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 December
9th, 2014 at 10:02 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 and Dick Menzel, Attorney Tom Zanck. A quorum was present.
Absent: None.
Also present were: Tom Quinn and Kevin Noonan of American Community Wealth Management and James Ritchie of
Lauterbach and Amen.
Public Comment None.
Minutes
The board reviewed the executive session minutes from the special meeting May 1, 2014. Motion to approve as presented;
PASSED.
RCV: Hill
Hedges
Kristensen
Shaw1 Menzel2
The board reviewed the minutes from the June 10, 2014 regular meeting. Motion to approve as presented, PASSED.
RCV: Hill
Hedges2
Kristensen1
Shaw Menzel
The board reviewed the minutes from the October 14, 2014 regular meeting. Motion to approve as presented; PASSED.
RCV: Hill
Hedges
Kristensen
Shaw2 Menzel1
Communication
Secretary Hedges presented correspondence received; documents are available for review.
Bill Report
Secretary Hedges presented the bill report:
A.
B.
C.
D.
E.
Trustee Menzel mileage reimbursement $80.64
Brian Zabel and Associates
Zanck, Coen Wright& Saladin, PC
Lauterbach & Amen, LLP
Total
$3,150.00
$556.25
$425.00
$4,211.89
Motion to approve and pay the bills, $4,211.89 total, PASSED.
RCV: Hill
Hedges
Kristensen1
Shaw2 Menzel
Investment Advisor’s Report
The floor was turned over to Tom Quinn and Kevin Noonan of American Community Wealth Management (ACWM).
Mr. Quinn gave a summary of all accounts. He noted discussion from the October meeting and that the pension board can
invest an additional 10% of the pension fund in equities. Mr. Quinn noted that the Capstone account only reported
quarterly, so the numbers will be available at the end of the quarter in early January. Mr. Quinn also recommended that
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2
the board provide a time that ACWM could set-up a teleconference with Landenberg Thalman Asset Management
(LAMP) to discuss investment strategy and how the firm makes decisions on the fund’s portfolio.
Trustee Shaw asked if corporate bonds counted as equity to which Mr. Quinn replied that they are not and are held in the
Capstone bond account.
Mr. Noonan led discussion on how to invest the additional 10% of the fund that can be invested in equities. He offered
several options to arrive at approximately $500,000 investment in equity. The board deliberated selling bonds, waiting for
CD’s to mature or investing cash from the money market. Mr. Ritchie noted that Lauterbach and Amen has been tracking
employee and employer contributions throughout the fiscal year and as of yet, they haven’t noticed any funds transferred
into the pension fund from the District; his estimate is that the tax levy was to be just over $600,000. Mr. Noonan
recommended that the board invest the funds over a period to smooth the transition and take advantage of dollar cost
averaging. The board resolved to invest $200,000 cash from the money market now and to meet again January 13, 2015
to hold an investment workshop to make decisions on the rest of the options.
Motion to invest $200,000 cash from the money market account at American Community Bank into the LAMP account;
PASSED.
RCV: Hill
Hedges2
Kristensen1
Shaw Menzel
Motion to hold a special meeting on January 13th, 2015at 10 a.m. Station 2 to further invest assets; PASSED.
RCV: Hill
Hedges
Kristensen1
Shaw Menzel2
Lauterbach and Amen Report
Mr. Ritchie gave a summary of the Fund’s assets from the October Monthly Financial Report. Mr. Ritchie noted that
there have been no employer contributions collected by the pension fund as of for this fiscal year and that the board
should investigate; President Hill to follow up. In total, the fund had an approximately 4% change in position since April.
Mr. Ritchie discussed the upcoming retired participant increases. He noted that as Lauterbach and Amen builds the
clients beneficiary profile they run a calculation on each beneficiary to ensure that the fund is paying the correct benefit to
the participant. It was discovered that Mr. D. Menzel was slightly over paid and Mr. W. Parker was under paid by an
undetermined amount. Mr. Ritchie asked for the payment history for both participants from the pension fund’s archives
from the date of their benefit award through December 2014; Secretary Hedges to provide. Mr. Ritchie noted that in the
future, the Illinois Department of Insurance (IDOI) benefit calculator is the tool that the IDOI uses to verify correct
pension calculations should be considered.
Motion to have Lauterbach and Amen perform calculation to determine what is due to Phil Parker and pay Mr. Parker,
prior to January 1, 2015, said amount not to exceed $500; motion not voted on, amended as below.
RCV: Hill
Hedges
Kristensen2
Shaw1 Menzel
Motion for Parker calculation amended so that Mr. Parker receives payment by 12/31/2014; PASSED as amended.
RCV: Hill
Hedges
Kristensen2
Shaw1 Menzel
Open Issues
President Hill discussed the board’s inquiry into obtaining a credit card. President Hill read the board a written opinion of
Lauterbach and Amen strongly discouraging the use of a credit card for the pension fund due to experiences with
impropriety within other funds and the liability it opens up. The opinion also noted that should the fund decide to
establish a credit account, it is their recommendation that the board only issue one card and keep it locked in safe while
not in use. The board decided not to pursue a credit account any further.
New Business
Attorney Zanck advised the board they should officially approve any changes to the investment policy.
