2008-07-21 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 07/21/2008
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
July 21,2008
1051 Highland Grove Drive Buffalo Grove,Illinois
Members Present: Mark Mussario,Mark Anderson, Ed McKee,Jeff,Newkirk,Art Malinowski
Members Absent: J Newkirk.
Guests: Carolyn Clifford, Brock LaMarca, Scott Anderson,Bob Ackerman.
Meeting called to order at 0917 hours.
Motion: motion made by Ed Mckee to accept April minutes with corrections made. Second by M
Anderson. E Mckee, M Anderson, M Mussario, Art Malinowski ayes J. Newkirk absent.
Motion Carries: 4-0.
Finance report: report from Brock LaMarca. The fund is down by 10 percent for the quarter
ending in June. The entire market has been down. Per Brock the S&P is down 13 %for the 1 yr
return and so has our equity account. Our equity account was at 4.2 &for three years and 10.4 %
for 5 years. Recommendation from Brock is to move 500,000.00 from the treasury pool to the
equity account and bring the %from 39 to 41 %this is in line with our investment policy. Second
recommendation was to move 600,000.00 to a fixed income on a 5-7 year ladder. Brock reports
we have a cd the Indy Mack bank in the amount of 100,000.00 he has assured us we will get that
money back.
Motion: Made by Ed Mckee to move 500,000.00 to the equities account and rebalance and move
600,000.00 to a cd and ladder the maturity dates. Second by Mark Anderson. M. Mussario, E.
Mckee,M. Anderson,Art Malinowski ayes. J Newkirk absent.
Motion Carries: 4-0
Payment of bills: legal fees in the amount of 3826.14. Bill for Mesirow in the amount of
11,350.45 and the compliance fee for the state in the amount of 4912.74.
Motion: motion made by M. Mussario to approve payment. Second by A. Malinowski. All ayes
J.Newkirk absent.
Motion carries: 4-0
New business: Investment policy was reviewed by E. Mckee..
Discussion concerning the need to review our cds and see how they are performing compared to
the Lehman benchmark for bonds.
Smith update: All documents have been prepared by Carolyn and sent to the doctors.We should
have a hearing in the next couple of months.
Old business: All physical are being set up,but we have not heard from J. Newkirk
Motion: motion made by M.Anderson to move the next meeting to Nov. 3rd. second by M.
Mussario. All ayes J.Newkirk absent. Art Malinowski absent.
Motion carries: 3-0
Motion: motion made by M. Mussario to adjourn the meeting. Second by M Anderson.All ayes
J.Newkirk and Art Malinowski absent
Motion Carries: 5-0
Meeting adjourned 1043 hours.
Approved by Board on 2008
Mark Anderson
Mark Mussario