2009-01-21 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 01/21/2009
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
January 21,2009
1051 Highland Grove Drive Buffalo Grove,Illinois
Members Present: Mark Mussario, Art Malinowski, Jeff Newkirk, Ed Mckee
Members Absent :Mark Anderson
Guests. Broch LaMarca, Scott Anderson, Carolyn Clifford, Katie Skibbe.
Meeting called to order at 0905 hours.
Motion: Motion made by Ed Mckee to appoint Mark Mussario pro tem President with second by
Art Malinowski.
Motion Carries: 5-0.
Motion: motion made by Mark Mussario to appoint Jeff Newkirk as secretary pro tem with second by Art
Malinowski.
Motion: Motion made by Mark Mussario to accept Minutes from November 3 and December 1
as amended with second by Ed Mckee
Motion Carriers: 5-0
Discussion: Mark Anderson's position will be up in 2010 with election notices going out before
April
Finance Report: report from Brock LaMarca. The S&P is down 11%through 1/20. Buffalo
Grove pension is as follows equities are down 39.74%for 2008, all accounts held with Mesirow
are down 15.91%and fixed income is up @ 6.64%Per Brock it will take courage to stay in the
market Financial stocks were hit very hard in 2008
Brock recommends continuing to reallocate and continuing dollar cost average. One year
treasuries are @ .4%two year @ .7%three years @ 1.1 %five years @ 1.5 %ten years @ 2.5 %
and thirty years @ 2.9 %. Five year CD rate is 3.5%
Brock recommends leaving the Third Avenue fund due to concerns over a management change
and poor performance. Brock recommends the purchase of FPA Crescent fund a large cap fund
which can also invest in anything including cash. Fund has had the same manager for fifteen
years. The fund normally shuts for new investment when it becomes too large,but is now open.
Motion: motion made by Jeff Newkirk with second by Mark Mussario to continue reallocation as
set forth by the board and to sell Third Rock fund and purchase FPA Crescent if allowable under
DOI rules
Motion Carries: 5-0
Mesirow will file all necessary paper work with DOI Illinois Certificate.
Motion: motion made by Ed Mckee with a second by Jeff Newkirk to accept and approve bills
from warrant list on 1-21-2009 in the amount of 15,312.53
Motion Carries: 5-0
Motion: motion made by Mark Mussario with second by Art Malinowski to pays bills for Dr
Rosenberg for the Smith IME @ 1575.00 and IPPFA dues @ 750.00
Motion Carries: 5-0
Motion: motion made by Jeff Newkirk with second by Mark Mussario to approve 2009 legal
retainer fees @ 355.00 per month.
Motion Carries: 5-0
Smith Update: all IME reports are in with all the information sent to Buffalo Grove legal council
and Becky Smith's attorney. A meeting date sometime in March maybe possible. The board will
try for a Monday Morning meeting.
Motion: motion made by Ed Mckee with a second by Mark Mussario to accept the amended
retirement date for Paul Tierney from 1-19-2009 to 1-13-2009
Motion Carries: 5-0
Motion: motion made by Mark Mussario with second by Art Malinoiwski to allow transfer of
credible service for Bill Navaro from Lansing Fire Fighters Pension Fund to the Buffalo Grove
Fire Fighters Pension Fund.
Motion Carriers: 5-0
Motion: motion made by Mark Mussario with a second by Art Malinowski to file the IRS
determination letter at a cost of 400.00 dollars.
Motion Carriers: 5-0
Motion: motion made by Mark Mussario with a second by Art Malinowski to approve annual
pension distributions except for Chief Sashko's
Motion Carries: 5-0
Jeff Newkirk's IME report is tabled until next meeting.
Motion: motion made by Jeff Newkirk with second by Art Malinowski to send letter to the DOI
for clarification concerning auto allowance.
Motion Carriers: 5-0
Motion: motion made by Mark Mussario to adjourn with a second by Jeff Newkirk.
Motion Carries: 5-0
Meeting adjourned 1052 hours.
Approved by Board on 2009
Mark Anderson
Mark Mussario