BOARD OF TRUSTEES OF THE FIREFIGHTERS PENSION FUND 901 W DEVON AVENUE PARK RIDGE, ILLINOIS

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1 BOARD OF TRUSTEES OF THE FIREFIGHTERS PENSION FUND 901 W DEVON AVENUE PARK RIDGE, ILLINOIS Park Ridge Fire Station N. Greenwood Ave. Park Ridge, IL :00 HRS CALL TO ORDER President Skinner called the quarterly meeting of the Board of Trustees of the Park Ridge Firefighters Pension Fund to order at the above place and time. ROLL CALL Secretary Bruchsaler took the roll. Board members present were President Skinner, Secretary Bruchsaler, Trustee Brauweiler, Trustee Holthouse, and Trustee Egan. Also present were: City Finance Director Kent Oliven, Fund s treasurer AJ Weber and Eric Endriukaitis, Fund Accountants Carolyn Clifford, Fund Attorney Mary Tomanek, Board Financial Advisor Fund Members present Tim Norton PUBLIC COMMENT President Skinner asked if anyone wished to address the Board at this time. There was no response. APPROVAL OF THE MINUTES President Skinner asked the Board members if they had read the meeting minutes of February 25, 2014 and found them satisfactory. TRUSTEE HOLTHOUSE MOVED AND PRESIDENT SKINNER SECONDED TO ACCEPT THE MINUTES FROM THE MEETING ON FEBRUARY 25, UPON A VOICE VOTE, THE VOTE WAS UNANIMOUS. THE The Board conducted its six-month review of its closed meeting minutes, as required by the Open Meetings Act. SECRETARY BRUCHSALER MOVED AND PRESIDENT SKINNER SECONDED TO CONTINUE KEEPING THE EXECUTIVE MEETING MINUTES CLOSED. PRESIDENT SKINNER- YES, SECRETARY BRUCHSALER- YES, TRUSTEE BRAUWEILER- YES, TRUSTEE HOLTHOUSE- YES AND TRUSTEE EGAN- YES. THE TREASURER S REPORT AJ Weber Board Accountant THE LAUTERBACH & AMEN, LLP FEBRUARY 2014 MONTHLY REPORT AND PAY PAYROLL AND VENDOR BILLS IN THE AMOUNT OF $225, PER THE

2 Page 2 THE LAUTERBACH & AMEN, LLP MARCH 2014 MONTHLY REPORT AND PAY PAYROLL AND VENDOR BILLS IN THE AMOUNT OF $245, PER THE THE LAUTERBACH & AMEN, LLP APRIL 2014 MONTHLY REPORT AND PAY PAYROLL AND VENDOR BILLS IN THE AMOUNT OF $254, PER THE AJ Weber reported that the DOI annual statement is in progress. TRUSTEE HOLTHOUSE MOVED AND TRUSTEE EGAN SECONDED TO APPROVE THE QUARTERLY REPORT FROM LAUTERBACH & AMEN, LLP BOARD ACCOUNTANT. Mary Tomanek Board Financial Advisor Mary Tomanek reviewed the Fund s quarterly investment report and made recommendations to the Board for changes to its portfolio. Mary recommended liquidating $1,500,000 from Atalanta, and upon liquidation, transfer the funds for purchase of Vanguard Total Stock Market Index (VTSMX). Mary also recommended liquidating $500,000 from our account managed by Fayez, and upon liquidation, she recommends to transfer the funds for purchase of Vanguard Total Stock Market Index (VTSMX). PRESIDENT SKINNER MOVED AND TRUSTEE BRAUWEILER SECONDED TO LIQUIDATE $1,500,000 FROM ATALANTA, AND UPON LIQUIDATION, TRANSFER THE FUNDS FOR PURCHASE OF VANGUARD TOTAL STOCK MARKET INDEX (VTSMX). PRESIDENT SKINNER MOVED AND TRUSTEE BRAUWEILER SECONDED TO LIQUIDATE $500,000 FROM OUR ACCOUNT MANAGED BY FAYEZ, AND UPON LIQUIDATION, TRANSFER THE FUNDS FOR PURCHASE OF VANGUARD TOTAL STOCK MARKET INDEX (VTSMX).

