PENSION MEETING MINUTES 05-05-22----08-03-2022Alsip Firefighter Pension Fund
BoardMeeting: O5-05-2022
10:00 A.M. - Alsip Fire Dept.
Virtual Meeting on Zoom
Meeting called to order: 1 0:13 a.m.
Board Members Present:
President Matthew McCarthy
Secretary Sean McNamee
Retired Fire Chief Charles Geraci - Absent
Retired Trustee Denis Kelly - Absent
Trustee James Makina
First Midwest Bank Kathy Dickason
Fire Department Clerk Sharon Szynalski
Pension Attorney Thomas Hartwell
Treasurer Joyce Tucker
Motion to Approve Agenda - Motion by Matthew Mc Carthy and seconded by Sean
McNamee. Roll call vote Matthew Mc0arthy yes, Sean McNamee yes, and James
Makina yes. Motion carries.
Waive reading of last month's meeting minutes, so moved.
Comments from Public - none
Correspondence:
Monthly pension statements received from State lnvestment Fund FPIF by Sean
McNamee, Finance Director Joyce Tucker needs those reports monthly. Updated Rules
and Regulations changes for Tier ll.
lnvestment report:
During the statement period 0210112022 lo 0413012022 lhe Alsip Firefighters pension
Fund had a beginning market value of $ 2,162,102.71 and ending market value of
$2,553,258.26.
$1 ,679,433.18 was contributed to the fund during this period
$1,199,827.83 were dispersed to beneficiaries during this period.
Fees/expenses were $ 89,408.53
Realized gains of $ 0.00
Sean Mc Namee explained with the current total of $ 2.s million a transfer of $ 1.2
million to the State lnvestment Fund will be completed soon.
fui W
Motion to accept the lnvestment report made by lvlatthew Mccarthy, and seconded by
Sean Mc Namee. All in favor, none opposed. Roll call vote Matthew Mccarthy yes,
Sean McNamee yes, and James lvlakina yes. lvlotion carries.
Treasurer'sreport: none
Old business:
'L Rules and Regulations changes for Tier ll. There were 2 changes (j) Average Salary
is the greater of the average monthly salary calculated by using the total salary of the
employee during the highest 48 consecutive months of service within the last 60 months
of employment. (2) Salary for pension purposes of Tier ll firefighters shall not exceed
$106,800 (starting in 201 1), and shall be increased by the lesser of (i)3% of the
pensionable salary cap, or (ii) the annual unadjusted percentage increase in the
Consumer Price lndex (CP|-U) for the previous 12 months. The contributions by
firefighters will be capped by the salary for pension purposes of 9106,800 or as adjusted
by the CPI-U or 3%.
This will be added to the next meeting agenda to vote on.
Motion to accept the vote on the revised Rules and Regulations al the next pension
meeting, made by Matthew Mccarthy, and seconded by Sean Mc Namee. All in favor,
none opposed. Roll call vote Matthew Mccarthy yes, Sean McNamee yes, and James
Makina yes. Motion carries.
New business:
1. One of the firefighters Miguel Luis recently resigned from the department. lf he is
interested in buying back his time a form will be completed to start the process.
2. Firetighter Robert Mc Evilly status. No correspondence has been received from him
or his attorney.
3. Continued Eligibility Forms went out in January 2022 and those who have notreturned the forms will be contacted.
4. Lieutenant Michael McNellis euildro was received.
Motion to accept the Quirdro received for Lieutenant Michaer McNeIis made by MatthewMcoarthy.and seconded by Sean Mc Namee. All in favor, none opposed. Roll callvote Matthew Mccarthy yes, Sean McNamee yes, and James Ma[ina yes. Motioncarries.
CorresDondence - none
Admissions lo fund: none
Attornev's report:
The status of the law suit on the consolidation of pensions. For the firelighters 90
to 95o/o have transferred monies to the State Fund. Only a few Police Pension
Funds have transferred monies. The deadline is June 30,2022. The law suit is
questioning the constitutionality of the law and how it impinges on pension
members voting rights. At the state level there are thousands of people vs.
smaller amount of people in individual pension funds. The answer to the law suit
is scheduled to come out on May 20, 2022. lf the law suit is unconstitutional the
pension money funds will be in a waiting period. The final say is the Supreme
Court. lt was suggested that no funds be transferred to the state fund until an
answer is received from the law suit. The current funds can remain in money
markets and interest bearing short term accounts at the bank. Attorney Hartwell
will email all members about the ruling on the case.
