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HomeMy WebLinkAbout2014 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 28, 2014 has been rescheduled for: Tuesday, February 4, 2014 at 08:30am 1st floor Conference room South Wing Anthony Bialek Secretary Elgin Firefighter's Pension Board r ELGIN FIRE PENSION FUND MINUTES Feb. 4, 2014 • Meeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, M. Przybylski, R. Tripoli Treasurer: C. Lavery Council: C. Collins Absent: Guest: M. Pitrowski (Marquette) W.Yucius (MVT) Allison Barrett,Tim Tomzin (Lauterbach and Amen) Kathryn Vorisek, Eric Welt (FMA) Minutes Minutes of the Dec. 17, 2013 meeting were reviewed. Motion to accept was made by J. Nowicki Przybylski, seconded by R. Tripoli, Carried. Treasurer Report M. Pitrowski reviewed the portfolio for the year. Overall the Fund had a 16% increase, exceeding the benchmark of 14.7%. Our fund is @63.5 mil. The fixed income is the only area of loss. We remain short term with Bonds and things should improve as the Feds start to pull out of the Bond purchasing phase that they have been in to boost the Economy. It was noted by B. Yucius, that January had a nice return because of this. Also, being able to invest in High Quality Corporate Bonds, is a distinct advantage to help with showing a profit. Although Bonds remained the drag on the investments,the Equities did very well. This showed a 34.1% increase for the year. All of our managers have been doing well, having met or exceeded their benchmarks. For the beginning of 2014, Emerging Markets are having a negative effect of the Stock Market. This is causing a drop in the indexes but this was not unexpected as the Government is starting to get out of the Bond purchase regiment that has been going on for the past few years. This is causing the uncertainty with investors. Kathryn Vorisek and Eric Welt, from FMA, were introduced. They went over their company's philosophy and performance for the 2013 year. Everyone understood their investment style, as provided on page 7. They have been doing very well, so much so, that a concern was felt about them inching toward the Mid Cap range. They had been hired as a Small Cap Manager. The explanation brought forward was not too informative. A"Run from Inception Chart"was requested to be sent to us, as the one provided covered 2003 to 2009. Next the Board discussed rebalancing. Being over weighted toward Equities it was recommended that we move some into the Fixed account. A motion was made to move $1.5million from FMA to MVT Bond funds, by M. Przybylski, seconded by R. Tripoli. Carried. J.Nowicki, recused. A motion was made to approve the Treasure's report, by A. Bialek, Seconded by R.Tripoli. Carried. - 1 - Secretary Report Allison Barrett and Tim Tomzin, of Lauterbach and Amen, were introduced. Tim is our new account rep and has been with the firm for many years. Discussion covered the reports we receive every month. Having them prior to our meetings was emphasized. Holding meetings on the last Tuesday of the month should be plenty of time to get a report from the previous month. Reps at Wells Fargo would be contacted to see if the process can be speeded up. Deceased retiree A. Ross overpayment was discussed. He had passed away on April 28, 21313 and the Board Secretary did not find out until the beginning of May. Checks had already been sent out, causing a -2- day overpayment, $134.14. Many attempts have been made to try and recover this amount but no address, contact or phone #, has been found to get ahold of his estate. A motion was made to right off this amount by J.Nowicki, seconded by A. Bialek. Carried. -2- Invoices were submitted for approval. FMA for Jan. 1 to March 31, 2014 $21,875.32 C. COLLINS for Jan. 1 to March 31, 2014 925.00 A motion was made to approve it by J. Nowicki, seconded by M. Przybylski. Carried. A third invoice was submitted for approval. MVT for Jan. 1 to March 31, 2014 $15,061.00 A motion was made to approve it by A. Bialek, seconded by M. Przybylski. Carried. J. Nowicki recused. The COLAs for 2014 were presented to the Board for review. The Treasurer and Secretary had checked for accuracy and found no errors. These took effect on January 1st. Unfinished business. M. Jakabauskas disability process was discussed briefly. One DR. report was still pending. This should be completed by next meeting. We should be able to proceed from there. New Business A new application was received from FF Anthony Herrera. He was hired on 1/9/14 and is going through the startup phase of his training. He is already a Medic and has been through the Academy prior to his hiring. He is 24Yrs old. A motion was made to accept his application by A. Bialek, seconded by R. Tripoli. Carried. Misc. None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by M. Przybylski. Carried. Carried. 