Woodstock Firefighter’s Pension
Board of Trustees
A regular meeting of the Woodstock Firefighter’s Pension Board of Trustees was called to order on Tuesday April 14,
2015 at 10:05 a.m. at Fire Station #2, 1325 Dean Street, Woodstock, Illinois.
Board members present were President Mike Hill, Secretary Matt Hedges, Treasurer John Kunzie, Trustees Bob
Kristensen, Lloyd Shaw, Dick Menzel and Attorney Tom Zanck. A quorum was present.
Absent: None.
Others present were Tom Quinn and Kevin Noonan of American Community Wealth Management; James Ritchie and
Allison Barrett of Lauterbach and Amen.
Public Comment None.
Minutes
The board reviewed the minutes from the March 10, 2015 special meeting. Motion to approve as presented; PASSED.
RCV: Hill
Hedges
Kristensen2
Shaw1 Menzel
The board reviewed the minutes from the March 17, 2015 special meeting. Motion to approve as presented; PASSED.
RCV: Hill
Hedges
Kristensen1
Shaw2 Menzel
The board reviewed the minutes from the March 24, 2015 special meeting. Motion to approve as presented; PASSED.
RCV: Hill
Hedges
Kristensen2
Shaw Menzel1
Communication
Secretary Hedges discussed seminar information received from the IPPAC and the IPFA, available upon request.
Bill Report
Secretary Hedges presented the bill report:
A.
B.
C.
D.
Zanck, Coen Wright& Saladin, PC
Lauterbach & Amen, LLP
Frisbie & Lohmeyer- Sureity Bond
Total
$125.00
$425.00
$1781.00
$2331.00
Motion to approve and pay the bills, $2,331.00 total, PASSED.
RCV: Hill
Hedges
Kristensen
Shaw1 Menzel2
Investment Advisor Report
Mr. Quinn gave a synopsis of account balances on all of the fund’s accounts. Mr. Noonan gave a market commentary and
recommended a dollar-cost averaging strategy in the future for putting large sums of cash into either the fixed or equity
market accounts.
Accountant Report
Ms. Barrett gave a presentation on the Payroll services that Lauterbach and Amen would be able to provide the Board.
Services would include all payments to beneficiaries, vendors and bills as approved, all beneficiary calculations,
paperwork, taxes and communications, coordinating transfers between investment advisor and custodial bank to pay bills
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2
and payroll. The cost of the services would be $150/ month for the payroll services as well as $200 annually for taxes.
There is a onetime set-up fee of $500.
Motion to accept the proposal and hire Lauterbach and Amen to provide payroll and vendor check services to the fund at a
cost of $150 monthly with the $200 annual fee and $500 one time set up fee [through the remainder of the current
engagement]. –The motion was amended to include the bracketed statement— PASSED.
RCV: Hill
Hedges1
Kristensen
Shaw2 Menzel
Mr. Ritchie gave the February financial report and summarized the financial position of the fund. He also notified the
Board that the annual compliance fee would be due June 30th and estimated the fee would be a little over $1000; he
recommended the board approve payment as to not incur a penalty due to late payment.
Motion made to pre-approve payment of the annual Illinois Department of Insurance Compliance Fee at a cost not to
exceed $1500, PASSED.
RCV: Hill
Hedges
Kristensen
Shaw2 Menzel1
Mr. Ritchie discussed the annual statement process and that the firm was looking to have the information processed
sooner this year with the Board’s cooperation. In addition, Mr. Ritchie discussed upcoming GASB 67 changes and
services available from Lauterbach at an additional fee to comply.
Statements of Economic Interest are due prior to May 1. Lauterbach and Amen as well as Attorney Zanck will reach out
to the McHenry County Clerk’s Office to ensure that Trustees Kristensen, Shaw, Menzel and Treasurer Kunzie have filed
their statements.
Trustee Shaw left the meeting after the accountant’s report.
Open Issues
President Hill led a discussion on the references from the investment advisor candidates. Secretary Hedges shared
reference information he’d gathered as well. The Board held an open discussion on the merits of the candidates.
Motion was made to hire Sawyer and Falduto as the fund’s investment advisor, not contingent upon an extension of the
agreement period, but to ask for a 15 year agreement, PASSED.
RCV: Hill
Hedges2
Kristensen1
Shaw Menzel
Secretary Hedges asked to table the agenda item to set a special meeting for transition of Investment Advisors.
New Business
President Hill discussed the ongoing pension trustee election process and an issue with its compliance with the pension
code. It was decided that the board should officially adopt an election procedure. Secretary Hedges presented the
“Trustee Election Procedure” and timeline document.
Motion to accept proposed procedures for retired and active firefighter elections, PASSED
RCV: Hill
Hedges
Kristensen1
Shaw Menzel2
Motion made to convene a special meeting Monday April 20th at 3 p.m. at Station 1 for the election, PASSED.
RCV: Hill
Hedges
Kristensen1
Shaw Menzel2
Upon further review of the pension code, Attorney Zanck recommended that the board appoint someone other than a
candidate to oversee the election and amend the Trustee Election Procedure as such.
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2
Motion was made to amend the Trustee Election Procedure “3rd Monday in April; ‘a representative appointed of by the
Board of Trustees’”, PASSED.
RCV: Hill
Hedges
Kristensen1
Shaw Menzel2
The board review proposed meeting dates for FY 15/16. Motion was made to accept as proposed, PASSED.
RCV: Hill
Hedges
Kristensen2
Shaw Menzel1
President Hill and Secretary Hedges discussed an issue the American Community Bank had with a recent electronic
benefit transfer that had failed. They have been working with the bank and are prepared to issue a paper check should that
become necessary to ensure benefits are received when expected.
Discussion
None.
Adjournment There being no further business before the Board, Motion to adjourn by Trustee Kristensen, second by
Trustee Menzel; Meeting adjourned at 11:32 a.m.
Respectfully submitted,
_______________________
Matt Hedges, Secretary
Woodstock Firefighter’s Pension Fund
April 16, 2015
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2