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i <br /> i <br /> Minutes of the April 19,2010 Elk Grove Village Police Pension Board meeting. <br /> President-Ambro le called the meeting to order at 3:30 p.m. Present were Greenberg, Krzywicki,Torres, <br /> Garr,Tromp, and financial Advisor Mary Tomanek. Also present was Village attorney Knickerbocker, <br /> Gary Parrin, and Flund members Kirkpatrick,Zinnel, Mason and Schmidt. <br /> There was no Board election required for the active members,as only two members,Greenberg and i <br /> Torres,were nominated for the two positions. Greenberg and Torres are appointed by acclamation. <br /> Similarly,there was no Board election for the beneficiaries,as only one member, Krzywicki,was <br /> i <br /> nominated for the one position. Krzywicki is appointed by acclamation. i <br /> i <br /> The minutes of the last meeting, February 23, 2010,were read. A motion to approve the minutes was <br /> made by Krzywic I seconded by Garr. Unanimous. <br /> Tromp presented he Treasurer's Report,which included balance sheet dated March, 2010 and <br /> disbursement register. A motion was made by Garr,seconded by Krzywicki,to approve the Treasurer's <br /> Report. Unanimous. <br /> . <br /> Old Business <br /> Mary Tomanek prLIented an updated report on the status of the Fund's investments. A motion was <br /> made by Garr,seconded by Krzywicki,to approve and adopt a new investment policy with corrected <br /> language. Unani ous. <br /> The Board discuss d the earl retirement incentive contained in the one year contract recent) <br /> Y Y Y <br /> approved by the Police Union. The Board was aware the Department of Insurance had been sent a <br /> different contract than the one year contract recently approved by the Police Union,and that there was <br /> a modification in the retirement incentive language in the one year contract in hopes of meeting with <br /> Department of Insurance approval. Greenberg reported to the Board that Board attorney Reimer <br /> advised the Board to pay retirement benefits under the present rates with no salary increase included, <br /> without prejudice until such time that the Department of Insurance provides an opinion on the <br /> language of the erly retirement incentive. If approved, increased retirement benefits could be paid <br /> retroactively. Knickerbocker, however,felt those retiring should receive the increase for retirement <br /> calculations immediately, and if the Department of Insurance opinion finds such an increase not proper <br /> for retirement purlposes,the Village would seek corrected language to allow.for such an increase. The <br /> Board will follow t e advice of Board attorney Reimer,and delay the inclusion of the'early retirement <br /> incentive increase until it has an opinion about such an increase issued by the Department of Insurance. <br /> Greenberg has been forwarding all documents relating to this issue to Mr. Reimer. <br /> New Business <br /> The Board received the medical report from Dr. Baron regarding disabled member Celia. Dr. Baron <br /> indicates that Celia continues to remain disabled. <br /> t <br />