Firefighters' Pension Board

MINUTES OF A REGULAR MEETING OF THE EDWARDSVILLE FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES October 27, 2020 Call to Order: Meeting called to order at 0902 by President James Anderson. Roll Call Board Members – Secretary Cole Schrage (Here), President James Anderson (Here), Treasurer Rich Hampton (Here), Trustee Greg Signorotti (Absent 0928), Board Member Jeanne Wojcieszak (Here) Public Attendants – Mr. Craig Larsen, Mr. AJ Weber, Mr. Jeffery Eberhardt, Mr. Kevin Cavanaugh, Public Comment Once recognized by the Chair anyone wishing to address the Board may have the floor for up to three minutes to present information relevant to business matters of the pension fund. No public comment was made. Approve Minutes: Motion to approve the Meeting Minutes from 2020Q2 Regular Meeting Minutes, Special Board Meeting Minutes from June 8, 2020 and 2020Q3 Regular Meeting Minutes made by Jeanne, 2nd by Anderson. Vote. Aye 5-0. Aye win. Motion to amend previous Meeting Minutes for the previous year in order to comply with annual audit made by Jeanne, 2nd rich. Vote. Aye 5-0 Secretary’s Report: All bills for service and Mandates, have been paid in conjunction with our contract for services agree with Lauterbach and Amen as well as AHC Advisors. Annual AFFI Pension Seminar starts today at 1300 and concludes the following day. Jim Anderson, Cole Schrage, and Greg Signorotti will be attending. Motion to approve the cost of Jim Anderson to attend the Annual Pension Board Seminar via Zoom at a cost of $25.00 made by Greg Sig 2nd by Jeanne Vote. Roll Call. Anderson Aye. Jeanne Aye. Rich absent. Sig Aye. Schrage Aye Passes in favor 4-0 Motion to accept the Secretary’s Report made by Anderson, Second by Jeanne. Vote. Aye 4-0 Treasurer’s Report: No report from Treasurer Unfinished Business: No unfinished business to address. No RFPs present New Business:  Motion to approve the Meeting Dates for year 2021 as presented made by Anderson. 2nd by Signorotti. Vote. Aye 3-0 Actuarial Report from L&A presented by Kevin Cavanaugh. Level Dollar amount increased from 1,206,000 to 1,396,000. Value of the fund decreased from 57.52% to 54.72% with an estimated 12,520,000 million dollar unfunded liability. Several changes to Tier II has adjusted the actuarial do to the increase of benefit. Statutory Minimum Contribution was adjusted to $1,109,000. Motion to approve the Tax Levy Request as presented by L&A in the draft profile in the amount of $1,396,383 based upon the Level Dollar Actuarial Study provided made by Anderson. 2nd by Schrage. Roll Call vote Ayes 3-0 Motion to Renew Fiduciary liabity Insurance with Alliant ins in the amount of $3,495 made by Schrage. 2nd Sig. Roll Call Vote. Anderson Aye. Aye 3-0 Investment Action per AHC Craig Larsen require no action for current quarterly meeting. Jeffrey Eberhardt presentation on the fixed income portion of the portfolio. Fixed Incomes have had a great return with 107 basis points above the benchmark with a 6.99% rate of return. PNC has an estimated 2-3% for 2021. Motion to approve AHC Consent to Assignment as presented made by Anderson. 2nd by Schrage. Roll Call Vote. Anderson Aye. Schrage Aye. Signorotti Aye. Vote passes in favor of the Aye 3-0 For the Good of the order: Anderson is requesting clearance for email access from the firewall along with Steve Zahn. Greg Signorotti and Jeanne Wojcieszak will need to attend the 16 hour certified trustee course via L&A at a cost of $1,050 per member. https://ippfa.org/education/trustee-program/ Adjourn Meeting: Motion made to Adjourn the meeting at 1124 made by Anderson, 2nd Signorotti. Vote. Aye 3-0.