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 APRIL 18, 2017 A regular meeting of the Lombard Firefighters Pension Fund Board of Trustees was held on Tuesday, April 18, 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 2:03 pm. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: President George Seagraves, Secretary Terry Davis, and Trustee Joe Shark Trustees Paul DiRienzo and Thomas Willis Board Attorney Charles Atwell, Atwell & Atwell; Robert Thompson and Spencer Klein, MB Financial; Jessica Nawracaj, Village of Lombard; Stefanie Bravo, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 17, 2017 Regular Meeting Minutes: The Board reviewed the January 17, 2017 regular meeting minutes. A motion was made by Trustee Davis and seconded by Trustee Shark to approve the January 17, 2017 regular meeting minutes, as written. Motion carried unanimously by voice vote. February 9, 2017 Special Meeting Minutes: The Board reviewed the February 9, 2017 special meeting minutes. A motion was made by Trustee Shark and seconded by Trustee Davis to approve the February 9, 2017 special meeting minutes, as written. Motion carried unanimously by voice vote. INVESTMENT REPORT MB FINANCIAL: Quarterly Performance Report: Mr. Thompson presented the Performance Report as of March 31, As of March 31, 2017, the quarter-to-date return is 4.06% for total earnings of $2,183,663 and an ending market value with accrued income of $55,960,496. The current asset allocation is as follows: Equity at 49.50%, Fixed Income at 44.86%, Alt. Strategies at 4.29% and Cash & Equivalents at 1.36%. All questions were answered by Mr. Klein. A motion was made by Trustee Davis and seconded by Trustee Shark to accept the March 31, 2017 Performance Report prepared by MB Financial. Review/Update Investment Policy: There was no review or updates to the Investment Policy at this time.

2 Page 2 of 5 ACCOUNTANT S REPORT LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the three month period ending March 31, As of March 31, 2017, the net position held in trust for pension benefits is $56,081, with a change in position of $1,526, 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 Davis to accept the March 31, 2017 Monthly Financial Report as presented. Quarterly Disbursement Summary: The Board reviewed the payroll vendor journals from January 1, 2017 through March 31, 2017, for total payroll and vendor disbursements of $977, A motion was made by Trustee Davis and seconded by Trustee Shark to approve the payroll and vendor disbursements made from January 1, 2017 through March 31, 2017, in the amount of $977, Presentation and Approval of Bills: The Board reviewed the Vendor Checks Report from January 1, 2017 through March 31, 2017 for total vendor disbursements of $153, A motion was made by Trustee Shark and seconded by Trustee Davis to approve the Vendor Checks Report from January 1, 2017 through March 31, 2017, in the amount of $153, Additional Bills, if any Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued and payment is due by June 30, A motion was made by Trustee Shark and seconded by Trustee Davis to approve payment of the IDOI Compliance Fee, upon receipt of the invoice, in an amount not to exceed $8,000. Motion carried by roll call vote. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund at this time. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Entry of Board s Decision and Order granting Paul Jakusz s request to withdraw, with prejudice, his Application for Line of Duty and Alternative Not in Duty Disability Benefit, and to Grant Paul Jakusz a Regular Retirement Benefit, Pursuant to Calculations Provided by the Board: Attorney Atwell provided the Board with the Decision and Order for the regular retirement benefit of Paul Jakusz. Notice was provided to Mr. Jakusz and to Village Council that the Board has acknowledged in open session that the draft order was reviewed along with the benefit calculation prepared by L&A. A motion was made by Trustee Shark and seconded by Trustee Davis to enter the Decision and Order to grant Paul Jakusz a regular retirement benefit.

