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HomeMy WebLinkAbout2018 Elgin Fire Pension Fund Agendas & Minutes Fire Pension Board Notice of cancellation The regularly scheduled Elgin Fire Pension Board Meeting Scheduled for: January 30, 2018 Has been cancelled and rescheduled for: February 19, 2018 at 08:30am Elgin City Hall r 150 Dexter Ct. Elgin, IL. Second Floor Conference Room r Elgin Fire Pension Fund Tuesday Feb.19, 2018 Agenda 08:30am r City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Nov. 28, 2017 meeting Treasurer Report: • Marquette, L & A reports • Invoice for Pension seminar S. Knight and R. Tripoli D Dec. 1st IPPAC $100.00 • Collins & Radja invoice for Jan., Feb., Mar. 2018 $950.00 • Invoice from Dr. Stamelos concerning Chris Harris Disability $1200.00 r"' • Invoice from INSPE Assoc. concerning Chris Harris Disability $1 ,350.00 • C.S. McKee invoice period ending 12-31-2017 $8,664.06 • BMO Invoice 10/1/17 through 12-31-17 $6,985.57 • KAR invoice 10/1/17 through 12-31-17 $17,161.90 • CLOAs and increases for 2018 Secretary Report: • QILDRO fee received from Wendy Rodgers $50.00 • Dr. Stamelos invoice concerning Rinenbach $985.00 Old Business: • Resigned FF Hartman request received $60,861 .16 • Resigned FF Decarlo request received $66,104.35 • Resigned FF Manka request pending $ 2,345.37 • Disability Hearing for FF Rinenbach. Feb. 19, 2018 • Disability application from FF C. Harris. (Shoulder) pending • Clerk contract proposal teak • Military Time request from FF Michele Trant rescinded > 40 ILCS 5/4-108 (c) (1 ) (1 .5) ($42,631 .04) New Business: • Spring IPPAC seminar, May 16, 17, and 18. (Wed., Thur., Fri.) • Spring Pension Board elections. r ➢ Active member -3- years > Retired member fill Tripoli spot Misc.: Adjournment: r r ELGIN FIRE PENSION FUND MINUTES Feb. 19, 2018 Meeting was called to order at 8:30 am by D. Olkowski. Roll Call: Present: A. Bialek, R. Tripoli, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: Guest: M. Piotrowski Minutes Minutes of the Nov. 28, 2017 meeting were reviewed. A motion was made by R. Tripoli, seconded by D. Olkowski. Carried. Treasurer Report M. Pitrowski was connected via phone conference. Hard copies of the Portfolio was handed out for review. The 2017 year was very good for the pension. The fund beat the Benchmark for the year and put the Fund in above the $87million mark. Even though there was @10% correction, over the past few weeks, it was cautioned that we should "stay the course" with the funds we have. The Fundamentals of the Market are good and the correction was not anywhere near the 2008-2009 drop. After the 1st Quarter, a review of the Investment Policy will be done and any adjustments that are needed for rebalancing, will be addressed then. Inflation will is a main topic for review, which will have an effect on interest rates. ('1. The new Managers are doing very well and it was noted that the Police Pension Fund has picked up BMO and CS McKee. This should reduce the fees for these funds as there will be a larger amount for each Manager to invest. The total amount would be broken down into the percentage that the Police and Fire have in the holding and the fee based on that amount for each Fund. The only fund that was of some concern was Harding Loevner. It did not meet its Benchmark but still showed a 35% YTD performance. A motion was made to accept the Treasurer report as given by M. Piotrowski and D. Nawrocki, by A. Bialek, seconded by D. Olkowski. Carried. The following invoices were discussed: IPPAC Seminar for S. Knight and R. Tripoli $ 100.00 Collins and Radja Jan.1, through March 31, 2018 950.00 Collins Fee for Rinenbach Hearing and Disability procedures 5,336.88 C.S. McKee Oct. 1, through Dec. 31, 2017 8,664.06 BMO Oct. 1, through Dec. 31, 2017 6,985.57 KAR Oct. 1, through Dec. 31, 2017 17,161.90 Dr. Stamelos concerning C. Harris disability 1,200.00 INSPE DR. Report concerning C. Harris disability 1,350.00 Dr. Stamelos fee concerning B. Rinenbach disability 1,300.00 Dr. Suchy fee concerning B. Rinenbach disability 985.00 - 1 - A motion was made to pay these by A. Bialek, seconded by D. Olkowski. Carried. The 2018 COLAs were reviewed by the Board members. A motion was made to approve the COLAs for the retirees by D. Nawrocki, seconded by R. Tripoli. Carried. Secretary Report A QILDRO fee, of$50.00, was received from Wendy Rodgers, as required State Statute. This is a onetime fee to process the paperwork for the Fund. Old Business The refunds for the following members that have resigned from the fund, was made by R. Tripoli, seconded by S. Knight. Carried. Kevin Hartman $60,861.16 Carl DeCarlo 66,104.35 Mike Manka 2,345.37 Disability process still pending for Chris Harris. It was noted that all of the physicals have been completed. Military time request from FF m. Trant was withdrawn. The cost would have been $42,631.04 for the -2-years requested. Clerk contract was discussed. A motion was made to accept the proposal, as given by A. Bialek, by R. Tripoli, seconded by D. Olkowski. Carried. Each member signed the contract and eas stipulated, will be reviewed each January 1st, as based on $4.00 per member, per month. Starting March 1, 2018, this amount is bases on -244- members in the fund, totaling $972.00. New Business