Fire Department 

Call to Order: The meeting was called to order at 7:40 a.m. in the conference room at Glenview Fire Station 6.  On roll call the following were:

Present:  Trustee Paul Detlefs, Board President/Trustee Nick Rusher, Trustee Tom Dvorak, (Retired) Board Secretary/Trustee Phil Schmitt, Finance Director Wiersma, Assistant Finance Director Mike Solvig, Douglas Oest and Pat Krolak of Marquette Associates, Tim Sharpe, Actuary (8:05 am) and Carol Bjankini, Recording Secretary

Absent: Village Manager Hileman and Trustee Pat Cuisinier

Minutes: Trustee Rusher called for a review of the minutes of February 13, 2007.  Trustee Rusher made a motion to accept the minutes of February 13, 2007.  Trustee Dvorak seconded and the vote was all ayes, no nays and the minutes of February 13, 2007 were accepted.

Other Business: Mr. Oest distributed Northern Trust documents to the Board for their signatures.  Then Mr. Oest distributed the Custody Search for the Board to review.  He then provided an overview of the candidate firm summary which included Harris N.A., Investors Bank, M&I Trust, Union Bank, U.S. Bank and Wells Fargo.  Both Mr. Oest and Mr. Krolak recommended U.S. Bank.  Mr. Oest felt strongly that, if chosen, U.S. Bank would lower their fee after negotiating.  After further discussion regarding experience, business practices, quality of service, fee schedule, etc. the Board acted on the recommendation.  Trustee Rusher motioned to retain U.S. Bank as custodian with the negotiated lower fee.  Trustee Dvorak seconded and the vote was all ayes, no nays and the motion was accepted.

Mr. Oest explained the steps needed for the investment funds to be deployed in the most efficient manner:  1.) Hire Rhumbline; 2.) Liquidate assets 3.) Obtain final funding from Northern Trust.

As a contract was prepared for Rhumbline, Finance Director Wiersma asked Mr. Oest to forward it to him as it is subject to legal review.  Finance Director Wiersma will forward to Attorney Randall.

After further discussion, Trustee Schmitt motioned to implement Mr. Oest's investment steps of hiring Rhumbline, liquidating assets and obtaining final funding from Northern Trust.  Trustee Dvorak seconded and the vote was all ayes, no nays and the motion was accepted.

As Retired Trustee Schmitt's term expires in April 2007 Trustee Rusher mentioned an election needs to take place.  Trustee Rusher motioned to work with Administration to prepare and execute the upcoming election for a Retired Trustee.  Trustee Detlefs seconded and the vote was all ayes, no nays and the motion was accepted.

Financial Reports/Contribution Review: Mr. Tim Sharpe, Actuary for this account for approximately eight years attended the meeting to provide an overview of the recently distributed Actuarial Valuation Report for the Year Beginning January 1, 2006 and Ending December 31, 2006.

Mr. Sharpe explained there are three sources of revenue; firefighter contributions, investment income and Village contributions.  Mr. Sharpe explained that Glenview's FF Pension Fund is "in very good shape".  Mr. Sharpe explained that the state average is 65% and Glenview is funded at 80%.

Meeting Dates: The next meeting has been scheduled for Wednesday, April 18, 7:30 am in the conference room at Station 6.     

Adjournment: Trustee Dvorak motioned to adjourn, Trustee Detlefs seconded and the vote was all ayes, no nays and the meeting adjourned at 9:15 a.m.