Firefighters Pension Board Fund

Geneva Firefighters Pension Fund 200 East Side Drive Geneva, Illinois 60134 Ph.(630)232-2530 Fax.(630)208-9353 October 20, 2014 To: All Geneva Firefighters Pension Board Members and Pension Fund Members From: President Tom Dahl Re: Pension Board Meeting Please be advised that a meeting of the Geneva Firefighter's Pension Board has been scheduled for Thursday, October 23, 2014 at 09:00 AM in the Geneva Fire Department Conference Room at 200 East Side Drive, Geneva, Illinois. Agenda items include; 1. Review minutes from previous meeting. 2. Review annual draft report from Lauterbach & Amen for submission to the Illinois department of Insurance. 3. Consider application for pension benefits submitted by Frederick Tichenor and Gerald Koster. 4. Review performance of pension fund and investment and recent transactions. 5. Consider bills for payment. 6. Entertain comments from trustees. 7. Entertain comments from public attendees (five minutes limit per attendee). cc: Steve Olson Frank Johnson Patrick McQueeny Craig Larsen, AHC Phil Affrunti post Station 1 post Station 2 post City Hall  Geneva Firefighters Pension Fund Meeting Minutes – October 23, 2014 Present: Pat McQueeny, Tom Dahl, Steve Olson, Absent: Phil Affrunti, Frank Johnson Also Present: Craig Larsen, AHC Advisors Jorie Pitt, AHC Advisors The meeting was called to order by President Dahl at 9:05 am in the fire department conference room. 1. Review minutes from previous meetings held July 10, 2014. President Dahl asked the Trustee’s to consider the meeting minutes for July 10, 2014. They were previously distributed in electronic form to all board members. Pat McQueeny moved to accept the minutes as presented 2nd by Steve Olson Ayes 3 Nays 0 2. Review annual draft report from Lauterbach & Amen for submission to the Illinois department of Insurance. The draft report and interrogatory had previously been emailed to the Board Trustees for review. No comments were offered during todays. Tom Dahl. Pat McQueeny and Steve Olson signed the Certification Form which was witnessed and notarized by Jenifer Reimer. 3. Consider application for pension benefits submitted by Frederick Tichenor and Gerald Koster. President Dahl presented the application for pension and the pension payment calculations prepared by Lauterbach & Amen for consideration. Gerald Koster will retire on November 20, 2014 and Frederick Tichenor will retire on November 28, 2014. President Dahl commented that as the retirements will increase the cash flow needs of the Fund he would work with Craig Larsen of AHC to identify the monthly cash needs to meet the total obligations. It was moved by Pat McQueeny to approve the payment calculations as presented. 2nd by Steve Olson 3 Ayes 0 Nays President Dahl signed the two documents which were forwarded to Derek Flessner or Lauterbach & Amen following the meeting. 4. Review performance of pension fund and investment and recent transactions. President Dahl turned the floor over to Craig Larsen for an update on the Fund assets and recent performance. A. The current value of the Fund is $12,563,615, there was a change in value of $ - 243,191.00, Change in investments $ -316,447.00. This is attributed to fluctuations in the markets which, over a longer period are normal and to be expected. B. Craig asked the Board to consider possible modifications to the Investment Policy and suggested that additional time be allotted at the next meeting (January 22, 2015) for an extended discussion on the topic. C. Tom Dahl reported that Sikich, LLP, the firm that conducted the audit of the City funds, reported to the City Council that the Board’s Investment Policy does not address custodial credit risk over investments or is silent to the issue. It was agreed this will be included in the discussion during the January 22nd meeting and that Tom would provide some suggested language to address this matter for consideration. 6. Consider bills for payment. Bills for payment total $9,104.49. (list attached) Pat McQueeny moved to approve the bills as presented. 2nd by Steve Olson Ayes 3 Nays 0 5. Entertain comments from trustees. No comments 6. Entertain comments from public attendees (five minutes limit per attendee). None President Dahl noted the next scheduled meeting of the Board will be January 22, 2015 at 9:00. The meeting dates for the remainder of 2015 are as follows: April 23, 2015 July 23, 2015 October 22, 2015 Pat McQueeny moved to adjourn the meeting at 9:41 am 2nd by Steve Olson Ayes 4 Nays 0 Absent 1 Respectfully submitted Steve Olson