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Home My WebLink About1993-10-25 Fire Pension Board Regular MinutesOctober 25, 1993 Peoria, Illinois OFFICIAL PROCEEDINGS FOR THE MONTHLY MEETING OF THE BOARD OF TRUSTEES OF THE FIREMEN'S PENSION FUND OF PEORIA, ILLINOIS A Regular Meeting of the Board of Trustees of the Firemen's Pension Fund of Peoria, Illinois, was held this date at City Hall, Room 401A, 419 Fulton Street, Peoria, Illinois, at 2:05 P.M. ROLL CALL Roll Call of the following members: Brennan, Daugherty, Haynes, Levine, Nieukirk, Ulrich, Wiles - 7; Absent: Fleming - 1. MINUTES Approval of the Minutes of the September 27, 1993, Regular Meeting, and the October 13, 1993, Special Meeting as printed. Trustee Wiles moved to approve the Minutes of the Special Meeting held on October 13, 1993, as printed, and the Minutes of the Regular Meeting held on September 27, 1993, with a correction to the Bills on Page 3, the Sub -Total should be corrected to read $249,908.84 and the Grand Total should be corrected to read $250,958.84; seconded by Trustee Ulrich. Approved by viva voce vote. REPORTS Reports of Mary Ulrich, Treasurer for the month of SEPTEMBER, 1993, and Gordon, Fandel 6 Sweetland, P.C., Auditor, for the month of SEPTEMBER, 1993. Trustee Levine moved to receive and file the reports of Mary Ulrich, Treasurer for the month of September, 1993, and Gordon, Fandel & Sweetland, P.C., Auditor, for the month of September, 1993; seconded by Trustee Wiles. Trustee Ulrich stated she would abstain from voting. Approved by viva voce vote: Abstention: Ulrich - 1. FIRE MARSHAL Report of Lee Daugherty, Fire Marshal, of Pension Fund Contributions which were made by payroll deductions during the MONTH of SEPTEMBER, 1993, from the active members of the Peoria Fire Department and which checks were turned in to the City Treasurer's Office by Director of Finance/Comptroller Lori Fleming. PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 2 - CREDIT TO PEORIA FIREMEN'S PENSION FUND Payroll Period When Deducted Amount Aug 21 - Sept 5 September 15, 1993 $26,952.83 Sept 6 - Sept 20 September 30, 1993 26,944.70 Total $53,897.53 Trustee Ulrich moved to receive and file the Fire Marshal's Report for September, 1993; seconded by Trustee Haynes. Approved by viva voce vote. BILLS The following bills were read by the Secretary: Pensions for October, 1993, (dated Nov 1, 1993) $244,804.60 Gordon, Fandel & Sweetland for August, 1993 1,000.00 Dr. David C. Holden - W. Short Phy. Exam 676.00 Dr. David C. Holden - C. Barlow Phy. Exam 676.00 U. S. Postmaster - Postage for Clerk & Treas. Offices 58.00 Illinois Police Pension Fund Association Seminar 10/13 - 10/16/93 - Clock Tower Resort - Rockford,IL Fairfield Inn, Rockford 315.25 Hotel Bill for Haynes, Ulrich, Wiles, Brennan Levine and Nieukirk. National Fire and Police Pension Fund Association Conf. 10/20 - 10/23/93 - Embassy Suites Hotel, Chicago,IL Seminar Registration for 5 Members to NFPPFA 750.00 Mary Haynes - Mileage ($.25 x 350 miles) 87.50 Mike Wiles - Mileage ($.25 x 350 miles) 43.75 Jack Nieukirk - Mileage ($.25 x 350 miles) 43.75 Earl Levine - Mileage ($.25 x 350 miles) 87.50 Mary Haynes - Per Diem (4 Days x $75) 300.00 Mike Wiles - Per Diem (3 Days x $75) 225.00 Earl Levine - Per Diem (4 Days x $75) 300.00 Mary Ulrich - Per Diem (4 Days x $75) 300.00 Jack Nieukirk - Per Diem (4 Days x $75) 300.00 Embassy Suites, Chicago, IL 1,419.11 Hotel Bill for Haynes, Wiles, Levine, Ulrich and Nieukirk. TOTAL $251,386.46 LaSalle National Bank - Qtrly Maint. Charge 7.50 GRAND TOTAL $251,393.96 PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 3 - Trustee Ulrich submitted an invoice from LaSalle National Bank, in the amount of $7.50, for quarterly securities maintenance charges, which she requested be included with the bills. Trustee Brennan moved to approve the Bills totaling $251,386.46, plus the additional invoice from LaSalle National