Village of Libertyville Firefighters’ Pension Fund Board of Trustees met May 4.
Here is the minutes provided by the board:
CALL TO ORDER: Trustee Zamor called the meeting to order at 8:37 a.m.
ROLL CALL: PRESENT: Trustees Robert Zamor, Richard Carani, Brian Conner, Nick Mostardo and Cory Conner (arrived at 8:43 a.m.)
ABSENT: None
ALSO PRESENT: Attorney Rick Reimer, Reimer & Dobrovolny PC; Mary Nye, AndCo Consulting; Ashley Wraight, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: December 18, 2019 Special Meeting: The Board reviewed the December 18, 2019 special meeting minutes.
February 17, 2020 Regular Meeting: The Board reviewed the February 17, 2020 regular meeting minutes. A motion was made by Trustee Mostardo and seconded by Trustee Carani to approve the December 18, 2019 special meeting minutes and the February 17, 2020 regular meeting minutes as written. Motion carried unanimously by voice vote.
ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the eleven-month period ending March 31, 2020 prepared by L&A. As of March 31, 2020, the net position held in trust for pension benefits is $28,691,033.62 for a change in position of ($2,843,677.41). The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal A motion was made by Trustee Mostardo and seconded by Trustee Carani to accept the Monthly Financial Report as presented. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo
NAYS: None
ABSENT: Trustee Cory Conner
Trustee Cory Conner arrived at 8:43 a.m.
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period January 1, 2020 through March 31, 2019 for total disbursements of $129,297.51. A motion was made by Trustee Brian Conner and seconded by Trustee Mostardo to approve the disbursements shown on the Vendor Check Report in the amount of $129,297.51. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo and Cory Conner
NAYS: None
ABSENT: None
Additional Bills, if any – Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice was issued. A motion was made by Trustee Mostardo and seconded by Trustee Carani to approve payment of the IDOI Compliance Fee upon receipt. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo and Cory Conner
NAYS: None
ABSENT: None
INVESTMENT REPORT – ANDCO CONSULTING: Investment Performance Report: Ms. Nye presented the Investment Performance Report and discussed the long-term market value of the fund, along with the risk-reward analysis and current and projected market conditions. Ms. Nye reviewed the Investment Performance Report for the period ending March 31, 2020. As of March 31, 2020, the market value of the portfolio is $28,592,359 and the return on investment is ($4,935,782) for the quarter. The portfolio composition is 35.1% in domestic equities, 12.9% in developed markets equity, 4.6% in emerging markets equity, 3.9% in equity REIT, 41.9% in domestic fixed income and 1.6% in cash and equivalent. Current asset allocations within the equity and fixed income funds were reviewed, as well as individual fund performance and investment fees. All questions were answered by Ms. Nye. A motion was made by Trustee Mostardo and seconded by Trustee Cory Conner to accept the Investment Performance Report as presented. Motion carried unanimously by voice vote.
Review/Update Investment Policy: The Board discussed updates to the Investment Policy to include language regarding sustainability consistent with Public Act 101-0473 and amended asset allocations. A motion was made by Trustee Carani and seconded by Trustee Mostardo to table this item until the next regular meeting where a draft policy will be available for review. Motion carried unanimously by voice vote.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Contribution Refund – Mark Mueller: The Board discussed Mark Mueller’s contribution refund request. A motion was made by Trustee Mostardo and seconded by Trustee Brian Conner to issue Mark Mueller’s refund contingent upon receipt of the required paperwork. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo and Cory Conner
NAYS: None
ABSENT: None
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner – Christopher Lazzaretto/Approve Surviving Spouse Benefit – Jacqueline Lazzaretto: The Board noted that Christopher Lazzaretto passed away on February 29, 2020. The Board reviewed the surviving spouse benefit calculation for Jacqueline Lazzaretto with an effective date of February 30, 2020 for a monthly benefit of $4,228.97 with no additional increases. A motion was made by Trustee Mostardo and seconded by Trustee Cory Conner to approve the surviving spouse benefit of Jacqueline Lazzaretto calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo and Cory Conner
NAYS: None
ABSENT: None
OLD BUSINESS: There was no old business to discuss.
NEW BUSINESS: Certify Board Election Results – Active Member Position: L&A conducted an election for one of the active member positions on the Libertyville Firefighters’ Pension Fund Board of Trustees. The Board noted that 32 ballots were received and 32 ballots were counted. The active member election results are as follows: 25 votes for Brain Conner and 7 votes for Steven Shaffer. Brian Conner was reelected as the active members on the Board of Trustees for a three-year term expiring April 30, 2023.
Discussion/Possible Action – Lauterbach & Amen, LLP Engagement Letter: The Board reviewed the L&A three- year engagement letter. A motion was made by Trustee Carani and seconded by Trustee Cory Conner to engage L&A in the annual amounts as follows: $26,055 for the year ended April 30, 2021; $26,855 for the year ended April 30, 2022; and $27,660 for the year ended April 30, 2023. Motion carried by roll call vote.
AYES: Trustees Zamor, Carani, Brian Conner, Mostardo and Cory Conner
NAYS: None
ABSENT: None
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees and Reimbursable Expenses: The Board noted that Trustee Cory Conner was previously approved and registered for the 32-hour Certified Trustee Training Program but had not completed the course prior to January 1, 2020 as SB1300 went into effect. The Board noted L&A will have Trustee Cory Conner’s training registration transferred to the new 16-hour course through IPPFA.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that due to the health and safety concerns associated with COVID-19, L&A did not issue Affidavits of Continued Eligibility to pensioners with the April payroll cycle. L&A informed the Board that they will continue to monitor the ongoing situation and maintain communication with the Board, in order to issue Affidavits of Continued Eligibility as soon as reasonably possible. A status update will be provided to the Board as more information becomes available.
Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2020.
ATTORNEY’S REPORT – REIMER & DOBROVOLNY PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed recent court cases and decisions, as well as general pension matters with the Board.
BOARD OFFICERS’ REPORT: There were no Board Officers’ reports.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Mostardo and seconded by Trustee Cory Conner to adjourn the meeting at 10:04 a.m. Motion carried unanimously by voice vote.
http://www.libertyville.com/AgendaCenter/ViewFile/Agenda/_08172020-1466
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