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HomeMy WebLinkAboutMinutes 2001-2004MINUTES OF THE REGULAR PENSION BOARD MEETING 6-22-01 Members Present: Dillon, Brumbach, Ready, Whalen, Moms, Stafford, Wilkinson. Meeting called to order: 10:00am Minutes: Motion to accept by Morris, seconded by Stafford. Motion passed. Old Business: New pension office at station #2: Credit Union will cohabitate when station #3 is closed. Progressing slowly Election Report: An election for Trustee (currently held by Ready) was conducted, and the candidates were Ready and Reid. Ready 45 votes, Reid 30. Ready declared the winner. Application for Duty -Related Disability: firefighter M.J. Bogard submitted an application for duty -related disability to the board for consideration. Presentations: 1. Application, 2. Medical report from Dr. Gireesan, 3. Medical report from Dr. Sclamberg, 4. Medical report from Dr. Kornblatt Mr. Bogard spoke to the Board about the incident where he was injured at 486 Sheridan Rd. on an EMS call 2-11-2000. He stated that he had been hired on 3-7-90. He further spoke to the nature of his injury, which was a break of his St' Lumbar according to Dr. Gireesan. He had surgery on 4-12-2000, with fusion of his vertebrae. He attempted rehabilitation through physical training. Regarding his ability to return to work, he stated that his doctor felt that it would be crazy for him to return to full firefighter duty and his chances of recovery in the future are nil. A motion to grant the application for duty -related disability was made by Wilkinson and seconded by Morris. The motion was passed by all present. Mr. Bogard will receive a duty -related disability in the amount of S3146.00 per month. Investment Subcommittee: Stafford distributed quarterly reports to the board from our consultant. Pensions: None. Deatbs: B Peters 4-9-01, J. Lozzio 5-10-01. New Business: Actuary reports for the fiscal year 2000 were distributed by Stafford showing 64.4% funding level with 33 million dollars in assets. A motion was made to accept the report as present and was passed by all present. Meeting adjourned. MINUTES OF THE REGULAR PENSION BOARD MEETING 11-15-01 Members Present: Dillon, Brumbach, Ready, Whalen, Morris, Stafford. Meeting called to order: 10:00am Minutes: Motion to accept by Stafford, seconded by Morris. Motion passed. Old Business: Dillon spealrz to the "PENSION OFFSET" concerning Bogard, the new office, our need to employ new legal consul and possible proposal of official rules and regulations for the Board. Stafford states that the City will probably submit a, statement of incurred costs, to the Board for the cost of City employees work on Pension Board matters. New Applications: Robert T. Byrne and Howard Lakin. Approved. Investment Subcommittee: Ms Mary Tomanek distributed the quarterly review of the pension fund. She suggested that the Board consider transferring monies currently managed by Guardian to another manager. Performance was as good as could be expected in light of the September 11 incident. Stafford stated that actuarial reports will be out the l' week of December. Pensions: None. Deaths: Meeting adjourned. MINUTES OF THE REGULAR PENSION BOARD MEETING 4-22-02 Members Present: Dillon, Brumbach, Stafford, Ready, Wilkinson, Monts, and Whalen. Meeting called to order: 1:30pm Minutes: accepted Old Business: New office up and running. New Applicants: Approved Schouster Lobianco Martin Youple Election Report: An election for Trustee (currently held by Dillon) was not conducted on 4-15- 02, because Patrick Dillon was the winner by default, since he was the only person that submitted his name for the office. Investment Subcommittee: Quarterly reports were distributed to the board, along with asset 1 liability reports. Dillon advised the board that the State Department of Insurance would be conducting an audit of the pension fund. The first audit in some 12 years. Pensions: Donald Williams and Bruce Freeman. Line of Duty Disability application for Mr. Peter Foley: Dillon distributes board exhibits 1. Application for Line of Duty Disability, 2, 3, 4, the Doctors reports concerning the disability. Mr. Peter Foley was questioned by the board and stated that his injury occurred 1f8/2000 to his right knee when he fell to both knees on an EMS call while on duty. He further stated that went to the city clinic for a medical exam and they told him that he had a torn meniscus, t: eyond that he stated that this injury had affected his hip. The City clinic reports were sent to Ms. D. Sleet. A motion was made by Wilkinson to approve the application and seconded by Morris. The board, without dissent, approved the motion. The monthly rate for Foley will be 53310.15 per month. A motion to adjourn was made by Ready and seconded by Whalen. The motion passed without dissent. Meeting adjourned. 