Bank in the amount of $7.50, for a Grand Total in the amount of $251,393.96; seconded by Trustee Levine. Approved by roll call vote. Yeas: Brennan, Daugherty, Haynes, Levine, Nieukirk, Ulrich, Wiles - 7; Nays: None. APPLICATION FOR MEMBERSHIP TO THE FIREMEN'S PENSION FUND CHANCE W. BARLOW Consideration of the Application for Membership to the Firemen's Pension Fund for CHANCE W. BARLOW. Trustee Wiles moved to accept the Application for Membership into the Firemen's Pension Fund of Peoria, Illinois, from CHANCE W. BARLOW; seconded by Trustee Levine. Approved by roll call vote. Yeas: Brennan, Daugherty, Haynes, Levine, Nieukirk, Ulrich, Wiles - 7; Nays: None. APPLICATION FOR MEMBERSHIP TO THE FIREMEN'S PENSION FUND WILLIAM C. SHORT Consideration of the Application for Membership to the Firemen's Pension Fund for WILLIAM C. SHORT. Trustee Levine moved to accept the Application for Membership into the Firemen's Pension Fund of Peoria, Illinois, from WILLIAM C. SHORT; seconded by Trustee Ulrich. Approved by roll call vote. Yeas: Brennan, Daugherty, Haynes, Levine, Nieukirk, Ulrich, Wiles - 7; Nays: None. CONSIDERATION OF RESOLUTION - POWER TO INVEST Consideration of Resolution authorizing Trustee Ulrich the power to invest. PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 4 - Trustee Ulrich stated she would abstain from voting. Trustee Levine moved to adopt the Resolution giving Trustee Ulrich the power to invest pension monies at her discretion, in the best interest of the Firemen's Pension Fund; seconded by Trustee Brennan. Approved by viva voce vote; Abstention: Ulrich - 1. INVESTMENTS Trustee Ulrich outlined the following: Money Market - Checking - Community Bank IPTIP - Prudential - BOUGHT $583,267.05 ($1,401.32) - $1,045,448.09 $4,220,837.91 $2,801,059.00 $1,000,000 U.S. Backed Israel Bond Strips 9/29/93 - Price 34.8200 Mature 9/15/09 - 6.72 yield $348,200.00 $1,375,000 U. S. Treasury Strips 10/4/93 Price 36.622 Mature 11/15/09 6.33 yield $503,552.50 SOLD U.S. U.S. U.S. U.S. Backed Israel Bond Strip 10/19/93 $357,910.00 purchased 9/29/93 at $348,200.00 $9,710.00 gain & interest Treas. Strips 10/18/93 $1,193,650.00 purchased 9/10/93 at $1,178,050.00 $15,600.00 gain & interest Treas. Strips 10/18/93 $1,003,000.00 purchased 9/10/93 at $986,700.00 $16,300.00 gain & interest Treas. Strips 10/18/93 $242,046.00 purchased 9/15/93 at $237,426.00 $4,620.00 gain & interest Trustee Levine moved to receive and file the Investment Report; seconded by Trustee Wiles. Trustee Ulrich stated she would abstain from voting. Approved by viva voce vote; 1 Abstention. PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 5 - UNFINISHED BUSINESS DISCUSSION REGARDING RESPONSE FROM THE ILLINOIS DEPARTMENT OF INSURANCE CONCERNING LEGALITIES OF THE CITY PROVIDING SUPPLEMENTAL BENEFITS TO RETIRED FIREFIGHTERS Discussion regarding response from the Illinois Department of Insurance concerning Legalities of the City providing supplemental benefits to Retired Firefighters. A discussion was held regarding the request sent to the Illinois Department of Insurance regarding this issue. Trustee Haynes clarified that the Mayor and the City Council had not been notified regarding the legalities of the City because President Nieukirk held a phone conversation with the Department of Insurance and he requested the Board Secretary to hold the letter. Trustee Levine stated it was his feeling that Section 142 of the Pension Code stated it was against the State of Illinois Code and Home Rule for the City to enter into an incentive program for early retirement. He stated a follow up letter to the Department of Insurance, relating to the letter dated September 28, 1993, should be sent asking when an answer would be received. Trustee Levine referred to House Bill 1065 and stated it was in the process of being presented. Trustee Levine moved that the Secretary of the Board be directed to send a letter to Mr. Thomas