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Home My WebLink AboutPOLICE PENSION - 10/16/2019 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES OCTOBER 16, 2019 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, October 16, 2019 at 5:30 p.m. at the Charles J. Zettek Municipal Complex in the Gayle B. Bantner Fire & Police Commission Office located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007, pursuant to notice. CALL TO ORDER: Trustee Torres called the meeting to order at 5:35 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Allan Ambrose, Warren Moody and Charles Walsh ABSENT: None ALSO PRESENT: Finance Directors Christine Tromp and Brian Koehler, Elk Grove Village; Doug Oest, Marquette Associates; Kevin Cavanaugh and Sam Meyer, Lauterbach & Amen, LLP; Active Members Russell Sullivan, Elk Grove Village Police Department; Retired Members Rebecca McGreal, Rick Mason and Ken Kazywicki; Elk Grove Village Police Department. PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 10, 2019 Regular Meeting Minutes: The Board reviewed the July 10, 2019 regular meeting minutes. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the July 10, 2019 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORT — MARQUETTE ASSOCIATES: Executive Summary: Mr. Oest presented the Executive Summary for the period ending September 30, 2019. Mr. Oest discussed the market environment, investment manager status report, summary of investment changes, total fund composite and performance by investment managers. As of September 30, 2019, the three- month total net return is 0.9 % and the year-to-date total net return is 12.4% for an ending market value of $90,107,150. The current asset allocation is as follows: Fixed Income at 35.4%, U.S. Equity at 40.7%, International Equity at 12.1%, Real Estate at 9.6%, Annuity Composite at 1.7% and Cash at 0.4%. Fixed Income Manager Search: The Board reviewed the fixed Income Managers and determined no changes are required at this time. Review/Update Investment Policy: The Board reviewed the Investment Policy and determined no changes are necessary at this time. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to accept the investment report as presented by Marquette Associates. Motion carried unanimously by voice vote. Doug Oest left the meeting at 6:13 p.m. Elk Grove Police Pension Fund Meeting Minutes — October 16, 2019 Page 2 of 5 NEW BUSINESS: Establish 2020 Board Meeting Dates: The Board discussed establishing the 2020 Board meeting dates as January 8, 2020; April 8, 2020; July 8, 2020; and October 14, 2020 at 5:30 p.m. at the 2020 the Charles J. Zettek Municipal Complex in the Gayle B. Bantner Fire & Police Commission Office located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007. A motion was made by Trustee Moody and seconded by Trustee Ambrose to establish the Board meeting dates as stated. Motion carried unanimously by voice vote. Review/Approve — Actuarial Valuation & Tax Levy Request: The Board reviewed the finalized Actuarial Valuation as prepared by L&A. Based on data and assumptions, the recommended contribution amount is $4,156,124 which is a $118,90 increase from the prior year contribution. The statutory minimum contribution requirement is $3,398,586. The Board discussed requesting a tax levy in the amount of $4,156,124 with a minimum contribution in the amount of $3,398,586. A motion was made by Trustee Ambrose and seconded by Trustee Moody to request a tax levy in the amount $4,156,124 with a minimum contribution amount of $3,398,586 from the Village of Elk Grove Village Board of Trustees, and to approve the Actuarial Valuation as presented by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None TREASURER'S REPORT — ELK GROVE VILLAGE: The Board reviewed the preliminary Financial Report for the period ending September 30, 2019 prepared by the Village of Elk Grove. As of September 30, 2019, the net position held in trust for pension benefits is $90,640,973. Ms. Tromp also reviewed pensioner distribution payments and new contributions with the Board. A motion was made by Trustee Moody and seconded by Trustee Ambrose to approve the Treasurer's Report as presented. Motion carried unanimously by voice vote. Additional Bills, if any: The Board reviewed the following additional bills for approval: • Lauterbach & Amen invoice #40001 in the amount of $1,645 for PSA services. • Marquette Associates invoice #1910334 in the amount of $11,250 for Investment services. • Reimer & Dobrovolny PC invoice #25178 in the amount of $87.50 for attorney fees. • Reimer & Dobrovolny in the amount of $351.90 for attorney fees. