City of Highland Park Firefighters Pension Board of Trustees met July 30.
Here are the minutes provided by the board:
A regular meeting of the Highland Park Firefighters’ Pension Fund Board of Trustees was held at 8:30 a.m. at Fire Station #33 1130 Central Avenue, Highland Park, IL 60035, pursuant to notice.
CALL TO ORDER: Trustee Grasso called the meeting to order at 8:45 a.m.
ROLL CALL:
PRESENT: Trustees Kevin Knoll, Leonard Fabbri, Maxine Bonn and Julie Logan
ABSENT: Trustee Matt Grasso
ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management, LLC; Sam Meyer, Lauterbach and Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: April 29, 2021 Regular Meeting: The Board reviewed the April 29, 2021 regular meeting minutes. A motion was made by Trustee Logan and seconded by Trustee Knoll to approve the April 29, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote.
Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review.
INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending June 30, 2021. As of June 30, 2021, the second quarter net return is 5.2% versus the second quarter account benchmark of 5.1%. The investment return for the quarter is $2,839,861 for an ending market value of $57,900,501. The current asset allocation is as follows: fixed income at 36.8%, equities at 61.1% and cash equivalents at 2.2%. Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report with the Board. A motion was made by Trustee Logan and seconded by Trustee Knoll to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by voice vote.
Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time.
Investment Advisory Agreement – Amendment Notification dated June 30, 2021: The Board reviewed the amendment to the investment advisory agreement dated June 30, 2021 that will take effect August 1, 2021
Post Consolidation Services: The Board discussed the post-consolidation services presented by Sawyer Falduto Asset Management, LLC. Further discussion will be held at the next regular meeting.
Highland Park Firefighters’ Pension Fund
ACCOUNTANTS REPORT – LAUTERBACH AND AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month period ending June 30, 2021 prepared by L&A. As of June 30, 2021 the net position held in trust for pension benefits is $57,913,590.31 for a change in position of $3,445,242.51. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period April 1, 2021 through June 30, 2021 for total disbursements of $224,411.05. A motion was made by Trustee Logan and seconded by Trustee Bonn to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $224,411.05. Motion carried by roll call vote.
AYES: Trustees Knoll, Fabbri, Bonn and Logan
NAYES: None
ABSENT: Trustee Grasso
Additional Bills, if any: There were no additional bills presented for approval.
COMMUNICATION AND REPORTS: There were no communications or reports.
TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities and were reminded to submit any certificates of completion to L&A for recordkeeping.
Approval of Trustee Training Fees and Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Frankie Gulo: The Board reviewed the Application for Membership submitted by Frankie Gulo. A motion was made by Trustee Knoll and seconded by Trustee Fabbri to accept Frankie Gulo into the Highland Park Firefighters’ Pension Fund effective June 21, 2021, as a Tier II participant subject to confirmation that all necessary documents have been received. Motion carried unanimously by voice vote.
Resignation from Fund – Josh Kaiser: The Board noted that Josh Kaiser has resigned from the Highland Park Fire Department effective May 21, 2021 and no contribution has been submitted to date.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits.
OLD BUSINESS: IDOI Annual Statement: The Board noted that the IDOI Annual Statement has been completed and submitted to the Department of Insurance prior to the June 30, 2021 deadline.
NEW BUSINESS: Board Officer Elections – President and Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Knoll as President and Trustee Grasso as Secretary. A motion was made by Trustee Logan and seconded by Trustee Fabbri to elect the slate of Officers as stated. Motion carried unanimously by voice vote.
FOIA Officer & OMA Designee: The Board discussed designating Trustee Grasso as the FOIA Officer and OMA Designee. A motion was made by Trustee Logan and seconded by Trustee Bonn to designate the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote.
Acknowledge FPIF Notice of Transfer Date, Adopt Resolution of Notice and Execute Exhibits: The Board acknowledged the FPIF Notice of Transfer Date as January 1, 2021. A motion was made by Trustee Logan and seconded by Trustee Knoll to acknowledge the transfer date, adopt the resolution of notice, and authorize Trustee Knoll to execute the associated exhibits on behalf of the Fund subject to attorney review. Motion carried by roll call vote.
AYES: Trustees Knoll, Fabbri, Bonn and Logan
NAYES: None
ABSENT: Trustee Grasso
Review/Adopt – Municipal Compliance Report: This item was tabled until the next regular meeting.
ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter.
QILDRO – Daniel Zerfass: L&A informed the Board that they are awaiting receipt of the QILDRO Calculation Order to begin payment to the alternative payee. Further discussion will be held at the next regular meeting.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Knoll and seconded by Trustee Logan to adjourn the meeting at 9:23 a.m. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for October 22, 2021 at 8:30 a.m.
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