Firefighters' Pension Board

MINUTES OF A REGULAR MEETING OF THE EDWARDSVILLE FIREFIGHTERS’ PENSION FUND BOARD OF TRUSTEES July 27, 2021 Call to Order President Anderson called the meeting to order at 0908 Roll Call Treasurer Jeanne Wojcieszak (here, 0919), Secretary Cole Schrage (here), President Jim Anderson (here), Board Member Greg Signorotti (here) Board recognizes Craig Larson from Mission Wealth, FPIF representative Steve Zahn, Lauterbach and Amen representative AJ Weber, and Joe Weishampel (representative of Jerry Marzullo) of Asher, Gittler & D’Alba, Ltd. (here, 0922). Public Comment No Public comment made. Approve Minutes Motion made by Secretary Schrage to approve the meeting minutes as presented on 4/27/2021. Second by Board Member Signorotti. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), Board Member Rich Hampton (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye) Secretary’s Report Communications & Announcements have been recognized from the FPIF that the boards consolidation date will be November of 2021 in the second wave. There is no indication of the Union presenting a pension seminar for the year of 2021. The board will have to address the CEUs via another route. The board has the option of attending the IPPFA online 8-hour seminar for a cost of approximately $525 per board member for non-organizational members. All bills for services and mandates have been paid for in conjunction with our service providers and state statues. Motion to approve the Secretary’s report as present made by Treasurer Wojcieszak, Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0 Treasurers Report Referenced as Lauterbach and Amen report Unfinished business  No action needed New business L&A actuarial study is still retrieving information on salary. Preliminary information suggests an increase in funding ratio with a funding amount of over 18 million. No action currently required. Mission Wealth reported a updated rolling 5 year average of 8.74%. Bond allocation is currently -4.47% while Equity allocation is +5.16% currently. FPIF and the Boards attorney have suggested to have 6 months of cash on hand at the time of consolidation, which would require a rebalance of equities into cash. Motion made by Treasurer Wojcieszak to raise cash $300,000 from equities in to cash specifically the BMO Harris account. Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0. Motion made by President Anderson to authorize Financial Director Wojcieszak to redirect property tax recipets to be deposited to BMO Harris Cash account effective immediately. Second by Secretary Schrage. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0. Motion made by President Anderson to close the fidelity money market account and redirect any funds into the BMO Harris account by September 30, 2021. Second by Secretary Schrage. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0 Puchalski, Goodloe, Marzullo, LLP has decided to disband and go through separate ways. Board has an outstanding bill for service of $2,321.68 for services rendered in regards to the pending disability hear. Motion made by Treasurer Wojcieszak to approve the payment of $2,321.68 to Puchalski, Goodloe, Marzullo LLP. Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0. Jerry Marzullo has joined the law offices of Asher, Gittler & D’Alba, Ltd. And has offered to continue to be the attorney for the pension board. Motion made by Treasurer Wojcieszak to continued having Jerry Marzullo represent the pension board as the boards attorney. Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0. FPIF representative Steve Zahn updated the board on Exhibits A, B, and C which is needed for the acquisition of assets into the state wide fund for the boards selected consolidation date. Mr. Zahn reported that the date of November 1, 2021 the FPIF will assume all fiduciary responsibility unless the transaction date is delayed for unforeseen reasons. Motion made by Secretary Schrage to approve Exhibit A, B, and C as presented from the FPIF in order to comply with statue for the purpose of consolidation to the state wide fund. Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0 Good of the order Nothing reported under this section Adjournment Motion to Adjourn the meeting made by Secretary Schrage. Second by President Anderson. Roll Call vote. Treasurer Jeanne Wojcieszak (aye), Secretary Cole Schrage (aye), President Jim Anderson (aye), Board Member Greg Signorotti (aye). Motion passes in favor of the Aye 4-0. Meeting adjourned at 1147