HomeMy WebLinkAboutMinutes 1997 - 1998•
MINUTES FROM REGULAR MEETING 10-29-98
Members Present: Dillon, Ready, Whelan, Shonk, Morris, Wilkinson
Member Absent: Brumbach
Meeting Called to Order: 1:40 PM
Hires: Olish
Pensions: Keaty, McLaughlin, Evelyn Currie
Deaths: Beattie, B. Linster, M. Boho, B. Currie
Election of Officers: Dillon (President), Brumbach (Sec.)
Investment Subcommittee:
Money Manager to be hired for fixed income securities in the
amount of 5 million dollars.
Smith Barney's Mary Tomanek to handle the search process for a
fee of $5,000.00.
Meetings to interview finalists 11-13-98 8:30 AM
Law change in effect 1-1-98 to affect the total amount available
for investment in equities. Up to 35%. Must have professional
manager.
Relocation of Offices:
Discussion of various issues involved in the relocation of
the Board offices. Discussion of cost involved in updating office
phones, copiers, computer fax machine etc.
Motion to adjourn by Shonk, Morris 2nd. 2:10 PM
cc: file
stations
BOARD OF TRUSTEES
EVANSTON FIREFIGHTEWS PENSION FUND
INVESTMENT SUB -COMMITTEE MEETING
MINUTES OF MEETING OF MAY 20, 1997
Meeting called to order by Trustee Patrick Dillon at 9.00 A.M. in the office of Board Treasurer Robert
A. Shank.
Members present: Members absent:
Patrick Dillon, President None
Ronald Grumbach, Trustee
Robert Shank, Treasurer
The minutes of the Sub -Committee meeting of March 12, 1996 were reviewed and unanimously
approved.
The Investment Sub -Committee next reviewed the current investment portfolio of the fund. The Sub -
Committee then listened to investment advice offered by Mr. Robert Costello of First Tennessee
Capital Markets.
After thorough review the members voted unanimously to authorize the following purchases:
Purchase $3,000.000 parr U.S. Treasury Home Loan Bank Notes.
Purchase $500,000 Keyport Index Guaranteed Investment Contract with a seven year
maturity.
The members discussed pension advisory services and the management and review of the fund
investments.
The members then listened to a presentation by Ms. Michelle Saddler, Consultant. Ms. Saddler
reviewed the investment advisory services offered by her firm.
Finally, the Board listened to an investment presentation by Ms. Mary Tomanek of Smith Barney, Inc.
Ms. Tomanek reviewed the Keyport Index Guaranteed Investment Contract. Ms. Tomanek reviewed
investment advisory services offered by Smith Barney.
The Board authorized Mr. Shonk to prepare an investment advisory service contract with Smith
Barney for a portfolio of $5,000,000 with an annual fee of .5% or $25,000, the contract to be reviewed
for approval at the next Board Meeting.
The sub -committee then voted unanimously to adjourn at 11:00 A.M.
Robert A. Shank, Treasurer
BOARD OF TRUSTEES
EVANSTON FIREFIGHTEWS PENSION FUND
INVESTMENT SUB -COMMITTEE MEETING
MINUTES OF MEETING OF MARCH 16, 1998
Meeting called to order by Trustee Patrick Dillon at 9:00 A.M. in the office of Board Treasurer Robert
A. Shonk.
Members present: Members absent: Others Present:
Patrick Dillon, President None Mary Tomanek,
Ronald Gr unbach, Trustee Se=V.P. SmithBamey
Robert Shonk, Treasurer
The minutes of the Sub -Committee meeting of May 20, 1997 were reviewed and unanimously
approved.
The Investment Sub -Committee next reviewed the current investment portfolio of the fund.
The members discussed pension advisory services and the management and review of the fund
investments.
The members then listened to a presentation by Ms. May Tomanek, Investment Consultant. Ms.
Tomanek presented a written Equity Review for consideration by the Sub -Committee. Ms. Tomanek
presented optional approaches to the investment of equity securities by the Board. After discussion,
Sub -Committee members decided to allocate approximately $2,000,000 of the investment portfolio
to purchase of equity securities. Further, the members decided to hire an investment manager to
administer the equity portfolio. The members directed Ms. Tomanek to prepare a Request for
Proposal specification and to present it to the Sub -Committee for approval at its next meeting. Next
the Sub -Committee reviewed the current written investment policy of the Firefighter's Pension Fund.
The members directed Ms. Tomanek to prepare a revised draft which would incorporate the authority
to use an investment manager and reflect other changes required in order to conform to current state
law. The revised investment policy is to be presented to the President of the Firefighter's Pension
Board for review, approval, and signature.
The Sub -Committee scheduled its next meeting for Thursday, April 30 at 9:00 A.M.
