Firefighters Pension Board

NITES FIREFIGHTERS' PENSION FUI{D BOARD OF TRUSTEES MEETING 8350 DEMPSTER NttEs, tt 50714 MAY 13, 2021 The Board of Trustees of the Niles Firefighters' Pension Fund conducted its regular meeting via teleconference in accordance with Section 6 of Governor Pritzker's Executive Order 2020{7 (COVID-19 Executive Order No.5), as extended by Executive Order 2OZG33 (COVID-1g Executive Order No.31). The meeting was called to order at 8:31 a.m. by President Byron Tull. Trustees Present: Bob Greiner and Byron Tull Trustees Present Via Conference Call: Greg, Schmidt, Marimel Lim and Jim Grammas Officials Present: Kent Oliven, Treasurer; Rich Scipione, Pension Clerk Officials Present Via Conference Call: Tom Sawyer from Sawyer Falduto Asset Management, LLC, lnvestment Advisor to the Fund; Attorney Carolyn Clifford, Ottosen DiNolfo; Trinette Garner, Lauterbach & Amen, LLP Public Comment: No public comment. Previous Minutes Approval: on a motion by Tull, seconded by Greiner, the minutes from the February 18,2027 meeting were approved. Upon a call of the roll: AYES: Greiner, Tull, Lim, and Grammas NAYS: NONE ABSENT: None Motion carried. Presentation by lauterbach and Amen LLP: Trinette Gardner from Lauterbach & Amen reviewed the Niles Firefighters' Pension Fund Monthly Financial Report for the month ended April 30,2077. 7  NITES FIREFIGHTER9 PENSION FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER Ntl"E tt 60714 May 13,2O2l Total assets March 31, 2020 545,675,279.94 Liabilities March 31, 2020 55,506.33 Net Position Held in Trust for Pension Benefits 545,669,773.6L A motion was made by Tull, seconded by Grammas, to approve the April 30,2O2L financial statement. Upon a call ofthe roll: AYES: Greiner, Tull, Grammas, and Lim NAYS: NONE ABSENT: None Motion carried. Trinette presented the bills and disbursements for February 1, 2021 through April 29, 2021 for a total of S191,388.37, check numbers 3035G30352 and 50057-5m60. A motion was made by Tull, seconded by Grammat to approve the payment of the bills and disbursements of checks 30350-30352 and 50057-5OO5O in the amount of S191,388.37. Upon a call of the roll: AYES: Greiner, Tull, Grammas, and Lim NAYS: None ABSENT: None Motion carried. The lllinois Department of lnsurance Annual Statement is due October 31n. Lauterbach and Amen are completing the audit work and financials at this time. We are expected to have the report completed prior to the due date. The actuary will then begin work on this yea/s actuarial valuation. lnvestment Advisot's RePort: Tom Sawyer from sawyer Falduto presented the Fund's March 31, 2021 "Quarterly lnvestment Performance Report." The 2021 first quarter ending market value was s43,806,833, with an investment loss of s1,185,386. The total account return for the first quarter was 2.8% versus the benchmark of 3.3%. The equity rate of return for the second quarter was 5.9% versus the blended benchmark of 7.2%. The fixed income rate of return was (2.4%) versus the benchmark of (3.3%). 2  NIIfS FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER N|LES, tt 50714 May 13, 2021 Our current portfolio allocation as of March 31, 2020: Equities at 58.9%, Fixed lncome at 40.9%, and Cash Equivalent at 0.2%. A motion was made by Tull, seconded by Greiner, to approve the Quarterly lnvestment Performance Report for the quarter ending March 3t,2021. Upon a call of the roll: AYES: Greiner, Tull, Grammas, and Lim NAYS: None ABSENT: None Motion Carried. Treasurerc Report: Kent Oliven stated the Village Audit from last fiscal year ending April 30,2O2O, is completed and available on the Village website. Kent had no comment on the confirmation of the tax levy or the coordination of a meeting with the Village regarding actuarial assumptions. Firefighters' Pension lnvestment Fund (FPIF) Updates: The FplF Board approved a rule making process. Carolyn reviewed two rules the FPIF Board is considering that included the appointment of authorized agents and the transfer of assets. The appointment of authorized agent defaults to the president and the secretary unless specified by the Board. lnformation material was presented to the Board including; lllinois Firefighters' Pension lnvestment Fund Transition plaU FplF Updates and Timeline, Second Quarter 2O2f; FPIF Asset Transition Pension View and District View; Transition governance initial framework. A special meeting will be required if we receive a notice from the FPIF regarding consolidation of funds. carolyn reviewed the status of litigation between the Arlington Heights PPF v. Pritzker. They are hoping to strike down the law for all pension funds. Carolyn will update us as necessary. Old Business: All trustees completed and submi$ed their economic interest statement for Cook County. Bob Greiner stated he received notice from Cook County that we were missing economic interest statement. Bob confirmed that all statements were submitted and confirmed with Cook County that they were received. There was no update to the Tier ll Combined Creditable Service. 