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HomeMy WebLinkAbout2015 Elgin Fire Pension Fund Agendas & Minutes • Elgin Fire Pension Fund Tuesday Feb. 10, 2015 Agenda 07:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Meetings for 2015 are on the last Tuesday of every month, unless otherwise posted. Feb.10, Mar. 31, Apr. 28, May 26, Jun. 30, Jul. 28, Aug. 25, Sep. 29, Oct. 27, Nov. 24, Dec. 29. Minutes: • Minutes, Tuesday, Dec. 6, 2014 (Jakabauskas Decision and Order.) • Minutes, Tuesday, Dec. 2, 2014 (Regular and Disability Hearing) Treasurer Report: • Marquette, MVT, L & A • Invoice for MVT for Jan. Through Mar. 2015 $16,088.00 Old Business: • Disability pending for FF Dzadon New Business: • Letter of Recommendation for Debra Nawrocki • DR. invoice from Dr Stamelos concerning J. Dzadon $$1100.00 • Upcoming IPPAC Meeting Conference Quad Cities, 5/13 to 5/15, 2015 • Quarterly retainer for Collins, Ja., Feb., Mar., 2015 $925.00 • K. Bono (Court Recorder) invoice for Jakabauskas $822.50 • IPPAC invoice for -1- day seminar (Olkowski) $ 50.00 r Misc.: • Adjournment: • ELGIN FIRE PENSION FUND MINUTES Feb. 10, 2015 Meeting was called to order at 8:00 am by J. Nowicki. Roll Call: Present: J. Nowicki, A. Bialek, R. Tripoli, D. Olkowski Treasurer: Council: Absent: D. Nawrocki, J. Henrici Guest: B. Yocius, Mike Piotrowski, Steve Earnhardt Note: J. Nowicki presiding for J. Henrici Minutes Minutes of the Dec. 2, 2014 meeting were reviewed and a motion to accept was made by D. Olkowski,by R. Tripoli. Carried. Minutes of the Dec. 6, 2014 meeting were reviewed and a motion to accept was made by D. Olkowski,by R. Tripoli. Carried. Meeting dates set, unless otherwise posted, on 4th Tuesday of each month. Treasurer Report M. Piotrowski started off with a yearend report for 2014. Our fund was a little over $65,500,000 with a YTD performance of 5.0%. This was slightly over our benchmark of 4.1% (Gross of fees). rBonds continued to underperform, slowing our return for the year. International also did not fare well for the year, although we did better than the index compared to. This led to a discussion, covered in Exhibit I, of changing our Asset Allocation. Several Portfolios were discussed, with possibly adding GTAA to the mix. This would allow a Manager to hold in a Fund that has some stocks that may not be authorized to hold. International side of the fund also did not perform well. Stocks did not do as well because of all the turmoil overseas. Immerging markets will be watched closely as they are expected to perform well. No decision was made on what type of mix to go to but a motion was made to change the Allocation to 65% Equity, 35% fixed, by R. Tripoli, seconded by D. Olkowski. Carried. This would also require a change to the Investment Policy. It has not been changed for the past - 2-years and reviewing it would be something the DOI would want anyway. This would be brought up at the March meeting. B.Yocius reviewed the Fixed side of the Portfolio. The Bond market did not come back as thought last year, which hurt the fund. The hope was that rates would change for the better and this did not happen. Keeping the duration shorter ended up being the wrong way to go. It is still the thought that the interest rate will change but durations may be extended out farther to get a better rate. Motions were made to accept the Marquette and MVT reports by R. Tripoli, seconded by D. Olkowski. Carried. - 1 - Steve Earnhardt was introduced to the Board members. He is the account rep for the Elgin Police and Fire Funds from Lauterbach and Amen. He answered any questions we had and stated that the information has been sent in to J. Sharpe, our Actuary, to complete the report for '' 2014. Motion was made to pay the MVT invoice for Jan. through Mar. 2015 of$16,088.00 by D. Olkowski, seconded by A. Bialek. Carried. (J. Nowicki recused) Secretary Report It was noted by the Secretary that a letter of recommendation was sent to Sean Stegall, Elgin City Manager, for the position of Chief Financial Officer. Upcoming IPPAC Training Seminar in the Quad cities was noted. A motion was made by D. Olkowski, seconded by R. Tripoli, to approve the travel and seminar costs for anyone that wanted to attend. Carried. 