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2013-08-22 - Firefighter Pension Board - Minutes , BUFFALO GROVE FIREFIGHTERS' PENSION FUND MINUTES OF THE BOARD OF TRUSTEES REGULAR MEETING—AUGUST 22, 2013 BUFFALO GROVE VILLAGE HALL EOC 50 RAUPP BOULEVARD,BUFFALO GROVE, ILLINOIS CALL TO ORDER Meeting was called to order by President Mark Mussario at 8:30 a.m. ROLL CALL Upon a call of the roll, the following Board members were present: Mark Mussario, Dan Pasquarella, Thomas Gough, Art Malinowski, and Ed McKee. Also present: Carolyn Clifford, Ottosen Britz; AJ Weber, Lauterbach and Amen; John Falduto and Thomas Sawyer, Sawyer Falduto; and Katie Skibbe, Village of Buffalo Grove. PUBLIC COMMENT There was no public comment. BOARD ELECTIONS Retired member position election -- President Mussario advised the Board that Don Skalla resigned from the retiree position on the Board. President Mussario had requested nominees from the retired members to fill Don's position. The only nominee was Thomas Gough. A motion was made by Trustee McKee to dispense with the election and declare the only nominee, Thomas Gough, elected to a three-year term. Second by President Mussario. Upon a call of the roll: AYES: Mussario, Pasquarella, Malinowski and McKee NAYS: None ABSENT: None ABSTAIN: Gough Motion carried. APPROVAL OF MINUTES The Board reviewed the minutes from its quarterly meeting held on May 16, 2013. John Falduto recommended a revision on the wording regarding the range of investments in equities, so that it would now read, "55% equity with a range of 50 to 60%." A motion was made by Ed McKee to approve the minutes as revised. Mark Mussario seconded the motion. Upon a voice vote, the motion carried, with Tom Gough abstaining. R The Board conducted its six-month review of closed meeting minutes. The Board agreed that there were no closed minutes that should be released at this time. A motion was made by Trustee McKee to keep the Board's closed meeting minutes closed. President Mussario seconded the motion. Upon a voice vote, the motion carried. FINANCIAL/INVESTMENT REPORTS AND PAYMENT OF BILLS Sawyer/Falduto Asset Management investment managers report — Tom Sawyer and John Falduto of Sawyer Falduto reviewed the Fund's quarterly investment report. Overall, the Fund is up. There was a discussion regarding the depreciation in bonds and short term rates as remaining stable. International marketing discussed in terms of struggles and allocations. No credit issues currently in bond portfolio. On 6/13/13, we invested money into equity. Municipal bonds discussed. Detroit situation specifically discussed. Determined that Detroit should make the pension committee keep an eye on credit. Recommendation by Sawyer Falduto to "stay the course," in terms of current allocations. A motion was made by Trustee McKee to accept the quarterly investment report from Sawyer Falduto. Second by President Mussario. Upon a call of the roll: AYES: Mussario, Pasquarella, Malinowski, Gough and McKee NAYS: None ABSENT: None ABSTAIN: None Motion carried. Review of monthly financial statements (Lauterbach and Amen) — AJ Weber from Lauterbach and Amen reviewed the most recent financial statements of the Fund. Cash balance reviewed. Discussion of spouse/children benefits. Discussion of error regarding Steve Rusin and pension distributions. Error found and corrected. Review of monthly Vendor Check Report and Payment of Bills -- The Board reviewed the monthly vendor check reports prepared and the current list of bills for payment. Motion was made by Trustee McKee to accept the monthly financial statements and to approve the payment of the bills. Second by President Mussario. AYES: Mussario, Pasquarella, Malinowski, Gough and McKee NAYS: None ABSENT: None ABSTAIN: None Motion carried. 2 � CURRENT APPLICATIONS FOR MEMBERSHIP, DISABILITY, COMBINED CREDITABLE SERVICE, QILDROS,WITHDRAWAL, OR RETIREMENT Retirement applications -- Battalion Chief Joe Wieser has submitted his application for retirement. Battalion Chief Wieser is 54 years of age, and will have 32 years and two months of creditable service with the Buffalo Grove Fire Department. His retirement date is October 1, 2013. The applicable pensionable salary is $116,042.72, and his monthly benefit will be $7252.67. There was a question regarding the pensionable salary for BC Wieser's salary which AJ Weber was asked to confirm. Deputy Chief Postma has submitted his retirement application. Deputy Chief Postma is 50 years of age, and will have _ years of creditable service with the Buffalo Grove Fire Department. His retirement date is , 2013. The applicable pensionable salary is , and his monthly benefit will be Lt. William Brecht has also submitted a retirement application. Lt. Brecht is 50 years of age and will have 25 years of creditable service with the Buffalo Grove Fire Deparhnent. His retirement date is August 28, 2013. The applicable pensionable salary is $105,120.64, and his monthly benefit will be $5475.03. A motion was made by President Mussario to approve BC Wieser's retirement application, pending confirmation of the correct pensionable salary, to approve DC Postma's retirement application as presented, and to approve Lt. Brecht's retirement application, pending confirmation of all benefit amounts by Lauterbach and Amen. Second by Trustee Gough. Upon a call of the roll: AYES: Mussario, Pasquarella, Malinowski, Gough and McKee NAYS: None ABSENT: None ABSTAIN: None Motion carried. Military creditable service — President Mussario reported that the cost to purchase creditable service for military time has been provided to eligible members of the Fund. OLD BUSINESS Status of Village audit — Katie Skibbe from the Village of Buffalo Grove finance department reported that the audit has been completed. The Board requested that the portions of the Village's CAFR that are applicable to the Fund be shared with the Board at its next meeting. Status of the DOI annual statement -- DOI annual statement was completed but the signature page was missing. It was determined that the signature page has been found and completed. DOI needed to be called to complete the filing. 3 � , . � . NEW BUSINESS Review of actuarial study and recommendation to Village — Katie Skibbe reported that the actuarial study had not been done yet. The Board will receive the study before the next meeting and will conduct its discussion at next meeting before making a tax levy recommendation. Municipal compliance report—Tabled to the November meeting. BOARD MEMBER TRAINING AND PENSION NEWS/UPDATES The Board discussed the required 32-hour training class required to be taken by new Board members, Tom Gough and Dan Pasquarella. Pension news updates were provided by Carolyn Clifford, as well as potential training opportunities. ADOURNMENT A motion was made by Trustee McKee to adjourn the meeting. Second by President Mussario. Upon a voice voice, motion carried. Meeting adjourned at 9:58 a.m. Respectfully submitted, Dan Pasquarella, Secretary Buffalo Grove Firefighters' Pension Fund Minutes approved by the Board of Trustees at its meeting held on , 2013. 4 