9:35a. Attachments FMA invoice filed. - 2 - MVT invoice filed. Collins invoice filed. Al Ross amount and letter filed. r Anthony Bialek, Recording Secretary Date approved C • C - 3 - r Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meetings of the Elgin Fire Fighters Pension Fund Board Previously scheduled for Tuesday, February 25, 2014, has been Cancelled. The next regular meeting will be on March 25, 2014 (ft' Anthony Bialek Secretary Elgin Firefighter's Pension Board r Elgin Fire Pension Fund Tuesday Mar. 25, 2014 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Feb. 4, 2014 Treasurer' Report: • Marquette • Sharpe 2013 annual report (phone conference) 630-262-0600 @0845 Secretary report: • Collins invoice for Apr., May, June, 2014 925.00 • Marquette invoice for Mar. 1, through May 31, 2014 $7,750.00 • Dr. report and invoice for Disabled FF Tim Buelow > Dr. Stamelos $1,125.00 Unfinished business: • Jakabauskas Disability • Dr. Kessler invoice for Jakabauskas $4,065.00 New Business: • IPPAC seminars coming up (See handout) • Board appreciation breakfast (See handout) • Marquette contract Misc: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES • Mar. 25, 2104 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: C. Collins Absent: M. Przybylski Guest: M. Pitrowski (Marquette) Minutes Minutes of the Feb.4, 2014 meeting were reviewed. Motion to accept was made by J. Nowicki seconded by R. Tripoli, Carried. Treasurer Report M. Pitrowski started by reviewing Jan. and Feb. Markets. The main item was that the Fixed income started to show some increase in interest, although minor. He expects the market to do well in 2014 as the Feds cut back on the stimulus buying. The report showed the $1.5mil rebalance made from FMA. Discussion centered on making a change to the investment percentage amounts in the Small, Mid and Large Cap holdings. In the past the emphasis was in the Small cap area and it is recommended that the Fund move more toward the Large Cap arena, at this time. This would not need to change the investment policy as we would be within the guidelines already set. A motion was made to redistribute the percentages invested in the Equity portion of the portfolio to 10% in Small Cap and 20% in Large Cap. by J. Nowicki, seconded by A. Bialek. Carried. Emerging Markets was then discussed. This may be a "Grey" area to go into because of the guidelines that the State has set up. M. Pitrowski would look into this side of the market and report back to us at a later meeting. Investing in "BBB"holdings was discussed briefly. This would need to have a slight investment policy change to do this but it would be possible to get a little more return by doing this. T. Sharpe was set up on a phone conference with the Board at this time. He went over the Actuary report for 2013 and where we are at in the beginning of 2014. There were many good things to say about our Fund. The first item was the decrease in percentage assumption from 7.75%to 7.25%. This caused a decrease in the percentage that the Fund was at but, this would help in the long run. The 5 and loyr averages improved because of this. The Tax Levy went @$700K for 2014 which was right in line with the goal of the Fund. A question was asked on when the GASB 67/67 would be implemented and C. Lavery had recommended to the Council that they wait until 2015. One item pointed out was that the City and FF portion of income to the Fund actually exceeded the outflow of benefits and expenses. Another was the large amount of FF that are actually able rik to retire and draw a pension. This is what the projected pension payments are based on even though not everyone will do this. - 1 - Ltstly,the State Statute requiring that all funds review their investment manager contract every • -5-years was discussed. C. Lavery said she would provide the RFP that the Police used to start the process. Our contract with Marquette goes until August of 2014. The process would start today and this would be reviewed at the next meeting. After his report was complete, a motion was made to approve the Treasurer report by. H. Nowicki, seconded by R. Tripoli. Carried. Secretary Report It was mentioned that Tim Tomzin, of Lauterbach and Amen, had resigned and a new account representative was being trained to take over. This was putting a