4-invoices were presented for approval. -Dr Stamalos (disability physical for Dzadon) $ 1100.00 -Quarterly retainer for C. Collins Jan. through Mar. 2015 925.00 -K. Bono (Court reorder for the Jakabauskas Disability) 822.00 IPPAC invoice for-1- day seminar covering D. Olkowski 50.00 A motion was made to pay these by R. Tripoli, seconded by D. Olkowski. Carried. Unfinished business. None New Business None Misc. None Adjournment A motion was made to adjourn by R. Tripoli, seconded by A. Bialek. Carried 0928am Attachments Stamalos invoice. Filed Bono invoice . Filed Collins/Radja invoice. Filed IPPAC invoice Filed MVT invoice Filed r Anthony Bialek, Recording Secretary Date approved - 2 - Elgin Fire Pension Fund Tuesday Mar. 31, 2015 Agenda r08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, Mar. 31, 2015 Treasurer Report: • Marquette, MVT, L & A reports • Sharpe Annual Evaluation • Collins/Radja Quarterly Retainer Apt., May, Jun. 2015 $ 925.00 r • Marquette invoice Mar., Apr., May 2015 $10,000.00 Old Business: • Disability for FF Dzadon to be held after regular meeting New Business: • Signature issue with Wells Fargo ($1,000.000.00) • Jakabauskas subpoena Misc.: • Adjournment: Reconvene for FF Dzadon Disability Hearing: [ Adjournment: ELGIN FIRE PENSION FUND MINUTES Mar. 31, 2015 Meeting was called to order at 8:oo am by J. Nowicki. Roll Call: Present: J. Nowicki,A. Bialek, R. Tripoli, D. Olkowski, D. Nawrocki, J. Henrici Treasurer: Council: C. Collins Absent: Guest: S. Barber, J. Dzadon Minutes Minutes of the Feb. 10, 2015 meeting were reviewed and a motion to accept was made by D. Olkowski, by R. Tripoli. Carried. Treasurer Report Review of the Marquette and Lauterbach and Amen reports were done by the Board members. A motion was made to approve the T-Report by R. Tripoli, seconded by D. Olkowski. Carried. Mr. Sharpe, the Actuary for the Fund, was on phone conference with the Board members. A complete review of the report ensued. Discussion started off with an explanation of why the Fund went down in percent Funded. Although we did well in 2014 with increasing total dollars within the Fund, regulation changes by GASB, have had a negative effect on the Fund. An evaluation was handed out reviewing the results of the Actuarial Evaluation and comparisons Cwith the regulation changes that have been made and the Fire Pension Board percentage assumptions being reduced. The percent funded went from 51.3% to 47.3% because e of the factors discussed. Tax Levy recommendation was for $5,366,457.00. Pension member census was discussed. A large number of members are eligible to retire and receive a pension. Firefighters working longer has helped the Fund overall but, the prospect that a large number of these member could retire, would increase the required levy amount quite a bit. This was just something to be made aware of. An inquiry was made about having our fund evaluated on its own and possibly forgoing overall requirements,focusing more on our individual Funds dynamics. Mr. Sharpe explained that, in the past, police and fire pensions were allowed to use a different mortality date, due to the nature of the work they do. However, the new regulations now apply to all without exemptions allowed. A licensed Actuary is required to follow these rules in order to practice within the scope of their profession. A motion was made to accept the Actuary Report by A. Bialek, seconded by D. Olkowski. Carried. Secretary Report All members were reminded that at the End of the General Meeting, the Disability Hearing concerning FF. J. Dzadon will commence. "` Invoices from the following were approved for payment by R. Tripoli, seconded by A. Bialek. Carried. - 1 - Collins/Radja March,April, May 2015 $ 925.00 'Marquette March,April, May, 2015 $10,000.00 Unfinished business. rNone New Business None Misc. None Adjournment A motion was made to adjourn and recess