Firefighters Pension Board Fund

Geneva Firefighters Pension Fund Meeting Minutes – October 15, 2015 Present: Steve Olson, Phil Affrunti, Pat McQueeny, Craig Hanson, Rita Kruse Absent: Also Present: Craig Larsen, AHC Advisors Anthony Cervini, Sikich, Inc. The meeting was called to order by Secretary Olson at 3:15 PM in the fire department conference room. 1. Review minutes from previous meetings held July 23, 2015 Secretary Olson asked the Trustee’s to consider the meeting minutes as presented. They were previously distributed in electronic form to all board members. Pat McQueeny moved to accept the minutes as presented 2nd by Craig Hanson Ayes 5 Nays 0 2. Hold elections for the position of president and secretary, terms to run through April 30, 2016. Nominations were opened for the positions of President and Secretary. With Tom Dah’s departure from the city the position of president became vacant. Today’s election will fill the president and secretary positions through April 30, 2016. Craig Hanson nominated Pat McQueeny for president and Steve Olson as secretary and both were seconded by Phil Affrunti. Ayes 5 Nays 0 3. Consider approval of tuition expense for Rita Kruse and Phil Affrunti to attend the required 32-hour new board member training to comply with state statute and offered by the Illinois Public Pension Fund Association. Both Rita and Phil, as new members of the Board need to comply with the education requirement of 32 continuing education hours for all new members of a pension board. A staggered program that spreads the coursework out over 4 separate 8-hour sessions is offered by the Illinois Public Pension Fund Association (IPPFA) in association with Northern Illinois University. The courses cost $1,500 per student or $375 per session and a 50% discount is offered if the agency is a member of the IPPFA. The fire pension fund is not currently a member of the IPPFA and there was some discussion by the Trustee’s if the relatively high membership fee’s were warranted. Rita offered to research whether the city of Geneva or the police pension fund have a membership. If not, she will explore whether a joint membership for the two funds is allowed. It was moved Pat McQueeny to approve the expenditure of up to $3,000 for trustee  continuing education for Rita Kruse and Phil Affrunti. Steve Olson seconded the motion Ayes 5 Nays 0 4. Consider approval of seminar costs for Pat McQueeny and Craig Hanson for continuing education through the Illinois Professional Firefighters Association Fall Seminar on November 6, 2015. The Illinois Professional Firefighters Association (IPFA) is hosting it’s Fall 8-hour continuing education seminar on November 6th. Pat McQueeny and Craig Hanson are available to attend as a part of their required 16-hour training requirement at a cost of $320. It was moved by Phil Affrunti to approve the seminar fee for Pat McQueeny and Craig Hanson. Rita Kruse seconded the motion. Ayes 5 Nays 0 5. Consider suggested modification to the adopted Investment Policy to address custodial credit risk. Following the recently completed audit of the Pension Fund by Sikich a recommendation was made to adopt language for the current Investment Policy that address’s the Board position with respect to collateralizing the Funds cash assets. Craig Larsen provided draft language during the July, 2015 Board meeting for review and consideration by the Board trustee’s. Craig reviewed the intent and purpose of the addition to the existing policy to the trustee’s who understood and had no questions. It was moved by Pat McQueeny to adopt the language as presented and make it an attachment to the current Investment Policy. Craig Hanson seconded the motion Ayes 5 Nays 0 Note: A new copy of the Investment Policy with the new language will be mailed to the Illinois department of Insurance. 6. Consider acceptance of the audit results for fiscal 2014-15 from Sikich, Inc Mr Anthony Cervini from Skich, Inc presented and reviewed the audit of the Pension Fund for the period of May 1, 2014 through April 30, 2015. He reported the audit found no material defects in the practices or accounts of the Board or Fund assets. A recommendation was made regarding the collateralization of the Fund assets (See item # 5) that has been addressed by the Board. It was moved by Phil Affrunti to accept the audit and place it on file. Rita Kruse seconded the motion. Ayes 5 Nays 0  7. Review performance of pension fund and investment and recent transactions. Craig Larsen reviewed the 3rd quarter fund performance noting there was a downward change in value of $813,312 due to the recent performance in the stock market and the global reaction to decisions made by China with respect to the value of its currency. The current Fund value is $12,217,979. 8. Consider bills for payment. Secretary Olson directed the Board’s attention to the list of bills for approval in the amount of $13,128.25. It was moved by Pat McQueeny to approve the bills as presented 2nd by Phil Affrunti Ayes 5 Nays 0 9. Entertain comments from trustees. Steve Olson suggested dates for the Board meetings in 2016: January 21, 2016 April 21, 2016 July 21, 2016 October 20, 2016 10. Entertain comments from public attendees. There were no comments. Rita Kruse moved to adjourn the meeting at 10:15 AM 2nd by Phil Affrunti Ayes 5 Nays 0 Respectfully submitted Steve Olson