2007-10-15 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 10/15/2007
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
October 15,2007
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,Bob Ackerman. Member Guest: Pete Ciecko.
Meeting called to order at 0840 hours.
Motion: Jeff Newkirk made motion to approve the minutes from the last meeting with the
corrections to be made. Second by Mark Anderson.
Motion Carries: 5-0.
Financial Report: Mesirow Report—Brock Lamarca presents.
Report from Brock LaMarca States the old policy is in the report for Oct,but the new policy will
replace it. Recommendation per Brock to increase equities to 41 percent. The cash at Mesirow is
in a money market account,we have five million in the cash account. The new report should state
that we move cash into the equity account to increase this percent to 41%
Discussion: per member Newkirk he would like to see this go as high as 45 %.
Brock states we the bonds are being laddered on the short term side. If we move the cash from to
the equities side we will increase this amount to 10 million dollars. Recommendation from Brock
to but American funds Euro Pacific fund in the amount of 15 million dollars
Motion: Made by Ed Mckee to amend old policy from the current 31%to the new 45 %for
equities second by Art Malinowski.
Motion Carries: 5-0.
Motion: Made by Jeff Newkirk to increase the amount in the equities account to 10 million
dollars second by Mark Anderson.
Motion Carries: 5-0.
This will move the percent up to 45%in January in the equities account and the money will go to
the Amen fund Euro Pacific. The letter of compliance from Mesirow is complete.
Payment of bills: following bills were presented Attorney fees of 8,465.50,Mesirow fees of
9,175.08, IPPFA in the amount of 750.00
Motion. By Jeff Newkirk to pay bills Second by Ed Mckee.
Motion Carries: 5-0.
Recommendation to approve Tim Sharpes actuarial report to levy the amount of
1,297,773.00 in for year ending 2006for the Village of Buffalo Grove.
Motion: Made by Jeff Newkirk to approve report. Second by Mark Anderson.
Motion Carries: 5-0.
New business: Report from Carolyn Clifford that the courts have upheld the Calibraro decision
Election of officers:
Motion: Made by J. Newkirk to elect Mark Anderson as president and Mark Mussario as
secretary for a one year term. Second by Ed Mckee
Motion Carries: 5-0.
Motion: Jeff Newkirk to accept Fire Fighter Jack Browns application for retirement pending the
checking of his payroll calculations second by Mark Anderson
Motion Carries: 5-0.
Chief Sashko has deferred his retirement.New applications for Fire Fighters Kolder,Navarro,
and Simmons are on hold due to them not on file at this time
Smith update: the doctors have been reviewed and sent to Rick Reamer, Rick has contacted
Carolyn Clifford about moving forward with the line of duty death benefits. Carolyn will
subpoena Matt Smiths work records for attendance
Motion: by Mark Anderson to let the Village of Buffalo Grove intervene on Becky Smiths
behave Second by Jeff Newkirk
Ayes: Mussario,Anderson,Newkirk, Malinowski
Abstain: Mckee.
Jeff Newkirk will look into different policies offered on liability insurance for the board as IRMA
does not offer it'
Motion: Jeff Newkirk to adjourn second by Mark Mussario.
Motion Carries: 5-0
Meeting adjourned 1105 hours.
Approved by Board on 2007
Mark Anderson
Mark Mussario