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2
Motion to amend the Investment policy of the Woodstock Firefighter’s Pension Fund to allow additional permitted
investments of 10% of the assets of the fund in separate accounts and/or mutual funds which are consistent with 40 ILCS
5/1-113.2(13); PASSED
RCV: Hill
Hedges
Kristensen1
Shaw2 Menzel
Hearing regarding Ms. Suriano-Wurtz’s withdrawal of application for Line-Of-Duty-Death Survivor’s Pension
Motion to open hearing regarding Ms. Suriano-Wurtz’s withdrawal of application for Line-Of-Duty-Death Survivor’s
Pension; PASSED.
RCV: Hill
Hedges1
Kristensen2
Shaw Menzel
Exhibit 1: Letter from Ms. Suriano-Wurtz’s Counsel Jeff A. Goodloe of Puchalski Goodloe Marzullo.
President Hill read the entire letter aloud to the board in which Attorney Goodloe indicated Ms. Suriano-Wurtz
has voluntarily elected to withdraw her remaining pending application for a line of duty death survivor’s pension
pursuant to 40 ILCS 5/4-114(j).
Motion to finalize action on Ms. Suriano-Wurtz’s claim to benefits as follows; the board recognizes the letter received
from Attorney Goodloe dated October 7, 2014. Ms. Suriano-Wurtz is entitled to a regular survivor’s pension pursuant to
40 ILCS 5/4-114(a)(1) as final action and no further benefit will be considered for Ms. Suriano-Wurtz; PASSED.
RCV: Hill
Hedges
Kristensen
Shaw1 Menzel2
Motion to close hearing regarding Ms. Suriano-Wurtz’s withdrawal of application for Line-Of-Duty-Death Survivor’s
Pension; PASSED.
RCV: Hill
Hedges1
Kristensen2
Shaw Menzel
Hearing regarding Ms. Amy Wurtz’s application for Surviving Children’s Pension Benefit on behalf of Reilly Wurtz
Motion to open hearing regarding Ms. Amy Wurtz’s application for Surviving Children’s Pension Benefit on behalf of
Reilly Wurtz; PASSED.
RCV: Hill
Hedges Kristensen1 Shaw2 Menzel
Exhibit 1: President Hill read application for Surviving Children’s Pension Benefit (Form 23) aloud to the board.
The application is dated and notarized November 5th, 2014; received by the board on November 17th, 2014. Reilly
Wurtz is the dependant minor of deceased FF/PM Michael Wurtz, her DOB is April 16, 1997. Reilly will be
eighteen years old on April 16, 2015. Her application for benefit is pursuant to 40 ILCS 5/4-114(a).
Exhibit 2: Photocopy of Reilly Wurtz’s Birth Certificate
Reilly Wurtz was born to Michael W. Wurtz, Father and Amy L. Mateja (Maiden Name) on April 16, 1997.
Certificate is recorded by the McHenry County, Illinois Clerk.
Exhibit 3: Divorce Decree provided by Ms. Amy Wurtz
Divorce decree signed by Michael W. Wurtz and Amy L. Wurtz effective May 12, 2010. Circuit Court of the 22nd
Judicial Circuit, McHenry County, Illinois No. 07 DV 1004. Indicates Reilly is the youngest of the three Wurtz;
other siblings Katelyn Wurtz DOB 7/14/1991 and Meghan Wurtz DOB 3/21/1994. There were no children
conceived but not yet born.
Trustee Shaw asked if there was a statute of limitations on the benefit. Attorney Zanck advised the board that the Pension
Board has the discretion set the benefit start date, whether retroactive or at the time of application.
Motion to award Reilly Wurtz a Surviving Children’s Pension Benefit pursuant to 40 ILCS 5/4-114(a)(1), twelve percent
of FF/PM Wurtz’s monthly salary to be retroactive to the date of Michael Wurtz’s death on February 7, 2014. Reilly will
receive a benefit of $741.26 until she reaches age eighteen on April 16, 2015 which will be the final disbursement;
PASSED.
RCV: Hill
Hedges1 Kristensen Shaw2 Menzel
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2
Motion to close the hearing regarding Ms. Amy Wurtz’s application for Surviving Children’s Pension Benefit on behalf of
Reilly Wurtz; PASSED.
RCV: Hill
Hedges 1 Kristensen2 Shaw Menzel
Secretary Hedges presented the IDOI benefit tables printed from the benefit calculator for retirees Menzel and Parker to
the board and noted the following increases resulted in total benefit for 2015: Menzel $33,667.08 distributed as $2,805.59
monthly; Parker $31,250.28 distributed as $2,604.19 monthly.
Motion to approve pension increases for retired participants Menzel and Parker as of January 1, 2015; PASSED.
RCV: Hill
Hedges
Kristensen2
Shaw1 Menzel
Discussion
President Hill asked Attorney Zanck if there had been an application from Ms. Amy Wurtz for benefits, the answer was
no.
Secretary Hedges presented a portfolio review and recommendations received from Capital Gains, Inc. He noted that there
was a drastic difference in opinion. Secretary Hedges suggested that the board consider issuing a request for proposals for
Investment Advisory services at the next meeting of the board.
Adjournment There being no further business before the Board, Motion to adjourn by Trustee Kristensen, second by
Trustee Menzel; Meeting adjourned at 11:45 a.m.
Respectfully submitted,
_______________________
Matt Hedges, Secretary
Woodstock Firefighter’s Pension Fund
December 15th, 2014
Voting Key Roll Call Vote (RCV) AYE NAY ABSTAIN DID-NOT-VOTE
First Motion 1 , Second to the Motion 2