FEBRUARY 3 2022 MEETING MINUTES---08-04-2022Alsip Firefighter Pension Fund
BoardMeeting: 02-03-2022
10:00 A.M. - Alsip Fire Dept.
Virtual Meeting on Zoom
Meeting called to order: 10:05 a.m.
Board Members Present:
President Matthew McCarthy
Secretary Sean McNamee
Retired Fire Chief Charles Geraci
Retired Trustee Denis Kelly
Trustee James Makina
First Midwest Bank Kathy Dickason - until 11:01 a.m.
Fire Department Clerk Sharon Szynalski via zoom
Pension Attorney Thomas Hartwell
Treasurer Joyce Tucker
Robert Rietz, Lauterbach and Amen
Motion to Approve Agenda - Motion by Sean Mc Namee and seconded by Denis Kelly.
Roll call vote Matthew McCarthy yes, Sean McNamee yes, Charles Geraci yes, Denis
Kelly yes, and James Makina yes. Motion carries.
Waive reading of last month's meeting minutes, so moved.
Comments from Public - none
Correspondence: None
lnvestment report:
During the statement period 1110112021 lo 0113112022 the Alsip Firefighters Pension
Fund had a beginning market value ot $ 5,251,777.27 and ending market value of
$2,162,102.71.
$ 89,057.33 was contributed to the fund during this period
$ 3,086,295.48 were dispersed to beneficiaries during this period.
Fees/expenses were $ 92,686.07
Realized gains of $ .08
pilf 4l,l/
lnvestment Performance report bv Kathv Dickason:
My assistant Judy Furjanic retired. The new assistant is Robin Labaj. Robin will behandling all the items that Judy handled for the account. The reports that we send toSharon will continue to be sent by Robin
It was voted on last pension meeting that .1.5 million will remain in the fund for monthlypensions. The bank will be investing in short term investments. president Mccarthiasked lo have First Midwest continue to meet with the pension board every quartei.
Cash management is the majority issue to discuss at future meetings.
Motion to accept the items for future meelings, made by Matthew Mccarthy, andseconded by Denis Kelly. All in favor, none opposed. Roll call vote Matthew Mcbarthyyes, Sean McNamee yes, Charles Geraci yes, Denis Kelly yes, and James Makina yej.
Motion carries.
Treasurer's report:
Robert Rietz spoke about the actuarial report. The report was sent to the boardmembers. The goal is to have the pension fund funded by 2040 which is the State oflllinois Statutory minimum. Robert stated they are looking at a 6.5% return. The FplF islooking at a 7.125o/o .elurn. However, the consolidated board can change thepercentage of contributions.
Joyce Tucker explained a good working balance in the account will be 1.5 million tocover expenditures. We can readdress. Sean McNamee is nol sure of how long it willtake for monies to be taken out of if needed from FplF. The FplF stated to SeanMcNamee that in an emergency monies can be received quickly.
The attorney, Thomas Hartwell said if needed, we can discuss further at the quarterly
meeting. A.rcsolution will be placed on the agenda for the next meeling. On a quarterly
basis we will evaluate how much monies to send to FplF. The depoiit at the end ofFebruary 2022 should have the January 2022 statement amount listed.
Motion by Denis Kelly to maintain 1.5 mi ion at First Midwest and if it falts below 1million, the board authorizes a petition to FplF to withdraw what,s needed from theaccount made by Denis Kelly and seconded by Charles Geraci. All in favor, noneopposed. Roll call vote Matthew lvlccarthy yes, Sean McNamee yes, Charles Geraciyes, Denis Kelly yes, and James Makina yes. Molion carries
OLd business: Rules and regulations for remote hearings and trustee continuing
education hours were updated. The annual continuing hourgchanged from 16 hours toI hours. Sean McNamee pointed out the Tier ll was not updatld in the rules and
regulations. The attorney, Thomas Hartwell will update the rules and regulations and
send to Clerk Sharon Szynalski to distribute for the next meeting. This item is tabled fornow. lt will be placed on the agenda and voted on at the next meeting.
New business:
President Mc Carthy stated if possible the board members should try to be in person atthe.meetings. The attorney explained, for an emergency, two trustees can be remoleand vote live as part of the count. participation in person should be attempted.
President .Matthew Mcoarthy stated the lDOl interrogatories were given to us lastminute. Hopefully, in the future we will receive the intenogatoriei sooner. Thequestions were difficult for the attorney's to review and answer. As soon as theinlerrogatories are received, it is asked to have Finance send to the board clerk to getprocessed.
A Quildro was received for Michaer Mc Ne is. Attorney stated we accepted it and it wibe placed in Michael McNellis'fite.
Motion by to accept the Quildro for Michael Mc Nellis made by l\ratthew Mc Carthy andseconded by Denis Kelly. All in favor, none opposed. Roll cail vote Matthew Mciarthyyes, Sean McNamee yes, Charles Geraci yes, Denis Kelly yes, and James Makina yej.
Motion carries
Denis Kelly wanted to advise that we lost two pensioners, William McEvilly and EdwardStefanski Mc Evilly has no surviving spouse. Stefanski has a surviving spouse. All
information for Stefanski's surviving spouse was completed by board clerk Sharon andfoMarded to the bank.
Benefits requests to the fund. Alex Zwick had service time for part time hours fromanother department. Attorney Hartwell stated you will need to obtain the information forthe part time experience by sending the request to the other department.