'f ._'. fry Y�� ys.�i ". r, :L�++• i.h MINUTES OF THE REGULAR PENSION BOARD MEETING 9-26-02 Members Present: Dillon, Brumbach, Stafford, Ready, James Whalen, Morris, and Michael Whalen. Meeting called to order: 9:30am Minutes: accepted Old Business: None. New Applicants: Approved Marls Buchanan 7-29-02 Retirement Pensions: Louis LoBianco, May 23, 2002 (29 Yrs. 2Mos.) Final Salary S6181.00/72.92% = S4507.19 James C. Hayes, August 29, 2002 (29 Yrs. 3 Mos.) Final Salary S5906.00/73.12% = $4318.47 Investment Subcommittee: Quarterly reports ending 8-31-02 were distributed to the board. Combined portfolio performance for the 3`d quarter was, -0.06% for the 3'd quarter and -0.21 % year to date. There was a short discussion about the possible need to funiher shift some assets to balance future needs. Audit Review: Copies of the report of the examiners findings covering the Evanston fire fighters pension fund were distributed to the board for review prior to the meeting. Two members received copies at the meeting. Dillon stated that we were going to request an extension of our obligation to respond to the findings in writing within 30 days. Dillon fiuther indicated that there will be several significant adjustments that will need to be made and then reviewed them with the board. Stafford stated that he has seen several audits and ours was not bad at all. No issues were raised with regard to the investments of the board. Motion to adjourn, made by Morris seconded by Ready passed without dissent. President of the Board Secretary of the Board MINUTES OF THE REGULAR PENSION BOARD MEETING 3-28-03 Members Present: Dillon, Brumbach. Stafford, Morris. Meeting called to order. I :30pm Minutes: 9/26/02, accepted Old Business: Reviewed letter of response to the Department of insurance concerning audit. New Business: Deaths: Edna Dorband 10/19/02 ($1000.00) Elaine Harloff 12/12/02 ($1000.00) William Best 2/15/03 ($2091.20) Retirement Pensions: James M. Cox, 3/18/03 (30 Yrs.) Final Salary 56127.00n5% _ $4595.25 Original Pension James M. Cox, 3/18/03 (30 Yrs.) Final Salary 56127.00/75% _ $4595.25 Original Pension Survivor Pension: Patricia Best 2/15/03 (51000.00) Investment Subcommittee: Mary Tomanek reported that the current investment climate is volatile. Expectations are down and realistic. Bonds could change in performance in the future. ING and Becker could have lowered returns when interest rates fall. Ms. Tomanek recommends shifting some money to the equities from bonds. Stafford reports that the tax levy is up 14% over the previous year for the Pension Fund. Motion to adjourn passed without dissent. ident of Board Secretary of the Board MINUTES OF THE REGULAR PENSION BOARD MEETING 5-30-03 Members Present: Dillon. Brumbach, Ready, Hunter, Morris. Meeting called to order. 10:00am Minutes: 3/29/03, accepted Old Business: None Elections: Brumbach ran unopposed for another term as trustee of the board in April. Dillon elected president of the board for the upcoming year. Brumbach elected secretary of the board for the upcoming year. New Business: Deaths: Donald Searles 5/20/03 (S2,325.25 per mo.) Retirement Pensions: Randall A. Drott 3/30/03, 34 years 9 months of service. Final salary S6,127.00/75% = $4,595.25 Original Pension. New Applications: Jeffery Gonzales (515/03) Timothy Gobat (515103) Ryan Davis (5/5/03) Gary Hicks (5/5103) Michael Jennings (5/5/03) All Approved. Application for Disability: Gary Swanson Exhibits: 1. Application for disability 2. Report of Dr. Gereesan 3. Report of Dr. Sclamberg 4. Report of Dr. Kornblatt Swanson stated that he injured his back 8/24102 while lifting a stretcher during a heart attack event. Dr.'s reports confirm injury and inability of Swanson to return to full duty. Motion to approve application made by Morris and seconded by Ready. Approved by the board without dissent. Investment Subcommittee: No report Motion to adjourn passed without dissent. President of the Board Secretary of the Hoard MINUTES OF THE REGULAR PENSION BOARD MEETING 11-20-03 Members Present: Dillon, Brumbach, Wilkinson, Morris, Stafford, Whalen. Meeting called to order: 10:00am Minutes: 5/30/03, accepted Old Business: Discussion about members on disability, eligible for pension offset, upon settlement of workmen's compensation claims. New Business: None Retirement Pensions: Richard Schumacher, June 26, 2003 26 years 9 months. (S3,759.78) Robert Marti, July 1], 2003 30 years ($3,884.25) James Dillon, September 3, 2003 30 years 5 months. (S4,994.25) Charles Lord, November 20, 2003 26 years 2 months. ($4,845.01) QUILDRO: Latria Hunter Investment Subcommittee: Stafford stated that he should have the fund's actuarial report before the end of the year, for year ending 3-1-02, and will show a funding level at 59.06%. For consideration of the board: 1. Consider transferring GAM International to Vanguard International Growth utilizing a similar styling and stronger management team. 2. Consider transferring Putnam, Hartford to a separate managed large growth equity account. 