Call to Order: The meeting was called to order at 7:35 a.m. in the conference room at Glenview Fire Station 6. On roll call the following were:
Present: Trustee Pat Cuisinier, Board President/Trustee Nick Rusher, Trustee/Secretary Phil Schmitt, Finance Director Wiersma (8:00 am), Douglas Oest and Pat Krolak of Marquette Associates and Carol Bjankini, Recording Secretary
Absent: Village Manager Hileman, Trustee Paul Detlefs, Trustee Tom Dvorak
Minutes: Trustee Rusher called for a review of the minutes of March 7, 2007. Trustee Rusher made a motion to accept the minutes of March 7, 2007. Trustee Schmitt seconded and the vote was all ayes, no nays and the minutes of March 7, 2007 were accepted.
Applications: Deputy Chief Mike Sawicki submitted an application for retirement pension. Trustee Schmitt motioned to accept Michael Sawicki's retirement pension application. Trustee Cuisinier seconded and the vote was all ayes, no nays and the application was approved.
Lieutenant John Winterfeld submitted an application for retirement
pension. Trustee Schmitt motioned to accept John Winterfeld's
retirement pension application. Trustee Cuisinier seconded and
the vote was all ayes, no nays and the application was approved.
Financial Reports/Contribution Review: Nine pensioners are due adjustments in 2007. R.K. Beilfuss and A. Lutherus both have adjustments this April. Trustee Schmitt motioned to accept the adjustments on both R.K. Beilfuss and A. Lutherus. Trustee Cuisinier seconded and the vote was all ayes, no nays and the adjustments were approved. The remaining seven pensioner's adjustments will be reviewed by the Board when the adjustments are scheduled to take place.
Doug Oest and Pat Krolak from Marquette Associates distributed the First Quarter Executive Summary Report and provided an overview of its contents.
Mr. Oest suggested an action plan to the Board regarding the disbursement of approximately $14.9 million from the Glenview State Bank to the Mutual Fund account in the Glenview Firefighters Pension Fund. The Board decided to take a conservative approach and step into the investment at a measured pace. Mr. Oest will prepare a letter to U.S. Bank with Finance Director Dan Wiersma coordinating the wire transfer. The letter will spell out amounts and dates of all transactions over a two month period. Trustee Cuisinier motioned to accept Mr. Oest's recommendation to phase into the target allocation over the course of four months, but to reassess after two months. Trustee Schmitt seconded and the vote was all ayes, no nays, and the motion was approved.
Other Business: Attorney Richard Reimer was unable to attend this meeting. He has been rescheduled for the June 5, 2007 meeting. Attorney Reimer represents over 150 police and firefighter pension boards and has served as Board Attorney for the Illinois Professional Firefighters' Association (IPFA). After Attorney Reimer's presentation and Q&A the Board will discuss the potential need and cost of his services.
Current retired Trustee Phil Schmitt's term expires April 2007. A mailing was sent on March 13, 2007 soliciting members interested in running for this position. Mike Sawicki was the only member that requested to be placed on the ballot for election. Ballots were mailed on April 2, 2007 to the retired pension fund members with an election date of April 16, 2007 noted. Sixteen ballots were returned. The majority of the votes were for Mike Sawicki, with four separate write-in votes. Mike Sawicki will replace Phil Schmitt as the retired Trustee on the FF Pension Board. Trustee Rusher motioned to certify the election for the retired Trustee. Trustee Cuisinier seconded and the vote was all ayes, no nays and the election was certified.
Finance Director Wiersma reported to the Board that he is meeting tomorrow with the Village's insurance company regarding fiduciary insurance. This is slated to become effective May 1, 2007. Finance Director Wiersma will report back to the Board after his meeting.
Meeting Dates: The next meeting has been scheduled for Tuesday, June 5, 2007 at 7:30 am in the conference room at Station 6.
Adjournment: Trustee Rusher motioned to adjourn, Trustee Cuisinier seconded and the vote was all ayes, no nays and the meeting adjourned at 8:50 a.m.
Respectfully Submitted:Carol Bjankini
Recording Secretary
Glenview Firefighters’ Pension Fund