treasurer' Report: • Marquette report Secretary report: • Question on signature page with Lauterbach and Amen fUnfinished business: • FF Jakabauskas disability application (on hold) • Disability application process. FF Tim Buelow. • Holiday IPPAC seminar 12/7/12 Friday Details to follow New Business: • Misc: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES Aug. 28, 2012 Meeting was called to order at 8:45 am by J. Nowicki r Roll Call: Present: A. Bialek, J. Nowicki, R. Tripoli, M. Przybylski Treasurer: C. Lavery Council: C. Collins Absent: J. Henrici, Guest : D. Wagner, T. Enzenbacher, M. Piotrowski Minutes Minutes of the July 31, 2012 meeting were read and approved on a motion by R. Tripoli, seconded by M. Przybylski. Carried. Treasurer Report M. Piotrowski informed the Board members about the sudden death of P. Krolak of Marquette and Associates. Pat was our original representative from the firm and he will be missed. The invoice for MVT was brought up as we did not have a quorum last meeting for this invoice. A motion was made to approve the payment of$14,411.00 for July through Sept. 30, 2012 by A. Bialek, seconded by M. Przybylski. This carried with J. Nowicki recusing himself from the vote. M. Piotrowski reviewed the portfolio. We are within our target range with the Bond market still lagging behind. We are presently @6% for our returns this year. DFA continues to be of a rconcern because of their lagging in returns over the last-3- years. A search for a replacement fund was reviewed. -6-where briefly reviewed. No decision was made and the issue was tabled until next meeting. A question had come up on a signature page that the firm of Lauterbach and Amen had wanted the Board to approve. It concerned the ability of their firm to open and close accounts without getting authorization of a Board member. It was decided that this was not necessary and the -2- signatures that were on their, the Treasure and Secretary, was sufficient. The Secretary would notify the firm. C. Lavery notified the Board that the Liability Insurance we have through Milicow was up for renewal and would be brought back at next meeting. A motion was made to approve the Treasure's report by A. Bialek, seconded by R. Tripoli. Carried. Secretary Report C. Collin's office has received the medical records from T. Beulow and the disability process is proceeding well. Unfinished business. r The Disability request of M. Jakabauskas is waiting is still temporarily on hold. Reminder that the Holiday IPPAC seminar is on 12/7/12. - 1 - • k' New Business An application for retirement was received from R. Dunne. His service information is as follows: rR. Dunne Lt. Firefighter/Paramedic Retire date 9-3-12 Service time 24Yrs iomonths 62.08% pension $60,046.20 annually $5,003.85 monthly A motion to approve his retirement pension was made by A. Bialek, seconded by R. Tripoli. Carried. Misc None Adjournment There being no further business, a motion was made to adjourn by R.Tripoli, seconded by A. Bialek. Carried. 9:25a. Attachments MVT invoice filed. Collins invoice filed. FMA invoice filed. Court recorder invoice filed. IPPAC invoice filed. r, A.Bialek receipt filed Anthony Bialek, Recording Secretary Date approved r - 2 - ELGIN FIRE PENSION FUND MINUTES September 25,2012 Meeting was called to order at 8:35 am by J. Henrici Roll Call: Present: A.Bialek,J. Nowicki,R.Tripoli,M.Przybylski, J. Henrici, Treasurer: C. Lavery Council Absent: Guest : M. Murtaugh, M.Piotrowski Minutes Minutes of the Aug. 28, 2012 meeting were read and approved on a motion by R.Tripoli, seconded by M. Przybylsld. Carried. Treasurer Report M. Piotrowski updated the members about Marquette and Assoc.He would be keeping us as one of his"clients"and things have proceeded smoothly with the passing of Pat. The company is in good financial condition and they have no debt. M. Piotrowski then briefly reviewed the portfolio.DFA continues to be of a concern and he would bring some other options to the Board next meeting including other investment type items we could possibly get into,within State Statutes. The Feds have started the"QE-3"process which is to buy @$40 billion in mortgages each month,until we see some improvement in the economy and employment. FMA is making a small comeback and they are still being watched for performance at present. DFA is also under scrutiny and will be reported on next meeting which will include a quarterly report for our fund. A motion was made to approve the Treasure's report by R.Tripoli,seconded by M. Przybylski. Carried. Secretary Report It was reported that there has