3  NITES FIREFIGHTERY PENSION FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER NltEs, lt 50714 May 13, 2021 Consideration of and Action upon Applicants for Admission: Fire Apparatus Engineer Brian Henricks applied for regular retirement on May 3, 2021. He had thirty-one years and 10 months of creditable service with a total salary of 5113,743.34. His monthly pension is 57,10S.95. Lauterbach & Amen prepared the beneftt calculation, which was reviewed by the Board. On a motion by Tull, seconded by Grammat to approve Brian Henricks regular retirement pension with a monthly pension of 57,108.96. Upon a call of the roll: AYES: Greiner, Tull, Lim, and Grammas NAYS: None ABSENT: None Motion carried. New Business: Rich Tepe/s term as pension trustee expired on April 30,2021. Nomination memo and email were sent to all active members. The Board received nominations for Greg Schmidt only. Since there is only one person nomlnated for the position, the Board dispensed with the formal election and declared the only nominee elected by acclamation. On a motion by Tull, seconded by Grammat the Board dispensed with the formal election and declared the only nominee elected by acclamation being GreS schmidt. The term is a three-year term, May 1, 2021 to April 30,2024. Upon a call ofthe roll: AYES: Greiner, Tull, Lim, and Grammas NAYS: None ABSENT: None Motion carried. After a small discussion on the annual election of the Board president and secretary, a motion was made by Tull, seconded by Grammas, to elect Byron Tull as President of the Board and Bob Greiner as secretary to the Board. Upon a call of the roll: AYES: Greiner, Lim, Tull, and Grammas NAYS: None ABSENT: None 4  NIT"ES FIREFIGHTERY PENSION FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER NttEs, tL 50714 May 13, 2021 Motion carried. A motion was made by Tull, seconded by Greiner, to retain Richard Scipione as the Pension Clerk until April 3Q 2022. Upon a call of the roll: AYES: Greiner, Tull, Lim, and Grammas NAYS: NONE ABSENT: None Motion carried. A motion was made by Greiner, seconded by Grammas, approve the Pension Clerk annual stipend of S13m. Upon a call of the roll: AYES: Greiner, Tull, Lim, and Grammas NAYS: None ABSENT: None Motion carried. Steve Zook and Brian Collins are our disabled members that is required to submit an IME' Brian Collins will only need one IME completed before he turns 50 years old next year. Carolyn recommends that we use Dr. Samo for the lME. Steve Zook will be turning 50 years old in the next few months. The Board agreed to forgo the IME due to the short time frame between the appointment date and when Steve Zook's fiftieth birthday. Byron advised the Board that the State of lllinois website for FOIA and OMA training is down and we are unable to complete our annual training. The Board discussed pensionable salary specific to what type of compensation is considered pensionable. Bob Greiner questaoned if stipends are pensionable. Carolyn will research exactly what is pensionable salary and what is not pensionable salary that is included within our collective bargaining agreement and report back to the Board. Training: Carolyn distributed and reviewed training material to the Board. Training articles that were reviewed included Timeline of Requirements 2021; Quarterly lnsi8hts; IAFPD Fire Call (Winter 2021) "Solving the Funding Conundrum;" lPlF Asset transition presentation (NIAFPD Conference 2021)' The Board has desiSnated one and a half hours of training for this meeting' 5  NITES FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER NrrEs, lt 60714 May 13, 2021 Next Meeting: The next meeting is scheduled for August 17, 2021 at 8:30 a.m. The meeting was adjourned at 10:24 a.m. on a motion by Greiner, seconded by Tull, and approved upon a unanimous vote voice. ry Minutes approved by the Board of Trustees at its meeting on 9 Irt 2021-. Minutes prepdred by Rich Scipione, Pension Clerk to the Fund 6