Laserfiche WebLink
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES <br /> ELK GROVE VILLAGE POLICE PENSION FUND <br /> JULY 11, 2017 <br /> The regular meeting of the Board of Trustees of the Elk Grove Village Police Pension Fund was held on <br /> Tuesda- <br /> y,July 11,2017 at 3:30 pm at 901 Wellington Avenue, Elk Grove Village, Illinois, in Meeting <br /> Room C. <br /> CALL TO ORDER: President Christopher Torres called the meeting to order at 3:33 p.m. <br /> ROLL CALL: <br /> Present- President Christopher Torres, Secretary Jason Gottwald, Assistant Secretary Warren <br /> Moody and Trustee Stephen Schmidt(quorum present) <br /> Absent: Vice President Allan Ambrose <br /> Also Present: Christine Tromp, Elk Grove Village Finance Department: Doug Oest, Marquette <br /> Associates; Kenneth Krzywicki <br /> APPROVAL OF MEETING MINUTES: <br /> The Board reviewed the April H, 2017 meeting minutes. A motion was made by Trustee Schmidt and <br /> seconded by Trustee Moody to approve the meeting minutes as written. Motion carried unanimously by <br /> voice vote.Trustee Ambrose was absent. <br /> FINANCIAL ADVISOR'S REPORTANVESTMENT REVIEW: <br /> Doug Oest from Marquette Associates discussed the quarterly investment report with the Board. As of <br /> June 30.2017.the value of the fund was$78,523,324.The total portfolio was up 2.5%for the quarter. <br /> The current asset allocation 50% in equity funds and 35% in fixed income funds and 15% in Real Estate, <br /> Annuity and Cash fiends. There was no action taken based on recommendations from Mr.Oest. <br /> TREASURE'S REPORT: <br /> Christine Tromp presented the Treasure's Report for the period ending May 2017. The total net plan <br /> assets as of 512017 were$79,773,117. Christine Tromp also provided a report of the scheduled pension <br /> benefit-,for 2017 for all pensioners, based on requirements of the state statute. A vendor bill was incurred <br /> on July 1.2017 in the amount of$11,250.00 for investment consulting services. An expense was incurred <br /> on May 2,2017 in the amount of$335.00 for Trustee Gottwald to attend the 2017 IPPFA Illinois Pension <br /> Conference.The reports were received and all questions were answered by Ms.Tromp. A motion to <br /> accept the treasurer's reports, including the vendor checks,expenses and pension benefits.was made by <br /> Trustee Moody and seconded by Trustee Schmidt. Trustee Gottwald abstained from the vote. <br /> AYES: Trustees Moody. Schmidt,Torres <br /> NAYS: None <br /> ABSENT: Trustee Ambrose <br /> RETIREMENT APPLICATION: <br /> The Board was not informed of any Retirement Applications. <br /> NEW PENSION FUND APPLICATIONS/WITHDRAWALS: <br /> A request for a refund from the Pension Fund was made by Thomas LaPak.The refund amount was <br /> $1048.81.00. The refund would be reflected in the June 2017 report. <br /> An Application for Membership to the Pension Fund was received by Melissa Chirchirillo, Bradley <br /> Jackson, Ryan Miller,Miguel Palomo and Eric Wilson. Ms. Chirchirillo, Mr.Jackson, Mr. Miller,Mr. <br /> Palomo and Mr. Wilson were hired on June 21,2017;therefore,they would be considered Tier 11 <br /> I <br />