for the Disability Hearing by R. Tripoli, seconded by A. Bialek. Carried o93oam. Attachments Sharpe Report Filed Collins/Radja invoice. Filed Marquette invoice Filed Disability Hearing A motion to convene the Disability Hearing of FF Jeff Dzadon was made by D. Olkowski, seconded by R. Tripoli. Carried. Proceedings covered by Court Recorder. Anthony Bialek, Recording Secretary Date approved C - 2 - 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, April 28, 2015, has been Cancelled. The next regular meeting will be on May 26, 2015 Anthony Bialek Secretary Elgin Firefighter's Pension Board 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, May 26, 2015 has been rescheduled for: Tuesday, June 2, 2015 at 08:30am 1st floor Conference room South Wing Anthony Bialek Secretary Elgin Firefighter's Pension Board r ELGIN FIRE PENSION FUND MINUTES June 2, 2015 Meeting was called to order at 8:3o am by J. Henrici. Roll Call: Present: J. Nowicki,A. Bialek, R. Tripoli, D. Olkowski, D. Nawrocki, J. Henrici Treasurer: Council: Absent: Guest: B. Yucius, M. Pitrowski Minutes Minutes of the Mach 31, 2015 meeting were reviewed and a motion to accept was made by R. Tripoli, seconded by D. Olkowski. Carried. Treasurer Report Review of the Marquette report commenced. The Fund was doing well year to date with @3% increase. The Fund is over $69.1 million. Fixed income is still the underperformer due to the low interest rate. This was not expected to change until later in the year and maybe only.25%. Page 11 and 12 were reviewed covering performance comparisons. The discussion proceeded to the Immerging Market and the search that was done for a manager. -6- different companies were reviewed. Although DFA was the lowest in cost, the Fund already has holdings with them. Each has pros and cons and the focus centered on Causeway Capital and rHarding Loevner for possible approval. J. Nowicki suggested that they be contacted to discuss their outlook and what they would offer to us. M. Pitrowski would get in touch and get back to the Board members. Review of the Investment Policy was covered next. A"lined"version was handed out and only one revision was requested. This would easily be done and the Board approved the recommendations on a motion by A. Bialek, seconded by R. Tripoli. Carried. A final version would be sent to the Treasurer, D. Nawrocki, and distributed to the members. A copy would also be filed with the IDOI and the Elgin City Council according to the requirements of House Bill 5088. Signature requests from Wells Fargo would be completed and returned with D. Nawrocki included. B.Yucius reviewed the Fixed portion of the Portfolio. Still very difficult to get into the plus side due to low interest rates. The Fund is doing better than the Market comparison and is getting help from the Corporate Bond portion of the holdings. A motion was made to accept the Treasurer report by A. Bialek, seconded by D. Olkowski. Carried. -3-invoices were presented. -Collins 2nd quarter retainer fee. $ 925.00 -IDOI Compliance Fee for 2015 8,000.00 Kathleen Bono (court recorder, Dzadon) 427.35 - 1 - A lotion was made to pay these by R. Tripoli, seconded by J. Nowicki. Carried A motion was made to pay the MVT 2nd quarter fee by A. Bialek, seconded by R. Tripoli, of $16,247.00. Carried. J. Nowicki recused. Unfinished business. The Decision and Order for J. Dzadon was signed by all members. The Jakabauskas appeal was discussed briefly. There was nothing the Board has to do at present and attorney Collins will report back to the Board with progress or changes. Secretary Report Anthony Bialek reported that no one ran for his position on the Board and he ran un-opposed. His term runs from May 1, 2015 to April 30, 2018. A motion was made to accept the results by R. Tripoli, seconded by D. Olkowski. Carried. New Business A proposal from Lauterbach and Amen on changing the monthly report, to make it easier to reconcile all items, and reduce the content was brought up. Secretary A. Bialek stated that we could save $400.00 monthly or more but that the