2004-12-20 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 12/20/2004
Type of Meeting: ❑ Regular Meeting
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PENSION MINUTES 12-20-04.doc
Buffalo Grove Firefighters Pension Fund
Regular Meeting
December 20, 2004
1051 Highland Grove Drive
Buffalo Grove, Illinois
Members Present: President J. Wieser, Secretary T. Shurba, E. Hartstein, Chief
T. Sashko, T Gough , M. Anderson, W. Raysa J. Tenerelli.
Members Absent: J. Sirabian
Guests: Bill Brimm, from the Village of Buffalo Grove and Bob Ackerman from
Mesirow Financial.
Meeting called to order at 18:03 by President Wieser.
Motion to accept minutes from the June 21, 2004. Made by Hartstein, seconded
by Gough. Motion carries.
Meeting turned over to Bob Ackerman of Mesirow Financial.
Bond account had a return of 3.74% and Mutual funds had a return of 14.31% with
a total return for the first eleven months of 2004 6.60%.
At this time we have $ 1,286,000 in cash at this time, also the following coming
due the next few years:
2005- $ 916,000
2006- $ 587, 000
2007- $ 345, 000
2008- $ 75,000
Bob recommends that we cash in the Guardian Fund, valued about $ 100,000.
Motion to cash in the Guardian Fund made by Sashko, seconded by Hartstem.
Motion carries.
Motion to take the $100,000 from the guardian fund and the $ 1,286,000 cash
totaling $ 1,386,000 and invest $ 693,000 to our mutual fund portfolio, which
will bring us to 35% in equities. Investments to be prorated in the existing
funds. Also invest $ 350,000 in U.S. Government Agency "step" up bonds.
And Invest $ 343,000 in CDs maturing in 2007 and 2008. Made by Sashko
Seconded by Gough.
Some discussion on whether we as a board want to go to 35% in Mutual funds.
Bob answered all questions.
Roll call vote taken.
J. Wieser, yes. T. Shurba, yes. E. Hartstein, yes. T. Sashko, yes. T Gough, yes
M. Anderson, yes. W. Raysa, yes. J. Tenerelli, yes
J. Sirabian absent.
Motion carries.
Report on expenses handed out. We have four main expenses.
1. General expenses $ 9531.07
2. Newkirk expenses $10,587.92
3. Calibraro expenses $ 25,108.95
4. Smith expenses $ 4836.00
Total expenses $ 50,063.94
Raysa suggested that a line be added who was paid.
Chief Sashko asked if we could contact the IPPfA to see if we are paying too much
for the hearings.
Discussion on whether we as a board need a monthly report on money going to our
pensioners.
We will get together next month for the finding of facts for Calibraro's hearing.
Newkirks paperwork sent to his attorney Riemer. Waiting for response.
We have one MD for Smith's hearing, also have had fifteen no's from MDs.
Chief Sashko suggested that we contact the IPPFA for help. President Wieser will
call.
Motion to adjourn at 19:07 by Sashko seconded by Tenerelli. Motion carries.
Submitted January 29, 2005
By Tony Shurba
Approved by Board on , 2005
President Joe Wieser
Secretary Tony Shurba