been-3-retiree deaths at the beginning of September. Widow Edna Kolberg passed away 9/4/12. She was 89yrs old.No dependents. Retired firefighter James Genz passed on 9/7/12.He was 75 yrs old.Left a dependent wife. Retired firefighter Don Ahrens passed on 9/17/12. He was 88 yrs old. No dependents. A motion was made to approve a Widow pension for Linda Genz,wife of James Genz,by R. Tripoli,seconded by M. Przybylski.Carried. Her amount will be$4814.69 monthly. -2-invoices were submitted. Collins and Radja for$900.00 Oct.through Dec. 2012. Marquette and Assoc.for$T750.00 for Sep.through Nov. 2012. A motion was made to approve them individually by M. Przybylski,seconded by J. Nowicki. Carried. - 1 - Unfinished business. The Disability request of M.Jakabauskas is still temporarily on hold. Reminder that the Holiday IPPAC seminar is on 12/7/12. Tim Buelow disability proceeding well. New Business C. Lavery brought up the renewal of our Trustee insurance policy. We will have a price reduction for the next year from$4700.00 to$4666.00. A motion was made to approve this by R.Tripoli, seconded by A. Bialek. Carried. Misc None Adjournment There being no further business,a motion was made to adjourn by R.Tripoli,seconded by A. Bialek. Carried. 8:55a. Attachments Collins invoice filed. Marquette invoice filed / Anthony Bialek, Recording Secretary Date appr ved -2- Elgin Fire Pension Fund Tuesday Oct. 30, 2012 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Sep. 25, 2012 Treasurer' Report: • Marquette report • Secretary report: • Death of retired FF James Westerman (91) • MVT invoice for Oct. thru Dec 2012 $$14,127.00 • Mesirow insurance policy for Trustees $4,700.00 lyr. • -2- invoices received for FF Buelow disability process Buffalo Grove Orthopedic (Dr Stamalos) $1100.00 S.W. Industrial Care $425.00 (Dr. Yen) Unfinished business: • FF Jakabauskas disability application (on hold) • Disability application process. FF Tim Buelow. • Holiday IPPAC seminar 12/7/12 Friday Details to follow New Business: • Misc: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES Oct.30,2012 Meeting was called to order at 8:34 am by J. Henrici Roll Call: Present: A. Bialek,J.Nowicki,M.Przybylski, J. Henrici, Treasurer: Council Absent: C.Lavery,R.Tripoli Guest : Sharon Tract, M. Piotrowski Minutes Minutes of the Sep. 25,2012 meeting were read and approved on a motion by J.Nowicki, seconded by M.Przybylski. Carried. Treasurer Report M.Piotrowski introduced Sharo Tract to the Board showing her the proceedings of a meeting. Reviewing the portfolio,Corporates were doing well but the economy was still not progressing as anticipated. One area suggested to look at in the future would be Real Estate,Commercial Holdings. Although more risky than Bonds,it does have a good potential. Reats were also discussed but,these are very volatile.This was discussed briefly and would be brought up at the beginning of the 2013 year FMA is making a small comeback and they are still being watched for performance at present. A rebalance of mil was proposed,to remain in line with our investment policy.This would be from FMA to MVT. A motion was made to approve the Treasure's report and recommendations by A. Bialek, seconded by M.Przybylski. Carried. J.Nowicki recused on the rebalance portion. Secretary Report It was reported that retired FF James Westerman passed away on 10/7/12. He was 91yrs old and left no dependants. Invoices were as follows: MVT for Oct.thru Dec.2012 $14,127.00 (J.Nowicki recused from this) Mesirow insurance policy 4,700.00 -2-invoices for the disabilty process 1,1oo.00(Dr.Stamalos-Buffalo Grove Ortho) of Tim Buelow 425.00 (Dr.Yen-SW. Industrial Care) A motion was made to approve the payment of these by J.Nowicki,seconded by A.Bialek. Carried Unfinished business. The Disability request of M.Jakabauskas is still temporarily on hold and tabled till further notice. Reminder that the Holiday IPPAC seminar is on 12/7/12. Tim Buelow disability proceeding well. - 1 - New Business None Misc None Adjournment There being no further business,a motion was made to adjourn by J. Nowicki,seconded by A. Bialek. Carried. 8:55a. Attachments MVT invoice filed. Mesirow invoice filed Dr. Stamalos invoice filed Dr.Yen invoice filed (,1 ., JI 2-26 -?ac7 Antho, :• ek,) rding Secretary Date approved -2- Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meeting of the Elgin Fire Fighters Pension Fund Board previously scheduled for Tuesday, November 27, 2012 has been cancelled. Next regular meeting will be held on December 18, 2012 Anthony Bialek Secretary Elgin Firefighter's Pension Board