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: Village Manager Todd Hileman, Trustee Paul Detlefs, Trustee Pat Cuisinier, Board President/Trustee Nick Rusher, Trustee Tom Dvorak, Finance Director Dan Wiersma (7:50 am), Assistant Finance Director Mike Solvig, Douglas Oest (via conference call) of Marquette Associates and Carol Bjankini, Recording Secretary
Absent: Secretary/Trustee Phil Schmitt
Minutes: Trustee Rusher called for a review of the minutes of February 20, 2007. Trustee Detlefs made a motion to accept the minutes of February 20, 2007. Trustee Dvorak seconded and the vote was all ayes, no nays and the minutes of February 20, 2007 were accepted.
Other Business: Trustee Dvorak distributed information provided from Attorney Richard Reimer. Attorney Reimer concentrates on police and fire pension matters. He represents over 150 police and firefighter pension boards and has served as Board Attorney for the Illinois Professional Firefighters' Association (IPFA). The Board asked Trustee Dvorak to invite Attorney Reimer to the next pension meeting. After Attorney Reimer's presentation and Q&A the Board will discuss the potential need and cost of his services.
Mr. Oest reported that the judge made a ruling on the Sudan Act. "The law does not exist". The ruling was the Act violates federal constitutional provisions that preclude the states from taking actions that interfere with the federal government's authority over foreign affairs and commerce with foreign countries.
As the Sudan Act no longer exists, Mr. Oest explained to the Board that Rhumbline is not needed at this time. Mr. Oest stated Marquette Associates will maintain a friendly tone with Rhumbline, should the need arise down the road..
Mr. Oest recommended the Board move all pension fund assets from Harris Bank to US Bank; register the Vanguard mutual funds at US Bank and have Northern Trust transition out of the current internally managed fixed income securities into Northern Trust LB Intermediate Governmental Index Fund. Trustee Rusher motioned to accept Mr. Oest's recommendation, Trustee Detlefs seconded and the vote was all ayes, no nays and Mr. Oest's recommendation was approved.
Finance Director Wiersma was given direction from the Board to assist Marquette Associates in obtaining contact information and access to the current Pension fund accounts.
Meeting Dates: The next meeting has been scheduled for Wednesday, April 18, 7:30 am in the conference room at Station 6.
Adjournment: Trustee Rusher motioned to adjourn, Trustee Dvorak seconded and the vote was all ayes, no nays and the meeting adjourned at 8:15 a.m.
Respectfully Submitted:Carol Bjankini
Recording Secretary
Glenview Firefighters’ Pension Fund