3. Consider reallocating within the MFS Regatta currently 100% large value, to 50% large growth, 50% madcap or small mid cap. All passed by vote of the board. President Dillon congratulated John Wilkinson, who will be retiring at the end of November, for his service to the pension board and the department. r Motion to adjourn passed without dissent. President of the Board Secretary of the Board MINUTES OF THE REGULAR PENSION BOARD MEETING 2-18-04 Members Present: Dillon, Brumbach, Ready, Whalen, Stafford, Berkowsky, Moms. Meeting called to order: 2:30 P. M. Minutes: Motion to accept, made by Ready, seconded by Moms, motion passed. Old Business: None New Pensions: John D. Wilkinson, November 26, 2003, 36 years 0 months ($7,621.99). New Business: Motion to appropriate money to cover expenses for members attending this years NCEPERS conference, passed without dissent. Investment Subcommittee: Mary Tomanek reviewed fund transfers that will be completed soon, with no fees and minor changes toward growth. In our search for a new manager of the conservative growth component of the portfolio, Baird was selected by the committee, Ms. Tomanek further reviewed q`h quarter performance for 2003 and stated that it was a strong quarter with an increase in the combined portfolio of 3.7%. Performance for 2003 was 9.68%. She also stated that our asset allocation was good at 25% equities but could be prudently increased to 30%. Motion to adjourn, made by Ready, seconded by Berkowsky, passed. Meeting adjourned. MINUTES OF THE REGULAR PENSION BOARD MEETING 8-6-04 Members Present: Dillon, Brumbach, Ready, Whalen, Stafford, and Berkowsky. Meeting called to order: 1:30 P. M. Minutes: Motion to accept, made by Ready, motion passed. Old Business: Trustee election (April 2004), Steve Ready the winner over John Roache. Election of board officers, Dillon board president, Brumbach board secretary. New Business: New Pensions: John Mortell, retirement pension, 8-1-04, 25 years of service, 62.5%, (S3,973.13). Deaths: Thomas Fisherkeller, 7-6-04, surviving spouse, Midge. Leroy Rohrer, 7-28-04, surviving spouse, Donna. New Members: Donald Cederberg, 6-28-04. The board discussed the impact of newly passed, H.B. 599, effective 7-1-04. Dillon reported that he is going to proceed paying all surviving spouses whose husbands were receiving a retirement pension the required amounts. Further that there will be an increase in contribution amounts to 9.455%. Dillon discussed the need for a board attorney. Possibilities included, a request for proposal or interviews of attorneys known to us. Investment Subcommittee: Stafford submitted the quarterly performance reviews, which showed a total portfolio YTD increase of 1.33%. Stafford also submitted the actuarial valuation as of 3-1-03. Motion to adjourn, made by Whalen, passed. Meeting adjourned. MINUTES OF THE REGULAR PENSION BOARD MEETING 11-2-04 Members Present: Dillon, Brumbach, Ready, Whalen, Stafford, and Berkowsky. Meeting called to order: Minutes: Motion to accept, made by Ready, 2`d by Berkowsky, motion passed. New Business: New Members: Wayne Davis, hired, August 9, 2004 Courtney Edwards, hired, August 9, 2004 Dillon advised the board of an upcoming seminar presented by the AFFI, November 3-4, 2004 and further moved that the board appropriate sufficient money for any members to attend. Motion passed. Dillon discussed the possibility of outsourcing the monthly pension payroll to City finance, where the board would reimburse the City for the costs, or employ an outside actuary. Stafford advised that he would get back to the board with a proposal. Investment Subcommittee: Mary Tomanek reported earnings for the combined portfolio Yd quarter, were .74% and YTD 2.22%. Ms. Tomanek further reported that Lord Abbett (large value) is leaving the Illinois public sector funds market. A search rendered a new manager, NWQ at no cost to the fund. The committee will have a draft of the investment policy for the next meeting. Motion to adjourn, made by Berkowsky, , passed. Meeting adjourned.