Treasurer would review all of the suggestions prior to any agreement being made. This was tabled until samples could be previewed and she would report back to the Board with a recommendation. Misc. None Adjournment A motion was made to adjourn by R. Tripoli, seconded by A. Bialek. Carried o93oam. Attachments MVT invoice Filed Collins/Radja invoice. Filed Kathleen Bono Filed IDOI Compliance Fee Filed Anthony Bialek, Recording Secretary Date approved rik - 2 - Elgin Fire Pension Fund Tuesday July 28, 2015 Agenda r08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, June 2, 2015 Treasurer Report: • Marquette, MVT, L & A reports > Mutual Fund reviews > Causeway rh. ➢ Harding Loevner • MVT invoice (July thru Sept. 2015) $16,260.00 • Collins/Radja invoice (July thru Sept. 2015) 925.00 • FMA invoice (April-June 2015) 14,308.66 • IPPAC membership July 1, 2015 to June 30, 2016 500.00 Old Business: • Jakabauskas appeal delayed till December 2015. New Business: • Disabled FF T. Buelow Medical evaluation and Disability re-certification • Dr. Stamalos invoice (Buelow) $ 1,150.00 • Board members Liability Insurance -lyr (Ullico) 4,628.00 • Upcoming Trustee training > Sept. 3,4 St. Charles (16 hours) > Oct. 8,9 Schaumburg (16 hours) > Dec. 4 Con-Ed and Holiday seminar Hoffman Estates C Misc.: • Letter from IDOI on Actuarial report 2014 :luauzuino fpy ELGIN FIRE PENSION FUND MINUTES July 28, 2015 Meeting was called to order at 8:30 am by J. Henrici. Roll Call: Present: J. Nowicki,A. Bialek, R.Tripoli, D. Olkowski, J. Henrici Treasurer: D. Nawrocki Council: Absent: Guest: B.Yucius, M. Pitrowski Minutes Minutes of the June 2,2015 meeting were reviewed and a motion to accept was made by R. Tripoli, seconded by D. Olkowski. Carried. Treasurer Report M. Pitrowski started with an overview of the 2nd quarter. Even though the Market has been very volatile lately,we are making advancements,with our portfolio over$68 million.When compared with the-3-year summary,our fund is doing well with the Net of fees exceeding the benchmark.The Bond sector is proceeding as usual with the rate of return being better than most but,still negative.The interest rate is not expected to change this year. Corporate Bonds were doing better than Governmental but not much. A nice explanation was given as to how the Greek Financial situation,although dire,is small in comparison with Europe as a whole.The problem would be in the possible domino effect if they should default,with other European countries following suit,such as Spain or Italy. A question was asked on what the"Net Rank"meant, as many of the Active and retired members want to know how we are faring as compared with other similar Police and Fire Funds. This ranking number was on a 1 to 100 comparison. Ours was being-18-,shows how we compare with the lower the number being better. A motion was made to accept the Treasurer report by A. Bialek,seconded by D.Olkowski. Carried. -3-Invoices were presented for approval.A motion was made to approve the payment of the following-3-by R.Tripoli,seconded by A. Bialek. Carried FMA 2nd quarter invoice April-June 2015. $14,308.66 Collins/Radja invoice for 3rd quarter,July—Sept. 925.00 IPPAC membership,July 2015-June 2016 500.00 A separate invoice from MVT for the 3rd quarter, $16,260.00 was motioned to approve by D. Olkowski, seconded by R.Tripoli. Carried. J. Nowicki recused. Unfinished business. Jakabauskas appeal postponed by request of council 'till December of 2016. - 1 - Letter from the IDOI accepting the Annual report as filed was received and filed. Secretary Report Questions rose from the members of the fund concerning Military time and Disability. A retired member asked if Military time be requested dating back prior to 1987? It could but,the member would still have to be an active FF when making the request. A disabled member asked how the Insurance covered a disability. First,it would have to be in the "line of duty" on an emergency call. Second,the law was enacted on a specific date. His being 1995,was way before this. The newer report from Lauterbach