1999-06-07 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 06/07/99
Type of Meeting: ❑ Regular Meeting
pension minutes 060799.di
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER=S PENSION FUND
ANNUAL MEETING MINUTES
JUNE 7, 1999
1. Called to order at 18:15 hours
Present: Chief Allenspach, T. Sashko, J. Wieser, T. Shurba, D. Glover, B. Raysa, J.
Sirabian (arrived after meeting started).
Absent: S. Calibraro, J. Tennerelli, E. Hartenstein
Staff Laison: B. Brimm
Guests: J. Gilleran, B. Ackerman
2. Approval of minutes of March 1, 1999. Motion made by Wieser to accept minutes and
seconded by Shurba and the motion carried.
3. New Business:
a. Bob Ackerman from Mesirow Financial gave an update on the performance of our
funds. Though the numbers for the funds don=t look real good they aren=t as bad
as they seem. He explained in simple terms how the zero coupon bonds work.
Bob passed out figures on the performances and they are enclosed.
B. Annual Elections of President and Secretary: Motion was made by Chief
Allenspach to nominate Sashko for President and Wieser for secretary and was
seconded by J. Sirabian. No other nominations were made. Nominations were
closed and a vote was taken. The vote passed unanimously for the re-election of
Sashko for president and Wieser for Secretary.
C. Review of Investment Committee: The committee has continually met every
month with the exception of May. The committee is staying on top of the investments
with the assistance of Bob Ackerman from Mesirow to keep up with the trends in
the market.
D. Pension Legislation updates: SB 856 is on the Governors desk for a signature.
The big change is the accrual of 75%pension with 30 years of service instead of
35 years. It will cost each person in the pension an increase from 8.25% to
8.455% of salary to fund this. Other changes have occurred also, see attached
letter from the IPFA for more information.
E. Mary Grapsas resigned from the Department effective June 1, 1999. Bill Brimm
has worked with Mary to roll her pension funds into a 401 plan so as to not get hit
with a ton of taxes. Thanks to Bill for his assistance to her in accomplishing this
task.
F. Thank You to Sid Mathias: It was decided for the President to send Sid a thank
you letter for being a participatory member of the fund. The board felt that there
was no need to get any thing fancy as far as a plaque is concerned.
4. Other Business: B. Raysa asked a question as to commission that Mesirow
gets for our funds. B. Brimm and Sashko explained how the charges work and
that we are being charged under what the going rate is for services rendered.
5. Old Business: Bill Brimm is starting to put together and prepare for the actuarial
report to the state.
6. Adj ournment: Motion to adjourn was made at 1900 hours by Chief
Allenspach and seconded by J. Sirabian; motion carried