2007-04-16 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document Type: ❑Agenda 0 Minutes
Meeting Date: 04/16/2007
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
April 16, 2007
1051 Highland Grove Drive Buffalo Grove, Illinois
Members Present: Mark Mussario, Mark Anderson, Ed McKee, Jeff, Newkirk, Art Malinowski
Members Absent : None.
Guests: Tim Sharpe, Brock LaMarca, Scott Anderson. Member Guest: Pete Ciecko, Don Potts.
Meeting called to order at 0911 hours.
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Members approved January 7 and October 6 minutes.
Motion: Made by Newkirk, second by Anderson.
Motion Carries: 5-0.
Discussion: Miserow finance report presented by Brock LaMarca. At the next meeting he will
have an investment policy for us. Per Brock, in the Equity account we have $1,080,000.00 as a 4%
return as of year to date. Per Brock, we have $1,000,000.00 in cash, and the cash in this account
has delivered our returns. Per Brock, diversification is deficient in small caps. We have 4%in
small caps, 3 1%in mid-caps, 64%in large caps. Per Brock, we have $86,000.00 in our money
market account.
Motion: Made by Newkirk to move money into Oppenheimer Main Street Small Cap Fund.
Second by Anderson.
Motion Carries: 5-0.
Acturary Report by Tim Sharpe: Per Tim, actuarial are done on a yearly basis. The current
acturary was done on the 2005 data. All pension levies are current. Our fund has been given a
grade of A-. The state average for pension funds are 65% funded. We are 64% funded.
Payment of Bills: The following bills were paid: Meserow, attorney bills and the bills for the
doctors who performed the medical evaluations.
Motion: Made by Ed McKee and seconded by Newkirk.
Motion Carries: 5-0.