2002-05-20 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 05/20/2002
Type of Meeting: ❑ Regular Meeting
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fire pension 52002.pc
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER'S PENSION FUND
MEETING NOTICE
Date: May 20,2002
Fire Administrative Headquarters
1051 Highland Grove Drive
Buffalo Grove, I160089
6:00 P.M.
1. Call to Order
2. Approval of Minutes, Meeting of March 4, 2002
3. New Business:
A. Welcome to Chief Sashko
B. Status Report of Fund—Robert Ackerman, Mesirow Financial
C. Pension Election Results
D. Election of Officers
4. Old Business:
A. Lt. Domar (retired)update
5. Other Business:
A. Any Discussion on presentation from March 4, 2002
6. Adjournment:
Note: Dinner will be provided for the Board Members
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Buffalo Grove Firefighters Pension Fund
Quarterly Meeting
May 20, 2002
1051 Highland Grove Drive
Buffalo Grove, Illinois
Members Present: President J. Wieser, Secretary T. Shurba, E. Hartstein,
Chief T. Sashko, M. Anderson, W. Raysa, J. Sirabian.
Members Absent: S. Calibraro, J. Tenerelli
Staff Liaison: S. Anderson
Meeting called to order at 18:12
Motion to accept minutes of the March 4, 2002 meeting made by Raysa,
seconded by Wieser. Need to change spelling in Chief Allenspach name.
Otherwise Motion carries.
President Wieser welcomed Chief Sashko replacing Chief Allenspach who
retired.
Report on the fund from Robert Ackerman of Mesirow Financial.
The fund made 9.15%. The market was down but the fund did well.
Bond account up 2.25%, Annuities did not do well again. Bob recommends
to continue to pull out of the Guardian and Fidelity annuities and continue
putting in the mutual funds. Bob also recommends buying callable bonds.
Motion made by Wieser to continue to get out of annuities by taking the
$132000 from the Guardian now and $15,000 from the Fidelity on June 7
when that comes due. And split the money proportionately among the
mutual funds as we have done in the past. Second by Sirabian. Motion
carried.
Motion by Wieser to take $ 400,000 in accessible cash and put in callable
papers ranging from 3 to 7 years. And another $ 400,000 split
proportionately among the mutual fund accounts.
Second by Sashko, some discussion followed and motion carried.
Election results
The election was held on March 27228, and 29, 2002.
42 ballots cast, 2 ballots had only 1 vote on it. Results were Shurba 40 votes,
Wieser 36 votes, Dorsey 6 votes.
Shurba and Wieser retain their seats on the Board.
Board Elections.
President. Wieser nominated by Sashko second by Shurba. Motion carries.
Secretary. Shurba nominated by Wieser seconded by Sashko. Motion
carries.
Lt. Domar(retired) did see the Doctor and was deemed not fit for duty. John
will be fifty and will not have to see the doctor again.
Discussion on Scott Calibraro. It is possible that he may apply for a
disability pension. The possibility of replacing Scott on the Board was also
discussed. We will have to check our options.
Motion to adjourn made Wieser second by Sashko motion carried and
adjured at 19:05.
Submitted by Tony Shurba May 20, 2002
Approved this day of August 2002
----------------------------------
President
---------------------------------------------------
Secretary
ISiI'OW
Financial
Buffalo Grove Fire
Accounts #24628204 & 24627442
Presented May 20, 2002
Beginning Value rosioiion Adjustments Endinct Value % Return
Bond Account $8,887,485.77 $11159,000.00 $8,556,349.08 9.72%
Lehman Bros Intermediate-Term Treas Index 6.93%
Lehman Bros Long Tenn Treas. Index 7.8796
Source:Momingstar Principle
Mesirow Advanced Strategies,Inc.•Mesirow Asset Management,Inc.•Mesirow Insurance Services,Inc.•Mesirow Private Equity Investments,Inc. •Mesirow Stein Real Estate,Inc.
Securities offered through Mesirow Financial,Inc.Member NYSE,SIPC
610 Central Avenue,Suite 200•Highland Park,Illinois 60035•847-681-2300
Mesirow
Financial
Buffalo Grove Fire
Called Bonds
As of May 20, 2002
call Issue Rate Purchase
Date Date
2/20/02 $100,000 First Fed CA 5.20% 2/13/01
2/21/02 $100,000 CNL Bank 5.20% 2/14/01
2/22/02 $100,000 Fed'] Home Loan 6.40% 2/07/01
2/26/02 $100,000 Net Bank 5.20% 2/13/01
3/05/02 $300,000 Fed'I Home Mtg 6.00% 2/15/01
4/29/02 $250,000 Fannie Mae 6.50% 1/04/01
4/29/02 $500,000 Fannie Mae 6.50% 12/19/00
4/30/02 $300,000 Fed'] Home Loan 6.45% 2/09/01
Mesirow Advanced Strategies,Inc.•Mesirow Asset Management,Inc. •Mesirow Insurance Services,Inc. •Mesirow Private Equity Investments,Inc. •Mesirow Stein Real Estate,Inc.
Securities offered through Mesirow Financial,Inc.Member NYSE,SIPC
610 Central Avenue,Suite 200•Highland Park,Illinois 60035•847-681-2300
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Buffalo Grove Fire
Accounts #24628204 & 24627442
Presented May 20, 2002
Beginning Value (12i3iioi) Adjustments Ending Value (oym/o2) % Return
Bond Account $8,365,630.99 $0.00 $8,556,349.08 2.28%
Equity Account $1,619,993.99 $0.00 $1,676,681.49 3.50%
Guardian Annuity $137,205.04 $0.00 $130,591.36 -4.82%
Fidelity Annuity $120,881.90 $0.00 $110,686.22 -8.43%
NetAlmount $101243,711.92 $0.00 $101474,308,15 2.25010
S& P 500 -5.80%
Lehman Bros Intermediate-Term Treas. Index 1,34%
Lehman Bros Long Term Treas. Index 2.06%
NASDAQ -13 44%
Source:Morningstar Principia
The information set forth herein was obtained from sources which we believe reliable.But we do not guarantee its accuracy.
Neither the information,nor any opinion expressed,constitutes a solicitation by us of the purchase or sale of any securities.
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