City of Highland Park Fireman’s Pension Fund Board met July 17.
Here is the minutes provided by the Board:
(1) I am calling to order this meeting of the Highland Park Firefighter’s Pension Fund of the City of Highland Park on this 17th day of July 2017 at Fire Station #33 at 4:00 p.m.
(2) Roll Call: Knoll, Grasso, Fabbri, Logan, Bonn
(3) Quorum: 16:01
(4) Approval of the January 18, 2017 & April 18, 2017 Pension Board Meeting minutes:
Motion to Approve, Knoll. Second, Logan.
(5) Sawyer Falduto Asset Management: Investment Policy and Asset Allocation: Review, Adopt, Amend or Update as Needed:
First quarterly review as newly appointed investment firm. Review of investment strategy currently diversified as 63% Equities, 31% fixed, and 5% cash holdings. Motion to approve Schwab portfolio allocation, Logan. Second, Knoll.
(6) Lauterbach & Amen report by Erik Endriukaitis: Alison explained pensioners benefit payments will be disbursed through Harris Bank direct deposit. Harris Bank acct in HPFD Pension fund name. Motion to close PNC acct and open Harris acct, Grasso. Second, Logan.
Board authorized L&A for electronic signatures, bypassing trustee hard copy signatures, streamlining process. Motion to Approve, Knoll. Second, Logan.
(7) City Treasurer’s Discussion: Quarterly review.
(8) Board President Report: Kwasney QILDRO, court ordered. Motion to Approve, Knoll. Second, Logan. L&A disbursements approval, All in favor: Knoll, Grasso, Fabbri, Logan, Bonn.
Approve and accept new hires/new members, All in favor: Knoll, Grasso, Fabbri, Logan, Bonn.
(9) Public Comments: none
(10) Communications: Nyhart actuarial services presentation. Quarterly review. Discussion of mortality tables and Interest rates used. Assumed return of HPFD at 7%. Valuation results for 2018 city contribution proposal, all in favor: Knoll, Grasso, Fabbri, Logan. No Vote: Bonn.
(11) Approval of Disbursements:
(a) Expenditures discussion postponed from April 18 meeting. Motion to approve, Knoll. Second, Logan.
(12) Application for Membership: none
(13) Application for Payment: none
(14) Application for Refund: none
(15) New Business: none
(16) Executive/ Closed Session:
(17) Adjournment: 18:05 Motion, Knoll. Second, Logan
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