Spring IPPAC seminar is being held on May 16, 17, 18. The training would cover the -16- hours required each year by State Statute. A motion was made to send and pay for any Board member that would like to attend, by A. Bialek, seconded by R. Tripoli. Carried. Spring Pension Board member elections was discussed. A. Bialek is finishing out his active term and an election would be held during the third week of April 2018 for the position. A Secretary would take care of the posting and details. R. Tripoli has submitted his resignation as the Retired member of the Board to take affect May, 1st, 2018. An election would be held to fill his spot for the -1- year remaining on his term. This would be taken care of the by the Secretary during the first part of April 2018. Misc. None Adjournment A motion was made to adjourn by R. Tripoli, seconded by S. Knight. Carried 9.25am. Attachments - 2 - Dr. Stamelos invoice Filed Concerning C Harris and B. Rinenbach Kane invoice Filed IPPAC Filed r BMO invoice Filed CS. McKee invoice filed INSPE invoice filed Dr. Suchy invoice IPPAC invoice filed Hartman, Decarlo, Manka Refund amounts filed KAR invoice filed Collins and Radja invoice filed Collins Hearing and Disability filed Anthony Bialek, Recording Secretary Date approved ego. r - 3 - ELGIN FIREFIGHTERS PENSION BOARD IN THE MATTER OF ) THE CLAIM OF: ) ) 17 EFPB 1702 Christopher Harris ) Applicant ) NOTICE OF HEARING March 5, 2018 To: Christopher Harris c/o Barber Law Offices Scott Barber 1834 Walden Office Square, Suite 500 Schaumburg, IL 60173 Please be advised that on April 2, 2018 at 10:00 AM the Elgin Firefighters Pension Board will conduct an administrative hearing at Fire Station #2, 650 Big Timber Road, 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. (4, alk /, 4 7 Elgin Fir r Pension Board Elgin Firefighter Pension Board 550 Summit Street Elgin, IL 60120 Elgin Fire Fighters Pension Fund Please be advised that the meeting scheduled will be changed. Elgin Fire Fighters Pension Fund Board Previously scheduled for Tuesday, March 27, 2018 has been rescheduled for: Monday April 2, 2018 at 08:30a Elgin Fire Station #2 650 Big Timber Rd. Elgin, IL. 60123 r Anthony Bialek Secretary Elgin Firefighter's Pension Board Elgin Fire Pension Fund Tuesday April 2, 2018 Agenda rm08:30am Fire Station #2 650 Big Timber Rd. Elgin, IL. 60120 Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Feb. 19, 2018 meeting Treasurer Report: • Marquette, L & A reports • Overdraft notice Wells Fargo $14.05. Wells Fargo issue. Secretary Report: r • Military Time request from FF Wayde Smith > 40 ILCS 5/4-108 (c) (1 ) (1 .5) • Administrative Code from DOI on Pensionable Salary Old Business: • Disability Hearing April 2, 2018 FF C. Harris. (Shoulder) • Spring Pension Board elections. ➢ Active member -3- years > Retired member fill Tripoli spot New Business: • Spring IPPAC seminar, May 16, 17, and 18. (Wed., Thur., Fri.) Misc.: Adjournment: r ELGIN FIRE PENSION FUND MINUTES April 2, 2018 Meeting was called to order at 8:30 am by D. Olkowski. Roll Call: Present: A. Bialek, R. Tripoli, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: C. Collins Guest: M. Piotrowski Minutes Minutes of the February 19, 2018 meeting were reviewed. A motion was made by S. Knight, seconded by R. Tripoli. Carried. Treasurer Report M. Pitrowski reviewed the Funds progress so far in 2018. Although the Market has been very volatile, to start the year, it is still positive year to date. The Market has shown some correction and returned some of the loss. Much of this volatility has come from comments made by the president and what he wants to accomplish, such as Tariffs and changing NAFTA. One positive was the tax break that was presented to businesses. Corporate Bonds are doing very well. M. Piotrowski reminded the members that we did rebalance at the beginning of the year (11 however, some money will have to be moved into cash to cover benefits, in the upcoming months. This was to be expected. The Fixed portion of the Fund is doing as expected although showing a slight negative for the year. Review of the advantages and disadvantages in long and short duration Bonds was explained. This will have to be watched closely do to the turmoil in Market. M. Piotrowski recommended that an Asset Allocation study be done to review the Fund. All agreed that this would be a good idea. A recommendation to move money from Vanguard, which is overweight, to Principal. A motion was made to move $425,00.00 from Vanguard to Principal by D. Olkowski, seconded by D. Nawrocki. Carried. It was noted that Wells Fargo had an overdraft return to the Fund of $14.05. This was a n error on their part and D. Nawrocki has been in contact with them to correct the issue. D. Nawrocki explained a move reported that the Mr. Sharpe will be ready to review the Actuarial report at our next meeting. One of the changes was to lower the assumption rate from (7%) to (6.75%). The Fund has enough money to cover the next -13- years of benefits. The City and Firefighter contributions cover benefits each year which allows the money made on investments to increase the Fund' holdings. We went from 47.5% funded to 50.1%. rA motion was made to accept the Treasurer report as presented by S. Knight, seconded by Rick Tripoli. Carried - 1 - Secretary Report D. Nawrocki submitted -8- Hours of continued education for her record. '" A request to apply Military Time for pension credit was made by FF Wayde Smith. The needed info and forms have been submitted to L&A. The Secretary handed out copies of the Administrative Code covering what is pensionable as far how salary and benefits apply to a Firefighter pension. Old Business Disability Hearing for Chris Harris will commence at the end of the Board meeting. Pension Board Retired and Active openings have only -2- members interested. Unless there are more, an election will not be needed. The Secretary has kept all active members informed of the process and has contacted all of the retired members through the Retired Member organization. A reminder that the IPPAC Pension Seminar is coming up in May. New Business None Misc. None Adjournment A motion was made to adjourn by R. Tripoli, seconded by S. Knight to be followed by FF C. Harris Disability Hearing. Carried 9.25am. Attachments None Anthony Bialek, Recording Secretary Date approved r - 2 - Elgin Fire Pension Fund Tuesday April 24, 2018 Agenda (9'".‘ 08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, April 2, 2018 meeting Treasurer Report: • Marquette, L & A reports • Actuary Sharpe 2018 report • Overdraft notice Wells Fargo $24.68. Wells Fargo issue. • Invoice from K. Bono (Court Recorder) for C. Harris Hearing. $492.95 • Invoice from K. Bono (Court Recorder) for B. Rinenbach Hearing. $975.40 • Invoice from C. Collins for C. Harris Disability procedures and Hearing. ➢ $5096.14 • Invoice from C.S. Mckee 1/31/18 ending 3/31/18. $8042.15 • Invoice from Collins and Radja April, May, June 2018 $ 950.00 Secretary Report: • Decision and Order C. Harris • Decision and Order B. Rinenbach Old Business: • Military Time request from FF Wayde Smith ➢ 40 ILCS 5/4-108 (c) (1) (1 .5) • Asset Allocation Study New Business: • Spring IPPAC seminar, May 16, 17, and 18. (Wed., Thur., Fri.) • Spring Pension Board elections. ➢ Active member -3- years Michael Przybylski ➢ Retired member fill Tripoli spot -1- year Anthony Bialek • New Firefighter Steve Wendt Age- 36 Start 4/19/2018 Tier II • New Disability Application FFNillarreal ELGIN FIRE PENSION FUND MINUTES April 24, 2018 Meeting was called to order at 8:30 am by D. Olkowski. Roll Call: Present: A. Bialek, R. Tripoli, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: Steve Calcaterra Guest: M. Piotrowski, Tim Sharpe Minutes Minutes of the April 2, 2018 meeting were reviewed. A motion was made by R. Tripoli, seconded by S. Knight. Carried. Treasurer Report Meeting started off with Tim Sharpe giving a review of the Actuary report for 2018. As we were reminded, the review of 2017 is where the report is compiled from. A summary was handed out showing the Investment Performance from 2008-2017, by D. Nawrocki 2017 was a very good year for the Fire Pension Fund. The Fund was able to increase its funding percentage to 51.2%, from 47.5%. City and employee contributions has covered benefit and expenses, (pg. 7). Because of this, the Levy requirement shows a smaller increase than expected, $6,268,458 to 6,413,430. So, for the 2018 year, it was recommended we use a 7.0% interest rate assumption for 2018. At present, funding is based on a 90% goal by the year 2040. Another positive for the fund, was the 16.82% return on investments. This puts our fund in the top 1% of the reporting pension funds in Illinois. The only drawback is the "Bond Market", not producing higher rates of return, which has been offset by Equities. Pg. 13 showed projected pension payments on a worst-case scenario, everyone retiring over - 20- years of service, at once. However, this is not expected to be the case as more and more Firefighters stay employed past 20 yrs. (-34 at present, with -5- at 30+ yrs. of service.) The Tier II change to the pension fund is starting to show up in future funding projections. The decrease in a pension when under 55 yrs. of age would be a big factor when a firefighter may consider retiring. There are presently -30- Active Firefighters under the Tier II section. Overall, T. Sharpe said that our investment fund and choices we have made are doing very well. M. Pitrowski then started with the Pension Fund Summary for March 2018. Pg. 2 shows a slight tilt toward Non-US. Equities but he expected to change and balance out when Tax Levy money comes in from the County and can be invested. The Market is expected to do well in 2018, although there has been quite a bit of fluctuation to start the year, Tariffs and Corporate Tax breaks playing a role. The Feds are doing what was expected by raising interest rates. This has not affected the Bond Market to a great degree. The rPortfolio is set up to withstand slow rate changes and make movements as needed. - 1 - A question was brought on how MVT is doing as a company, noting that the Police had also dropped them from their Fund. They have been doing somewhat better. Actuary and Treasurer Reports will be filed and a motion to approve them was made by D. Olkowski, seconded by A. Bialek. Carried. The following invoices were submitted and a motion to approve them was made by R. Tripoli, seconded by D. Olkowski. Carried Invoices: K. Bono (Court Recorder) for C. Harris Hearing $ 