Laserfiche WebLink
Minutes of the July 19, 2011 Elk Grove Village Police Pension Board meeting. <br /> President Ambrose called the meeting to order at 3:50 p.m. Present were Greenberg, Torres, <br /> Krzywicki, Parrin,Tromp, Tomanek, and McDonnell investment management representatives <br /> Mark Giura and Dominic Pappalardo. <br /> The minutes of the last regular meeting, April 26, 2011, as well as the minutes from the Celia <br /> hearing, May 03, 2011, and the special meeting, May 09, 2011 were read, A motion to approve <br /> all of these minutes was made by Krzywicki, seconded by Torres. Unanimous. <br /> Tromp presented two Treasurer's Reports, which included balance sheets dated April 2011 and <br /> May 2011 and disbursement registers. A motion to approve both Treasurer's Reports was made <br /> by Krzywicki, seconded by 'forres. Unanimous. <br /> Old Business <br /> Giura and Pappalardo provided an investment report dated June 30, 2011 for the Ell:Grove <br /> Village Police Pension Fund investments, and discussed with the Board corporate fixed income <br /> investments. <br /> Tomanek presented an updated report on the status of the Fund's investments. After discussion <br /> with Tommrrek, the following actions occurred: <br /> A motion to change investment policy per Tomanek's recommendation related to asset allocation, <br /> specific investment goals, and investment guidelines was made by Parrin, seconded by <br /> Krzywicki. Unanimous. <br /> A motion to change Equity Targets and Strategies from the current allocation percentages to the <br /> percentages proposed in a Graystone Consulting memo dated July 19, 2011 was made by Tones, <br /> seconded by Krzywicki. Unanimous. <br /> A motion was made by Krzywicki to liquidate and eliminate Becker Capital as one of the Board's <br /> investment managers, taking $1,300,000 and investing it as follows: $780,000 into the Natural <br /> Resources investment category of which $390,000 is to be invested in Fidelity and $390,000 is to <br /> be invested in ING; $520,000 into the High Yield investment category of which $260,000 is to be <br /> invested in Metropolitan and $260,00 is to be invested in Ivy High Yield. Any remaining balance <br /> from Becker Capital will be invested in McDonnell. Parrin seconded the motion. Unanimous. <br /> A motion was made by Parrin to limit McDonnell asset allocations to be no more than 20% in <br /> BBB rated corporate investments. Tones seconded the motion. Unanimous. <br /> New Business <br /> The Board received a letter of retirement and request for benefits from Deputy Chief Michael <br /> Kirkpatrick. The Finance Department provided the distribution information as follows: <br /> Date of birth: February 07, 1958 <br /> Date of-hire: January 03, 1980 <br /> Date of retirement: May 27, 2011 <br /> Date ol'pension: May 28, 2011 <br /> Creditable service: 31 years,4 months, 25 days <br /> Original rate of pension: 75% <br /> Salary: $119,808.00 <br /> Original pension amount: $89,856.00 <br /> Original monthly benefit: $7,488.00 <br /> First month prorated amount: $966.19 <br /> Eligible for increase: March 01, 2013 <br />