Fire Pension Board

MINUTES CITY OF DEKALB DeKalb Firefighters Pension Fund July 12, 2018 The Board of Trustees of the DeKalb Firefighters Pension Fund held a Meeting on July 12, 2018 in the Ellwood Conference Room at 200 S. Fourth Street, DeKalb, Illinois. Pat Eriksen, President of the Board called the meeting to order at 8:03 a.m. A. ROLL CALL President Pat Eriksen called the roll and the following members of the DeKalb Firefighters Pension Fund were present: Pat Eriksen, Bill Kalal, and Eric Hicks. Ray Krueger arrived at 8:05 a.m. Members absent at roll call were: Chris Ziola. Also present were: Pension Board Attorney Cary Collins and Steve Calcaterra from Cary Collins’ office; Investment Manager Craig Larsen of ACH Advisors; Greg Hosbein from Segal, Bryant, and Hamill; and Recording Secretary and Staff Liaison Traci Lemay. B. APPROVAL OF THE AGENDA – ADDITIONS / DELETIONS A Motion was made by Bill Kalal to approve the Agenda after amending agenda by moving Item F3 to the first item in New Business Section F. Said Motion was seconded by Pat Eriksen and unanimously approved by the Board by roll call. C. PUBLIC PARTICIPATION None D. APPROVAL OF MINUTES A Motion was made by Bill Kalal to approve the minutes of the April 12, 2018 regular meeting. Said Motion was seconded by Pat Eriksen and unanimously approved by the Board by roll call. E. OLD BUSINESS Seminars The annual training conference was May 16-18, 2018. Trustees received the required annual 16 hours of continuing education at the seminar. DeKalb Firefighters Pension Fund July 12, 2018 Page 2 of 3 F. NEW BUSINESS Segall, Bryant, and Hamill presentation to the Board Greg Hosbein, co-portfolio manager, gave a presentation to the Board regarding bond investment benchmark, strategy, and purchasing philosophy. Investment Manager Report Craig Larsen presented the quarterly report to the Board and reviewed the stock portfolio investment philosophy and history. Tariffs are affecting the international market. The tax cut has helped the spending in the market. With the receipt of tax revenue and the change in February to Segall, Bryant, and Hamill, Craig Larsen recommended the Board authorize re-balancing the portfolio by allocating $900,000 to Segall, Bryant, and Hamill to bring the bond portfolio up to the target allocation provided in the fund’s investment policy. Required Investment Transactions A Motion was made by Bill Kalal to move $900,000 from cash to Segall, Bryant, and Hamill to bring the bond portfolio up to the target allocation of the fund’s investment policy. Said Motion was seconded by Pat Eriksen and unanimously approved by the Board by roll call. Financial reports and Transactions A Motion was made by Ray Kruger to take an omnibus vote and accept the following items in Omnibus form: • Financial Reports and Transactions of Investment Managers for the 2nd quarter of 2018 • Financial Reports of the Investment Consultant for the 2nd quarter of 2018 • Financial Reports and Transactions of the Cash Manager for the 2nd quarter of 2018 • Payroll Transactions for the 2nd quarter of 2018 • Monthly Budget Reports for the 2nd quarter of 2018 • Ratify the trades of the asset manager for the 2nd quarter of 2018 Said Motion was seconded by Bill Kalal and unanimously approved by the Board by roll call. Accounts Payable A Motion was made by Bill Kalal to authorize the payment of the quarterly bills listed on the Lauterback and Amen general ledger. Said Motion was seconded by Ray Kruger and unanimously approved by the Board by roll call. New Members None DeKalb Firefighters Pension Fund July 12, 2018 Page 3 of 3 Request for Benefits None Discussion of Topics for Next Meeting Agenda Military Buy Back will be placed back on the Agenda for upcoming meetings. This item will follow Request for Benefits on all agendas going forward. H. ADJOURNMENT A Motion was made by Ray Krueger to adjourn. Said Motion was seconded by Bill Kalal and unanimously approved by the Board. The meeting adjourned at 9:16 a.m. The next regular meeting of the DeKalb Firefighters Pension Board will be October 11, 2018. __________________________________________ Traci A. Lemay, Pension Board Recording Secretary Minutes approved by DeKalb Firefighters Pension Board on October 11, 2018.