Call to Order: The meeting was called to order at 7:32 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 Mike McPeek, Trustee/Secretary Mike Sawicki, Doug Oest of Marquette Associates, Keith Karlson of Richard J. Reimer and Associates, LLC and Carol Bjankini, Recording Secretary
Absent: Village Manager Todd Hileman and Chief Financial Officer Rick Kisner
Minutes: Trustee Rusher called for a review of
the minutes of July 17, 2008. Trustee Sawicki motioned to
approve as amended the minutes of July 17, 2008; Trustee
Dvorak seconded, Trustee McPeek abstained and the remainder of the Trustees vote was all ayes, no nays and the
minutes
of July 17, 2008 were accepted.
Financial Reports/Contribution Review: Doug Oest from Marquette Associates distributed the September 30, 2008 Executive Summary and provided an overview. At the close of the quarter, the Pension fund had a market value of $45,532,332. Over the quarter, the portfolio decreased by $1,742,132, of which $677,054 was due to withdrawals, while $1,065,078 was due to capital depreciation. The total portfolio was 64.2% invested in fixed income, 27.4% invested in domestic equities, 7.4% invested in international equities, and 1.0% invested in cash. The Total Fund returned -2.3% for the quarter, outperforming its policy benchmark, which returned -2.8%. Over the trailing twelve months, the Pension Fund returned -5.5%, outperforming the policy benchmark, which returned -6.4%. Trustee Rusher motioned to accept the September, 2008 Executive Summary; Trustee Sawicki seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
After a review of the September 30, 2008 Executive Summary Trustee Detlefs motioned to accept the Executive Summary, Trustee Sawicki seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Mr. Oest also distributed and reviewed a Special Report 2008 Market Update which was prepared to offer a perspective and analysis on the market, asset classes, and issues of importance during these challenging times. Mr. Oest mentioned that the Board has been extremely conservative which has helped during this market period.
Mr. Oest will prepare transfer letters for both Trustee Rusher and Chief Financial Officer Rick Kisner's signatures.
Mr. Oest suggested the Board approve rebalancing $200,000 from NTGI Fixed Income Account to the Vanguard Institutional Index Fund and the Vanguard Small Cap Value Index Fund on a weekly basis over a six week period. $150,000 from each transfer will be used to purchase additional shares of the Vanguard Institutional Index Fund and $50,000 from each transfer will be used to purchase additional shares of the Vanguard Small Cap Value Index Fund. Trustee Detlefs motioned to accept Mr. Oest's recommendation and asked that the Board reevaluate at the next meeting. Trustee Sawicki seconded, and a roll call was taken and the vote was all ayes, no nays and the motion passed.
Mr. Oest will prepare transfer letters and forward to Trustee Rusher for review and signatures.
Attorney Keith Karlson advised the Board to wait until the next meeting before approving the proposed draft Investment Policy Guidelines and the Administrative Rules as HB 5088, Public Act 95-950 has not been approved. The HB contains language which would alter requirements in the current policies. The Board agreed, and the Investment Policy Guidelines and Administrative Rules will be discussed at the upcoming meeting.
A List of Bills has been prepared for the Board to review:
Invoice No. 890815 ENH Omega - Medical Exam - Art Lutherus $704.00
Invoice No. 7494 Lauterbach & Amen, LLP - Services June, 2008 $780.00
Invoice No. IPPFA Pension Registration - Rusher - Dvorak $700.00
Invoice No. 5143049 U.S. Bank - Services April 1 through June 30, 2008 $3,396.45
Invoice No. 80815 Marquette Assoc. - Services August 1 through October 31, 2008 $12,500.00
Invoice No. Carrie Pique - Transcriber for 07-17-08 Disability Hearing $474.00
Invoice No. 7850 Lauterbach & Amen, LLP - Services July, 2008 $780.00
Invoice No. 7406 Lauterbach & Amen, LLP - IL. Div. of Ins. Annual Pension Report $1,700.00
Invoice No. 11400 Reimer & Assoc., LLC - Quarterly retainer; Annual Evaluations $1,523.09
Invoice No. 11491 Reimer & Assoc., LLC - Quarterly retainer; Disability Application $1,654.12
Invoice No. 01152338 Northern Trust Co. - Services July 1 through September 30, 2008 $5,122.33
Invoice No. Timothy W. Sharpe, Actuary - Services rendered March through June, 2008 $2,100.00
Trustee Sawicki motioned to approve payment of the invoices stated, Trustee Dvorak seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
As Trustee Sawicki suggested at the previous Board meeting to
eliminate Glenview State Bank and directly deposit the fire levy funds
into the USB Bank money market fund, the Village Finance Department had
a concern regarding funds from Cook County. Trustee Sawicki is
working with Finance to resolve any issues.
Applications: None
As Trustee Rusher inquired about the obligation the Board has regarding verification letters to the Pensioners; Attorney Karlson informed him that he would update a standard form used for this procedure and provide it for distribution to the pensioners.
Trustee Rusher is in receipt of a letter with a medical report attached from Attorney Reimer's office regarding FF Art Lutherus' Annual Disability Examination and Evaluation. After the Board reviewed the correspondence which indicated Art Lutherus remains disabled Trustee Sawicki motioned to continue FF Art Lutherus' disability benefits. Trustee Detlefs seconded and a roll call was taken and the vote was all ayes, no nays and the motion passed.
On October 8, 2008 retired FF Steven Helton forwarded an email to the Board regarding the "Vote No" to the proposed Illinois Constitutional Convention.
Trustee Mike Sawicki is in receipt of a letter dated July 18, 2008 from Phil Guzzetta regarding the payroll changing from twice a month to once a month. The letter was read to the Board members at the meeting. They acknowledged the letter, took it into consideration, and determined no action necessary. The letter is available upon request.
Tony Halachoulis, Membership Director and Joel Babbitt, Benefits Coordinator from the Illinois Public Pension Fund Association (IPPFA) attended the meeting to provide an overview of the organization. Information was also provided on upcoming classes and seminars. Trustee Rusher motioned to join the IPPFA membership for the months of November and December, 2008 at $166.00 with an annual membership fee for 2009 at $750.00 and approve two (2) Trustees attendance at $650.00 each in the upcoming new Trustee seminar in January. Trustee Dvorak seconded and a roll call was taken, Trustees Dvorak, Rusher, and Sawicki voted all ayes, no nays and the motion passed; Trustees McPeek and Detlefs were absent.
As a matter of business in reference to FF/PM John Hutchison's Disability Hearing July 17, 2008 the Decision and Order were changed by Jeffrey Goodloe, Attorney with Richard J. Reimer and Associates to reflect that John Hutchison was married prior to the disability (page 2 part 4). There was no reference of this in the transcripts.
Meeting Dates: The next meeting scheduled is:
Tuesday, January 20, 2009
The above meeting is scheduled at 7:30 AM in Glenview Fire Station No. 6 at 1815 Glenview Road, Glenview IL.
Doug Oest adjourned the meeting at 8:30 AM.
Trustee Detlefs adjourned the meeting at 8:50 AM.
Trustee McPeek adjourned the meeting at 8:50 AM.
Adjournment: Trustee Dvorak motioned to adjourn, Trustee Sawicki seconded and the vote was all ayes, no nays and the meeting adjourned at 9:30 AM.
Respectfully Submitted:Carol Bjankini
Recording Secretary
Glenview Firefighters’ Pension Fund