492.95 K. Bono (Court Recorder) for B. Rinenbach Hearing 975.40 C. Collins for C. Harris Disability proceedings 5,096.14 Collins and Radja retainer for April, May, June 2018 950.00 CS. McKee invoice Jan. 1 through March 31, 2018 8,042.15 Secretary Report Decision and Order covering Chris Harris Disability proceedings was reviewed and a motion to approve them was made by D. Olkowski, seconded by R. Tripoli. Carried. Decision and Order Covering Ben Rinenbach Disability proceedings was reviewed and a motion to approve was made by D. Olkowski, seconded by R. Tripoli Carried. Old Business Reminder that the IPPAC Seminar in the Quad City is on May 16, 17, 18. Anyone wishing to go should register before attending. r A motion was made to accept the results of the Retired position opening of Anthony Bialek, by D. Olkowski, seconded by S. Knight. Carried. A. Bialek recusing himself from the Retired vote. W. Smith' request for an estimate for Military Credit still pending. Asset allocation Study tabled to next regular meeting. New Business New Firefighter Steve Wendt, age 36, start date 4/19/2018 was approved into the Pension fund. He is in the Tier II category. A Disability Application was submitted by Michael Villarreal, 4-23-18. A motion was made to start the process by D. Olkowski, seconded by A. Bialek. Carried. Paperwork and info will be sent to the Board Attorney, Cary Collins, after the meeting. Misc. None Adjournment • - 2 - A motion was made to adjourn by R. Tripoli, seconded by D. Nawrocki. Carried 9.25am. Attachments K. Bono (Court Recorder) for C. Harris Hearing Filed K. Bono (Court Recorder) for B. Rinenbach Hearing Filed C. Collins for C. Harris Disability proceedings invoice Filed Collins and Radja retainer Filed CS. McKee invoice Jan. 1 through March 31, 2018 Filed Decision and Order covering Chris Harris Disability Proceedings Filed Decision and Order Covering Ben Rinenbach Disability Proceedings Filed Anthony Bialek, Recording Secretary Date approved - 3 - r NOTICE OF CANCELLATION The ELGIN Firefighter Pension Fund Board Meeting Scheduled for MAY 29, 2018 r Will be cancelled. The next regular meeting is on June 26, 2018 at 08:30a In the 1St floor Conference Room. Elgin Fire Fighters Pension Fund Board Please be advised that the meeting previously scheduled for Tuesday, June 26, 2018 has been cancelled. It has been rescheduled for: Tuesday July 10, 2018 at 08:30a 150 Dexter Ct. Elgin, IL. 1st floor Conference room South Wing Anthony Bialek Secretary Elgin Firefighter's Pension Board Elgin Fire Pension Fund Tuesday July 10, 2018 Agenda 08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, April 24, 2018 meeting Treasurer Report: • Marquette, L & A reports • Marquette Agreement extend to Oct. 2018 • Saul Navar Wells Fargo • Municipal Compliance Report for 2017 (HB 5088) • RFP 2016-2019 r • EPD and EFD RFD combined?? • BMO Invoice 1/1/2018 through 3/31/2018 $ 7,211.91 • Stamelos Invoice on C, Harris $ 1 ,300.00 • IDOI Compliance Fee 2018 $ 8,000.00 • Kane Anderson $18,259.36 • Dr. Stamelos $ 1,300.00 (Tim Buelow annual physical) <50yrs old Secretary Report: • Mark Schneider request for Reciprocity pending ➢ July 1st cost is $42,359.85 Old Business: • Asset Allocation Study • Villarreal Application pending New Business: r • Passing of retired member William Ahrens. Surviving spouse Betty Ahrens ➢ $3,551.37 monthly ELGIN FIRE PENSION FUND MINUTES July 10, 2018 Meeting was called to order at 8:30 am by D. Olkowski. r Roll Call: Present: A. Bialek, M. Przybylski, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: Steve Calcaterra, Cary Collins Guest: M. Piotrowski, Saul Navar Minutes Minutes of the April 24, 2018 meeting were reviewed. A motion was made by D. Olkowski, seconded by D. Nawrocki.. Carried. Treasurer Report M. Pitrowski started with a review of the first half of the year. Due to the recent holiday, the report may be slightly off but was off but, would be corrected if significant, to all the Board members. Total Composite showed that we are slightly over $88 million in Market value. The Portfolio was in line with Target assumptions for the year so far. Although the Market has been volatile, it is expected to do well for the rest of the year as corporate earnings have been doing very well. This is d largely to the Tax cuts. Economic concerns will focus mainly on the, "Trade issues between the US and other countries. 2019 will be challenging depending on how elections go in e"" the Fall and Spring. Cash Equivalents was high do to incoming Tax receipts. This would be discussed later in the meeting. At this time D. Nawrocki made a motion to move $1.25 million from Cash, into the various funds to rebalance back closer to the Target goal. This was seconded by M. Przybylski. Carried. Saul Navar, representing Wells Fargo, addressed the Board members on the discrepancy between CS. McKee and what is actually in the account. He explained the difficulties that his company has been having, over the past 20 months, and his role within his organization. The Board members listened to his presentation and were given a site on Wells Fargo' web site to review the accomplishments and direction going forward. The issue seemed to focus on a computer software issue. We were among -10- other accounts with the same