slow down on some of the streamlining at their company on bill paying and some investment type reporting. Discussion centered on whether the Treasurer was satisfied with their work. C. Lavery mentioned that they have been doing much better because of the oversight that her office was doing. She would keep the Board informed if and when any problems arise. A physician report was submitted to the Board on disable member Tim Buelow for his annual physical. After being examined the physician certified him as remaining disabled. -3- invoices were submitted for approval. A motion was made to approve: C. Collins retainer Apr., May, Jun. 2014 $ 925.00 Marquette Mar., Apr., May 2014 7,750.00 Dr. Stamelos (Buelow physical) 1,125.00 Dr. Kessler (Jakabauskas physical) 4,065.00 eby A. Bialek, seconded by R. Tripoli. Carried Unfinished business. M. Jakabauskas disability process was discussed. It seems that her lawyer had asked about an FCE, but the physician had seen no reason for this as he did not think that it would show a duty related problem. C. Collins suggested that we go ahead and set up a hearing date. This was agreed upon and C. Collins would get in contact with Mr. Duda for possible dates. Board and One DR. report was still pending. This should be completed by next meeting. We should be able to proceed from there. New Business IPPAC Seminars and training dates were handed out. Mike Przybylski position is up for election. He is not interested in running again. Secretary will post notices for interest. Term 5/1/14 to 4/30/17. Board appreciation breakfast, put on by the City of Elgin, flyer was handed out. Misc. None Adjournment - 2 - There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. Tripoli. Carried. Carried. 9:35a. Attachments Collins invoice filed. Dr. Stamalos invoice filed. Dr. Kessler invoice filed. Marquette invoice filed. T. Buelow physical filed Anthony Bialek, Recording Secretary Date approved r r - 3 - Elgin Fire Pension Fund Tuesday Apr. 29, 2014 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Mar. 25, 2014 Treasurer' Report: • Marquette • FMA Invoice for Jan., Feb., Mar. 2014 $20,331.90 • MVT invoice for Apr., May, June 2014 15,815.00 Secretary report: i" • Pension Board position/election FF Mike Przybylski leaving, (FF position) FF Dave Olkowski Elected. Term 5-1-14 to 4-30-17 • Unfinished business: • Jakabauskas Disability • RFD (ones PD sent out) • Marquette Associates 180 N LaSalle Street Suite 2500 Chicago IL 60601 312 527 5500 • LaSalle Street-Raymond James Terese Madigan Hayes Vice-Pres Investments 550 W. Washington BLVD Chicago IL 60661 312 869 3850 • Wells Fargo Advisors Richard Barrett 1 1 I South Lincoln Street Ilinsdale IL 60521 630 734 8910 • Mitchell Vaught and Taylor 53 W. Jackson Suite 905 Chicago IL 60604 312 922 1717 New Business: • John Tobin Retirement application • Disability Application received from Capt. Randall Covert r Misc: • Adjournment: ,,,, Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meetings of the Elgin Fire Fighters Pension Fund Board Previously scheduled for Tuesday, May 27, 2014, has been Cancelled. Anthony Bialek Secretary r Elgin Firefighter's Pension Board r • ELGIN FIRE PENSION FUND MINUTES June 3, 2104 rMeeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, D. Olkowski Treasurer: C. Lavery Council: C. Collins Absent: Guest: M. Pitrowski (Marquette), W. Yucius (MVT) Minutes Minutes of the Mar. 25, 2014 meeting were reviewed. Motion to accept was made by R. Tripoli seconded by D. Olkowski. Carried. Treasurer Report (As recorded by R. Tripoli.) M. Pitrowski remarked that although April was an underperforming month, May showed an increase. Equities were mostly flat and Fixed income still presenting a challenge with a slightly down performance. Bonds, which are usually @ 4%, were at 2%. Shorter duration opportunities are the goal for the present. International funds are suffering because of the harsh winter causing their economies to slow. After his report was complete, a motion was made to approve the Treasurer report, except for the Lauterbach and Amen portion, (discussion to follow)by. J. Nowicki, seconded by R. Tripoli. Carried. rk The Secretary was informed of calculations error in the FF deduction portion of the report. He will check with them on what happened and get back to the Board members next meeting. Secretary Report The Secretary report was done first as A. Bialek had to leave. M. Przybylski position was filled by new active FF Dave Olkowski. A motion was made to approve the election, as it was unopposed, by A. Bialek, seconded by