Firefighters Pension Board Fund

Geneva Firefighters Pension Fund 200 East Side Drive Geneva, Illinois 60134 Ph.(630)232-2530 Fax.(630)208-9353 January 15, 2016 To: All Geneva Firefighters Pension Board Members and Pension Fund Members From: President Pat McQueeny Re: Pension Board Meeting Please be advised that a meeting of the Geneva Firefighter's Pension Board has been scheduled for Thursday, January 21, 2016 at 9:00 AM in the Geneva Fire Department Conference Room at 200 East Side Drive, Geneva, Illinois. Agenda items include; 1. Review minutes from previous meeting – October 15, 2015 2. Consider approval of the Municipal Compliance Report for the period of May 1, 2014 – April 30, 2015 and authorize its submission to the city of Geneva. 3. Consider Cost of Living Allowance increase for calendar 2016 4. Update on progress in securing initial training for trustee’s Rita Kruse & Phil Affrunti 5. Consider approval for the spring IPFA pension seminar – May 6, 2016 in the amount of $850. 6. Review performance of pension fund and investment and recent transactions. 7. Review and update of the current investment policy and asset allocation 8. Consider bills for payment. 9. Entertain comments from trustees. 10. Entertain comments from public attendees. cc: Steve Olson Craig Hanson Patrick McQueeny Craig Larsen, AHC Phil Affrunti Rita Kruse post Station 1 post Station 2 post City Hall  Geneva Firefighters Pension Fund Meeting Minutes – January 21, 2016 Present: Steve Olson, Pat McQueeny, Craig Hanson, Rita Kruse Absent: Phil Affrunti Also Present: Craig Larsen, Jorie Pitt, AHC Advisors The meeting was called to order by President Pat McQueeny at 09:00 AM in the fire department conference room. 1. Review minutes from previous meetings held October 15, 2015 President McQueeny asked the Trustee’s to consider the meeting minutes as presented. They were previously distributed in electronic form to all board members. Steve Olson moved to accept the minutes as presented 2nd by Craig Hanson Ayes 4 Nays 0 Absent 1 (Affrunti) 2. Consider approval of the Municipal Compliance Report for the period of May 1, 2014 – April 30, 2015 and authorize its submission to the city of Geneva. The Municipal Compliance Report was submitted to the city of Geneva in November for inclusion in the annual tax levy. It arrived from Lauterbach and Amen after the October, 2015 Board meeting and forwarded on to the Board members for review. There was a unanimous consensus to submit the report to the City. Today’s action is intended to confirm that action. Rita Kruse moved to accept the Municipal Compliance Report for the 12-month period ending April 30, 2015. Craig Hanson seconded the motion Ayes 4 Nays 0 Absent 1 (Affrunti) 3. Consider Cost of Living Allowance increase for calendar 2016 The Board next considered the “Annual Benefit Increases” report submitted by Lauterbach & Amen. The changes went into effect with the start of 2016 and comply with state statute. Rita Kruse moved to approve the benefit increases as presented by Lauterbach and Amen. Steve Olson seconded the motion. Ayes 3 Nays 0 Absent 1 (Affrunti) Abstain 1 (Hanson) 4. Update on progress in securing initial training for trustee’s Rita Kruse & Phil Affrunti Ms. Kruse reported that she had completed preliminary research on this project but is  not ready to commit the Board approved funds until scheduling can be coordinated with Phil Affrunti’s and Ms. Kruse’s schedules. 5. Consider approval for the spring IPFA pension seminar – May 6, 2016 in the amount of $850 The Board next considered the seminar costs for Steve Olson, Pat McQueeny, and Craig Hanson to attend the spring pension seminar offered by the IPFA to meet the mandated 16-hours of annual continuing education at an estimated cost of $850.00. Craig Hanson moved to approve $850 for Pat McQueen, Craig Hanson, and Steve Olson to attend the spring IPFA pension seminar. Pat McQueeny seconded the motion Ayes 4 Nays 0 Absent 1 (Affrunti) 6. Review performance of pension fund and investment and recent transactions. Craig Larson presented the 4th quarter 2015 Review and Analysis to the Board by first talking about the Executive Summary and the overall performance of the fund. Sawyer Falduto is outperforming slightly both over the quarter and over the past 12 months. The equity portfolio was up 3.44% for the quarter but down 4.23% for the previous 12 months. The current value of the fund is $12,482,376. Craig Hanson moved to accept the report. Rita Kruse seconded the motion Ayes 4 Nays 0 Absent 1 (Affrunti) 7. Review and update of the current investment policy and asset allocation The Board next considered the proposed language changes in the Investment Policy. Pat McQueeny identified inconsistencies in the terminology used in the draft. Craig Larsen agreed the differences should be cleaned up before the Board formally considers the adoption of the proposed changes and suggested this matter be tabled for now and placed on the agenda for the Board meeting scheduled for April 21, 2016. There was a consensus among the trustee’s to table the matter until the next scheduled Board meeting. Craig Hanson moved to table consideration to the next regularly scheduled meeting of the Board. Rita Kruse seconded the motion 8. Consider bills for payment. President McQueeny directed the Board’s attention to the list of bills for approval in the amount of $13,516.40. Craig Hanson moved to approve the bills as presented. Rita Kruse seconded the motion Ayes 4 Nays 0 Absent 1 (Affrunti)  9. Entertain comments from trustees. Rita Kruse requested the use of secure envelopes when mailing payment checks for the pension fund expenses. Steve Olson will work with Ms. Kruse to have that initiative started immediately. 10. Entertain comments from public attendees. There were no comments. Craig Hanson moved to adjourn the meeting at 9:50 AM 2nd by Pat McQueeny Ayes 4 Nays 0 Absent 1 (Affrunti) Respectfully submitted Steve Olson