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1998-05-11 - Firefighter Pension Board - Minutes Board orCommission: ❑ Fire Pension Board Document Type: ❑A e g nda 0 Minutes Meeting ate: 05/11/98 Type of Meeting: ❑ Regular Meeting pension minutes 051198.di PENSION MEETING MINUTES MAY 11, 1998 An official meeting was not called to order due to there not being a quorum present. An informal meeting was started so that our guests speakers from Mesirow Financial could make their presentation. This started at 18:07. A. Bob Ackerman and Lee Nysted made a presentation of just how well our fund is doing. They produced a chart showing how the fund did as compared to the Lehman plan, which is like an industry standard to judge against. The fund has out performed the Lehman plan every year. This was even broken down to a quarter by quarter comparison. Our fixed income management plan is doing fine. In the past two years we have had 190 transactions - 175 at a profit and only 15 at a loss. This is compared to the police fund which has made only 3 transactions in a year. Where are we going with the Equity market? Today our fund is 85%funded. Our goal is to be 100%funded. Bob and Lee would like to see us at the stage of 15% of the fund be in equities. We should do this in the way of a mutual fund series portfolio. They would put together the portfolio and manage it for 3/4 of 1%less any 12 1B fees. This would take it to 2 % or $10 a day. To manage the fund. A Annuity analysis was passed out for our two equity funds we now currently own. See attached Quorum was established and the meeting was called to order at 18:40 hrs. Members present: Tony Shurba, Tim Sashko, Joe Wieser Jr., Chief Allenspach, Bill Brimm, Jan Sirabian. Absent were: Sidney Mathias, Bill Raysa, Joe Tenerelli, Scott Calibraro Motion was made to table the acceptance of the last meeting=s minutes due to Scott not having them out. This motion was made by Tony Shurba and seconded by Chief Allenspach. Motion carried. Chief Allenspach made a motion that we invest up to 15% of the fund in equities by investing $50,000 each quarter until we reached the 15 %. This motion was seconded by Jan Sirabian. A discussion ensued as to our strategies to accomplish the 15% goal. This discussion went as far as discussing that we have waited a long time to go into equities and we curtailed our previous strategy to see what the regulations would be back in 10/97. Chief Allenspach remade his motion to say that we should invest as a goal to reach the 15%. This should be done by investing $150,000 initially, then $50,000 each quarter until we reach the 15%figure that we are trying to reach. Motion was seconded by Jan Sirabian and the motion carried with no objections. PENSION MINUTES 5/11/98 Page 2 The meeting proceeded to the election of Officers: 1. Chief Allenspach nominated Tim to be president. No other nominations were presented. Vote was taken to Re-elect Tim as the President. Motion carried. 2. Chief Allenspach nominated Joe to be the Secretary, no other nominations were presented. Vote was taken to Elect Joe as the secretary, Motion carried. 3. Our annuities are doing great, see chart that was previously described. 4. Bill Brimm read a report that he prepared for Mr. Balling to read to the Trustees in regards to the funding status of the fund. This report is enclosed in the minutes for you to read at will. Motion was made to accept the funding status report by Jan Sirabian and seconded by Chief Allenspach. Motion carried with no objections. 5. We discussed some minor changes in wording on the investment policy. All agreed to the new changes. Chief Allenspach made the motion to adopt the new wording and it was seconded by Jan. Motion carried with no objections. Tim will print out the new changes and distribute them. We will see if he can get them out as fast as the minutes will get out. HA! HA! Chief Allenspach made the motion to adjourn at 1920 hours, This was seconded by Tony Shurba and the motion carried.