Firefighters' Pension Fund Board

FIREFIGHTERS' PENSION FUND MEETING MINUTES WHEATON FIRE STATION I, I FAPP CIRCLE, WHEATON, ILLINOIS 60187 MINUTES OF A REGULAR MEETING OF THE WHEATON FIREFIGHTERS'PENSION FUND BOARD OF'TRUSTEES MAY 1,7,2021 A regular meeting of the Wheaton Firefighters' Pension Fund Board of Trustees was held on Monday, May 17,2021 at 9:00 a.m. at the Wheaton Fire Station # I located at I Fapp Circle, Wheaton, Illinois 601 87, pursuant to notice. CALL TO ORDER: Trustee Skilondz called the meeting to order at 9:00 a.m. ROLL CALL: PRESENT: Trustees Jason Skilondz, John Cochrarl Rick Kammes, Charles Hartman and Michael Savegnago ABSENT: None ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & LaBardi PC; Paul Marchese, Marquette Associates; Kelley Murray, Lauterbach & Amen, LLP (L&A) PIJBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: February 19, 2021 Regular Meeting:The Board reviewed the February 19,2021 regular meeting minutes. A motion was made by Trustee Savegnago and seconded by Trustee Cochran to approve the February 19,2021 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORT MARQUETTE ASSOCIATESI Executive Summary: Mr. Marchese - presented the Executive Summary for the period ending March 31, 2021. Mr. Marchese discussed the market environment, investment manager status report, summary of investment changes, total fund composite and performance by investment managers. As of March31,202l,the three-monthtotal net retum is 4o/o and the year-to-date total net return is 4o/o for an ending market value of $42,111,844. The current asset allocation is as follows: Fixed Income at3l.9o/o, U.S. Equity at35.5Yo,Intemational Equity at20.60/o, Real Estate at 60/o, Global Tactical Composite at 5 .4o/o, Annuities at 1 .60/o and Cash at 0.7oh. Potential Purchase and/or Sale of Securities, Potential Portfulio and/or Hiring or Termination of Investment Manager: Mr. Marchese recommended removing PIMCO from alert status. A motion was made by Trustee Hartman and seconded by Trustee Cochran to remove PIMCO from alert status as recommended. Motion canied unanimously by voice vote. The Board discussed the asset allocation and the impact the anticipated tax levy will have on the portfolio guidelines set forth in the current investment policy. A motion was made by Trustee Kammes and seconded by Trustee Savegnago to reallocate $600,000 from cash to the NIS fixed income manager, upon receipt of the tax levy. Motion carried by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran and Kammes NAYS: None ABSENT: None ABSTAIN: Trustee Hartman A motion was made by Trustee Savegnago and seconded by Trustee Hartman to accept the Executive Summary as presented. Motion carried unanimously by voice vote. Wheaton Firefighters' Pension Fund Meeting Minutes - May 17,2021 Page 2 of 4 Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. ACCOUNTANT'S REPORT - LAUTERBACH & AMEN, LLPz Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the four-month period ending April 30, 2021 prepared by L&A. As of April 30, 202l,the net position held in trust for pension benefits is $43,892,0 54.52 for a change in position of $2,386,558.18. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Joumal and the Vendor Check Report for the period of February 1,2021through April 30, 2021 for total disbursement of $100,991.52. A motion was made by Trustee Savegnago and seconded by Trustee Cochran to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $100,991.52. Motion carried by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran, Hartman and Kammes NAYS: None ABSENT: None Additional Bills, if any - Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was made by Trustee Kammes and seconded by Trustee Cochran to approve payment of the IDOI Compliance Fee in an amount not to exceed $8,000, upon receipt of the invoice. Motion carried by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran, Hartman and Kammes NAYS: None ABSENT: None TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. COMMUNICATIONS AND REPO-KISz Statements of Economic Interesf: The Boardwas