2004-06-21 - Firefighter Pension Board - Agenda Board orCommission: ❑ Fire Pension Board
Document Type: 0 A e
g nda ❑ Minutes
Meeting ate: 06/21/2004
Type of Meeting: ❑ Regular Meeting
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Pension meeting notice 06-21-04.doc
BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER'S PENSION FUND
REGULAR
MEETING NOTICE
Date: JUNE 21, 2004
Fire Administrative Headquarters
1051 Highland Grove Drive
Buffalo Grove, Il 60089
6:00 P.M.
1. Call to Order
2. Roll Call
3. Approval of Minutes, Meeting of November 3, 2003
4. Financial Report:
a.)Mesirow on status of the fund
5. New Business:
a.)Invest cash from called or matured bonds
b.) Pension Election Results
c.)Board Elections
d.) Authorization to appoint Doctors for IME's
6. Adj ournment:
Note: Dinner will be provided for the Board Members
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BUFFALO GROVE FIRE DEPARTMENT
FIREFIGHTER'S PENSION FUND
REGULAR
MEETING NOTICE
Date: JUNE 21, 2004
Fire Administrative Headquarters
1051 Highland Grove Drive
Buffalo Grove, I160089
6:00 P.M.
1. Call to Order
2. Roll Call
3. Approval of Minutes, Meeting of November 3, 2003
4. Financial Report:
a.) Mesirow on status of the fund
5. New Business:
a.) Invest cash from called or matured bonds
b.) Pension Election Results
c.) Board Elections
d.) Authorization to appoint Doctors for IME's
6. Adjournment:
Note: Dinner will be provided for the Board Members
The Village of Buffalo Grove, in compliance with the
Americans With Disabilities Act, requests that persons with
disabilities who require certain accommodations to allow
them to observe and/or participate in this meeting or have
questions about the accessibility of the meeting or
facilities contact the ADA Coordinator at 459-2518 to allow
the Village to make reasonable accommodations for those
persons .
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� : Buffalo Grove Firefighters Pension Fund
Quarterly Meeting
November 3, 2003
1051 Highland Grove Drive
Buffalo Grove, Illinois
Members Present: President J. Wieser, Secretary T. Shurba, Chief T. Sashko, T
Gough, M. Anderson, W. Raysa, J. Sirabian J. Tenerelli.
Members Absent: E. Hartstein
Guests: Scott Anderson, Art Malinowski, from the Village of Buffalo Grove.
Meeting called to order at 17:36
Motion to approve the meeting of April 7, 2003 made by Sashko
Seconded by Tenerelli. No discussion. Motion carries.
Discussion on the cost of the two disability hearings and the cost involved in
Deau's, and Calibraro's hearings. The total expense so far is $29,170.82.
For Deau, s hearing the total was $14,831.73. And Calibraro's hearing so far the
cost has been $11,998.43.
A suggestion was made that a contract/letter of agreement be made with the
doctor's offices that we use for disability cases not charge us for missed
appointments. Also a letter will be given to the pensioner that he/she will be
responsible for payment for missed appointments.
Motion by Sashko to accept the report on the expenses, seconded by Gough.
Motion cames.
Applications were made by FF/P Kurk Paleka and FF/P Andy Russell to be
accepted into the pension fund.
Motion to accept both Paleka and Russell was made by Sashko, seconded by
Anderson. No discussion, motion carries.
Motion to accept Form M (Buffalo Grove Firefighters Pension Fund Application
For Widow/Widower and or Dependant Benefits) as amended by Carolyn Welch
Clifford from OTBK&C, Ltd. Dated October 15, 2003. Made by Sashko,
seconded by Anderson. No discussion, motion carries.
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Rebecca S. Smith has made a request for a survivor's pension.
By Statute she is entitled to 54% of Matt's salary at the time of his death. Also
12% per child up 75%. She may also re-file for a duty related pension which she
can receive 100% at a later time.
Motion made by Sashko to give Becky the survivor's pension which will total
$48,351.36 per year. She will receive a partial payment for the month of October,
and a full payment for the month of November. Seconded by Anderson.
Discussion: Raysa questioned that there was no notary stamp and not signed. And
if that was necessary. Agreed it was and will be taken care of. Also questioned
that all paper work was in order which it was according to President Wieser.
Shurba questioned the #ls on the first page of form M it looks like she is
requesting one surviving spouse and one minor and/or surviving children. When
there are two children. President Wieser advised the there should be an X in those
two location. President Wieser also advised there was no cost of living with this
pension.
Roll Call vote taken.
Ayes: President J. Wieser, Secretary T. Shurba, Chief T. Sashko, T Gough, M.
Anderson, W. Raysa, J. Sirabian J. Tenerelli.
Nays: None
Absent: E. Hartstein.
Other business an election was held and Mark Anderson retained his seat on the
Board getting twenty seven out of thirty votes.
Report from Robert Ackerman of Mesirow Financial.
Bond market has flattened out.
Discussion on bonds, Bob explained that he has been buying a different type of
bond, they are called step up bonds and how they work.
Bob recommended that with the just under $700,000 in cash we have on hand, we
should continue to buy step up type bonds.
Bob is not happy with the Pioneer Fund. This fund outperforms in a down market
but Bob feels that the down market is over and would like to move this money to
new funds.
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Bob recommends that we sell the Pioneer fund, Fidelity fund and the Guardian
fund and put the money split evenly into two new funds American Funds and
Dodge and Cox Funds. ($285.000 each) Both are five star rated.
To get out of the Fidelity Fund there will be a seventy five dollar ($75) surrender
fee. The Guardian fund fourteen thousand available now with no fee and in
October 2004 the rest will be available with no surrender fee.
Motion by Sashko seconded by Anderson to sell the Pioneer fund and take the
proceeds approximately four hundred thirty five thousand dollars ($435,000)
Along with the approximately fourteen thousand ($14,000) from the Guardian fund
and eighty three thousand nine hundred and twelve ($83,912) and approximately
thirty thousand in cash ($30,000). And put approximately two hundred and eighty
five thousand in each of the new accounts the American Funds and the Dodge and
Cox fund. Along with that the Investment committee meets to disperse the IPTIP
money. No discussion. Motion cames.
Motion by Sashko seconded by Anderson to accept proposal to put approximately
six hundred eighty five thousand dollars ($685,000) in step up bonds. No
discussion motion carries.
Motion to adjourn by Sirabian, second by Sashko. Meeting adjourned at 19:15
Submitted November 15, 2003
By Tony Shurba
Approved by Board on , 2004
President Joe Wieser
Secretary Tony Shurba