1998-10-19 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 10/19/98
Type of Meeting: ❑ Regular Meeting
pension minutes 101998.di
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER=S PENSION FUND
MINUTES
OCTOBER 19,1998
1.) Meeting was called to order at 18:10 hours.
Members present: Chief Allenspach, T. Sashko, J. Wieser Jr. , B. Raysa, S. Mathias
J. Tennerelli and J. Sirabian arrived shortly after meeting started.
Trustee Liaison present: D. Glover
Staff Liaison Present: B. Brimm
Guests Present: B. Ackerman, L. Ficcacia, M. Anderson
Members Absent: T. Shurba, S. Calibraro
2.) Motion was made to accept Minutes of 7-20-98 by Rasya and seconded by Wieser, Motion
carried.
3.) New Business:
A. Bob Ackerman reviewed our funds status. Enclosed is a portfolio analysis ending
9-30-98. We had a bad 3rd quarter inequities but we are still up for the year in the overall
fund. He talked to us about our decision to get into this on cost averaging and this should work in
our favor. We are not going to invest any monies in October to give the market a chance to
settle down.
B. B. Brimm read the tax levy report that will be given to the Village Board at their
meeting. Enclosed is a copy for your viewing pleasure.
C. Tim gave an overview of the IPPFA Pension Conference. He had a bunch of
literature for us to look at. All present got a copy of all of this. Please look it over and if there
are any questions we can discuss them at the next meeting. Things to pay attention to are the
DROP Program, Fiduciary class for trustees, Ethical guidelines for trustees.
D. Tim started a discussion on trustee certification program. Part of this was in the
material picked up. This is a course being set up through N.I.U. This may be something that we
want to make mandatory for Pension Board Trustees. We will continue to talk about this as it
becomes closer to becoming a reality.
E. Tim Explained the problem we encountered with the bleed off of the Guardian
fund. They paid the bleed off to the Annuitant. This caused them to hold taxes amongst other
things. This is being straightened out, with the help of Mesirow.
F. The new Actuarial is out. We will be passing it around for all to look at. Please
sign the routing sheet and pass it on to the next person when finished. This report shows the
fund at being 89% funded.
G. Tim brought up the fact that QUADROS cannot be enacted upon our pension
fund. However, effective 7/99 we will be under the QUILDROS, and will have to follow those
rules.
H. We had a discussion as to wether the board wanted to set rock hard dates for
meetings. It was decided that with everyone=s busy schedules it would be better not to set dates
but to answer memos seeing if the date was ok. If a quorum is available the meeting will be that
day.
I. The board should be made aware that all participants need to attend meetings.
We all need to do a part so the boards activities run easily and smoothly. Tim has been directed
to meet with those not in attendance, of this importance. If trustees are not able to meet the
commitment, maybe they should step aside and let others take their place.
J. B. Brimm wanted a copy of the investment policy to send along with our filing
copy to the D.O.I.
K. Tim stated that there are 83 funds in the dispute with the D.O.I. as far as the ACH
is concerned
L. B. Raysa asked if both analysis reports could be for the same time period so that
they could be compared. Tim was going to ask Bob if his could be done on fiscal year instead of
calender year, Or maybe as a additional report just to compare.
M. B. Brimm has reworked his portfolio report for the fund so that it is easier to read.
A copy of this report is enclosed.
4.) Old Business:
A. J. Domar has still not seen the Doctor for his yearly physical. Tim has sent the
Doctors office the information but they seem never to get it. Tim will send another set of
information out Registered Mail so that we will know that it gets there. Tim will then follow up
on this to make sure that it gets completed.
B. Tim asked again about IRMA Fiduciary Insurance. He will circulated the
information again because there were questions raised in the last discussion that were not clear.
If everyone reads this for the next meeting, we will be able to discuss it then.
5.) Chief Allenspach moved to Adjourn the meeting and seconded by S. Mathias at 19:00
hrs.