2000-12-18 - Firefighter Pension Board - Minutes Board or Commission: ❑ Fire Pension Board
Document ❑Type: A e
g nda 0 Minutes
Meeting ate: 12/18/2000
Type of Meeting: ❑ Regular Meeting
...............
�I
121800.pdf
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTERS PENSION FUND
MEETING MINUTES
DECEMBER 18,2000
1) Meeting called to order at 18:18 hours.
2) Members Present;J. Wieser Jr. T. Allenspach, M. Anderson,S. Calibraro,
J.Sirabian,J.Tenneralli,T.Shurba arrived shortly after meeting started.
Members Absent;B. Raysa,E. Hartenstien.
Staff Liaison Present;B. Brimm,S. Anderson.
Guests: B. Ackerman,Mesirow Financial.
3) Bob Ackerman, Discussed management fees and how they work. Manage
account to Navistar account,same name. No commission on equititys,
.75% Management fee only on mutual funds only on total amount of
money. Discussion on yields to maturity-Economy now rising interest
rate "611. Prime rate at 9.5%. Bond market now is ahead of itself by
expecting Greenspan to lower it 5 times which gave us great profit this
year. Recommending to sell bonds and securities if yields under 5.5%,
and reinvest in new funds at 6% and higher. (CD's ect.).
Wants motion to sell as long as we can gain 75 basis points.
MOTION made by Allanspach,to sell 3 treasury strips and 2 treasury
notes with the understanding we will gain 75 basis points or better with
repurchases of new investment vehicles. 1 basis point is equal to 100th of
a percent.
SECOND by Calibraro. MOTION CARRIED.
4) MOTION by J. Sirabian to approve the minutes from the last meeting.
SECOND by Shurba, MOTION CARRIED.
5) All funds that were managed by Lee would be closed out and given to
Mesirow and also disposed of power of attorney to sell bonds without
contacting us.
6) S. Anderson waiting for audit from the Department of Insurance.
7) B. Brimm;Working on Hewitts recommendation change in firefighters
retirement from 35 to 30 years which dramatically affects the funds
liability,which will be remedied with levies, that the Village Board
accepts.
8) Motion to adjourn by Calibraro, second by Weiser. Meeting adjourn.
Submitted by T. Shurba 1/11/01