R. Tripoli. Carried. His term runs from May 1, 2014 to April 30, 2017. A list of RFPs that were sent out was given to all the members: • Marquette Associates 180 N LaSalle Street Suite 2500 Chicago IL 60601 312 527 5500 • LaSalle Street-Raymond James Terese Madigan Hayes Vice-Pres Investments 550 W. Washington BLVD Chicago IL 60661 312 869 3850 • Wells Fargo Advisors Richard Barrett 111 South Lincoln Street Hinsdale IL 60521 630 734 8910 • Mitchell Vaught and Taylor 53 W. Jackson Suite 905 Chicago IL 60604 312 922 1717 ---John J. Falduto Managing Partner Sawyer Falduto Asset Management, LLC 340 W. Butterfield Road, Suite 400 Elmhurst, IL 60126 ---JingLin Huang I Marketing Associate - 1 - CI.FARBROOK 1825 Third Avenue, 31st floor I NY, NY 10022 (['hank you for sending the RIP. ---Kelly Weller, Director Client Service&Sales Great Lakes Advisors, LLC r222 S. Riverside Plaze, Suite 2800 Chicago, IL 60606 ---Graystone Consulting Primary Contact: Mary L. Tomanek 111 S Pfingston Road, Ste 200, Deerfield, IL 60015-5662 ----John C.Simmons,CFA I Dynamic Allocation Strategies William Blair&Company,L.L.C. I 222 West Adams Street,Chicago,Illinois 60606 Unfinished business. M. Jakabauskas disability process: no change. C. Collins is following and suggested an agreement may be able to be reached with her lawyers, to shorten the process. This was tabled. R. Covert Dr. appointments in beginning of June. New Business A retirement application was approved for FF John Tobin. He had 34Yrs 8months on the Fire Dept. A 75% pension was awarded and he would receive $5,373.70 a month. A second retirement application was received from FF Anthony Spann. He had 2oyrs 3months on the Fire Dept. A 50.63% pension was awarded and he would receive $3,627.25 a month. Both these applications were approved on a motion by R. Tripoli, seconded by D. Olkowski. Carried. -3- new FF applications were received: Robert C. Newby 32 Bryan Pattison 25 Patrick Rasmussen 28 A motion was made by A. Bialek, seconded by R. Tripoli to approve their applications into the pension plan. Carried. -2- Invoices were approved for payment by a motion from A. Bialek, seconded by J. Nowicki. Carried. DOI Compliance fee $ 8,000.00 Marquette for June 1, through August 31, 2014 $ 7,750.00 A motion was made to pay the invoice from MVT for Apr. 1, through June 30, 2014 by A. Bialek, seconded by R. Tripoli. Carried. (J. Nowicki recused.) $15,815.00 Municipal compliance report was signed and submitted to the City. Misc. None Adjournment - 2 - There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. Tripoli. Carried. Carried. 8:5oa. Attachments DOI invoice filed. Marquette invoice filed. MVT invoice filed. Anthony Bialek, Recording Secretary Date approved C C - 3 - Elgin Fire Pension Fund Tuesday June 24rd, 2014 Agenda fir• 08:30am [ 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, June 3, 2014 Treasurer' Report: New Treasurer Debra Nawrocki • Marquette • Revision of Investment policy? • Collins invoice on Jakabauskas over the last -3- years. $ 9,970.77 • Collins and Radja invoice for July through September 925.00 '' Secretary report: • Pension Board position/election Unfinished business: • Jakabauskas Disability • Covert Disability Application • RFPs Fee Costs Annually Marquette $ 31,000.00 Raymond James and Assoc. 45,000.00 Sawyer Falduto 95,000.00 BMO 335,000,00 MB Financial 102,000.00 New Business: • Ken Nelson retirement application effective August 11, 2014 21yrs 5mos. 53.54% $5,439.98mo Misc: • Adjournment: Elgin Fire Fighters Pension Fund Please be advised that the regularly scheduled meetings of the Elgin Fire Fighters Pension Fund Board Previously scheduled for Tuesday, June 24, 2014, has been Cancelled. The next regular scheduled meeting is on July 29, 2014 Anthony Bialek Secretary Elgin Firefighter's Pension Board r ELGIN FIRE PENSION FUND MINUTES July 29, 2104 Meeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, D. Olkowski Treasurer: D. Nawrocki Council: C. Collins Absent: Guest: M. Pitrowski (Marquette), W. Yucius (MVT) John Harris, Jeff Dzadon Minutes Minutes of the June 3, 2014 meeting were reviewed. Motion to accept was made by J. Nowicki seconded by D. Olkowski. Carried. Treasurer Report M. Pitrowski reviewed the 2nd quarter report from Marquette. All of our Managers are in compliance with the Fund having over 65 million in assets. A list of all Investment changes was provided on pg. 2. So far this year,we have earned total fund composite of 3.9% and should be able to make our Rate of Assumption at the end of the year. The Feds have made favorable decisions