issue and he assured us that we were "first on the list". However, this has been going on for -6- months. M. Pitrowski state that the IDIO would not be getting accurate information on the portfolio. Other Board members were not happy with this not being rectified by now. The Board Attorney, C. Collins, stated that although the amount was not excessive, @$5,000.00, it should have been corrected by now. Suggestions were given to Saul, but no satisfactory answer was received for the Board members. M. Przybylski suggested that we give Wells Fargo -1- month to correct the problem. D. Olkowski suggested they had enough time already and would recommend it being corrected by the next Board meeting. Everyone agreed with this. r - 1 - A motion was made by D. Olkowski, seconded by M. Przybylski, to give Wells Fargo until the next Board meeting, July 31, 2018, to have the issue corrected, or the process to look for another Custodian will commence. Carried unanimously. (ill The following invoices were reviewed. BMO 1/1/2018 through 3/31/2018 $ 7,211.91 Dr. Stamelos concerning C. Harris 1,200.00 IDOI Compliance Fee for 2018 8,000.00 Kane Anderson $18,259.36 Dr. Stamelos concerning Tim Buelow 1,300.00 A motion was made to pay these by M. Przybylski, seconded by S. Knight. Carried A separate set of invoices were reviewed. Collins and Radja Quarterly July, August, Sept. 2018 $ 500.00 IPPAC annual membership for 2018 $ 950.00 A motion was made to pay these by M. Przybylski, seconded by S. Knight. Carried The RFP has been started. It was explained that the EFD and EPD RFPs are separate but are being done at the same time to save on time and possible savings. Each one is reviewed separately. HB 5088 Municipal Compliance Report for December 31, 2017 completed and will be submitted to City Council as required. rA motion was made to accept the Treasurer report by M. Przybylski, seconded by S. Knight. Carried Secretary Report Upcoming training required by IDOI, held by IPPAC, will be on Tuesday and Wednesday, Sept. 25 and 26, 2018, at the Shamburg police Dept. More information to follow. A note was made that this was at the same time as out regular meeting date in September. Old Business An Asset Evaluation Study was discussed. Our Fund was doing well at present and It was decided that due to the RFP in progress and the upcoming elections toward the end of the year, a detailed exam could be postponed until the end of this year or beginning of the next year. Mike Villarreal Disability request is proceeding as it should. C. Collins expects to have more information by the next meeting. W. Smith' received the estimate for Military Credit and has decided not to pursue it at this time. It would be inserted in his file. New Business r - 2 - M. Schneider request for Reciprocity cost is $41,745.73. His former time will count when the Board receives the funds. His payroll has been corrected to show the 1% increase on his pay, going forward. Passing of retired FF William Ahrens was reported. He leaves a widow, Betty. A motion was made to stop his pension on June 22, 2018 by A. Bialek, seconded by M. Przybylski. Carried A motion was made to start her Widow pension on June 23, 2018, by A. Bialek, seconded by M. Przybylski. Carried Misc. None Adjournment A motion was made to adjourn by D. Olkowski, seconded by D. Nawrocki. Carried 9.35am. Attachments BMO invoice Filed Dr. Stamelos concerning C. Harris Filed IDOI Compliance Fee for 2018 Filed Kane Anderson Filed Dr. Stamelos concerning Tim Buelow Filed rCollins and Radja Quarterly July, August, Sept. 2018 Filed IPPAC annual membership for 2018 Filed Anthony Bialek, Recording Secretary Date approved r - 3 - • Elgin Fire-Pension Fund Tuesday July 31 , 2018 Agenda 08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, July 10, 2018 meeting Treasurer Report: • Marquette, L & A reports • (Old Business) Wells Fargo • Kane Anderson invoice April through June 2018 $18,096.71 • CS McKee through June 30, 2018 $ 8,038.41 r Secretary Report: • IRS 1099 issue with Ken Nelson Old Business: • Villarreal Application pending • Upcoming Pension Training with IPPAC A Sept. 25 and 26 Tuesday and Wednesday ■ Note: this is on a regular meeting date. Can do the training on- line. See letter from IPPAC. • Mark Schneider request for Reciprocity pending A July 1st cost is $42,359. 85 $41,745.73? New Business: • New FF Kip Bordeau, 36yrs old, start date 7/13/2018. Misc: r Adjournment: NOTICE OF CANCELLATION Elgin Firefighter Pension Board The meeting scheduled for July 31st has been CANCELLED Next regular meeting date is August 25, 2018 at 08:30am 150 Dexter Ct., Elgin, IL. First Floor Conference Room South Elgin Fire Pension Fund Tuesday Aug. 28, 2018 Agenda r08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, July 10, 2018 meeting Treasurer Report: • Marquette, L & A reports • (Old Business) Wells Fargo • Kane Anderson invoice April through June 2018 $18,096.71 • CS McKee through June 30, 2018 $ 8,038.41 • RFP discussion Secretary Report: ort: • IRS 1099 issue with Ken Nelson Old Business: • Villarreal Application pending • Upcoming Pension Training with IPPAC > Sept. 25 and 26 Tuesday and Wednesday ■ Note: this is on a regular meeting date. Can do the training on- line. See letter from IPPAC. • Mark Schneider request