LOMBARD FIREFIGHTERS PENSION FUND

Transcription

1 LOMBARD FIREFIGHTERS PENSION FUND George Seagraves President Terry Davis Secretary Joseph Shark Trustee Thomas Willis Trustee Paul DiRienzo Trustee THE REGULAR MEETING MINUTES OF THE LOMBARD FIREFIGHTERS PENSION FUND BOARD OF TRUSTEES JANUARY 17, 2017 A regular meeting of the Lombard Firefighters Pension Fund Board of Trustees was held on Tuesday, January 17, 2017 at 2:00 pm at the Village Hall located at 255 E. Wilson Avenue, Lombard, IL 60148, pursuant to notice. CALL TO ORDER: President Seagraves called the meeting to order at 2:00 pm. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: President George Seagraves, Secretary Terry Davis, Trustees Paul DiRienzo, Joe Shark, and Thomas Willis (arrived at 2:04 pm.) Board Attorney Charles Atwell, Atwell & Atwell; Spencer Klein and Michael Stuart, MB Financial; Jamie Cunningham and Jessica Nawracaj, Village of Lombard; Stefanie Bravo, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: The Board reviewed the October 18, 2016 regular meeting minutes. A motion was made by Trustee Shark and seconded by Trustee Davis to approve the October 18, 2016 regular meeting minutes, as written. Motion carried unanimously by voice vote. August 27, 2015 Closed Session Meeting Minutes: The Board reviewed the August 27, 2015 closed session meeting minutes. A motion was made by Trustee DiRienzo and seconded by Trustee Davis to approve the August 27, 2015 closed session meeting minutes, as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: The Board reviewed the August 27, 2015 and January 19, 2016 closed session meeting minutes. A motion was made by Trustee Davis and seconded by Trustee Willis to not release the August 27, 2015 and January 19, 2016 closed session meeting minutes. Motion carried unanimously by voice vote. Review/Possible Approval of Investment Manager Requests for Proposals: The Board held a discussion on whether or not to participate in requests for proposals for investment managers. The Board decided they are highly satisfied with their current investment managers and will not seek proposals at this time. A motion was made by Trustee Willis and seconded by Trustee Shark to retain MB Financial as the Board s investment manager until such time as the Board sees fit to seek requests for proposals. Motion carried by roll 2 of 56

2 Page 2 of 5 Review/Possible Approval of Village s Travel Reimbursement Policy: The Board was informed that the Village s draft Travel Reimbursement Policy is currently under review. Once the Policy is finalized, it will be ed to the Board for review and possible adoption. A motion was made by Trustee Willis and seconded by Trustee Davis to table this item until the next scheduled meeting for further discussion. Motion carried by roll INVESTMENT REPORT: MB Financial Quarterly Report: Mr. Stuart presented the Performance Report as of December 31, As of December 31, 2016, the quarter-to-date return is -0.16% for total earnings of -$87,164 and an ending market value with accrued income of $53,801,261. The current asset allocation is as follows: Equity at 51.47%, Fixed Income at 38.05%, Alt. Strategies at 4.14% and Cash & Equivalents at 6.34%. All questions were answered by Mr. Klein. A motion was made by Trustee Shark and seconded by Trustee Willis to accept the December 31, 2016 Performance Report prepared by MB Financial. Motion carried by roll Review/Update Investment Policy: The Board noted that an updated Investment Policy will be drafted and ed to the Board for review prior to the next scheduled meeting. ACCOUNTANT S REPORT: Lauterbach & Amen Monthly Financial Report: The Board reviewed the Monthly Financial Report for the eleven month period ending November 30, As of November 30, 2016, the net position held in trust for pension benefits is $54,273, with a change in position of $2,123, The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report and Member Contribution Report. A motion was made by Trustee Shark and seconded by Trustee Willis to accept the November 30, 2016 Monthly Financial Report as presented. Motion carried by roll Quarterly Disbursement Summary: The Board reviewed the Payroll Journals from October 1, 2016 through December 31, 2016, for total payroll disbursements of $784, A motion was made by Trustee Shark and seconded by Trustee Willis to approve the payroll disbursements made from October 1, 2016 through December 31, 2016, in the amount of $784, Motion carried by roll Presentation and Approval of Bills: The Board reviewed the Vendor Checks Report from September 1, 2016 through November 30, 2016, for total vendor disbursements of $89, A motion was made by Trustee Shark and seconded by Trustee Willis to approve the Vendor Checks Report from September 1, 2016 through November 30, 2016, in the amount of $89, Motion carried by roll 3 of 56