Motion by to contact the previous department on Alex Zwick to obtain the part timehours made by Matthew Mc Carthy and seconded by Sean l\rc Namee. All in favor,none opposed. Roll call vote Matthew Mccarthy yes, Sean McNamee yes, Charles
Geraci yes, Denis Kelly yes, and James Makina yes. Motion carries
Admissions to fund:none
Attornev's report:
Regarding the law suit pertaining to the pension funds being transferred to the
state. Only two fire funds are part of the lawsuit. Pension Board Attorney Thomas
Hartwell discussed the case stating the judge must determine if the law is
unconstitulional in relation to monetary/benefits and whether or not the voting
rights of local board members have been diluted. lt could go to the appellate
court. lt will be a very complicated ruling, both article 3 and article 4 police and
fire pension funds will be affected. lf a reversal occurs, everything will go back to
how things were prior to the transfer of funds to the FPIF.
We have followed the law, if it's determined that there is a change, we'll receive
directions on how to proceed.
Motion to accept the Attorney Report made by Matthew Mccarthy, and seconded
by sean McNamee. All in favor none opposed. Roll call vote: Matthew Mccarthy
yes, Sean McNamee yes, Charles Geraci yes, and James Makina yes. Motion carries.
Bill pavments:
All routine bill payments for the fund.
Motion to pay all routine bills for the fund made by Matthew Mc carthy, second by sean
McNamee. All in favor none opposed. Roll call vote: Matthew Mccarthy yes, sean Mc
Namee yes, Charles Geraci yes, and James Makina yes. Motion carries.
Other business:
A copy of all disbursements from the pension fund during this quarter is attached to the
meeting minutes.
Adjournment: Motion was made by Matthew Mc carthy, and seconded by charlesGeraci. All in favor none opposed. Roll call vote: Matthew McCarthy yes, Sean
McNamee yes, Charles Geraci yes, and James Makina yes. Motion carries.
Meeting adjourned at 11:20 a.m.
FF Matthew McCarthy
President
. try,t'n
FF Sean McNamee
Secretary
Dlstribution Adturg for 62-2003-0{.0 ALS|p F|REFIGHTERS pENSION FUND
From / To Date 11lUnO21 - 0113112022, DISTRIBUT|ONS / FEES
Post Date
11t12t2021
't112412021
11t2412021
11t24t2021
11t24t2021
11t24t2021
11t24t2021
11124t2021
12101t2021
12t0712021
1211512021
1,,15n021
1212412021
142412021
12124t2021
12t24t2021
12124t2021
12t2412021
1212412021
Principal Cash
-127.6s
-1,540.22
-191 ,995.42
-9,199.14
-760.00
-19,801.24
-287.00
-77.00
-500,000.00
-1,000,000.00
-1,050.00
-250.00
-1,540.22
-192,196.27
-9,199.14
-760.00
-19,746.48
-287.O0
-77 .OO
-1,000,000.00
-2,610.00
-165.40
-1 ,541 .20
-189,897.10
-11,156.87
-760.00
-20,164.37
Description
DENIS KELLY
CURRENT BALANCE DUE
MONTHLY DISTRIBUTION
GAIL A MITCHELL
PAYMENTS TO VARIOUS PARTICIPANTS
GROSS AMOUN-| 220,97 1.43
HEALTH INSURANCE PREMIUMS WITHHELD
HEALTH INSURANCE
SAVINGS DEPOSIT WTHHELD
SAVINGS
FEDEML INCOME TAX WITHHELD
FEDEML WITHHOLDING TAX
TMNSFER TO ACCOUNT NO. 999OOOOO3
STATE WTHHOLDING FOR NORTH CAROLINA
SEAWAY BANK. ALSIP PROFESSIONAL
MONTHLY UNION DUES
NORTHERN TRUST COMPANY - ALSIP
DISTRIBUTION TO BENEFICIARY
NORTHERN TRUST COMPANY. ALSIP
OISTRIBUTION TO BENEFICIARY
COLLINS & MDJA & HARTWELL
LEGAL FEES
SHARON SZYNALSKI
CURRENT BALANCE DUE
MONTHLY DISTRIBUTION
GAIL A MITCHELL
PAYMENTS TO VARIOUS PARTICIPANTS
GROSS AMOUNT 221,1 17.52
HEALTH INSURANCE PREMIUMS WITHHELD
HEALTH INSURANCE
SAVINGS DEPOSIT WITHHELD
SAVINGS
FEDEML INCOME TAx WTHHELD
FEDERAL WTHHOLDING TAX
TMNSFER TO ACCOUNT NO.999OOOOO3
STATE WITHHOLDING FOR NORTH CAROLINA
SEAWAY BANK - ALSIP PROFESSIONAL
MONTHLY UNION DUESO1IO4I2O22 NORTHERN TRUST COMPANY. ALSIP
DISTRIBUTION TO BENEFICIARYO1IO5I2O22 LAUTERBACH & AMEN, LLP
TAX PREPARATION FEES
0112112022 ADDITIONALBENEFITSDUE
WILLIAM R CORTESE0112412022 MONTHLY DISTRIBUTION
GAIL A MITCHELL0112412022 PAYMENTS TO VARIOUS PARTICIPANTS
GROSS AMOUNT 221,204.950112412022 HEALTH INSURANCE PREMIUMS WTHHELD
HEALTH INSURANCE0112412022 SAVINGSDEPOSITWITHHELD
SAVINGS
01j/2412022 FEDERAL INCOME TAX WITHHELD
FEDERAL WTHHOLDING TAX
'ohnqnozz
01t24t2022
11t'15t2021
1211512021
0111412022
TMNSFER TO ACCOUNT NO.999OOOOO3
STATE WTHHOLDING FOR NORTH CAROLINA
SEAWAY BANK - ALSIP PROFESSIONAL
MONTHLY UNION DUES
MONTHLY FEE TO 10131121
MONTHLY FEE TO 11/30/21
MONTHLY FEE TO 1231121
-297.00
-77.00
-1,312.91
-1,264.38
-841.54
-3,178,981.s5