Chicago City Wire

Municipal Employees' Annuity and Benefit Fund of Chicago met April 25.

Here is the minutes provided by the Fund:

Public Comment:

Theron Picketts representing NASP addressed the Board to invite them to attend this year’s NASP Conference scheduled for June 26 – 28, 2017 in Los Angeles. After Mr. Pickett’s finished, President Guest thanked him for the invitation. Mr. Picketts departed the meeting.

Trustee Summers arrived the meeting.

Hearings:

(This matter was taken out of order)

The Board held a hearing on the Matter of Patricia Litefoot to determine whether her felony conviction for fraudulently receiving disability payments from the Social Security Administration should result in the forfeiture of her pension in accordance with 40 ILCS 5/1-135 The Board heard evidence and testimony including Ms. Litefoot.

Following the hearing the Board moved in to closed session at 9:45 a.m. in accordance with 5 ILCS 120/2(c)(4) to discuss evidence and testimony presented in the Matter of Patricia Litefoot. Motion by Trustee Johnson. Seconded by Trustee McMahon.

Roll call:

Trustee Guest Aye

Trustee Johnson Aye

Trustee Keane Aye

Trustee McMahon Aye

Trustee Summers Aye

Motion carried.

The Board moved into open session at 9:51 a.m. on a motion by Trustee Summers. Seconded by Trustee McMahon. Carried by a unanimous voice vote.

In open session Trustee McMahon made a motion to terminate the annuity of Patricia Litefoot in accordance with 5 ILCS 5/1-135. Seconded by Trustee Keane.

Roll call:

Trustee Guest Nay

Trustee Johnson Nay

Trustee Keane Nay

Trustee McMahon Nay

Trustee Summers Nay

Motion failed.

Legislation:

Legislative Update-

Mr. James Mohler, Executive Director, reported on pending legislation that may affect the Fund.

Investments:

Market Environment-

Mr. Jamie Wesner of Marquette Associates presented the current market environment to the Board and discussed its effect on the Fund’s current investments.

First Quarter Performance Report-

Mr. Wesner presented a preliminary review of the Fund’s first quarter performance and stated that a more in depth review would be presented at the next regular meeting.

Monthly Performance Report-

Mr. Wesner reviewed the performance of the Fund in March.

First Quarter M/W/DBE Report-

Mr. Juan Lopez, Jr., Investment Officer, reviewed the Fund’s first quarter use of MWDBE firms and noted the Fund in compliance with stated goals.

Watchlist-

Mr. Lopez reported Geneva Capital, Keeley and FIS remain on watch.

Liquidity Needs-

Mr. Lopez reported funds sufficient to pay May benefit payments and no need for liquidations at this time.

Other:

2017 Pension Veification Project Update-

Mr. Mohler reported that the Fund had begun the annual pension verification project is in process and completed forms are due no later than September 30, 2017.

Trustee Travel Approval-

Ms. Ruffolo updated the Trustees as to travel opportunities including this year’s annual NCPERS Conference and the annual IPPFA Conference. Following the update, Trustee Johnson made a motion to approve the travel expenditures for trustees who choose to attend in accordance with the Pension Code. Seconded by Trustee McMahon.

Carried: Ayes – Trustee Guest, Trustee Johnson, Trustee Keane, Trustee McMahon and Trustee

Summers. Nays – None.

FOIA Update-

Ms. Ruffolo reported on requests made under the Illinois Freedom of Information Act.

Legal Update-

Ms. Mary Patricia Burns, Fund Counsel, updated the Board on the following:

• Review of the Fund’s 457 Savings Plan

• Private Letter Ruling update from the IRS

• Overview of case of Pisani v The City of Springfield

• Overview of the inability to calculate annuities with Shift Differentials

Trustee Summers left the meeting.

Following Ms. Burns brief review of these topics, Trustee Johnson made a motion to go into closed session at 10:58 a.m.in accordance with 5 ILCS 120/2(c)(11) to discuss litigation and potential litigation which affects the Fund. Seconded by Trustee Keane.

Roll call:

Trustee Guest Aye

Trustee Johnson Aye

Trustee Keane Aye

Trustee McMahon Aye

Motion carried.

The Board moved into open session at 11:40 a.m. on a motion by Trustee McMahon. Seconded by Trustee Johnson. Carried by a unanimous voice vote.

Adjournment:

There being no further business to come before the Board, Trustee McMahon made a motion to adjourn the meeting at 11:41 a.m. Seconded Trustee Johnson. Carried: Ayes - Trustee Guest, Trustee Johnson, Trustee Keane and Trustee McMahon. Nays-None.

http://www.meabf.org/assets/pdfs/meetings/minutes/2017-04_Minutes_Web.pdf