Call to Order: The meeting was called to order at 7 :50 a.m. in the conference room at Glenview Fire Station 6. On roll call the following were:
Present: Board President/Trustee Nick Rusher, Trustee Tom Dvorak, Trustee Paul Detlefs, Trustee/Secretary Mike Sawicki, Finance Director Wiersma (8:40 am), Tim Hamann of Marquette Associates, Chris Potthoff (8:40 am) of Richard J. Reimer and Associates, LLC and Carol Bjankini, Recording Secretary
Absent: Trustee Pat Cuisinier & Village Manager Todd Hileman
Minutes: Trustee Rusher called for a review of the minutes of October 15, 2007. One revision had been made and Trustee Detlefs motioned to approve the minutes of October 15, 2007 as amended. Trustee Sawicki seconded and the vote was all ayes, no nays and the minutes of October 15, 2007 were accepted.
Trustee Rusher called for a review of the minutes of December 6, 2007. One revision had been made and Trustee Detlefs motioned to approve the minutes of December 6, 2007 as amended. Trustee Sawicki seconded and the vote was all ayes, no nays and the minutes of December 6, 2007 were accepted.
Financial Reports/Contribution Review: Tim Hamann of Marquette Associates distributed the December 31, 2007 Executive Summary and provided an overview of its contents. Trustee Detlefs motioned to accept the December 31, 2007 Executive Summary; Trustee Sawicki seconded and the vote was all ayes, no nays and the motion passed.
Mr. Hamann suggested the Board continue with there conservative portfolio of the long term investment plan. Mr. Hamann recommended investing the annuity proceeds over a six (6) month period of $200,000.00 per month until the target allocation is reached. As Trustee Detlefs stated there is no need to deviate from the long term strategy; Trustee Detlefs motioned to accept Mr. Hamann's recommendation; Trustee Dvorak seconded and a roll call was taken and the vote was all ayes no nays and the motion passed.
Mr. Hamann will instruct Mr. Oest to prepare and forward transfer letters to Trustee Rusher and Finance Director Wiersma for their signatures; these letter will outline the details of disbursement to the target allocations.
The Board is in receipt of invoices due from Marquette Associates in
the Amount of $12,500.00 for services for the period of February 1,
2008 through April 30, 2008; The Northern Trust Company in the amount
of $4,892.71 for the period of October 1 through December 31, 2007;
Richard J. Reimer & Associates, LLC in the amount of $500.00 for
the quarterly retainer fee of January through March 2008. Trustee
Dvorak motioned to direct Lauterbach & Amen, LLP to disburse
payments due Marquette Associates, The Northern Trust Company and
Richard J. Reimer and Associates, LLC; Trustee Detlefs seconded and a
roll call was taken and the vote was all ayes, no nays and the motion
passed.
Applications: The Board is in receipt of an Application for Retirement Pension from Dennis Miller. Dennis started with the Village September 15, 1977, his last duty day was January 1, 2008 with his benefits commencing January 2, 2008 in the annualized amount of $61,326.48. Trustee Detlefs motioned to approve Dennis Miller's Application for Retirement Pension; Trustee Dvorak seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Other Business: Trustee Rusher directed the Pension Board Attorney, Chris Potthoff to prepare a letter to the Village Finance Department regarding pension contributions for holiday pay. Attorney Potthoff's letter explained that "firefighters currently receive their holiday pay regardless of whether or not they actually work the holiday, and do not have the option to take additional time off work in lieu of receiving that holiday pay. Therefore, there holiday pay is considered part of their pensionable salary. Pension contributions should therefore be deducted from this payment." Trustee Rusher motioned to accept Attorney Potthoff's letter to the Village Finance Department; Trustee Dvorak seconded and the vote was all ayes, no nays and the motion passed.
The Board is in receipt of a letter from retired FF Robert Maki. Mr. Maki's letter requests the Pension Board to continue sending his checks in paper form as well as forbidding any Federal Taxes withheld from his pension. The Board will direct Lauterbach & Amen, L.L.P. to comply with Mr. Maki's request for paper checks and Federal Taxes withheld. Trustee Detlefs motioned to approve Lauterbach & Amen, L.L.P. to comply with Mr. Maki's requests; Trustee Dvorak seconded and the vote was all ayes, no nays and the motion passed.
Trustee Sawicki received a call from retired FF John Pittenger. Mr. Pittenger informed Trustee Sawicki that the pay stub he received from Lauterbach & Amen, LLP incorrectly indicated he was not on a duty disability pension, which he is. Additionally, there were taxes withheld from his 01-15-2008 check. As the Board is aware Mr. Pittenger's status is duty disability, they will direct Lauterbach & Amen, LLP to change his benefit status. Trustee Sawicki motioned to formally direct Lauterbach & Amen, LLP to change John Pittenger's status to duty disability, and return tax withheld in 2008; Trustee Detlefs seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Lauterbach & Amen, LLP reported finding an error on Daniel Bonkowski's pension for underpaid pension from when he left through 2007. The initial correction is to increase the monthly payment to $2795.72 and reimburse a retro amount of $9,630.05. After a thorough review and guidance from the Pension Board attorney, Trustee Sawicki motioned to accept Lauterbach & Amen's recalculation of Glenview's share to Daniel Bonkowski's pension based on a correction of the original calculation. Trustee Dvorak seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Trustee Sawicki distributed to the Board a transmittal letter from Lauterbach & Amen outlining the 2008 payouts. After Board review, Trustee Detlefs motioned to accept the 2008 payouts as calculated in the Lauterbach & Amen Glenview Fire 2008 Report. Trustee Dvorak seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Trustee Sawicki was in receipt of a draft letter from retired FF Phil Guzzetta which addressed the new payment schedule administered by Lauterbach & Amen. The Board briefly reviewed the letter, but will wait for the final version before discussing in length.
Meeting Dates: The meeting schedule for 2008 is as follows:
Monday, April 21, 2008
Thursday, July 17, 2008
Tuesday, October 21, 2008
The above meetings are scheduled at 7:30 am at Glenview Fire Station 6, 1815 Glenview Road.
Trustee Detlefs adjourned the meeting at 10:05 am.
Adjournment: Trustee Dvorak motioned to adjourn, Trustee Sawicki seconded and the vote was all ayes, no nays and the meeting adjourned at 10:10 a.m.
Respectfully Submitted:Carol Bjankini
Recording Secretary
Glenview Firefighters’ Pension Fund