Firefighters Pension Board

I{II..ES FIREFIGHTERS' PENSIOI{ FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER Nt1E5, tt 50714 FEBRUARY 18, 2021 The meeting was called to order at 8:36 a.m. by President Byron Tull. Trustees Present: Bob Greiner, Byron Tull, Rich Teper, Marimel Lim, and James Grammas. Officials Present: Dave Harrington and Edward Lavin 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 @mment: No public comment. Previous Minutes Approval : On a motion by Greiner, seconded by Tull, the minutes from the Novemb€r 2, 2020 meeting were approved. Upon a call of the roll: AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSEiIT: None Motion carried. president Byron Tull reviewed the closed meeting minutes as required semi-annually. The minutes reviewed were: November 30, 2002 February 4, 2fl)9 December 15, 2004 September 28, 2009 February 9, 2005 october 15, 20(x) February 26, 2005 February 8, 2010 April 11, 2006 April T ,2O!O December7,20O6 September 7, 2010 January 8, 2m8 August 25, 2015 August 31, 2020 September 30, 2020 On a motion by Tull, seconded byTeper, to keep the listed meeting minutes closed for another six months. AYES: Greiner, Tull, Teper, Lim, and Grammas 1  NII.ES FIREFIGHTERS' PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER NL"ES, tt 60714 FEBRUARY 18, 2021 NAYS: None ABSENT: None Motion carried. Presentation by lauterbach and Amen LLP The Board reviewed the Monthly Financial Report for the month ending January 3L,2021. As ofJanuary 31, 2021, the Fund held total assets of 543,147,300.57 and total liabilities of 55,505.33. The Net Position Held in Trust for Pension Eenefits is y.3,L41,794.24. The Municipal Contribution is 53,&5,409.48 and member contributions were 438,350.03. Trinette Gardner presented the list of bills and disbursements. The Fund paid check numbered 30331- 30349; 50055 and 5fi)56, record from October 1, 2020 throu8h January 27,2021, tor a total of 526s,459.27. A motion was made by Tull, seconded by Teper, 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 ofthe roll: AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. Trinette Gardner presented the revised 2021 annual pension benefit increases, as calculated by Lauterbach and Amen- On a motion by Tull, seconded by Greiner, to accept the 2021 annual benefit increases as presented by Lauterbach & Amen. 2  NIIES FIREFIGHTERY PENSION FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER N["ES, tt 60714 FEBRUARY 18, 2021 AYES: Greiner, Tull, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. The fiscal year 2020 statement of changes in plan assets and audit results have not been completed. This agenda item are tabled until the next quarterly meeting. Treasurers Report: Treasurer Kent Oliven is absent from this quarterly meeting and agenda items confirmation of tax levy amount for the Fund from the Village of Niles and the coordination of meeting with Village on actuarial assumptions are tabled untilthe next quarterly meeting. lnvestment Advisor's Report Ed Lavin from Sawyer Falduto presented the Fund's December SL,2O2O "Quarterly lnvestment Report." The lnvestment Policy Guidelines were reviewed. The 2020 fourth quarterly ending market value was 542,4L5,88O, with an investment return of 53,347,978. The 2020 year-to-date investment return is S5,525,154. The total account return for the fourth quarter was 9.01% versus the benchmark of 10.16%. The equity rate of return for the second quarter was 14.55% ve6us the blended benchmark of 1:6.23%. The fixed income rate of return was 0.16% versus the benchmark of 0.26%. Our current portfolio allocation as of December 31, 2020 is Equities at 63.3%, Fixed lncome at 34.7%, and Cash Equivalent at 2.096. Our fixed income duration is 5.27 years versus the benchmark of 5.86 years. There are no pending changes to the lnvestment Policy and/or Asset Allocation Paramete6. On a motion by Tull, seconded by Grammas, to approve the December 3]., ?O2O lnvestment Advisot's Report. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: NoNE ABSENT: None 3  NIUS FIREFIGHTERg PENSION FUND BOARD OF TRUSTEES MEETING 8360 DEMPSTER Ntlrs, tt 60714 FEBRUARY 18, 2021 Motion carried. Old Business Carolyn Clifford confirmed there is no new update to the Tier ll combined creditable service. Byron described the new bank account that will be required for the upcoming consolidation, possibly as early as July 2021. Carolyn stated that we will maintain a local bank account, in our case the BMO savings account that is already established. 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. The Fund has no assets held in lllinois finance entities and is not required to obtain annual servicer certifications. We have a letter from 5/3'd Bank stating that it is federally regulated and it is not necessary to obtain an annual servicer certification. The spring nomination for one retired member pension trustee will be sent out by email and by post office asking for nominations. lfthere 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 S50O.OO with an annual cost of S5,fi)0.00 beginning February 1, 2021. This would be for a twelve-month agreement ending January 31, 2022. The retainer covers telephone calls between the Board and our attorneys for any routine matter (not including disabilities or litiSation), e-mail exchanges between the Board and our attorneys for any routine matter (not including disabilities or litiSation), 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 one-year retainer proposal for a total cost of 56,000.00. AYES: Tull, Greiner, Teper, Lim, and Grammas NAYS: None ABSENT: None Motion carried. 4  NILES FIREFIGHTERS' PENSIO]tI FUND BOARD OF TRUSTEES MEETING 8350 DEMPSTER Ntlfs, tt 60714 FEBRUARY 18, 2021 The consolidated board is requesting information from the Board regardin8 the consolidation of assets. There will be more forthcoming regarding the consolidation. Training: Carolyn presented training materials including First Quarter Pension lnsights 2O2tand the Client Alert regarding Pension Trustee Training Post-Consolidation: The New Requirements. The Board designated two hours of qualified training for this material. Closed Meeting: There was no closed session. Next Meeting: The next meeting will be on May 13, 2021 at 8:30 a.m. The meeting was adjourned at 9:35 a.m. on a motion by Tull, seconded by Teper, and approved upon a unanimous vote voice. Bob Greiner, Secretary Minutes approved by the Eoard of Trustees at its meetinB on t3 202L. Minutes prepored by Rich kipione, Pension clerk to the Fund. 5