and Amen is now being used and everything seems to be in order. New Business Disabled FF T. Buelow'annual physical and results were sent to all members for review. He is still certified as being disabled from the Fire Service. A motion was made to pay the Physician fee of$1,150.00 by A. Bialek,seconded by D. Olkowski. Carried. A renewal of the Board's Liability insurance was submitted. The policy is for-1-year Oct. 2015- Sept. 2016 of$4,628.00. No changes. A motion was made to pay this premium by,J. Nowicki, seconded by, R.Tripoli. Carried. Upcoming Trustee training,that will fulfill the-16- required annual hours by the IDOI was announced. The dates are: In St. Charles Sept.3,4 In Schaumburg Oct. 8,9 In Hoffman Est. Dec. 4 A motion was made to pay for the tuition for the members attending the required training by J. Nowicki,seconded by R.Tripoli. Carried. The meeting then proceeded to meet with-2- Management Fund representatives,to review possible investment into the Emergency Market area. Each was given @25minutes to make their presentation. Bryan,from Causeway Capital was first.Their company is based in Los Angles. He reviewed his company's Investment philosophy and direction,with an emphasis on their Core Value.The company's broad holdings cover a great part of many countries. Performance charts showed well managed returns with the ability to change to correct downturns. Other issues were discussed to the satisfaction of the Board members. Stephen Gannon,from Harding/Loevner was next. His company is based in New Jersey. Of the 175 companies they follow, holdings are currently @80 but,well divested to cover all areas. No stock is more than 6%of the portfolio they run. Companies are evaluated for their potential growth and quality with best risk/return. A brief discussion was held after their presentations and any decision will be made at a future date. -2 - Misc. None Adjournment A motion was made to adjourn by R.Tripoli,seconded by D. Olkowski. Carried 1030 am. Attachments MVT invoice Filed Collins/Radja invoice. Filed Dr. Stamalos invoiced Filed Liability premium invoice Filed IPPAC membership fee Filed FMA invoice Filed 9/Ar Anthonailik, Recording Secretary Date approved • - 3 - Elgin Fire Pension Fund Tuesday September 1, 2015 Agenda r08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Tuesday, July 28, 2015 Treasurer Report: • Marquette, MVT, L & A reports Old Business: ("" • Jakabauskas appeal delayed till December 2015? • Mutual Fund Reviews > Causeway > Harding Loevner New Business: • New retirement application from LT. FF/Medic Carlos Ramirez ➢ 27 yrs 4 months 68.33% > Monthly pension $5,758.46 Misc.: • Adjournment: r ELGIN FIRE PENSION FUND MINUTES Sept. 1, 2015 Meeting was called to order at 8:3o am by J. Henrici. Roll Call: Present: J. Nowicki,A. Bialek, R.Tripoli, D. Olkowski, J. Henrici Treasurer: D.Nawrocki Council: C. Collins Guest: M. Pitrowski Minutes Minutes of the July 28, 2015 meeting were reviewed and a motion to accept was made by R. Tripoli,seconded by D. Olkowski. Carried. Treasurer Report The recent month was very volatile in the Market. M. Pitrowski emphasized that we are still in the positive for the year. China is the main drag on the Global market. The US Economy is doing very well. Still the fear of the possible Interest Rate increase, is adding to the uncertainty. Our fund is now over $7omil.Waiting and see what will happen in the coming months is the our focus at the present time A motion was made to accept the Treasurer report by J. Nowicki, seconded by R.Tripoli. Carried. Discussion turned to the investment managers that made their proposals, at the last meeting. Both Harding and Causeway are similar in the size and performance.With the Emerging markets down @13%,this would be a good time to start to place money in one of the two funds. $5mi1 was what was to be placed into the arena. After briefly discussing each one, it was decide to go with Harding,because it would seem to be a better fit for our portfolio. A motion was made by A. Bialek to start the process of