Fire Pension Board

MINUTES CITY OF DEKALB DeKalb Firefighters Pension Fund October 11, 2018 The Board of Trustees of the DeKalb Firefighters Pension Fund held a Meeting on October 11, 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 8:08 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, Chris Ziola, Eric Hicks, and Ray Krueger. Members absent at roll call were: Bill Kalal. Also present were: Pension Board Attorney Cary Collins, Investment Manager Craig Larsen of ACH Advisors, Trinette Gardner from Lauterbach and Amen, Interim City Manager Molly Talkington, and Recording Secretary and Staff Liaison Traci Lemay. B. APPROVAL OF THE AGENDA – ADDITIONS / DELETIONS A Motion was made by Ray Krueger to approve the Agenda. Said Motion was seconded by Chris Ziola and unanimously approved by the Board by roll call. C. PUBLIC PARTICIPATION Trinette Garner of Lauterbach and Amen reviewed with the Board the August 31, 2018 month end Financial Report. Also, she presented the Board with the Public Act 95-950 Municipal Compliance Report for the Fiscal Year Ending December 31, 2017 for signature. The President and Secretary of the Board signed the document and will forward to Interim City Manager Molly Talkington. D. APPROVAL OF MINUTES A Motion was made by Ray Krueger to approve the minutes of the July 12, 2018 regular meeting. Said Motion was seconded by Pat Eriksen and unanimously approved by the Board by roll call. E. OLD BUSINESS Seminars All trustees are current with their required annual training. Cary Collins mentioned the Department of Insurance is now requesting copies of training certificates. DeKalb Firefighters Pension Fund October 11, 2018 Page 2 of 3 On November 30, 2018, an 8 hour training session for trustees will occur. Also, if any Trustee wants additional training, Cary’s office provides on-line training courses. F. NEW BUSINESS Investment Manager Report Craig Larsen presented the quarterly report to the Board and reviewed several items affecting the market: emerging markets, trade disputes, NAFTA, and flattening of yield curve. Because of the market loss October 10, the Board should expect a flat year, unless the market makes a significant turnaround in the next two months. Craig Larsen recommended the Board authorize raising between $250,000 and $500,000 to pay expenses, if necessary, through January. Required Investment Transactions A Motion was made by Eric Hicks to approve raising between $250,000 and $500,000 to pay expenses, if necessary. Said Motion was seconded by Chris Ziola and unanimously approved by the Board by roll call. Financial reports and Transactions A Motion was made by Chris Ziola 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 Eric Hicks and unanimously approved by the Board by roll call. Accounts Payable A Motion was made by Pat Eriksen to authorize the payment of the quarterly bills listed on the Lauterbach and Amen general ledger. Said Motion was seconded by Chris Ziola and unanimously approved by the Board by roll call. New Members None Request for Benefits The Board will be working in the near future on benefit termination for Anthony Marzulli, whose last day with DeKalb Fire was October 10, 2018. Also, the Board DeKalb Firefighters Pension Fund October 11, 2018 Page 3 of 3 will be processing an anticipated request for benefits for Tim Stiker whose last day is anticipated to be January 4, 2019. The Board should expect a special meeting in December to finalize Tim Stiker’s retirement pension. Military Service Time Buy back Currently there is only one member of the pension fund who would be eligible for a military service time buy back. Pat Eriksen mentioned this person is currently thinking about retiring in 2020. Eric Hicks requested Cary Collins review with the Board the buy back procedure. Cary explained this person would have to inform the Board of his intent to buy back military service time. Then, the Board will notify Lauterbach and Amen who will calculate the amount of contributions plus interest for the time of the buyback. The requestor would have to pay this amount in full prior to retirement to be able to receive this additional time credit. Calendar of Meetings for 2019 The schedule of meetings for 2019 was set. Meetings will be held on the second Thursday of January, April, July, and October. Those dates are January 10, 2019, April 11, 2019, July 11, 2019, and October 10, 2019. At Eric Hicks’ request, Pat Eriksen will coordinate with Ruth Scott to publish the Calendar of Meetings. Discussion of Topics for Next Meeting Agenda Semi-annual review of executive session items. H. ADJOURNMENT A Motion was made by Chris Ziola to adjourn. Said Motion was seconded by Ray Kruger and unanimously approved by the Board. The meeting adjourned at 9:02 a.m. The next regular meeting of the DeKalb Firefighters Pension Board will be January 10, 2019. __________________________________________ Traci A. Lemay, Pension Board Recording Secretary Minutes approved by DeKalb Firefighters Pension Board on January 10, 2019.