Fire Department 

Call to Order: The meeting was called to order at 8:15 a.m. in the conference room at Glenview Fire Station 6.  On roll call the following were:

Present: Village Manager Hileman, Trustee Paul Detlefs, Board President/Trustee Nick Rusher, (Retired) Board Secretary/Trustee Phil Schmitt, Finance Director Wiersma (8:30 am), Douglas Oest and Pat Krolak of Marquette Associates and Carol Bjankini, Recording Secretary

Absent: Trustee Pat Cuisinier & Trustee Tom Dvorak

Minutes: President Rusher called for a review of the minutes of January 15, 2007.  Trustee Paul Detlefs made a motion to accept the minutes of January 15, 2007.  Secretary Phil Schmitt seconded and the vote was all ayes, no nays and the minutes of January 15, 2007 were accepted.

Other Business: Prior to this meeting the Village Finance Department distributed a Draft Investment Consulting Agreement to the Board for review.  Manager Hileman reported that he spoke with Mr. Pat Krolak of Marquette Associates regarding the Agreement and that Mr. Krolak agreed to reduce some fees.  Manager Hileman presented the Investment Consulting Agreement to the Board for their approval.  Trustee Phil Schmitt motioned to accept the Investment Consulting Agreement and Trustee Nick Rusher seconded and the vote was all ayes, no nays and the Investment Consulting Agreement was approved.

President/Trustee Rusher signed two copies of the Investment Consulting Agreement and provided them to Mr. Pat Krolak of Marquette Associates.

Manager Hileman spoke with Mr. Krolak about an informational session with a couple members of the Board.  Mr. Krolak along with Mr. Oest offered their time to meet with a Board member or two, if there is any interest. 

 Mr. Krolak mentioned the first order of business would be the proposed business plan.  Mr. Krolak provided an overview and explained that at the next meeting they would have more direction as a Sudan ruling will have been made.

Mr. Oest distributed the Draft Investment Policy Guidelines and reviewed the table of contents.  He asked the Board to review the draft and suggested the Board have an attorney look at it.

Mr. Oest distributed a "Market Values" handout which included two Asset Allocation Study Examples.  He provided an overview and explained the key to investing is diversification.  Mr. Oest then asked the Board to familiarize themselves with this handout as this is the foremat Marquette will provide for future use.  After reviewing the Market Values handout Trustee Detlefs broke down the charts and explained how some demonstrate the best return for a certain level of risk.

As prior years dictate the FF Pension Board investments have been internally managed through the Village Finance Department.  Mr. Krolak sought out information from the Board regarding this practice.  It is the Board's intention to have the funds handled by Marquette Associates.  Only after the Board's approval funds would be disseminated under the direction of Marquette through the Village Finance Department.

Mr. Krolak asked the Board about hiring an outside Manager, i.e. Northern Trust.  Mr. Krolak spoke a little bit about Northern Trust and explained how the fiduciary liability would be taken off the Board's shoulders and placed elsewhere.  There was a brief discussion regarding this possibility.  Mr. Krolak would have Marquette Associates investigate outside Managers and provide a list to the Board for their review.

Marquette Associates left the meeting at 9:20 am.

Trustee Rusher suggested the Board look into retaining an attorney that is fluent with Pension Laws.  There was a discussion on how much involvement this attorney would have and if the Board has a need to retain or hire one as needed.  Manager Hileman suggested a subcommittee be developed to research the need and role a Pension Attorney would provide this Board.  It was decided that the subcommittee would consist of Trustee Rusher and Trustee Dvorak.

There was a brief discussion regarding pension calculations.  The Pension Attorney subcommittee will look into this when reviewing procedures in their search, as well as Finance Director Wiersma seeking input from his colleagues regarding the way they handle pension calculations.  Manager Hileman also suggested reviewing some accounting firms that specialize in pension calculations.

Through the Chief, the Finance Department requested the Pension Board contact two pensioners regarding updated information on their addresses.  The Board will attempt phone calls and mailings to obtain this information.,

Financial Reports/Contribution Review: Finance Director Wiersma reported that approximately 15 million will need to be reinvested in the very near future.

Finance Director Wiersma asked the Board for permission to disclose information to Marquette Associates on the Vanguard and Edward Jones investments.  Trustee Phil Schmitt motioned to grant permission to disclose the requested information.  Trustee Paul Detlefs seconded and the vote was all ayes, no nays and the request was approved.

Meeting Dates: The next meeting has been scheduled for Tuesday, February 13, 2007, 8:00 am in the conference room at Station 6.  Additionally, the Tuesday, February 20, 2007 meeting time has been adjusted to start at 7:30 am..   

Adjournment: President/Trustee Nick Rusher motioned to adjourn, Trustee Phil Schmitt seconded and the vote was all ayes, no nays and the meeting adjourned at 10:15 a.m.