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the additional bills as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None TRUSTEE TRAINING UPDATES: Approval of Trustee Training Registration Fees & Reimbursable Expenses: The Board reviewed the following Trustee training reimbursements: • Reimbursement to Trustee Ambrose in the total amount $500.00 of training expenses. • Reimbursement to Trustee Molloy in the total amount of $434 for training expenses. • Reimbursement to Trustee Moody in the total amount of $830.41 for training expenses. Elk Grove Police Pension Fund Meeting Minutes — October 16, 2019 Page 3 of 5 • Reimbursement to Trustee Torres in the total amount of $992.10 for training expenses. • Reimbursement to Trustee Walsh in the total amount of $1057.25 for training expenses. A motion was made by Trustee Ambrose and seconded by Trustee Walsh to reimburse the trustee as stated. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None The Board discussed upcoming training opportunities and noted that Trustee Torres and Trustee Ambrose has submitted training certificates to L&A for recordkeeping. The Board also noted that Trustees Torres, Molloy, Walsh and Moody attended the IPPFA MidAmerican conference from October 1, 2019 through October 4, 2019. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership — David Miller, Erica Amezcua, James Johnson & Dominic Vitale: The Board reviewed the Applications for Membership submitted by Johnathan Herman, Erica Amezcua, James Johnson and Dominic Vitale. A motion was made by Trustee Molloy and seconded by Trustee Moody to accept Johnathan Herman, Erica Amezcua, James Johnson and Daminic Vitale into the Elk Grove Firefighters' Pension Fund effective September 13, 2019, as Tier II participants. Motion carried unanimously by voice vote. Contribution Refund — Jonathan Herman, Erica Amezcua & Daniel Lim: The Board reviewed the contribution refund request submitted by Jonathan Herman in the amount of $2,343.05 paid in a direct rollover issued on July 25, 2019. The Board reviewed the contribution refund request submitted by Erica Amezcua in the amount of $97.50 paid directly to herself issued on October 3, 2019. The Board reviewed the contribution refund request submitted by Daniel Lim paid in the amount of $5,321.49 paid in a direct rollover issued on October 17, 2019. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve Jonathan Herman, Erica Amezcua and Daniel Lim's contribution refunds as discussed. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Eric Perkins & Ed Thomas: The Board reviewed the regular retirement benefit calculation for Ed Thomas. Ed Thomas had an entry date of July 15,1991; Retirement date of October 3, 2019; 28 years, 2 months 19 days creditable service and has been granted an annual salary from the Elk Grove Village Police Pension Fund in the amount of $102,889.50. The Board reviewed the regular retirement benefit calculation for Eric Perkins. Eric Perkins had an entry date of October 28, 1991; Retirement date of September 20, 2019; 27 years, 10 months 24 days creditable service and has been granted an annual salary from the Elk Grove Village Police Elk Grove Police Pension Fund Meeting Minutes — October 16, 2019 Page 4 of 5 Pension Fund in the amount of $102,889.50. A motion was made by Trustee Moody and seconded by Trustee Walsh to approve the regular retirement benefits for Ed Thomas and Eric Perkins as calculated by Elk Grove Village. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None OLD BUSINESS: IDOI Annual Statement: The Board noted that L&A has emailed spousal information data to the Village to assist in their filing of the IDOI Annual Statement. NEW BUSINESS (CONTINUED): Review/Adopt — Municipal Compliance Report: The Village informed the Board that they are in process of finalizing the Elk Gove Village Police Pension Fund's Municipal Compliance Report. Further discussion will be held at the next regular meeting. Review/Adopt Resolution Regarding Consolidation of Pension Funds: The Board reviewed the Resolution Regarding Consolidation of Pension Funds provided by Attorney Reimer. A motion was made by Trustee Molloy and seconded by Trustee Moody to adopt the Resolution as presented and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None APPLICATIONS FOR MEMBERSHIP/WITHDRAWLS FROM FUND (CONTINUED): Resignation from the Fund — Marlene Bucio: The Board noted that Marlene Bucio has resigned from the Elk Grove Village Police Department on September 5 ,2019 and contribution refund has been requested to date. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed third request Affidavits of Continued Eligibility to all outstanding pensioners with a due date of October 7, 2019. To date, one affidavit remains outstanding. The Board will contact outstanding pensioner for status on his affidavit. ATTORNEY'S REPORT — REIMER & DOBROVOLNY PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Walsh to adjourn the meeting at 7:32 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on January 8, 2020 at 5:30 p.m. Elk Grove Police Pension Fund Meeting Minutes — October 16, 2019 Page 5 of 5 Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP