Laborers' & Retirement Board Employees' Annuity Benefit Fund of Chicago Board of Trustees met March 21.
Here is the minutes provided by the Board:
Public Participation:
None.
Approval of Minutes from Previous Meetings:
It was moved by Trustee Hamburger, seconded by Trustee Capasso, that the regular minutes of Meeting No. 982 held on February 21, 2017 be approved as submitted.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
It was moved by Trustee Hamburger, seconded by Trustee Joiner, that the minutes of the executive sessions 1, 2, 3 and 4 of Meeting No. 982 held on February 21, 2017 be approved as submitted.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule A – Applications for Refunds:
1. Refund of Contributions Due to Separation from Service
It was moved by Trustee Hamburger, seconded by Trustee Capasso, that Refunds of Contributions Due to Separation from Service be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
2. Miscellaneous Refunds – Refund to Heirs of Deceased Members and Refunds to MEABF - Errors in Deductions
It was moved by Trustee Joiner, seconded by Trustee Brown that the Refunds to Heirs of Deceased Members and Refunds to MEABF - Errors in Deductions be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule B – Applications for Annuities:
1. Employee Annuities
It was moved by Trustee Capasso, seconded by Trustee Hamburger, that applications presented for Employee Annuities be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
2. Spouse and Child Annuities
It was moved by Trustee Hamburger, seconded by Trustee Joiner, that applications presented for Spouse and Child Annuities be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule C – Adjustment Refunds to New Annuitants:
It was moved by Trustee Brown, seconded by Trustee Capasso, that Adjustment Refunds to New Annuitants be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule D – Applications for Duty Disability Benefits:
It was moved by Trustee Hamburger, seconded by Trustee Joiner, that the applications for Duty Disability Benefits be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule E – Applications for Ordinary Disability Benefits:
It was moved by Trustee Hamburger, seconded by Trustee Brown, that the applications for Ordinary Disability Benefits be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule F – Extension of Duty Disability Benefits:
It was moved by Trustee Hamburger, seconded by Trustee Capasso, that the applications for Extension of Duty Disability Benefits, be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule G – Extension of Ordinary Disability Benefits:
It was moved by Trustee Joiner, seconded by Trustee Hamburger, that the applications for Extension of Ordinary Disability Benefits be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Schedule H – Payment of Uncashed Checks of Deceased Members:
None.
Schedule I – Payment of Expenses:
It was moved by Trustee Joiner, seconded by Trustee Capasso, that Administrative and Investment Invoices be approved and ordered paid.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
Investments Report:
Investment Consultant Search
Mr. Walsh requested that this topic be discussed in executive session.
Executive Session No. 1:
At 1:09 p.m., Trustee Hamburger requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Keane seconded the motion.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
At 4:58 p.m., Trustee Hamburger made a motion, seconded by Trustee Keane, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso, Brown and Joiner.
Against -- None.
The Trustees took no action.
Trustee Carole Brown left at 4:58 pm.
February 28, 2017 Preliminary Performance Report/Manager Review
These items were not reviewed at the meeting.
Resolution on Fossil Fuels Divestment Update
The Board discussed the letter from the City of Chicago’s Committee on Finance regarding the resolution calling for divestment in fossil fuel companies. Mr. Walsh reviewed this matter and presented a draft of the Fund’s response to the letter. The Board gave direction to proceed with the response letter to the City of Chicago’s Committee on Finance.
Administrative Report:
Cash Needs
Mr. Walsh reviewed the cash needs for the month of March 2017.
Legislative Matters
Mr. Walsh informed the Board that he would be joining a phone call on March 22, 2017 with MEABF and representatives from Senator John Cullerton’s office regarding Senate Bill 16. Mr. Walsh reminded the Board of the deadline for Governor to sign Senate Bill 2437.
Miscellaneous
Special Investment Meeting – The Board decided to cancel the special investment meeting scheduled for Thursday, April 13, 2017 at 9:00 at the Fund office.
Statements of Economic Interest – Mr. Carroll reminded the Board that they should receive an email from the County Clerk regarding the next steps in completing the Statement of Economic Interest for year 2016.
Legal Report:
DV Urban Litigation
Mr. Donham updated the Board on the DV Urban matter and indicated that additional details will be provided at the next Board meeting. The Trustees decided to enter executive session to discuss another aspect of the DV Urban matter.
Executive Session No. 2:
At 5:12 p.m., Trustee Hamburger requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Keane seconded the motion.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso and Joiner.
Against -- None.
At 5:16 p.m., Trustee Hamburger made a motion, seconded by Trustee Joiner, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso and Joiner.
Against -- None.
The Trustees took no action.
Johnson Litigation
Mr. Donham updated the Board on the status of the Johnson Litigation and noted that Mr. Krislov’s petition for the pension funds to pay his legal fees was denied but that an appeal was expected.
Coveliers Litigation
Mr. Donham reported that the brief in the Coveliers appeal is to be filed on April 25, 2017. Mr. Donham will circulate a draft of the brief to Trustees prior to its filing.
Securities Litigation
This item was discussed in executive session.
Executive Session No. 3:
At 5:16 p.m., Trustee Joiner requested an executive session under 5 ILCS 120/2(c)(11) to discuss potential or current litigation of the Fund. Trustee Hamburger seconded the motion.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso and Joiner.
Against -- None.
At 5:19 p.m., Trustee Joiner made a motion, seconded by Trustee Capasso, that the executive session be adjourned and that the Board return to open session.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso and Joiner.
Against -- None.
The Trustees took no action.
Adjournment:
With no further business, at 5:19 p.m., Trustee Hamburger made a motion to adjourn the meeting. Trustee Keane seconded the motion.
Roll-call: For-- Trustees Roa, Keane, Hamburger, Capasso and Joiner.
Against -- None.
http://www.labfchicago.org/assets/1/33/March_21_2017_LABF_Reg_minutes_Final.pdf
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