2006-10-16 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 10/16/2006
Type of Meeting: ❑ Regular Meeting
Buffalo Grove Firefighters Pension Fund Regular Meeting
October 16,2006
1051 Highland Grove Drive Buffalo Grove,Illinois
Members Present: M. Mussario, M. Anderson,A Malinowski, E McKee,J Newkirk
Members Absent: None.
Guests: Carolyn Clifford, Scott Anderson, Bob Ackerman, Pete Ciecko
Meeting called to order at 0906 hours.
Motion made by J Newkirk, seconded my A Malinowski to accept July minutes.
Motion Carries: 5-0.
Finance Report: Bob Ackerman -CD's are coming due. Recommendation to buy short-term CD's six
months to one year in length and maybe go into equities. Per Bob Ackerman,he recommends to get out of
the Black Rock Aurora Fund. Panel discussion of the need to get certificates before moving any new
money. Recommendation from Bob to move money to big-cap funds,but we must wait for certificates.
Motion made by J Newkirk to sell Black Rock Aurora Fund and seconded by M Anderson.
Motion Carries: 5-0.
Motion made by M Mussario to go to Oppenheimer with the provision to go to Illinois Fund if unable to
acquire cert for Oppenheimer Fund and seconded by M Anderson.
Motion Carries: 5-0.
Motion made by M Mussario to buy short-term CD's, 6-18 month terms, at$460,000.00 and J Newkirk
seconded.
Motion Carries: 5-0.
Update by Carolyn Clifford: The Sudan lawsuits have been filed with the possibility of a decision by
January.
Motion by M Anderson to pay attorney bills in the amount of$7,777.70 and seconded by J Newkirk
Motion Carries: 5-0
Motion made by M Anderson to buy an additional pension file cabinet and seconded by E McKee.
Motion Carries: 5-0.
Motion made by M Anderson for reimbursement of mileage and related expenses for attending seminars
and seconded by E Mckee.
Motion Carries: 5-0.
Motion made by M Anderson to pay the IPPF A membership fee and seconded by M Mussario.
Motion Carries: 5-0
New Business:
Motion made by J Newkirk to allow Scott Anderson access to cash for movement to Illinois Fund and
seconded by MAnderson.
Motion Carries: 5-0.
Report from Secretary M Mussario: Paperwork has been filed with the Secretary of State for a
destruction certificate and it should be coming soon.
Discussion: Mesirow Financial to draw up investment policy.
Calibraro Update: The motion to publish Calibraro ruling granted and are waiting court date on the
merits of the lawsuit.
Smith Update: No word.
Motion made by M Anderson to adopt pension rules and seconded by J Newkirk.
Motion Carries: 5-0.
Motion made by J Newkirk for meeting dates in 2007 to be January 15'\April 16, July 16ffi and October 15
ffi and seconded by MAnderson.
Motion Carries: 5-0.
Discussion on Annual Physicals: Carolyn to draw up a certified letter to Calibraro in regards to
completing his physical and giving him 60 days to complyDiscussion: To use Dr. Khanna for physicals
for anyone within 100 miles of Dupage Co.
Motion made by M Anderson and seconded by M Mussario.
Ayes: A Malinowski E McKee M Mussario M.Anderson Abstain: J Newkirk
Motion made by M Mussario to adjourn meeting. Seconded by M Anderson
Motion Carries: 5-0.
Approved by Board on 12006
Mark Anderson, President
Mark Mussario, Secretary