for Reciprocity agreement with Elgin FF New Business: • New FF Kip Bordeau, 36yrs old, start date 7/13/2018. Tier II Misc: Reciprocity explanation r Adjournment: ELGIN FIRE PENSION FUND MINUTES August 28, 2018 Meeting was called to order at 8:30 am by D. Olkowski. r Roll Call: Present: A. Bialek, M. Przybylski, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: David , Guest: M. Piotrowski, Saul Navar Minutes Minutes of the July 10, 2018 meeting were reviewed. A motion was made by S. Knight, seconded by M. Przybylski. Carried. Treasurer Report M. Pitrowski started with a review of July report. The Fund has been doing well with the recent positive results in the Stock Market. US Equity was slightly above the Benchmark but, this was due largely to performing well. Rebalancing would be discussed at a later Board meeting as new money from assessments would be coming in at the beginning of September. The outlook for the rest of the 2018 year is positive. Euro Pacific and Harding are being watched but, have done well in the past. Foreign investments are having a difficult time at present. Real Estate is beginning to produce a good track record. Other investment products were discussed concerning the Fixed Income portion, such as CDs, but were not reviewed formally at this time. Saul Navar, from Wells Fargo was on hand to answer any questions about the corrections made with regard to the accounting mistake. All of the needed corrections were made and by July 31, 2018 as requested. Computer Software was also changed to ensure that it would not happen in the future. He apologized for the error and delay in making the needed correction. He also stated that his Firm would waive the fees for the rest of the 2018 year. Members thanked him as this was a nice gestor from Wells Fargo. Marquette would continue to monitor them and possibly ask to reduce their fee at a later date, depending on what the market offers. M. Piotrowski excused himself from the meeting to attend another meeting and let the Board members review the recent RFPs. Discussion of the RFPs proceeded. Noting that there was a large difference between the fees, it was mentioned that one of them included Custodial fees. D. Nawrocki stated she received phone calls on whether they had to comply with all of the GASB requirements? They do. It was agreed that working with Marquette, over the years, has been very easy and they have been very responsive to our fund. A savings could be had if the Police Pension approves Marquette and we held our meetings on the same day. Their meeting is in October of 2018. Whether they approve or not, it was agreed that we would stay with Marquette. A motion was made by D. Olkowski to retain Marquette as our Investment Advisory for the next - 5- years, seconded by D. Nawrocki. Carried. Mike Pitrowski would be notified and a contract [ would be drawn up for review by C. Collins and D. Nawrocki, to present to the Board. - 1 - -2- Invoices were received. Kane Anderson April through June 2018 $18,096.71 CS McKee April through June 2018 $ 8,038.41 ""' BMO April through June 2018 $ 6,918.30 A Motion was made to approve these by S. Knight, seconded by A. Bialek. Carried A motion was made to accept the Treasurer report by A. Bialek, seconded by S. Knight. Carried Secretary Report Upcoming Ethics training, held by IPPAC, will be on Wednesday, Sept. 26, 2018, at the Shamburg police Dept. All Board members expressed interest in going to this and a motion was made to pay for any member attending by D. Olkowski, seconded by A. Bialek. Carried IRS 1099 was briefly explained concerning re-employment after retirement. It does not any retired Firefighters at present. Old Business Mike Villarreal Disability request is proceeding as it should. -3- Drs. have been chosen and he will be making the appointments in the beginning of September. New Business rNew FF Kip Bordeau, -36 yrs. old, was hired on 7/13/2018. A motion was made to accept him into the Fund by M. Przybylski, seconded by D. Olkowski. Carried. An application to retire was received from Lt. Doug Wahl. He is a Top Lt. /Medic with 26 yrs. 11 mo. credit = 67.29%. This comes out to $6,283.68 monthly. The Treasurer reviewed this and a motion was made to approve his pension beginning 8/1/2018 as his first day, by D. Olkowski, seconded by M. Przybylski. Carried. Misc. Reciprocity was briefly explained to the Board members. The Fund presently has -8- active members and -1- that has retired. Adjournment A motion was made to adjourn by D. Olkowski, seconded by D. Nawrocki. Carried 9.45am. Attachments CS McKee invoice Filed Kane Anderson invoice Filed r. BMO Invoice Filed - 2 - Anthony Bialek, Recording Secretary Date approved r r r - 3 - r NOTICE OF CANCELLATION Elgin Firefighter Pension Board The meeting scheduled for Sept. 25, 2018 has been CANCELLED Next regular meeting date is October 30, 2018 at 08:30a m e- 150 Dexter Ct., Elgin, IL. First Floor Conference Room South Elgin Fire Pension Fund Tuesday October 30, 2018 Agenda 08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes, Aug. 28, 2018 meeting Treasurer Report: • Marquette, L & A reports and RFP approval • Liability Insurance Agreement and Alliant invoice $5,161 .00 ➢ Sept. 1 , 2018 through August 31 , 2019 • Principal/hurricanes discussion • Invoice CS McKee as of 9/30/2018 $8,156.30 • Collins Quarterly October, November, December 2018 $ 950.00 • IPPAC Seminar Sept. 26 $ 875.00 • Seminar invoice for Olkowski and Przybylski $ 350.00 ➢ 2018 AFFI seminar Secretary Report: • Death of Retired Disabled FF Richard Wilkening 8/30, 31/2018? Old Business: • Villarreal Application pending • Mark Schneider request for Reciprocity agreement with Elgin FF New Business: • New FF Steve Shaulis. 