2001-05-21 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 05/21/2001
Type of Meeting: ❑ Regular Meeting
...............
�I
052101.pdf
G
BUFFALO GROVE FIREFIGHTERS PENSION FUND
QUARTERY MEETING MINUTES
MAY 21,2001
Members present; S. Calibraro, J. Wieser, T. Allenspach, M. Anderson, B. Raysa, T.
Shurba, E. Hartstein .
Members absent; J. Tennerelli, J. Sirabian
Staff Liaison present; S. Anderson
Guests Present; B. Ackerman from Mesirow Financial.
Meeting called to order at 18:05
Motion to approved minutes from December 18, 2000. Motion by Allenspach, second
by Calibraro. Motion carried.
Bob Ackerman from Mesirow Financial discussed the status of the fund,
We picked up 27,000 by selling the low yield bond, and we out performed our
benchmarks. Bob feels interest rates will rise,we also have 820,000 in money market
accounts, hold these until interest rates rise.
Bob also discussed our Mutual funds, and gave us some recommendations,
1. Withdraw$19,380 from the Guardian Annuity with no penalty
2. Sell Guardian Park Avenue Mutual Fund
3. Sell Lord Abbett Fund
4. Re-distribute the above assets into the following
5a. $80,000 Pimco Renaissance
5b. $36,000 State Street Research Aurora
6. Liquidate$15,000 from Fidelity Annuity on 6/7/01 and invest in State Street
Research Aurora.
The Pimco Renaissance and the State Street Research Aurora are both rated 5 stars.
Motion by Allenspach, second by Calibraro to follow the recommendation plus take
300,000 from our Mutual Funds and distribute into Pioneer,Barron, Third Avenue,
Primco Renaissance, State Street Research Aurora. Motion carried.
Audit went well. Percy Wilkerson from the State DOI. Suggested:
We have a quick look file,which was done.
Update Investment file with new caps, S. Calibraro will work on..
Meeting Dates set for rest of year,the dates are as follows, July 16, September 17,
and December 3, 2001.
S. Calibraro was re-elected to Board.
We will wait for report from The DOI for medical reports in pension files.
Motion to adjourn by Allenspach seconded by Hartstein, motion carried at 18:43
Submitted b hurba 6/l/01