Firefighters Pension Board

NITES FIREFIGHTERg PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER N ."ES, tL 50714 FEBRUARY 3, 2O2O The meeting was called to order at 8:31 a.m. by President Byron Tull. Trustees Present: Bob Greiner, Byron Tull, Rich Teper, Marimel Lim, and James Grammas. Officials Present: Tom Sawyer from Sawyer Falduto Asset Management, LLC, lnvestment Advisor to the Fund; Attorney Carolyn Clifford, Ottosen DiNolfo; Trinette Gardner, Lauterbach & Amen, LLP; Rich Scipione, Pension Clerk to the Fund. Public Comment: No public comment. Previous Minutes Approval: on a motion by Tull, seconded by Greiner, the minutes from the October 31, 2019 meeting were approved, subject to attorney review, by a unanimous voice vote. president Byron Tull reviewed the closed meeting minutes as required semi-annually. The minutes reviewed were: November 30, 2002 February 4 2009 December 15, 2004 September 28, 2009 February 9, 2005 october 15, 2009 February 26, 2005 February 8, 2010 Aprll 11, 2006 April 7, 2010 Decembe17,2005 September 7, 2010 January 8, 2008 On a motion by Tull, seconded by Teper, to keep the listed meeting minutes closed for another six months. AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. I  NITES FIREFIGHTERY PENSION FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER NttEs, tt 50714 FEBRUARY 3, 2O2O Presentation by tauterbach and Amen LLP The Board reviewed the Monthly Financial Report for the month ending December 31, 2019. As of December 31, 2019, the Fund held total assets of 536,505,454.70 and total liabilities of 55,405.00. The Net Position Held in Trust for Pension Benefits is 536,500,048.70. The Municipal Contribution is 52,2L4,228.83 and member contributions were 352,043.88. Total expended this year by the Fund was s2,963,883.73. Trinette Gardner presented the list of bills and disbursements. The Fund paid checks numbered 30260- 3O272;5OO4O, record from October 8, 2019 through December 27, 2019, for a total of 5179,259.45. A motion was made by Tull, seconded by Grammas, to approve the financial report as presented. Upon a call of the roll: AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. A motion was made by Tull, seconded by Grammas, to approve and authorize payment of the bills and disbursements as presented. Upon a call of the roll: AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. Trinette Gardner presented the revised 2020 annual pension benefit increases, as calculated by Lauterbach and Amen. On a motion by Tull, seconded by Greiner, to accept the 2020 annual benefit increases as presented by Lauterba€h & Amen. AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. 2  NILES FIREFIGHTERY PET{SION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER NttEs, tt 60714 FEBRUARY 3, 2O2O lnvestment Advisol's Report Tom Sawyer from Sawyer Falduto presented the Fund's December 3L,2079 "Quarterly lnvestment Report." The lnvestment Policy Guidelines were reviewed. The 2019 fourth quarterly ending market value was 536,476,510, with an investment return of 51,811,257. The 2019 year-to-date investment return is 56,093,013. The total account return for the fourth quarter was 5.18% versus the benchmark of 5.39%. The equity rate of return for the second quarter was 8.49% versus the blended benchmark of 9.L6Yo. The fixed income rate of return was 0.31% versus the benchmark of 0.46%. Our current portfolio allocation as of December 31,2079 is Equities at 64.6%, Fixed lncome at 35.O%, and Cash Equivalent at 0.3%. Our fixed income duration is 5.23 years versus the benchmark of 6.41 years. There are no pending changes to the lnvestment Policy and/or Asset Allocation Parameters. On a motion by Tull, seconded by Grammas, to approve the December 3t, ZOtg lnvestment Advisot's Report. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. Old Business Carolyn Clifford is continuing to work on revisions to the Niles pension rules, regulation, and the updated forms. She has asked to table the item until next meeting. Carolyn provided an update on Brian Collins disability application. We are waiting for records from lpMG from two previous workers compensation claims. Carolyn is prepared to send a letter to compel IPMG to send records to the Fund. Carolyn reviewed an update on Yolanda Hansen's disability pension application. She is still waiting on information from the village, Hip lnstitute, IPMG, and Lutheran General to be included in the information sent to the IME- once all information is received, lME',s can be scheduled. The Board reviewed recommended IME physicians from a memo prepared by carolyn. The options are Dr. samo 3  NII."ES FIREFIGHTERY PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER NttE rL 50714 FEBRUARY 3, 2O2O and Dr. Williamson-Link (occupational doctors), and Dr. Krysto Gianullius, Dr. Hutchinson, and Dr. Levin as the orthopedic specialist options. Carolyn will proceed with the first available options. On a motion by Tull, seconded by Grammal to approve the IME physicians from the list that Carolyn has provided. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. New Business Byron and Bob sent the list of required filers for statements of economic interests to Cook County and received documentation that they received the information. Carolyn explained that all trustees must file a Statement of Economic lnterest with Cook County by May 1. There was no further update to the tax levy amount from the Village of Niles' Trinette reviewed the updated Village of Niles, Illinois Firefightery Pension Fund Municipal compliance report. The recommended municipal contribution from the actuary is 54,359,738 versus the statutory municipal contribution of 53,493,756. The lllinols Department of lnsurance required contribution is 54,!4A,02O. On a motion by Tull, seconded by Grammas, to approve the updated Village of Niles, lllinois Firefighters' Pension Fund Municipal Compliance Report for the fiscal year ended April 30, 2019. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: NONE ABSENT: None Motion carried. Carolyn presented the Niles Pension Funding Report that shows the employer contribution vs the various statutory minimums. The village is contributing the actuavs recommended contribution. The Fund has no assets held in lllinois finance entities and is not required to obtain annual servicer certifications. We have a letter from 5/3d Bank stating that it is federally regulated and it is not necessary to obtain an annual servicer certification- 4  NITES FIREFIGHTERS' PENSION FUND EOARD OF TRUSTEES MEETING 8360 DEMPSTER NttEs, tt 50714 FEBRUARY 3, 2O2O The Board reviewed the 2019 filings and the annual timeline for 2020. Byron confirmed that all required documents were filed on time in 2019. The spring nomination for one active member pension trustee will be posted at both stations. lf there is only one person nominated for the position, the Board may dispense with the formal election and declare the only nominee elected by acclamation. Carolyn reviewed the retainer proposal for the Niles Firefighters' Pension Fund. The proposed monthly retainer would be S580.0O with an annual cost of 56,960.00 beginning February 1, 2020. This would be for an eleven-month agreement ending Decembet 31.,2OZO. The retainer covers telephone calls between the Board and our attorneys for any routine matter (not including disabilities or litigation), e- mail exchanges between the Board and our attorneys for any routine matter (not including disabilities or litigation), and attendance at all four of the Fund's regular quarterly meetings. On a motion by Tull, seconded by Grammas, to approve Ottosen DiNolfo Hasenbalg & Castaldo, Ltd. Law firm eleven month retainer proposal for a total cost of 56,960.00. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. Bob Greiner discussed the Fund paying potential future trustees' training. The Board agreed the individuals who are not currently trustees would continue to be responsible to pay for any training and would not be reimbursed from the Fund. Training: Carolyn presented training materials on lllinois Firefighters and Police Officers Pension lnvestment Consolidation Law: An Overview, Pension lnsights First Quarter 2020, and Pension Fund Risk Assessments: What Have We Learned? The Board designated one hour of training for the review of this training material at the meeting. Closed Meeting: There was no closed session. Next Meeting: The next meeting will be on May 12,2020 at 8:30 a.m. 5  NITES FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER NltEs, lt 60714 FEBRUARY 3, 2O2O The meeting was adjourned at 9:57 a.m. on a motion by Tull, seconded by Greiner, and approved upon a unanimous vote voice. Minutes approved by the Board of Trustees at its meeting on 2020 Minutes prepored by Rich kipione, Pension clerk to the Fund. 6