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Elk Grove Village Police Pension Board <br />October 14th, 2014 Meeting Minutes <br />901 Wellington Ave, Elk Grove Village IL <br /> <br /> <br /> <br />1 <br /> <br />The regular meeting was called to order at 3:30 PM by Trustee Torres. Present were Trustee Gottwald, <br />Trustee Moody, Trustee Torres, Christine Tromp from the Elk Grove Village Finance Department, and <br />Doug Oest from Marquette Associates. No members of the public were in the audience. A quorum was <br />present. <br /> <br /> The minutes of the last meeting, July 14th, 2014, both the transcript of the disability hearing for Officer <br />Carl Sabo and the regular board minutes were read. A motion to approve the minutes of the last meeting <br />was made by Trustee Moody, Second by Trustee Gottwald. Aye to approve: Moody, Gottwald, and <br />Torres. Motion carried. <br /> <br />The financial advisor from Marquette Associates provided the financial report. The Board’s investments <br />and performance were discussed (down 1% for quarter, 4.5% for YTD), as well as an update on the <br />economy. Harbor and Oakmark were cited as underperforming in recent period but the investment <br />advisor did not have any recommendations for change at this time. Policy updates were presented in the <br />revised investment policy. A motion to adopt the new investment policy and changes to asset allocation <br />and investment managers was made by Trustee Gottwald, Second by Trustee Moody. Aye to approve: <br />Moody, Gottwald, and Torres. Motion carried. <br /> <br />The next meeting date was scheduled for Tuesday, January 13th, 2014 at 3:30PM at 901 Wellington Ave, <br />Elk Grove Village, IL. <br /> <br />Trustee Ambrose arrived at 4:00 PM. <br /> <br />The treasurer’s report was presented by Christine Tromp. As of August 2014, the Village has recorded <br />$559,880 in revenue for the police pension portion of the electric tax for the fiscal year. The actuarial <br />report was to be presented to the Village Board on the evening of 10/14/2014. The funding percentage of <br />the pension fund, as calculated by actuary Timothy Sharpe, has increased to 67.3%. The treasurer’s <br />report also reflected new payments to Officer Sabo in regard to his non-duty disability status, retroactive <br />to the disability date of 12/31/2013. A refund of contributions to Officer Jones was also noted on the <br />Treasurer’s report. A motion to approve the treasurer’s report was made by Trustee Ambrose, Second by <br />Trustee Gottwald. Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion carried. <br /> <br />Board Officer nominations were discussed. Trustee Gottwald made a motion to nominate Trustee <br />Ambrose as President, Trustee Moody as Vice-President, Trustee Torres as Secretary and Trustee <br />Gottwald as Vice-Secretary. Second was Moody. Aye to approve: Moody, Gottwald, Ambrose and <br />Torres. Motion carried. <br /> <br />The written disability order for Officer Sabo, as prepared by Board Attorney Richard Reimer, was <br />reviewed. A motion to accept the order was made by Trustee Ambrose, Second by Trustee Gottwald. <br />Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion carried. Those Trustees who were <br />present and voted on the order approval signed the original copy of the order. <br /> <br />The Board has been in contact with the Illinois Secretary of State to file an Application for Authority to <br />Dispose of Local Records. A representative for the Illinois Secretary of State was scheduled to bring <br />documentation to the Elk Grove Village Hall on 10/16/2014 for signatures on the draft document. <br /> <br />The Board was informed of the resignation of Officer Ken Albro on 9/17/2014. At this time he has not <br />requested a refund of contributions.