Firefighters Pension Board Fund

Geneva Firefighters Pension Fund 200 East Side Drive Geneva, Illinois 60134 Ph.(630)232-2530 Fax.(630)208-9353 April 14, 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, April 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 – January 21, 2016 2. Update on progress in securing initial training for trustee’s Rita Kruse & Phil Affrunti 3. Consider application for pension benefits submitted by Stephen Olson. 4. Accept resignation notices and set date for election to fill the unexpired terms of Craig Hanson and Steve Olson. 5. Review performance of pension fund and investment and recent transactions. 6. Review and update of the current investment policy and asset allocation 7. Consider added benefit service from Lauterbach & Amen under the HELPS (Healthcare Enhancement for Local Public Safety) Act of 2007 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 – April 21, 2016 Present: Steve Olson, Pat McQueeny, Craig Hanson, Rita Kruse, Phil Affrunti Absent: Also Present: Craig Larsen, 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 January 21, 2016 President McQueeny asked the Trustee’s to consider the meeting minutes as presented. They were previously distributed in electronic form to all board members. Craig Hanson moved to accept the minutes as presented 2nd by Phil Affrunti Ayes 5 Nays 0 Absent 2. Update on progress in securing initial training for trustee’s Rita Kruse & Phil Affrunti Ms Kruse reported the course work is now available on-line and that she would work with Phil Affrunti to register. 3. Consider application for pension benefits submitted by Stephen Olson. The Board next considered the application for benefits submitted by Stephen Olson. Lauterbach and Amen have developed the benefit calculations which was submitted to the Board. Phil Affrunti moved to approve the application for benefits based on the calculations developed by Lauterbach & Amen. 2nd by Rita Kruse Ayes 4 Nays 0 Abstain 1 (Olson) 4. Accept resignation notices and set date for election to fill the unexpired terms of Craig Hanson and Steve Olson. Craig Hanson submitted his resignation to the Board effective July 1, 2016. Craig is a board member of the Elburn Firefighters Pension where he is employed as well as Geneva Firefighters Pension in which he is a retiree. He would prefer to be on one Board and as such is leaving this Fund as a Board member. As such the Board will need to fill the remaining two years of his term. With the retirement of Steve Olson his unexpired term (through April, 2017) will need to be filled as well.  Craig Hanson moved to set Wednesday, May 18, 2016 as the date for an election to fill the active and retired position. 2nd by Phil Affrunti Ayes 5 Nays 0 5. Review performance of pension fund and investment and recent transactions Craig Larsen led the Board through a review of the 2016 First Quarter Review and Analysis report for the Fund. He observed the Fund assets as of 3/31/2016 are $12,618,030 with a change of value of $135,654. He also discussed the differences between value and growth stocks and the importance of maintaining a balance between the two investment types. Steve Olson moved to accept the report 2nd by Phil Affrunti Ayes 5 Nays 0 6. Review and update of the current investment policy and asset allocation Craig Larsen presented the updated Investment Policy following suggested changes from Pat McQueeny. Once signed it will be filed with the Department of Insurance, Lauterbach & Amen, and AHC Advisors. Phil Affrunti moved to accept the revised policy as presented. 2nd by Craig Hanson Ayes 5 Nays 0 7. Consider added benefit service from Lauterbach & Amen under the HELPS (Healthcare Enhancement for Local Public Safety) Act of 2007. Steve Olson reviewed the information from Lauterbach and Amen and previously distributed to the board. In short the proposal would charge the Pension Fund $2.00 for each check processed for a retiree to pay their medical insurance before withholding is assessed their monthly check. Questions arose regarding potential exposure to the Fund should an error occur which results in the loss of medical coverage. The consensus of the Board was to table this matter until the July 20, 2016 meeting and request a representative from Lauterbach & Amen attend that meeting for discussion purposes. Additionally, a legal opinion will be obtained regarding the Funds legal liability exposure and how that might be addressed. Craig Hanson Moved to table the issue until July 20, 2016 2nd by Rita Kruse Ayes 5 Nays 0 8. Consider bills for payment. President McQueeny directed the Board’s attention to the list of bills for approval in the amount of $9,380.25. Pat McQueeny moved to approve the bills as presented. 2nd by Phil Affrunti Ayes 5 Nays 0  9. Entertain comments from trustees. Steve Olson introduced a request from the Department of Insurance asking the Board to update the “Pension Fund Security Administrator Authorization form. The form has been updated by the Department and is to be submitted no later than August 1, 2016. After a period of discussion it was decided that Phil Affrunti will assume the responsibility of “Security Administrator for the fund. The new form was completed during the meeting and submitted to the DOI. It was also briefly discussed that the D.O.I. will now require the Fund to submit the annual independent audit within six of the close of the fiscal year. In Geneva’s case that would be by October 31st of each year. 10. Entertain comments from public attendees. There were no comments. Phil Affrunti moved to adjourn the meeting at 9:50 AM 2nd by Craig Hanson Ayes 5 Nays 0 Respectfully submitted Steve Olson