Robert A. Shonk, Trust e
Firefighter's Pension Board
EVANSTON FIREFIGHTERS PENSION BOARD
MINUTES OF THE SPECIAL MEETING
FRIDAY MARCH 21, 1997
BOARD MEMBERS PRESENT:
PATRICK DILLON, PRESIDENT
RANDALL DROTT, SECRETARY
STEVE READY, TRUSTEE
JOHN WILKINSON, ACCT. FIRE CHIEF
JIM WHALEN, TRUSTEE -RETIRED
BOARD MEMBERS ABSENT:
ROBERT SHONK, COMPTROLLER
KRISTEN DAVIS, CITY CLERK
SPECIAL MEETING OF THE EVANSTON FIREFIGHTERS PENSION BOARD
WAS CALLED TO ORDER BY PRESIDENT DILLON AT 2:21 P.M.
F.F. JAMES KEATY WAS SWORN IN BY BOARD SECRETARY DROTT.
F.F. KEATY WAS ASKED BY DILLON ARE YOU A FIREFIGHTER, WHEN
INJURY OCCURRED, AND WHAT WAS LAST DAY WORKED?,
THE ANSWERS TO THE QUESTIONS WERE: YES, INJURY OCCURRED ON
DUTY FEBRUARY 23, 1996, AND LAST DAY WORKED FEBRUARY 29, 1996.
F.F. KEATY WENT ON TO EXPLAIN TO THE BOARD THE TYPE OF INJURY
SUSTAINED AND EXACTLY HOW IT OCCURRED.
F.F. KEATY'S CONDITION CONTINUED TO WORSEN AND HE WENT TO SEE
O.M,A.G.A., WHO TOLD KEATY " THERE WAS NOTHING WRONG WITH HIS
BACK AND THAT HE SHOULD PLAY RACKET BALL".
F.F. KEATY NEXT WENT TO SEE DR. GIRI T. GIREESAN WHO EXAMINED F.F.
KEATY, AND DID M,R.I. AND FOUND SPINAL COMPRESSION. AFTER
ATTEMPTS AT REHABILITATION ON DECEMBER 27, 1996 DR. GIREESAN
PERFORMED A ANTERIOR INTERBODY FUSION OF THE L-5S-I LEVEL WITH
BAK CAGES.
APPLICATION WAS MADE BY F.F. KEATY FOR DISABILITY PENSION ON
MARCH 3, I997.
THREE DOCTORS WERE SELECTED BY THE BOARD TO EXAMINE F.F.
KEATY, DR.'S JAMES T. ALLEVA, EDWARD SCLAMBERG, AND GIRI T.
GIREESAN, AND THE RESULTS OF THE EXAMS WERE READ AT THE
MEETING.
MOTION BY WILKINSON SECONDED BY READY TO VOTE ON GRANTING F.F.
KEATY'S PENSION. PASSED UNANIMOUSLY.
MOTION BY READY SECONDED BY WHALEN TO ADJORN. MOTION PASSED.
BOARD EXHIBITS:
(I) APPLICATION FOR DISABILITY PENSION
(2) LETTER FROM DR. GIRL T. GIREESAN
(3) LETTER FROM DR. JAMES T. ALLEVA
(4) LETTER FROM DR. EDWARD SCLAMBERG
BOARD OF TRUSTEES
EVANSTON FIREFIGHTEWS PENSION FUND
INVESTMENT SUB -COMMITTEE MEETING
MINUTES OF MEETING OF APRIL 30, 1998
Meeting called to order by Trustee Patrick Dillon at 9:30 A.M. in the office of Board Treasurer Robert
A. Shank.
Members present: Members absent: Others Present:
Patrick Dillon, President None Mary Tomanek,
Ronald Grumbach, Trustee Se=V.P. SmithBAmey
Robert Shonk, Treasurer
The minutes of the Sub -Committee meeting of March 16, I998 were reviewed and unanimously
approved.
The members discussed pension advisory services and the management and review of the fiord
investments.
The members then received a presentation by Ms. Mary Tomanek, Investment Consultant. Ms.
Tomanek presented a written Request for Proposal for Investment Management Services. The
proposal concerns the acquisition of equity management of a portion of the Pension Fund Portfolio
with an initial market value of about $2,000,000. In this connection the members reviewed
Qualitative and Quantitative Valuation criteria developed by Ms. Tomanek. After further review the
Sub -Committee members approved the valuation criteria and the Request for Proposal.
The Sub -Committee authorized Ms. Tomanek to distribute the Request for Proposal and to set June
5,1998 as the last date in which to accept proposals. The Sub -Committee members and Ms. Tomanek
scheduled July 14, 1998 as the tentative date to review results.
The Board then voted to adjourn at 10:30 A.M.
Robert A. Shonk, Trustee
Firefighter's Pension Board