3 Page 3 of 5 AYES: NAYS: ABSENT: Trustees Seagraves, Davis, and Shark None Trustees DiRienzo and Willis Approve Regular Retirement Benefits Paul Jakusz: The Board was presented with the regular retirement benefit calculation for Paul Jakusz as follows: entry date of 04/16/1990; retirement date of 02/01/2017; effective date of pension of 02/02/2017; age at retirement of 54 years; 26 years and 9 months of creditable service; applicable salary of $96,919.91; applicable pension percentage of 66.88%; amount of originally granted monthly pension amount of $5,401.27; and amount of originally granted annual pension of $64, A motion was made by Trustee Shark and seconded by Trustee Davis to approve the regular retirement benefits for Paul Jakusz as confirmed by the Village of Lombard and as calculated by L&A. OLD BUSINESS: Illinois Department of Insurance (IDOI) Annual Statement: The Board discussed the IDOI Annual Statement and noted that Interrogatory question I10 on the Annual Statement asks for an actual investment return. A motion was made by Trustee Davis and seconded by Trustee Shark to direct MB Financial to calculate the actual investment return on behalf of the Board. Motion carried by roll call vote. Certification Form: The Board discussed the IDOI Annual Statement Certification Form. A motion was made by Trustee Davis and seconded by Trustee Shark to collect the required signatures on the Certification Form then to submit to L&A to file with the IDOI by June 30, Motion carried by roll call vote. Trustee Training Updates: 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: Certify Board Election Results Retired Member Position: L&A conducted an election for the Retired Member position on the Lombard Firefighters Pension Fund Board of Trustees. The Board noted that 26 ballots were received and 26 ballots were counted. The Retired Member election results are as follows: 5 votes for Kenneth Wilczak and 21 votes for Tom Willis. Tom Willis was elected to the Board of Trustees for a three-year term expiring April 30, A motion was made by Trustee Shark and seconded by Trustee Davis to certify the election results. Appointed Member Term Expiration Paul DiRienzo: The Board noted that Trustee DiRienzo s appointed term has expired and he does not wish to remain on the Board. The Village has contacted

4 Page 4 of 5 the Mayor and an appointment has been requested. Further discussion will be held at the next scheduled meeting. Approval of Transfer of Military Service Timothy J. Hogan: The Board was provided with the transfer of military service into creditable service request for Timothy J. Hogan. A motion was made by Trustee Shark and seconded by Trustee Davis to approve the transfer of military service into creditable service for Timothy J. Hogan as paid in full in the amount of $39, and a revised date of hire of January 8, Review/Possible Adoption of Village s Travel Reimbursement Policy: The Board reviewed and discussed the revised Village of Lombard Travel Reimbursement Policy. A motion was made by Trustee Davis and seconded by Trustee Shark to adopt the revised Village Travel Reimbursement Policy as presented. Review/Possible Approval of IPFA Membership: The Board discussed providing Board members membership though IPFA. The Board was informed the annual fees for membership are as follows: $70 for active department members, $70 for appointed associate members, and $35 for retired department members. A motion was made by Trustee Davis and seconded by Trustee Shark to approve payment of membership through IPFA for each Board member, if requested. Motion carried by roll call vote. Illinois Department of Insurance Compliance Audit Examination Report: The Board reviewed the Illinois Department of Insurance Compliance Audit Examination Report. A motion was made by Trustee Shark and seconded by Trustee Davis to direct Attorney Atwell to prepare and submit a written response to the findings to the IDOI within 14 days of receiving the letter. Motion carried by roll call vote. OTHER BUSINESS: Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the June payroll cycle. A status update will be provided at the next scheduled meeting. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, ATTORNEY S REPORT: Legal Updates: There were no legal updates at this time.

5 Page 5 of 5 The Board discussed rescheduling the July meeting date from July 18, 2017 at 2:00 pm to July 24, 2017 at 1:30 pm. A motion was made by Trustee Shark and seconded by Trustee Davis to change the meeting date from July 18, 2017 to July 24, 2017 at 1:30 pm. CLOSED SESSION, IF NEEDED: There was no need for closed session. APPROVE TRUSTEE TRAINING HOURS FOR MEETING: A motion was made by Trustee Shark and seconded by Trustee Davis to approve one hour of Trustee training for Trustees Seagraves, Davis, and Shark, for attendance at the April 18, 2017 Board meeting. Motion carried by roll call vote. ADJOURNMENT: A motion was made by Trustee Davis and seconded by Trustee Shark to adjourn the meeting at 3:26 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 July 24, 2017 at 1:30 pm. ~