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: Board President/Trustee Nick Rusher, Trustee Pat Cuisinier, Trustee Paul Detlefs, Trustee Tom Dvorak, Trustee/Secretary Mike Sawicki, Village Manager Todd Hileman, Assistant Finance Director Mike Solvig, Douglas Oest of Marquette Associates, Chris Potthoff of Richard J. Reimer and Associates, LLC and Carol Bjankini, Recording Secretary
Absent: Finance Director Dan Wiersma
Minutes: Trustee Rusher called for a review of the minutes of June 5, 2007. Trustee Dvorak made a motion to accept the minutes of June 5, 2007. Trustee Sawicki seconded and the vote was all ayes, no nays and the minutes of June 5, 2007 were accepted.
Financial Reports/Contribution Review: Doug Oest from Marquette Associates distributed the June 30, 2007 Executive Summary and provided an overview of its contents. Mr. Oest recommended the Board continue to deploy the funds according to the investment plan. He will prepare and forward transfer letters to President/Trustee Rusher and Finance Director Wiersma for their signatures; these letters will outline the details of disbursement to the target allocations. Trustee Rusher motioned to accept Mr. Oest's recommendation. Trustee Sawicki seconded and the vote was all ayes, no nays and the motion passed.
Other Business: Attorney Chris Potthoff explained procedures for invoices that require Board approval. Attorney Potthoff suggested the Board motion to authorize payment to providers previously retained with the payment structure of: Marquette $12,500 per quarter; Richard Reimer & Associates $500.00 per quarter and anything additional can be reviewed; Northern Trust .07% of asset value; US Bank .03% of asset value. Trustee Detlefs motioned to accept Attorney Potthoff's suggestion and Trustee Cuisinier seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Trustee Rusher followed up with Attorney Potthoff regarding Elvin Day's pension benefits. Those benefits are governed by Section 4-115(a) of the Pension Code, which states: "If a firefighter marries subsequent to the date of his or her retirement with any pension under this Article, and dies less than 12 months after the marriage, a surviving spouse shall receive no pension on the death of the firefighter." In this case, a letter will be prepared by the attorney and sent to Sheila Day confirming this information. Trustee Rusher motioned to terminate Elvin Day's pension benefits; Trustee Dvorak seconded a roll call was taken and the vote was all ayes, no nays and the motion passed.
Trustee Rusher asked Attorney Potthoff to review protocol on duty disability cases. As Attorney Potthoff provided an overview of duty disability the Board discussed reviewing any duty disability cases to ensure proper protocol.
Attorney Potthoff explained procedures regarding appointments of Trustees on this Board. After a brief discussion Trustee Detlefs motioned to nominate Trustee Nick Rusher as Trustee/President and Trustee Mike Sawicki as Trustee/Secretary. Trustee Dvorak seconded and the vote was all ayes, no nays and the motion passed.
As the Village generated and distributed the Pre-Tax Deductions for Health or Long Term Care Insurance Premiums (HELPS) forms to retired members, Attorney Potthoff explained that the pension Board is required to document this offer in the minutes. Attorney Potthoff suggested the minutes include members should "talk to your tax preparer" to verify this is, indeed a benefit to you. Trustee Rusher motioned to offer the benefit of the Pre-Tax Deductions for Health or Long Term Care Insurance Premiums (HELPS) to beneficiaries that retain the Village insurance and suggested they contact their tax advisor regarding this benefit. Trustee Sawicki seconded and the vote was all ayes, no nays and the motion passed.
Attorney Potthoff provided a brief overview of fiduciary liability insurance. Trustee Cuisinier suggested the Board look into premiums and coverage in the future.
Trustee Detlefs suggested the Board schedule the 2008 Pension Fund meetings at the upcoming October meeting.
Meeting Dates: The next meeting has been scheduled for Monday, October 15, 2007 at 7:30 am in the conference room at Station 6.
Adjournment: Trustee Rusher motioned to adjourn, Trustee Sawicki seconded and the vote was all ayes, no nays and the meeting adjourned at 9:05 a.m.
Respectfully Submitted:Carol Bjankini
Recording Secretary
Glenview Firefighters’ Pension Fund