moving $5mil. Into the Harding Fund, in-3-moves,with discretion given to Marquette and Assoc.on the best timing for the investment dollars. Seconded by R.Tripoli. Carried Unfinished business. Attorneys report: Jakabauskas appeal process was reported on by C.Collins. It appears that the City of Elgin has settled with her on her Workers Compensation part of the process. C. Collins emphasized that he wanted her lawyer to reflect,in the decision,that in no way did it affect the Disability decision from the Elgin Fire Pension Board.The appeal process should be over at this time and no further action is expected to be taken. Secretary Report Reminder that there is upcoming mandatory training to be completed by all Board members. October 8(Ethics)and 9 (Continuing Ed.)will be held in Schaumburg. December 4th Continuing Ed will be held in Hoffman Estates. On-Line training can be completed through Judson University. - 1 - (Secretary will send out info on the on-line training.) New Business An application for Regular retirement was received from Lt. Carlos Ramirez. He has served for 27 yrs and 4 months equaling 68.33%. His monthly pension will be $5758.19 monthly.A motion to approve his pension was made by R. Tripoli, seconded by D. Olkowski. Carried. Misc. None Adjournment A motion was made to adjourn by R.Tripoli,seconded by D. Olkowski. Carried o9:ooam. Attachments Retirement application for Lt. Ramirez Filed (AAl ' /0 26 tho i ek,Recording Secretary Date approved -2 - ELGIN FIRE PENSION FUND MINUTES October 27, 2015 Meeting was called to order at 8:3o am by J. Henrici. Roll Call: Present: J. Nowicki,A. Bialek, R.Tripoli, D. Olkowski, J. Henrici Treasurer: D.Nawrocki Council: C. Freiberg Guest: M. Pitrowski, B.Yucius Minutes Minutes of the September 1,2015 meeting were reviewed and a motion to accept was made by J. Nowicki,seconded by R.Tripoli. Carried. Treasurer Report September was a very down month however,October had a rebound. This does not show on the report as it ends at the end of September.There was @ 8%gain over the last 2 weeks of October, bringing our portfolio back to where it had started at the end of August.The Fixed income showed a slight increase as expected, interest rates being what they are. Still no indication on what the Feds are going to do. Corporate Bonds have been somewhat of a help to gain some income and are expected to do better. The funds,approved to be moved into the Immerging Market account,has been completed.A description of the accounts would be changed going forward to show that we do not have-2- Small Cap Funds under the Non-US Equity side of the portfolio. Emphasizing the 3,5, and loyr performance rates,gives a better understanding of how the fund has been performing. Our net rank is @ 14 compared with the other funds,within the State System.Although this is great,we still are showing a loss for the year. It is expected that the Market should improve for the rest of the year. B.Yucius briefly went over the Fixed portion,but no major strategy changes as yet. C. Freiberg handed out an overall assessment,from IDOI,on Elgin's Fund. It closely matches Marquette's reports showing us @ 46%funded. A motion was made to accept the Treasurer report by R.Tripoli,seconded by A. Bialek. (J. Nowicki recused). Carried. Invoices,were approved to be paid,from FMA,Collins and Radja, and IPPAC Seminar as follows: FMA July,Aug. Sept. 2015 $14,006.00 Collins and Radja Oct. Nov. Dec. 2015 925.00 IPPAC Seminar for A. Bialek,D. Olkowski 975.00 R.Tripoli. This was a motion from A. Bialek, Seconded by D. Olkowski.Carried. A separate motion was made to pay MVT's Oct. Nov. Dec. invoice of$15,336.00 by A. Bialek, seconded by D. Olkowski. Carried. (Nowicki recused). - 1 - Unfinished business. None Secretary Report Reminder to finish your annual training required by the state and get the certificates in to the Secretary. New Business An application for Regular retirement was received from Assistant Chief Tim Maroder. He has served for 28 yrs and 2 months. His monthly pension will be $8,605.33. A motion to approve