9/19/2018. 24 years old. Tier II • Retirement Tim Michaels B/C 11/14/2018 32yrs 9mo. 75% ➢ $9077.90 monthly • Eric Christiansen FF/Engineer 11/18/2018 31yrs -0- mo. 75% ➢ $5957.72 monthly Misc: • Kane Anderson Invoice July 1 , 2018 through Sept. 30, 2018 ➢ $19,115.34 :4uauauanofpyj ELGIN FIRE PENSION FUND MINUTES October 30, 2018 Meeting was called to order at 8:30 am by D. Olkowski. rk Roll Call: Present: A. Bialek, M. Przybylski, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: David Mejia Guest: M. Piotrowski Minutes Minutes of the August 28, 2018 meeting were reviewed. A motion was made by S. Knight, seconded by D. Olkowski. Carried. Treasurer Report M. Piotrowski started with a review of the Market Environment of the 2018 year. The Economy and the China Trade Tariffs were discussed. The Fund is doing well even with the fluctuations that have occurred as of late. Market corrections are normal and there has not been one of significance since 2008. It is felt that a Recession is not to be feared for the near future. However, with the mid-term elections coming up shortly, this could have an effect on the Market. Due diligence will be done with watching for any significant downturn and the Board members would be made aware, if a change is needed to be made concerning our holdings. Discussion moved to the individual holdings. Harding Loevner is on "Alert" due to lagging performance. The "employee change" at the company was discussed. M. Pitrowski did not expect the situation to continue and they have done well in the past. This keeps the Fund diversified. However, the situation will be monitored. Fixed income still is the lagging part of the Fund and continues to be a difficult area for investing. M. Piotrowski would like the Board to visit moving more money into Real Estate and this could be discussed after the first of the year. Principal Holdings were discussed concerning the -2- recent Hurricanes that devastated the South East part of the country. Marquette has checked with them and there was no damage to any properties they have. It was also mentioned that the properties had insurance which would cover any losses that they may have. The following invoices were approved for payment. Alliant (liability insurance for Sept. 2018 through Aug. 2019 $5,161.00 CS McKee as of 9/30/2018 $8,156.30 Collins quarterly Oct., Nov., Dec. 2018 950.00 IPPAC Seminar for members 875.00 AFFI seminar for Olkowski and Przybylski 10/29/18 350.00 A motion was made to accept the Treasurer report by D. Olkowski, seconded by A. Bialek. Carried. - 1 - Secretary Report Death of retired member Richard Wilkening was reported. An e-mail was received by the Secretary that he had passed away, but the date of death was not given. This was either 8-30 r*" or 8-31. Notice was not received until 9-1-18. The Secretary and L&A are attempting to attain a Death Certificate for verification. He left no dependent. Old Business Mike Villarreal Disability hearing date was discussed. A few dates were given by Collins' office and -3- were chosen. All days have the same time 9:30a start. Collins office will respond back to the Board on which date is best. Friday 11/16/18 Friday 11/30/18 Tuesday 12/4/18 FF Schneider final reciprocity payment still pending. New Business New FF Steve Shaulis, -24 yrs. old, was hired on 9/19/2018. A motion was made to accept him into the Fund by D. Olkowski, seconded by S. Knight. Carried. -2- Retirement applications were received. Tim Michaels, Batt. Chief. 11/14/2018. 32yrs 9mo. service. Annual salary $145,246.40 elmk $9,077.90 monthly Pension. Eric Christiansen, FF, Engineer. 11/18/2018. 31yrs, -0-mo. service. Annual salary $95,343.26 $5,958.95 monthly Pension. Both qualified for 75% Pensions. A motion was made to approve their pensions by A. Bialek, seconded by S. Knight. Carried. Misc. A late invoice was received from Kane Anderson covering July 1, 2018 through Sept. 30, 2018 for $19,115.34. A motion was made to approve this by D. Olkowski, seconded by S. Knight. Carried. D. Nawrocki briefly explained the RFP for a new Actuary to replace T. Sharpe. RFPs were received from Foster and Foster, NI-Hart and L&A. After discussing the process and review of the companies, it was decided to go with Lauterbach and Amen. They will review all of T. Sharpe' assumptions and give the Board an evaluation on any errors. This would take place at the same time of the year, @March or April, of 2019. Adjournment rk A motion was made to adjourn by D. Olkowski, seconded by D. Nawrocki. Carried 9.15am. - 2 - Attachments Kane Anderson invoice Filed Alliant (liability insurance for Sept. 2018 through Aug. 2019 Filed CS McKee as of 9/30/2018 Filed Collins quarterly Oct., Nov., Dec. 2018 Filed IPPAC Seminar for members Filed AFFI seminar for Olkowski and Przybylski 10/29/18 Filed Anthony Bialek, Recording