1998-07-20 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 07/20/98
Type of Meeting: ❑ Regular Meeting
pension minutes 072098.di
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER=S PENSION FUND
MEETING MINUTES
JULY 20, 1998
1.) Meeting was called to order at 18:09 hours
Members present; T. Sashko, J. Wieser Jr., T. Allenspach, B. Raysa, S. Mathias,
J. Sirabian arrived shortly after the meeting started.
Members absent; S. Calibraro, T. Shurba
Staff liaison present; B. Brimm
Guests Present; Bob Ackerman
2.) Motion was made to accept the minutes of the May 11, 1998 meeting. Motion was made
by T. Allenspach and seconded by B. Raysa. No discussion took place. Motion carried.
3.) A. Report on the recent investments made by the investment committee. The
committee has met twice and has got the investments going.
Bob Ackerman passed out information on where the figures for our fund come from.
He used our 1997 figures for the example then moved on to use our figures for 1998 for
the first 2 quarters. (Enclosed)
Bob then passed out the figures on each of our individual funds. (enclosed)
We discussed the ability to take out some of the money out of the annuities, and invest
in the sister funds without the insurance tacked on to it. The committee was looking
for some more input on taking the money out and putting it in mutual funds. We can
pull off 10 % of the contract value to reinvest.
A Motion was made by T Allenspach and seconded by B. Raysa to peel off 10 % of
each of the Guardian, and Fidelity Advisor and reinvest it in each of the sister funds.
Motion carried.
It is also time to invest the $50,000 for the third quarter. Motion was made by T.
Allenspach and seconded by J. Wieser Jr., to invest $ 25,000 into each of the sister funds
along with the 10%peel off as previously discussed. Motion carried.
B. Report on John Domar physical, Tim is chasing down the DRS. to get this done.
He wanted to be able to present it at this meeting but it didn=t happen. He will have it
for the next meeting.
C. ACH Status -We joined a lawsuit brought against the Dept. Of Insurance to block
this. We talked about alternative to giving the state access to our accounts to get the fees.
A possibility of opening up a separate account with only enough $in it to keep it open
plus the fees as possible, but we would do nothing until we are forced to.
D. Tim had passed out a hand out on drop program when you got the agenda, he
encouraged everyone to read this. This is not in Illinois at this time but the feeling is that
it will be shortly.
E. We discussed Fiduciary liability coverage from HkMA. They have a pamphlet
put together on it, along with a fee structure. B. Raysa was interested in some of the
exclusions that may be in it. Tim will make copies of it and we will send it along with
the minutes so every one can revue it. Tim will also check into VFS for a comparable quote
on this type of coverage.
4.) Bill Brim has been working developing a Pension Fund Benefit Summary for our pension
fund. Bill turned a copy over to Tim tcirculatete it around to a bunch of the fund members to see
if this will be valuable. We will also distribute a copy along with the minutes.
5.) Motion to adjourn was made by T. Allenspach, and seconded by J. Sirabian at 19:09
hours. Motion carried