for the Market and the focus could be to move toward the Fixed as it presents itself. The Economy is the issue, at the moment. The Market seems to have shrugged off the international turmoil and continues to rise. As far as rebalancing, it was recommended to stay rwhere we are right now. A question was asked about how much the City has levied for this year. D. Nawrocki advised the Board she would send it out after the meeting. (Added): The following information is in response to Jim's question at this morning's meeting. The city levied property taxes of$3,548,000 for the fire pension fund. In addition. the fund receives $250,000 for PPRT (Personal Property Replacement Tax) As of July 291h, we have received $1,880,950 in property tax and the $250,000 PPRT. September's tax receipts from the county would be a good time to decide this. B. Yucius then reviewed the MVT report. As usual, the fixed rates have not moved very much. However, Corp. Bonds have been able to provide some income to the Portfolio. MVT is watching the Bonds very closely and will move into longer maturing investments when it picks up. The biggest concern is inflation vs. wages. Wages have remained stagnant while most everything else has gone up. This is a big drag on the Economy. The Lauterbach and Amen report was not forwarded to the members due to an oversight by the Secretary. It would be sent out after the meeting. (Done). A motion was made to accept the reports form Marquette and MVT by J. Nowicki, seconded by A. Bialek. Carried. r - 1 - - Secretary Report -3-invoices were submitted for approval. Annual IPPAC membership $ 500.00 Collins retainer for July through September 925.00 Dr. Stamalos (Covert physical) $ 1100.00 A motion was made to approve these by A. Bialek, seconded by D. Olkowski. Carried A motion was made to approve the MVT invoice for $15,939.00 for July through Sept. By R. Tripoli, seconded by A. Bialek. Carried. J. Nowicki recused. The Board Liability insurance was up for renewal and after the requested information was sent in, nothing was returned for review, however. A. Bialek has the Finance office checking on it. It was suggested that we approve the amount, as long as it is within the amount paid previously. This was made on a motion by R. Tripoli, seconded by J. Nowicki. Carried. As soon as the information is received the secretary will send out to the Board members. The Secretary noted that the annual report has been submitted to the DOI. An invoice was discussed from C. Collins, concerning the disability process covering the past -3- years. Because of the unique situation of this disability request, it was felt that an invoice should be submitted for the work that has been done so far, on this individual. Details of the invoice would be sent to each member, covering the process so far. A motion was made to pay the invoice of$9,970.77 by A. Bialek, seconded by R. Tripoli. Carried. rUnfinished business. M. Jakabauskas disability process: no change. However, it was suggested that we set up a hearing date in September, to move the process along. A date of Sept. 30, 2014 was set and the Board would wait to hear from her attorney. RFPs were discussed. Proposals had been sent out by the secretary prior to the meeting. Everyone was happy with the work that Marquette was doing and leaned toward approving them to continue. A question concerning their fee vs the monthly report was asked. It was decided to have Marquette review their fee structure and resubmit their amount with the reports coming on a quarterly basis. This would be done and sent to the secretary and for review by the members. New Business A retirement application was approved from Capt. Ken Nelson to be effective August 8, 2014. He has 21yrs and 5 months. Monthly amount would be $5,440.16, 53.54% of salary. A motion was made to accept this retirement by R. Tripoli, seconded by D. Olkowski. Carried The secretary reported that widow Helen Koch had passed away on June 28, 2014, leaving no dependents. Reminder of the pension seminar coming up in September 2 and 3. Also, a seminar provided for by MVT would be held on August 16th. Lastly, the IAFF conference is coming up on October 20, 21. All would count toward the required training needed each year. A motion was made by J. Nowicki, seconded by D. Olkowski, to approve the payment for registration for any of these that - 2 - . the Board members would like to attend. Carried. Notification to the secretary on interest in any of these. At this time a motion was made by A. Bialek, seconded by R.Tripoli, to recess for the upcoming Disability Hearing. Carried. 