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1999-10-18 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board Document Type: ❑A e g nda 0 Minutes Meeting ate: 10/18/99 Type of Meeting: ❑ Regular Meeting pension minutes 101899.di BUFFALO GROVE FIRE DEPARTMENT FIREFIGHTER=S PENSION FUND MEETING MINUTES OCTOBER 18, 1999 1. Meeting was called to order at 18:06 hrs. Members present: J. Wieser, T. Sashko, T. Allenspach, B. Raysa, E. Hartenstein, J. Tennerelli, J. Sirabian arrived at 18:20 hrs, S Calibraro arrived at 18:25 due to calls. Members Absent: T. Shurba Staff Liason present: B. Brimm Guests Present: S. Anderson, M. Anderson 2. Motion was made to accept the minutes of meeting of June 7, 1999. Motion was made by Allenspach and seconded by Sashko. Motion carried with one abstention from Hartenstein. 3. NEW BUSINESS T. Sashko brought up the subject of the Ackerman -Nysted Break up. This partnership has handled our portfolio for both equities and bonds. Tim discussed the opinions that were different from the two parties and how they were handling our funds. The Investment Committee had elected to invest some money with L. Nysted in his new position w Oppenheimer. These monies are listed in the same types of funds that it would have been invested in with Mesirow. There is no power of attorney given with this fund and permission must be obtained to do any transactions with these monies. Tim stated that the board needs to make a decision on which way it wants to go with who exactly we want to handle our portfolio, Mesirow, Oppenheimer, Both or others. Allenspach stated he felt the fund should keep going with Mesirow for both fixed as well as equities. This be at least for the time until we shop for another firm. This because they have been working with us and they are on the same game plan as us. The process of finding a new company could go on for a long time and we still need someone to take care of current needs. Brimm stated that he didn=t feel that we need to hire a money manager at this time as long as we continue to manage our liabilities and not change to managing assets. The board would like to hear presentations from others on how that they can help our account, and not the commercial presentations on the parent companies positions. After that we could intelligently make a decision on whether to change or not. Tim was directed to set up presentations from Mesirow, Oppenheimer and a couple of others, to give there presentations at future board meetings. Allenspach made a motion that in the interim that we keep all of our future business with Mesirow, until we make a decision to change. Motion was seconded by Raysa. Role call was taken: Wieser-Aye, Sashko - Aye, Hartenstein -Aye, Calibraro - Aye, Allenspach - Aye, Raysa- Aye, Tennerelli - Aye, Sirabian - Aye, Motion carried with no abstentions and Shurba absent. Raysa asked if this board had any ideas whether we want to go aggressive, conservative or in the middle. We decided that we wanted to hear some of the new philosophies that are out there before we make that kind of decision. 4. New Business Two new applications to become pension fund participants. Karl Tallas, and Mike Spiro. Motion was made by Allenspach to accept both as members of the pension fund as of September 13, 1999 and was seconded by Wieser. Motion carried unanimously with no abstentions. Pension Board used to pay 2 of the medical and psychological tests during the hiring process. This was due to the fact of us having a say in the right to refuse an applicant. With ADA we have no say so and no right to deny a pension, we should no longer have to pay 2 the cost of these various tests. All agreed that we should no longer pay these costs and effective immediately we will no longer pay these costs. 5. OLD BUSINESS none 6. ADJOURNMENT Sashko made the motion to adjourn the meeting at 19:05 hrs, and was seconded by Sirabian. Motion carried.