his pension was made by R.Tripoli, seconded by D. Olkowski. Carried. Documentation was sent to D. Nawrocki for review and she was in agreement. A new application to be included into the Pension Fund was made by FF Ken Boyke. He is 26yrs old and has submitted all of the needed documents.A motion was made to accept his application by A. Bialek, seconded by D. Olkowski. Carried. The Board was made aware that FF Kevin Hartman resigned from the Fire Department as of 10/26/15. He will be making a formal request for his contributions at a later date. No action was needed at the present time. Misc. The Treasurer, D. Nawrocki,announced to the Board that Tim Sharpe will longer be hired to do the Actuarial for the City Of Elgin. He has declined to continue in this capacity. The City will be putting out a RFP shortly and members were encouraged to make recommendations if they knew of any. Adjournment A motion was made to adjourn by R.Tripoli,seconded by D. Olkowski. Carried 09:10am. Attachments Retirement application for A/C Maroder Filed Invoices for MVT, FMA,Collins and Radja,and IPPAC Filed re./ 1.1X /2, /-/1/45Anthony ' lecording Secretary Date approved -2- } ELGIN FIRE PENSION FUND MINUTES December 1, 2015 Meeting was called to order at 8:30 am by J. Henrici. Roll Call: Present: J. Nowicki,A. Bialek, R. Tripoli, D. Olkowski, Absent: J. Henrici Treasurer: D. Nawrocki Council: none Guest: none Minutes Minutes of the October 27, 2015 meeting were reviewed and a motion to accept was made by D. Olkowski, seconded by R. Tripoli. Carried. Treasurer Report The"Flash", for October, report was reviewed by the Board.A comparison was made to the September report and it showed a dramatic rebound from the drop in the markets. However, still no movement from the Feds on interest rates so, our strategy is remaining the same for the present and probably to the end of the year. D. Nawrocki discussed the budget briefly, for the City, and assured the Board that whatever is recommended by the Actuary, that is what will be distributed to the Police and Fire Funds.Along with this, she mentioned that T. Sharpe would be remaining as the Actuary for the City. He was not completely retiring and has kept Elgin, along with a few other accounts. A questions was asked on what rate we follow concerning the IDOI guidelines toward the 2040 year. 90% is the figure that it used under the guidelines. A motion to accept the brief report given by the Treasurer was made by R. Tripoli, seconded by D. Olkowski. Carried. Unfinished business. FF Hartman,that resigned last month, has not requested his pension contributions as of yet. The Disability process of M. Jakabauskas has finally been resolved. A letter from her lawyer confirms the proceedings are complete and was placed in her file. Secretary Report Reminder that the IPPAC seminar is on Friday, December 4, 2015 New Business -2-Applications for additions into the Pension Fund were received. FF Adam Regan, 31 years old, start date 11/9/15. FF Matthew Subleski, 29 years old, start date 11/9/15. - 1 - A motion was made to approve these two into the fund by A. Bialek, seconded by D. Olkowski. Carried. The passing of Widow, Helen Diekman, was reported. She passed on 11/24/15. She was the roldest in the pension plan at 100+ years of age. No survivors. 2016 meetings were presented and a motion to approve the following dates was made by R. Tripoli, seconded by D. Olkowski. Carried. Jan. 26, Feb. 23, Mar. 29,Apr. 26, May 31, Jun. 28, Jul. 26,Aug. 26, Sep. 27, Oct. 25, Nov. 29, and Dec. 27. Times and place the same. Elgin City Hall Conference room "A"from o8:3oa to 1o:ooa. Misc. None Adjournment A motion was made to adjourn by R. Tripoli, seconded by D. Olkowski. Carried o9:loam. Attachments FF Regan application Filed FF Subleski application Filed rik Anthony Bialek, Recording Secretary Date approved 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, December 29, 2015 has been cancelled. Next regular meeting will be held on Tuesday, January 29, 2016. Anthony Bialek Secretary Elgin Firefighter's Pension Board