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Minutes of the July 20, 2010 Elk Grove Village Police Pension Board meeting. <br /> Vice President Krzywicki called the meeting to order at 3:40 p.m. Present were Greenberg, Torres, <br /> Parrin,Tromp, and Financial Advisor Mary Tomanek. Also present was Village attorney Knickerbocker, <br /> Mason, Zinnel, and Kirkpatrick. Ambrose arrived at 3:45 p.m. <br /> The minutes of the last meeting, April 19, 2010 were read. Knickerbocker objected to the portion of the <br /> minutes involving a summation of his statements in the discussion of the early retirement incentive the <br /> Village offered to the Union in what was at that time a pending contract offer and with no decision yet <br /> from the Department of Insurance on the early retirement incentive language. He agreed he had stated "If <br /> the Department of Insurance opinion finds such an increase not proper for retirement purposes, the <br /> Village would seek corrected language to allow for such an increase", however he felt he had said this in <br /> two different sentences; and thus the intent of his statements were taken out of context. Moreover, he <br /> wanted to emphasize his intent then was that if the Department of Insurance ruled against the early <br /> retirement incentive language in the contract, and the Board had already made payments to a retiree at an <br /> increased rate that should not have been made, then it would be the responsibility of that member for <br /> reimbursement to the Fund. Krzywicki's notes of the meeting regarding a summary of Knickerbocker's <br /> statements indicated the Village Attorney and Union are to come up with correct language so one <br /> document is approved by both sides, for the Pension Board to decide. A motion was made by Torres, <br /> seconded by Ambrose, to amend the minutes to include Krzywicki's summation of Knickerbocker's <br /> statements to more readily reflect Knickerbocker's intent; and then to approve the minutes. Unanimous. <br /> Tromp presented the Treasurer's Report, which included balance sheet dated June 2010 and disbursement <br /> register. A motion to approve the Treasurer's Report was made by Parrin, seconded by Krzywicki. <br /> Unanimous. <br /> Old Business <br /> Mary Tomanek presented an updated report on the status of the Fund's investments. A motion was made <br /> by Krzywicki, seconded by Torres to take $1,500,000.00 from Ryan Labs, and $500,000.00 from <br /> Macquaire Allegiance Capital, and move $1,000,000.00 to PIMCO Total Return D, and $1,000,000.00 to <br /> Great Lakes Large Value.Unanimous. <br /> New Business <br /> The Board received the medical report from Dr. Katznelson regarding disabled member Schuâ–ºnert. Dr. <br /> Katznelson indicates Schumert continues to be disabled. <br /> The Board received notice of retirement and request for benefits from Officer Richard Mason. Mason <br /> was informed of the Department of Insurance Advisory Opinion letter dated April 28, 2010 declaring the <br /> early retirement incentive salary increase not proper for retirement calculations when the remaining <br /> employees of the same rank and class receive a forfeiture of a salary increase. Since the non-retiring <br /> Union employees are forfeiting a salary increase, the Board shall follow the guidelines set forth in the <br /> Advisory Opinion letter. Mason, however, disagrees, and feels the increase should be included in this <br /> calculation. He was informed the Board had arranged for a hearing to address the matter, tentatively <br /> scheduled for August 18, 2010, pending confirmation from attorney Reimer. Until then, his retirement <br /> calculation is based on the current salary rate, and the Finance Department provided the distribution based <br /> on that as follows: <br /> Date of birth: April 23, 1957 <br /> Date of hire: January 03, 1980 <br /> 0 a "i <br />