3 Page 3 of 5 AYES: NAYS: ABSENT: Trustees Seagraves, Davis, Willis, DiRienzo, and Shark Additional Bills, if any Fiduciary Liability Insurance Renewal: The Board discussed the Fiduciary Liability Insurance Renewal in the amount of $5,905. A motion was made by Trustee Willis and seconded by Trustee Davis to approve payment of the Fiduciary Liability Insurance premium to Arthur J. Gallagher Risk Management Services, Inc. in the amount of $5,905. Motion carried by roll APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Approve Application for Membership Richard A. Sander: The Board reviewed the L&A New Hire Form for Richard A. Sander, effective October 3, 2016 as a Tier I participant. A motion was made by Trustee DiRienzo and seconded by Trustee Willis to accept Richard A. Sander into the Lombard Firefighters Pension Fund effective October 3, 2016 as a Tier I participant. Motion carried by roll Contribution Refund Patrick A. Gericke: The Board reviewed the contribution refund for Patrick A. Gericke. A motion was made by Trustee Willis and seconded by Trustee Davis to approve the contribution refund for Patrick A. Gericke to be paid in full in a direct rollover payable to SEI Private Trust, in the amount of $2, Motion carried by roll APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits Martin A. Coomes: The Board was presented with the regular retirement benefit calculation for Battalion Chief Martin A. Coomes as follows: entry date of 04/13/1987; retirement date of 01/08/2017; effective date of pension 01/09/2017; age at retirement 51 years old; 29 years and 8 months of creditable services earned; applicable salary of $132,859.35; applicable pension percentage of 74.17%; amount of originally granted annual pension of $98,537.40; and amount of originally monthly granted pension of $8, A motion was made by Trustee DiRienzo and seconded by Trustee Willis to approve the regular retirement benefits for Martin A. Coomes as calculated by L&A. Motion carried by roll OLD BUSINESS: Duty Disability Update Paul Jakusz: Attorney Atwell informed the Board that after the November 18, 2016 Disability Hearing, Mr. Jakusz was granted a non-duty disability benefit, denied a line-ofduty disability benefit and is currently still receiving Workers Compensation. Further updates will be provided to the Board as they become available. 4 of 56

4 Page 4 of 5 Trustee Training Update: The Board was presented with the Trustee Training Summary and upcoming training opportunities. L&A will register Trustees Davis and Seagraves for the 2017 IPFA Spring Pension Seminar. NEW BUSINESS: Approve 2017 Cost of Living Adjustments for Pensioners: The Board reviewed the 2017 Cost of Living Adjustments (see attached) as calculated by L&A. A motion was made by Trustee Willis and seconded by Trustee Davis to approve the 2017 Cost of Living Adjustments required by statute and as calculated by L&A. Motion carried by roll Approve IMET Tolling Agreement Extension: The Board discussed the IMET Tolling Agreement Extension for the period January 31, 2017 to January 31, A motion was made by Trustee Willis and seconded by Trustee Davis to approve the IMET Tolling Agreement Extension. Motion carried by roll Approve Lauterbach & Amen Engagement Letter: The Board reviewed the Lauterbach & Amen three year engagement letter for administrative services. A motion was made by Trustee Shark and seconded by Trustee Davis to engage L&A for three years in the annual amounts as follows: $925 for the year ended 12/31/2017; $950 for the year ended 12/31/2018; and $980 for the year ended 12/31/2019. Motion carried by roll Review Trustee Term Expirations and Election Procedures: The Board noted that the retired member term currently held by Trustee Willis is expiring in April Trustee Willis expressed his wish to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the retired member Trustee position. The Board also noted that the appointed Trustee position held by Trustee DiRienzo expired in April 2016 and he does not wish to remain on the Board. The Board noted that they have contacted the Mayor and have decided to wait on a new appointment to the Lombard Firefighters Pension Fund Board of Trustees until the Paul Jakusz disability matter has been finalized. Further updates will be provided by the Board as they become available. Illinois Department of Insurance (IDOI) Annual Statement: The Board noted that completion of the IDOI Annual Statement is currently in process. Updates will be provided to the Board as they become available. OTHER BUSINESS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village of Lombard by February 1, The Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, ATTORNEY S REPORT: Legal Updates: There were no legal updates at this time. 5 of 56

5 Page 5 of 5 CLOSED SESSION, IF NEEDED: There was no need for closed session. APPROVE TRUSTEE TRAINING HOURS FOR MEETING: A motion was made by Trustee Willis and seconded by Trustee Davis to approve one hour of Trustee training for Trustees Seagraves, Davis, Willis, DiRienzo, and Shark, for attendance at the January 17, 2017 Board meeting. Motion carried unanimously by voice vote. ADJOURNMENT: A motion was made by Trustee Davis and seconded by Trustee Willis to adjourn the meeting at 3:55 pm. George Seagraves, President Terry Davis, Secretary Minutes approved by the Board of Trustees on (date). Minutes prepared by Stefanie Bravo, Pension Services Administrator ~The next Board meeting is scheduled for April 18, 2017 at 2:00 pm. ~ 6 of 56