2008-01-21 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 01/21/2008
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
January 21,2008
1051 Highland Grove Drive Buffalo Grove,Illinois
Members Present: All.
Members Absent : None.
Guests. Broch LaMarca, Carolyn Clifford, Scott Anderson.
Guest Member: Pete Ciekco.
Meeting called to order at 0900 hours.
Motion: Motion made by Ed McKee for approval of minutes. Second by Jeff Newkirk.
Motion Carries: 5-0.
Finance Report Broch LaMarca: Per Ed McKee the investment policy is still being worked on.
Per Broch LaMarca the 45%figure for investments has been changed. Per Broch LaMarca he
advised not to make a big move right now as this could be a mistake. He recommends to leave
money in the cash account. There is $500,000.00 to the equity side which will bring us up to a
40%level.We have $1.5 million in fixed incomes. The total return for 2007 was 5%. He
recommends moving $500,000.00 to existing equities with the ability to pick and choose which
fund the money goes in to. If we need a special meeting for this investment, Broch will call us
and we will have a meeting. Broch recommends to get to the 45%level by the end of the year.
Motion: Motion made by Jeff Newkirk to move $500,000.00 from the equities into a fixed
income. Second by Art Malinowski.
Motion Carries: 5-0.
Payment of Bills: Motion made by Ed McKee to pay the following bills: Travel and conference
bills for$526.80, office supplies for$48.00,mailing supplies for$5.05, IPPFA fee for$187.50,
management fee for Mesirow Financial for$10,739.56. Total Cost of Bills: $11,506.91. Second
by Art Malinowski
Motion Carries: 5-0.
Motion: Motion made by Jeff Newkirk to approve attorney fees for October,November and
December. Second by Mark Anderson.
Motion Carries: 5-0.
Calibraro Appeal Update: Per Carolyn Clifford the appeal is going to the I't District Appellate
Court,and Tom Duda needs to generate a brief.
Discussion of Smith Case: The Village of Buffalo Grove wants to intervene concerning the
appeal. Discussion on whether or not we want to let them do this. Motion made by Jeff Newkirk
to not hear oral arguments concerning the Smith case. Second by Ed McKee.
Motion Carries: 4-1.
Motion: Motion made by Mark Anderson to wait and table the discussion from the next meeting
to vote on intervention for the Village of Buffalo Grove on Becky Smith's behalf. Second by Jeff
Newkirk.
Motion Carries: 4-1.
Motion: Motion made by Jeff Newkirk to accept new members into the pension fund. Second by
Mark Anderson.
Motion Carries: 5-0.
Discussion: Discussion concerning the fact that we need to coordinate with the Village on
providing an information sheet for each new member.
Old Business:
*Fiduciary Liability Insurance: Discussion concerning getting a combination policy
with the Buffalo Grove Police Department. Jeff Newkirk will talk to the Buffalo Grove
Police Department concerning combination policy.
Motion: Motion made by Jeff Newkirk to adjourn the meeting. Second by Mark Anderson.
Meeting adjourned 1150 hours.
Approved by Board on 2008
Mark Anderson
Mark Mussario