3 Page 3 SECRETARY BRUCHSALER MOVED AND TRUSTEE HOLTHOUSE SECONDED TO ACCEPT THE MORGAN STANLEY SMITH BARNEY QUARTERLY REPORT FROM MARY TOMANEK. HOLTHOUSE- YES, TRUSTEE BRAUWEILER- YES AND TRUSTEE EGAN- YES. THE No investment policy changes were needed at this time. Treasurer s Report Kent Oliven Discussion on the City Budget process. No action taken Discussion on City Audit status. No action taken COMMUNICATIONS OR REPORTS Carolyn Clifford Board Attorney Status update provided for Karen Carrillo Disability Appeal. Upon appeal to the First District Appellate Court, the Board s decision was upheld. The decision has been published by the court and is precedential. No further appeal to the Illinois Supreme Court is expected by the plaintiff. IME for Franzen and Carrillo has started and should be completed by next meeting. OLD BUSINESS Secretary Bruchsaler brought two responses to the RFPs for actuarial services. Over five requests were sent out to actuarial firms and only two were returned. Foster and Foster -- annual fees starting at $3, with a 3% increase annually. Foster and Foster are also the State of Illinois (DOI) actuaries. Lauterbach & Amen (Todd Schroeder) -- $2, for FYE April 30, Pension fund already has a relationship with this firm, as they are our accountants. Based on the lack of responses from the RFPs, the board decided to dispense with the search and no further review is required. PRESIDENT SKINNER MOVED AND TRUSTEE HOLTOUSE SECONDED TO BIND ACTUARIAL SERVICES WITH LAUTERBACH & AMEN LLC. (TODD SCHROEDER) FOR FYE APRIL 30, 2014 FOR $2, HOLTHOUSE- YES, TRUSTEE BRAUWEILER- YES AND TRUSTEE EGAN- YES. THE Discussion on funding policy was tabled until actuarial services are rendered.

4 Page 4 NEW BUSINESS No new members applications were received in the past quarter. No new retirement applications were received in the past quarter. No action or vote is required on any disability applications. CLOSED SESSION None BENEFIT OF THE BOARD Secretary Bruchsaler advised he held open nominations for active member firefighter position on the Board in the month of March. He received multiple nominations for Kurt Skinner; no other nominations were received. SECRETARY BRUCHSALER MOVED AND TRUSTEE BRAUWEILER SECONDED TO DISPENSE WITH THE ACTIVE MEMBER ELECTION AND ACCEPT THE UNANIMOUS NOMINATION OF KURT SKINNER AS THE ACTIVE MEMBER FOR A THREE-YEAR TERM. TRUSTEE SKINNER WILL SERVE UNTIL APRIL UPON A VOICE VOTE, THE VOTE WAS UNANIMOUS. THE Secretary Bruchsaler received a letter from Mayor David Schmitt reappointing Trustee Egan to a three-year term ending April ELECTION OF BOARD OFFICERS TRUSTEE HOLTHOUSE NOMINATED TRUSTEE SKINNER FOR PRESIDENT OF THE BOARD AND TRUSTEE BRUCHSALER FOR SECRETARY OF THE BOARD. TRUSTEE HOLTHOUSE MOVED AND PRESIDENT SKINNER SECONDED TO CLOSE THE NOMINATIONS AND CAST A UNANIMOUS BALLOT TO ELECT TRUSTEE SKINNER TO BE PRESIDENT OF THE BOARD AND TRUSTEE BRUCHSALER FOR SECRETARY OF THE BOARD, FOR A ONE-YEAR TERM. UPON A VOICE VOTE, THE VOTE WAS UNANIMOUS. THE PENSION TRUSTEE TRAINING Secretary Bruchsaler attended the IPPFA spring conference in Peoria, Illinois on May 6 9, Statement of Economic Interests were completed by all trustees. PUBLIC COMMENT President Skinner asked if anyone wished to address the Board at this time. There was no response. ADJOURNMENT President Skinner asked if there was any other business. PRESIDENT SKINNER MOTIONED AND TRUSTEE HOLTHOUSE SECONDED TO ADJOURN THE MEETING. UPON A VOICE VOTE, THE VOTE WAS UNANIMOUS. THE

5 Page 5 President Skinner declared the meeting adjourned at 11:50 HRS. Respectfully submitted, JD Bruchsaler Board Secretary Approved by the Board of Trustees at its meeting on August _18_, 2014.