MUNICIPAL PENSION BOARD MINUTES
TUESDAY, MARCH 11, 2008
The monthly meeting of the Municipal Pension Board was called to order at 5:15 p.m. by Chairman, John Ivers.
Present were John Ivers, Gerard Adelman, Robert Tait, Brian Kogut, James Suzio, Martin Lilienthal, Corinne Eisenstein, Caroline Beitman, and Brian Daniels. Also present were Patrick Sheehan and Gerald Glass from A.G. Edwards & Sons, Inc. and Art Meizner from Hooker & Holcomb.
The Board reviewed the Minutes from the January 8, 2008 meeting. A motion to accept the Minutes as submitted was made by Gerard Adelman, seconded by Brian Kogut. Motion carried.
The Board reviewed the Minutes from the February 19, 2008 Special meeting. A motion to accept the Minutes as submitted was made by Jim Suzio, seconded by Martin Lilienthal. Motion carried.
The Board reviewed the Financial reports for January 2008 for City, Police and Fire. A motion to accept the reports as submitted was made by Martin Lilienthal, seconded by Gerard Adelman. Motion carried.
The Board also reviewed the Financial reports for February 2008 for City, Police and Fire. A motion to accept these reports as submitted was made by Martin Lilienthal, seconded by Gerard Adelman. Motion carried.
The following application for retirement was presented:
Frank Ressa, vested Memorial Hospital employee, normal retirement, normal form, effective March 27, 2008, monthly benefit $255.73. A motion to accept Mr. Ressa’s application as submitted was made by Martin Lilienthal, seconded by Caroline Beitman. Motion carried.
A discussion ensued regarding direct deposit of pension checks for all retirees. No action was taken.
The Board reviewed an invoice from Hooker & Holcomb in the amount of $14,618.00 for the Expense Audit that was requested by the Board. A motion to process payment was made by Gerard Adelman, seconded by Brian Kogut. Motion carried.
Patrick Sheehan presented the Board with an overview of the pension funds. The City employees fund totals $141.6 million and Police/Fire funds total $109.3 million.
A discussion ensured regarding the Expense Audit conducted by Hooker & Holcomb.
Meeting adjourned at 6:30 p.m.
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Caroline Beitman, Secretary
Municipal Pension Board
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