09:45a During the hearing, a motion was made to go to Executive Session by J. Nowicki, seconded by R. Tripoli, returning on a motion by J. Nowicki, seconded by R. Tripoli. Carried. A motion was made to returning from the recess by A. Bialek, seconded by D. Olkowski,to go into the Disability Hearing of R. Covert. Carried o9:55a. (Hearing minutes recorded by the court recorder.) After the proceedings of the disability hearing, a motion was made to place R. Covert of a Duty Disability Pension by R. Tripoli, seconded by A. Bialek. Carried. Date to take affect: 7/29/2014. Misc. None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. Tripoli. Carried. Carried. 8:5oa. Attachments DOI invoice filed. Marquette invoice filed. r MVT invoice filed. Anthony Bialek, Recording Secretary Date approved - 3 - Elgin Fire Pension Fund Tuesday Aug. 26, 2014 Agenda r08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, July 29, 2014 Treasurer' Report: • RFPs • Marquette report Secretary report: • C Unfinished business: • Jakabauskas Disability • Helen Koch refund for overpayment received $77.07 • Revision of Investment policy? • ULLICO Liability Insurance $4,618.00 ($4700.00)last time. New Business: • Doug Ackmann retirement application effective September 13, 2014 25yrs. 62.5% $4,478.00 monthly • Pension seminar Oct. 9,10, 2014 Schaumburg Misc: • Adjournment: V . ELGIN FIRE PENSION FUND MINUTES Aug. 26, 2104 Meeting was called to order at 8:3o am by J. Henrici rik Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, D. Olkowski Treasurer: D. Nawrocki Council: Absent: Guest: M. Pitrowski (Marquette) • Minutes Minutes of the July 29, 2014 meeting were reviewed with one addition, inclusion of executive session. Motion to accept was made by J. Nowicki seconded by D. Olkowski. Carried. Treasurer Report A brief review of the market was done. July being a down month, it bounced back in the beginning of August. Large Caps are the more stable funds on equity side. Marquette was chosen to remain as our investment adviser with the change to quarterly reports. All other items they have been providing remain the same. It was mentioned that they will come out to the meeting or would request a roll call vote via an e-mail if there was an urgent matter that we should consider, at no extra cost. A motion was made to accept Marquette as our Investment Advisor by J. Nowicki, seconded by R. Tripoli. Carried. It was suggested that we could set up an investment committee for any urgent decisions that may come up between meetings or needed action on. M. Pitrowski suggested that we could have a conference call, during the meeting, alleviate any travel issues on short notice. This was agreed upon by the members. A motion was made to accept the reports form Marquette by J. Nowicki, seconded by A. Bialek. Carried. Secretary Report None Unfinished business. M. Jakabauskas disability process: no change. No response from her lawyer as of yet. Helen Koch estate returned the $77.07 overpayment. Jeff Dzadon disability process has started. New Business ULLICO Insurance coverage goes into effect Sep. 1st. Slighly less than last time at $4,618.00. A rik motion was made by A. Bialek, seconded by D. Olkowski to approve this. Carried. - 1 - ,The secretary reported that widow Helen Koch had passed away on June 28, 2014, leaving no dependents. A retirement application was received from Doug Ackmann. This would be for a regular retirement to start on Sept. 13, 2014. He is entitled to a 62.5% pension with a monthly payment of$4,478.00. A motion was made to approve this by R. Tripoli, seconded by D. Olkowski. Carried. Pension seminars are coming up on Sept. 2,3 and Oct. 9,10. Dave Olkowski would be attending the one in Sept. and the others in Oct. The secretary would make the arrangements. Misc. None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. Tripoli. Carried. Carried. 