R. Jones, Assistant Deputy Director of the Public Employee Pension Division of the Department requesting a reply to the letter sent to him on September 28, 1993; seconded by Trustee Brennan. Approved by viva voce vote. DISCUSSION REGARDING REQUEST FOR ACTIVE PENSION BOARD MEMBERS BE ALLOWED TO ATTEND PENSION BOARD FUNCTIONS WITHOUT HAVING TO USE VACATION/PERSONAL TIME Discussion was held regarding the status of the request to the Administration regarding paid time off for active Firefighters to attend Pension Board Meetings and related functions, rather than the Firefighters having to use vacation and/or personal time. It was felt by the Board that further clarification should be given to the Mayor and the City Council because of an inaccurate interpretation given by the City's Administration. PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 6 - Trustee Daugherty stated he had $30,000 in the 1994 Budget to cover overtime and training, but he said it still had to be approved by the City Council. He said part of the $30,000 possibly could be used for the active members of the Firemen's Pension Board to attend Pension Board seminars and functions when they were scheduled during normal working hours. He said the expenditure would be competing with other training needs by the Fire Department. He said there was no guarantee, funds could be provided for pension training. Trustee Wiles stated this situation only occurred a couple times a year. Trustee Levine stated the City would be benefitted by all members of the Pension Board being given as much pension education as possible. He said he felt the responsibility to fund the time off should be between the City's Administration and the Pension Fund. After a brief discussion, it was determined that President Nieukirk and Trustee Wiles would meet with the Mayor on Wednesday, October 27, 1993, at 3:00 P.M. to discuss the issue of paid time off for active Firefighters to attend Pension Board Meetings and related functions, rather than the Firefighters having to use vacation and/or personal time. ILLINOIS PROFESSIONAL FIREFIGHTERS ASSOCIATION 1993 PENSION SEMINAR Discussion regarding the Illinois Professional Firefighters Association 1993 Pension Seminar to be held in Elmhurst, Illinois, on November 5, 1993. Trustee Haynes stated she could not attend this meeting because she would be in Springfield on November 5 and 6, 1993, and would be having discussions with various State people on various laws, such as ADA, which would benefit the Pension Fund. Trustee Ulrich moved to authorize the expenditure of funds for those members of the Firemen's Pension Board, who wished to attend the Illinois Professional Firefighters Association 1993 Pension Seminar on November 5, 1993, be allowed; seconded by Trustee Levine. Approved by viva voce vote. PROCEEDINGS - FIREMEN'S PENSION FUND MEETING OCTOBER 25, 1993 - 7 - TAX LEVY REOUIREMENTS - DEPARTMENT OF INSURANCE REPORT Trustee Haynes stated that the letter to the City Council members protesting the difference between the amount the City levies as opposed to the amount recommended by the Department of Insurance would be sent to the City Council as soon as Trustee Fleming provided the figures from the Wyatt Study, which she has not received as of this date. NEW BUSINESS DISCUSSION REGARDING PURCHASE OF LIABILITY INSURANCE In discussion, the Board suggested that Trustee Ulrich review the possibility of purchasing liability insurance with Mr. Roderick B. Crane, who had attended a recent Seminar. Trustee Haynes moved that Trustee Ulrich review the purchase of liability insurance with Mr. Roderick B. Crane and report back to the Firemen's Pension Board. Approved by viva voce vote. ADJOURNMENT Trustee Daugherty moved to adjourn the meeting; seconded by Trustee Haynes. Approved by viva voce vote. The meeting adjourned at 3:20 P.M. Mary L. aynes, CMC/AAE, Secretary Firemen's Pension Board of Trustees bb