2008-11-03 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 11/03/2008
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
November 3,2008
1051 Highland Grove Drive Buffalo Grove,Illinois
Members Present: Mark Mussario,Mark Anderson, Ed McKee,Jeff,Newkirk,Art Malinowski
Members Absent : None.
Guests: Carolyn Clifford, Brock LaMarca, Scott Anderson.
Meeting called to order: at 0905 hours.
Motion: Ed McKee made motion to approve the minutes from the last meeting with the
corrections to be made. Second by Art Malinowski.
Motion Carries: 5-0.
Financial Report: Per Brock LaMarca Fixed Income bonds are not holding up at this time and
high value corp bonds are falling. Fixed Income is positive for the year at about 2.3%. Portfolio is
down 9.16%not including cash. Stock market is down 16%, we have 38 %in equities.
Recommendation per Brock to stay the course and stretch out 500,000.00 over 10 weeks in
current funds. @ 50,000.00 per week. Move 800,0000.00 in cash to cd @ 3-5 years. Per Brock
we did get our money out of Indy Mack.
Motion: Made by Ed Mckee to re invest fixed income into cds. And at the maturity of cd to auto
re invest using the parameters set by the board. Second by Newkirk.
Motion: Motion made by Mark Anderson to continue disability pensions for qualifying
pensioners Second by Art Malinowski.
Motion Carries: 5-0.
New Business.: presentation of investment policy by Ed Mckee.
Motion: motion by Art Malinowski to adopt resolution of investment policy.
Motion Carries: 5-0.
Motion: Motion by Ed McKee to approve the tax levy at 1,506,343.00 second by Art
Malinowski.
Motion Carries: 5-0.
Smith Update: 2 IME have come in and we need one more to hold a hearing.
Chief Sashko update: discussion concerning If management fees are pensionable.
Motion: motion made by Art Malinowski to table for final approval second by Mark Anderson.
Scott Anderson will send salary info to the state for clarification. Chief Sashko will still receive
pension checks.
Motion carries 5-0
Motion: motion made by Mark Anderson to approve Paul Tierney's pension application.
Second by Art Malinowski.
Motion Carries: 5-0.
Elections: election for for board members M. Mussario position seat won with 43 votes. Next
election will be 2011
Motion: motion by Mark Mussario to adjourn the meeting second by Ed McKee. � 1142
Motion Carries: 5-0.
Approved by Board on 2009
Mark Anderson
Mark Mussario