remindedthat the Statements of Economic Interest were due by May 1,2021. TRUSTEE TRAINING UPDATES (CONTINUED): Approval of Trustee Training Registration Fees and Reimbursable Expenses.' The Board reviewed the following Trustee training reimbursements: o Reimbursement to Trustee Hartman in the total amount of $384.16 for training expenses: o Mileage: 336 miles at $0.56/mile totaling $118.16 o Meals: $266 A motion was made by Trustee Savegnago and seconded by Trustee Kammes to appfove Trustee Hartman's reimbursement in the amount of $384.16. Motion carried by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran and Kammes NAYS: None ABSENT: None ABSTAIN: Trustee Hartman a Reimbursement to Trustee Cochran in the total amount of $228.08 for training expenses o Mileage: 68 miles at .56/mile totaling $38.08 o Meals: $190 A motion was made by Trustee Savegnago and seconded by Trustee Kammes to approve Trustee Cochran's reimbursement in the amount of $228.08. Motion carried by roll call vote. Wheaton Firefighters' Pension Fund Meeting Minutes - May 17 ,2021 Page 3 of4 AYES: Trustees Skilondz, Savegnago, Hartman and Kammes NAYS: None ABSENT: None ABSTAIN: Trustee Cochran a Reimbursement to Trustee Skilondz in the total amount of $824.02 for training expenses: o Hotel: $494.18 o Mileage: 114 miles at .56lmile totaling $63.84 o Meals: $266 A motion was made by Trustee Savegnago and seconded by Trustee Kammes to approve Trustee Skilondz's reimbursement in the amount of $824.02. Motion carried by roll call vote. AYES: Trustees Savegnago, Cochran, Hartman and Kammes NAYS: None ABSENT: None ABSTAIN: Trustee Skilondz APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND AND/OR RETIREMENTiDISABILITY BENEFITS: Status Update - Disability Benefits - Lyle Lake: TheBoard noted that Lyle Lake continues to collect worker's compensation. Further discussion will be held at the next regular meeting. OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. NEW BUSINESS: Certifu Board Election Results - Retired Member Position: L&A conducted an election for the retired member position on the Wheaton Firefighters' Pension Fund Board of Trustees. Rick Kammes ran unopposed and was reelected for a three-year term expiring April 30,2024. A motion was made by Trustee Cochran and seconded by Trustee Savegnago to certi$r the retired member election results. Motion carried unanimously by voice vote. Review/Approve - FPIF Vendor Authorization Letter:The Board reviewed the FPIF Vendor Authorization Letter requesting authorization to share data and information form the Wheaton Firefighters' Pension Fund to the Firefighters' Pension Investment Fund. Further discussion will be held at the next regular meeting. Discussion/Possible Action - Lauterbach & Amen, LLP Records Inventory and Disposal Services: The Board reviewed the L&A engagement letter for Records Inventory and Disposal Service. A motion was made by Trustee Hartman and seconded by Trustee Cochran to engage L&A for the service in an amount not to exceed $2,250. Motion carried by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran, Hartman and Kammes NAYS: None ABSENT: None ATTORNEY'S REPORT - REIMER DOBROVOLNY & LABARDI PC: Legal Updates : The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney LaBardi discussed recent court cases and decisions, as well as general pension matters with the Board. A motion was made by Trustee Savegnago and seconded by Trustee Cochran to accept the Attorney's Report as presented. Motion carried unanimously by voice vote. CLOSED SESSION,IF NEEDED: There was no need for closed session. Wheaton Firefighters' Pension Fund Meeting Minutes - May 17,2021 Page 4 of 4 ADJOURNMENT: A motion was made by Trustee Savegnago and seconded by Trustee Hartman to adjourn the meeting at 9:58 a.m. Motion canied by roll call vote. AYES: Trustees Skilondz, Savegnago, Cochran, Hartman and Kammes NAYS: None ABSENT: None The next is scheduled for August 16,2021at 9:00 a.m. or Minutes approved by the Board of Trustees on slzs lzt Minutes prepared by Kelley Murray, Pension Services Administrator, Lauterbach & Amen, LLP