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Elk Grove Village Police Pension Board <br /> January 10, 2017 Meeting Minutes <br /> 901 Wellington Ave, Elk Grove Village IL <br /> The regular meeting was called to order at 3:32 PM by President Torres. Also present were Trustee <br /> Gottwald,Trustee Moody, Trustee Schmidt, Sandy Smalley from the Elk Grove Village Finance <br /> Department, Doug Oest and Jose Sanchez from Marquette Associates. Trustee Ambrose was absent. A <br /> quorum was present. <br /> The minutes of the last meeting, October 18, 2016,were read. A motion to approve the minutes of the last <br /> meeting was made by Trustee Gottwald, Second by Trustee Moody. Aye to approve: Moody, Gottwald, <br /> Schmidt and Torres. Motion carried. <br /> Trustee Ambrose arrived 3:54 pm. <br /> The financial advisor, Doug Oest, from Marquette Associates provided the financial report. The Board's <br /> investments and performance were discussed(up 0.9%for quarter). The Total Fund Market value as of <br /> December 31, 2016 was about$73,727,623. Oest discussed the Oakmark International fund outperformed <br /> and recommended the fund be taken off Alert status.No changes to the Oakmark Fund were <br /> recommended at this time and no action was taken. Oest recommended an update to the investment <br /> policy. <br /> Oest recommended removing the three of the Annuity Asset classes from Addendum A including MFS <br /> Research,MetLife and MFS New Discovery. <br /> Oest recommended changing the target asset allocation of the Annuities from 5%to <br /> 2%,the Maximum asset allocation of the Annuities from 7%to 4%,the target asset allocation of Cash <br /> Equivalents from 0%to 1%,the target asset allocation of the Total U.S. Equity from 36%to 38%,the <br /> minimum asset allocation of the Total U.S. Equity from 26%to 28%,the maximum asset allocation of the <br /> Total U.S. Equity from 46%to 48%,the target asset allocation of the U.S Large-Cap Core Equity Fund <br /> from 24%to 26%,the minimum asset allocation of the U.S Large-Cap Core Equity Fund from 19%to <br /> 21% and the maximum asset allocation of the U.S Large-Cap Core Equity Fund from 29%to 31%. <br /> Oest recommended changing some of the Investment Objectives, including the investment percentages of <br /> the Barclays Capital U.S Intermediate Government Credit Index from 37%to 35% and the Wilshire 5000 <br /> Index from 38%to 40%. <br /> Oest recommended changes to the Addendum E—GASB Statement 67, including the date of adoption <br /> and approval date from October 13, 2015 to January 10, 2017 and the some of the percentages in the <br /> Broad Asset Class including the minimum target of Domestic Equities from 26%to 28%,the target of <br /> Domestic Equities from 36%to 38%,the maximum target of Domestic Equities from 46%to 48%,the <br /> target of Annuities from 5%to 2%,the maximum target of Annuities from 7%to 4% and the target of <br /> Cash and cash Equivalents from 0%to I%. <br /> A motion to accept the investment policy changes was made by Trustee Ambrose, Second by Trustee <br /> Moody. Aye to approve: Ambrose, Moody, Gottwald, Schmidt and Torres. Motion carried.No other <br /> changes were recommended at this time. <br /> The next regular meeting date was scheduled for Tuesday,April 11, 2017 at 3:30PM at 901 Wellington <br /> Ave, Elk Grove Village, IL. <br /> The treasurer's report was presented by Sandy Smalley. As of November 2016,the Village has recorded <br /> $1,075,416 in revenue for the police pension portion of the electric tax for the fiscal year and$2,346,832 <br /> 1 <br />