Secretary Date approved r r - 3 - ELGIN FIREFIGHTERS PENSION BOARD IN THE MATTER OF ) THE CLAIM OF: ) ) 18 EFPB 1801 MICHAEL VILLERREAL ) Applicant ) NOTICE OF HEARING November 13, 2018 To: Michael Villerreal Martay Law Office 134 N. SaSalle Street Stn Floor Chicago, IL 60602 Please be advised that on December 4, 2018 at 10:00 AM the Elgin Firefighters Pension Board will conduct an administrative hearing on at Elgin City Hall, 150 Dexter rCourt, First Floor Conference Room A, 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. I Ltd Anthony Bialek Elgin Firefighter Pension Board Elgin Firefighter Pension Board 550 Summit Street Elgin, IL 60120 r l Elgin Fire Pension Fund Tuesday December 4, 2018 Agenda 08:30am City of Elgin Conference Room 'A' Roll: • Present: • Absent: • Council: • Guests: Minutes: • Minutes Oct. 30 2018 meeting Treasurer Report: • Marquette • BMO Quarterly invoice 10-25-18 $7,063.31 Secretary Report: ""'' • Meeting dates for 2019. All times start at 10:30a to 12:OOp ➢ January 16, 2019 ➢ April 17, 2019 ➢ July 17, 2019 ➢ October 17, 2019 Dates can be changed or added as needed. This will coincide with the Police Pension meeting following afterwards. Clerk salary for the 2019 year. -241- Total members. 241 x $4.00 = $964.00 monthly. (See spread sheet on breakdown). Old Business: • Villarreal Application after regular meeting • Mark Schneider request for Reciprocity agreement with Elgin FF New Business: • Retired Firefighter Jerry Eadler passing on 11/14/2018. He left no dependents. • Capt. Vincent Rychtanek retired on Nov. 26, 2018. His is 55yrs old with ➢ 25yrs 2mo. service. r • Misc.: • Notice of Michael Villarreal Disability Hearing to follow after regular meeting. ELGIN FIRE PENSION FUND MINUTES December 4, 2018 Meeting was called to order at 8:30 am by D. Olkowski. Roll Call: Present: A. Bialek, M. Przybylski, S. Knight, D. Olkowski, D. Nawrocki Absent: Council: Cary Collins, David Mejia Guest: M. Piotrowski Minutes Minutes of the Oct. 30, 2018 meeting were reviewed. A motion was made by S. Knight, seconded by D. Olkowski. Carried. Treasurer Report A brief review of the recent events affecting the Fund was presented by M. Piotrowski. The China Trade Tariffs is a major concern and has not been resolved. A 90-day hold on any decision was put in place by President Trump. So, the Market has been fluctuating in October and November. A thorough Asset Allocation review will be done at the end of the year with recommendations for some movements between the different funds. Real Estate has been the best performer among the funds during 2018 and possibly increasing their percentage may be a recommendation. I The total fund composite is down from the beginning of the year mainly due to the recent Market changes over the past -2 months. This could be a very volatile 2019 year going forward. -2- Invoices were received. BMO Quarterly invoice dated 10-15-2018. $7,063.31 Collins and Radja invoice for the upcoming disability Hearing. $5,151.36 A motion was made to pay these by D. Olkowski, seconded by M. Przybylski. Carried. A motion was made to approve the Treasurer Report Piotrowski by D. Olkowski, seconded by S. Knight. Carried. Secretary Report Meeting dates for 2019 were approved as follows: January 16, 2019 April 17, 2019 July 17, 2019 Oct. 16, 2019 All times would be from 10:30a to 12:OOp in 1st Floor Conference Room "A", unless otherwise rik posted. A motion was made to approve this by S. Knight, seconded by A. Bialek. Carried. - 1 - Discussion centered on the "Clerk" salary for the upcoming 2019 year. Along with the responsibilities already assigned, the availability to access each pension file by the active members of the Fund was discussed. Movement of the "paper files" from the cabinets the Secretary/Clerk has now, to the "Cloud" would be the priority and be completed during the year. "" A. Bialek will contact the Chief Technology Director and set up a time frame to have this switched over for all members of the Fire Department. The direction being that each member would be able to access his/her file and be able to add or subtract needed documents as required by State Statute in their file. With this addition in mind, a motion was made to approve the monthly Salary of $964.00 per month for the 2019 year, to be reviewed in January of 2020. (241 personnel files x $4.00 each file). This was made by D. Olkowski, seconded by M. Przybylski. Carried. A. Bialek recused. Old Business Mike Villarreal Disability hearing to follow after the regular meeting. FF Schneider final reciprocity payment still pending. New Business Retired FF Jerry Eadler passed away on 11/14/2018 leaving no dependents. Capt. Vince Rychtanek' request for retirement pension was received to begin on Nov. 26, 2018. He qualifies for a 62.92% pension with 25yrs and 2months active service. This comes to a pow $7,079.45 monthly amount. This was reviewed by the Treasurer, D. Nawrocki. A motion to approve this was made by D. Olkowski, seconded by S. Knight. Carried. Misc. None Adjournment A motion was made to adjourn by D. Olkowski, seconded by D. Nawrocki. Carried 9.35am. Attachments BMO invoice Filed CS McKee as of 9/30/2018 Filed Collins Disability proceeding invoice. Filed Anthony Bialek, Recording Secretary Date approved - 2 -