Motion to postpone any transfer of funds until after the May 20,2022 and allow
the pension fund to be over 1.5 million until we have a disposjtion of the case
made by Matthew Mccarthy and seconded by Sean McNamee. All in favor none
opposed. Roll call vote: lvlatthew Mccarthy 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 Mccarthy and seconded by
Sean McNamee. All in favor none opposed. Roll call vote: Matthew Mccarthy 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.
August 4, 2022 next pension meeting at 10:00 a.m.
Adjournment: Motion was made by Matthew Mccarthy, and seconded by Sean lvlc
Namee. All in favor none opposed. Roll call vote: lvlatthew Mccarthy yes, Sean
McNamee yes, and James Makina yes. l\.4otion carries.
Meeting adjourned at'10:37 a.m.
-==#---z-- FFfiatrhew Mc9adhy
Jzt'rt
President
FF Sean lvlcNamee
Secretary
Dl8trlbution Activity for 62-2003{11{ ALSIp FTREFTGHTERS pENS|ON FUND
From / To Date 0210112022 - 0N3012022, DISTRIBUTIONS / FEES
Post Date Description
0412612022 HEALTHINSURANCEPREMIUMSWITHHELD
04t26t2022
HEALTH INSURANCE
SAVINGS DEPOSIT WITHHELD
SAVINGS04t25t2022 TRANSFER TO ACCOUNT NO. 999000003
STATE WITHHOLDING FOR NORTH CAROLINA
MONTHLY DISTRIBUTION
GAIL A MITCHELL
PAYMENTS TO VARIOUS PARTICIPANTS
GROSS AMOUNT 221,370.350412212022 FEDEML INCOME TAx WITHHELD
FEDEML WTHHOLDING TAx
04t22t2022
04122t2022
Mt222022
03t25t2022
03124t2022
03t24D022
$t24n022
03110D022
03tun022
Principal Cash
-9,132.86
-760.00
-274.00
-'t,539.38
-192,263.55
-20,012.15
-77 .OO
-21,154.85
-1,539.38
-191,853.71
-9,578.54
-760.00
-19,976.31
-274.00
-77.00
-1,050.00
-593,120.06
-1,539.38
-1923U.52
-8,997.73
-760.00
-19,976,31
-274.00
_77 .O0
€33.97
-560.15
-540.51
-1,289,236.36
SEAWAY BANK - ALSIP PROFESSIONAL
MONTHLY UNION DUES
BENEFIT PAYMENT TRANSFER TO
FilOC$N412022 MONTHLY DISTRIBUTION
GAIL A MITCHELL
03124!2022 PAYMENTS TO VARIOUS PARTICIPANTS
cRoss AMoUNT 2?'1,370.35
HEALTH INSURANCE PREMIUMS WITHHELD
HEALTH INSURANCE
SAVINGS DEPOSIT WTHHELD
SAVINGS
FEDERAL INCOME TAX WITHHELD
FEDERAL WITHHOLDING TAx03t24D022 TRANSFER TO ACCOUNT NO. 999oOOOO3
STATE WITHHOLDING FOR NORTH CAROLINA0312412022 SEAWAY BANK - ALSIP PROFESSIONAL
MONTHLY UNION DUES
COLLINS & RADJA & HARTWELL
PROFESSIONAT SERVICES RENDERED
NORTHERN TRUST COMPANY . ALSIP
DISTRIBUTION TO BENEFICIARY0212412022 MONTHLY DISTRIBUTION
GAIL A MITCHELL
0212412022 PAYMENTS TO VARIOUS PARTICIPANTS
GROSS AMOUNT 221,37 0.35
0212412022 HEALTH INSURANCE PREMIUMS WITHHELD
HEALTH INSURANCE0212412022 SAVINGSDEPOSITWITHHELD
SAVINGS
021?4t2022 FEDERAL INCOME TAX WTHHELD
FEDERAL W|THHOLDING TAX02t24t2022 TRANSFER TO ACCOUNT NO.99900ooo3
STATE WITHHOLDING FOR NORTH CAROLINA02124T2022 SEAWAY BANK . ALSIP PROFESSIONAL
04t'15t2022
MONTHLY UNION DUES
MONTHLY FEETO 03131122
03115t2022 MONTHLY FEE TO O2t2Bt22
02t15t2022 MONTHLY FEE TO 01131122