8:55a. Attachments ULLICO invoice filed. Anthony Bialek, Recording Secretary Date approved r • r - 2 - ELGIN FIRE PENSION FUND MINUTES Sept. 28, 2104 Meeting was called to order at 8:3o am by J. Henrici Roll Call: Present: A. Bialek, J. Nowicki, J. Henrici, R. Tripoli, D. Olkowski Treasurer: D. Nawrocki Council: Absent: Guest: Minutes Minutes of the Aug. 26, 2014 meeting were reviewed with one correction, to remove MVT from the Treasurer Report and leave Marquette. Motion to accept was made by J. Nowicki seconded by D. Olkowski. Carried. Treasurer Report Marquette and L&A reports were reviewed. The Treasurer was asked if there were any issues and there were none. A motion was made to accept the reports from Marquette by J. Nowicki, seconded by A. Bialek. Carried. Secretary Report ow Invoice received from: Court Recorder (Covert) $ 430.00 Marquette Sept. Oct. Nov. 2014 $10,000.00 Collins and Radja Oct. Nov. Dec. 2014 $ 925.00 A motion to accept these was made by D. Olkowski, seconded by R. Tripoli. Carried. Unfinished business. M. Jakabauskas disability process: no change. Possibly in December? Jeff Dzadon disability pending. New Business Pension seminar coming up on Oct. 9th and loth. -3- new FFs applied to the fund. Kanen Terry 25 Patrick Wiebe 23 Brian Johnston 32 rA motion was made to accept them into the Fund by R. Tripoli, seconded by A. Bialek. Carried. Misc. - 1 - None Adjournment There being no further business, a motion was made to adjourn by J. Nowicki, seconded by R. rTripoli. Carried. Carried. 8:55a. Attachments Marquette invoice. Filed Marquette invoice. Filed Collins/Radja invoice. Filed Anthony Bialek, Recording Secretary Date approved r r - 2 - Elgin Fire Pcnsion Fund Tuesday Oct. 28, 2014 Agenda 08:30am 1st floor Conference room South Wing Roll: • Present: • Absent: • • Council: • Guests: Minutes: • Minutes, Tuesday, Sept. 30, 2014 Treasurer' Report: • L&A report • Marquette agreement Secretary report: • Invoice from MVT 10/1 thru 12/31/2014 $15,977.00 • Invoice from FMA 10/1 thru 12/31/2014 $12,888.81 • IPPAC invoice for recent training $ 1,250.00 • Holiday training seminar and party. Dec. 2nd $50.00 per member for seminar. Unfinished business: • Jakabauskas possible Disability Hearing date 12-2-2014 @0930a • Jeff Dzadon disability pending New Business: • Widow Louis Melin passed away on Sept. 28, 2014. No dependents. Misc.: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES Oct. 28, 2104 Meeting was called to order at 8:30 am by J. Henrici Roll Call: Present: A. Bialek,J. Nowicki,J. Henrici, R.Tripoli, Treasurer: D.Nawrocki Council: Absent: D.Olkowski Guest: D. Oest from Marquette B.Yocius Minutes Minutes of the Sep. 28, 2014 meeting were reviewed and a motion to accept was made by J. Nowicki seconded by R.Tripoli. Carried. Treasurer Report L&A reports were reviewed. The Treasurer was asked if there were any issues and there were none. D. Oest went over the quarterly report from Marquette. The Market has been going up and down as usual and was not to worry as the Economy was improving. At the time of this meeting the Market had already recovered much of its downward movement. Corp. Bonds were helping the portfolio but a thought was given to the Board members to review alternative income sources. Triple BBBs were discussed but not recommended to invest in. Risk to great. The recommendation was to look at Real Estate investments.Although limited to who we can purchase this from,it has been a good source for other plans on the Fixed income side of the Portfolio. An amount of up to 20%of the Fixed income side would be a good start.A motion was made to approve this recommendation by A. Bialek,seconded by R.Tripoli. Carried. More information would be brought to the next Board meeting. A motion was made to accept the reports from Marquette the Treasures'review of L&A by J. Nowicki,seconded by A.Bialek.Carried. B.Yucius,from MVT,discussed the Fixed side of the portfolio.Again focusing on the little movement that is made in regards to what we can get out of Fixed side with the interest rates being so low. He agreed that the Equity side is where the money is to be made at present but, MVT is ever diligent to watch for the Feds to move rates upward so the return becomes more in the fixed side of investments. Secretary Report Invoice received from: MVT 10/1 through 12/31, 2014 $12,888.81 IPPAC invoice for Trustee Training $ 1,075.00 Invoice from FMA Oct. Nov.Dec. 2014 $15,977.00 A motion to accept IPPAC and FMA was made by A. Bialek,seconded by R.Tripoli. Carried. - 1 - A separate motion to accept MVT was made by A. Bialek, seconded by R.Tripoli. Carried.J. Nowicki recused. Unfinished business. M.Jakabauskas disability process: Hearing date set for Dec. 2, 2014 Jeff Dzadon disability pending. New Business Pension meetings for November and December will be combined on December 2, 2014,and will include the Disability Hearing concerning M.Jakabauskas. Notices will be posted as required. Misc. None Adjournment There being no further business,a motion was made to adjourn by J.Nowicki,seconded by R. Tripoli. Carried. Carried. 9:05a. Attachments MVT invoice. Filed FMA invoice. Filed IPPAC invoice. Filed 2JLJ42 - 2IX Ant ony Bialek, Recording Secretary Date approved -2-