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Home My WebLink AboutPOLICE PENSION - 04/08/2020 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES APRIL 28, 2020 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Tuesday, April 28, 2020 at 3:30 p.m. via teleconference in accordance with Section 6 of Governor Pritzker's Executive Order 2020-18 (COVID-19 Executive Order No. 16) pursuant to notice. CALL TO ORDER: Trustee Torres called the meeting to order at 3:30 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Warren Moody, Allan Ambrose and Charles Walsh ABSENT: None ALSO PRESENT: Finance Directors Christine Tromp and Brian Koehler, Elk Grove Village; Doug Oest, Marquette Associates; Sam Meyer, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 8, 2020 Regular Meeting Minutes: The Board reviewed January 8, 2020 regular meeting minutes. A motion was made by Trustee Walsh and seconded by Trustee Moody to approve the January 8, 2020 regular meeting as written. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Semi -Annual Review of Closed Session Meeting Minutes: This item was tabled until the next regular meeting. INVESTMENT REPORT — MARQUETTE ASSOCIATES: Executive Summary: Mr. Oest presented the Executive Summary for the period ending March 31, 2020. Mr. Oest discussed the market environment, investment manager status report, summary of investment changes, total fund composite and performance by investment managers. As of March 31, 2020, the three-month total net return (12.8%) and the year-to-date total net return is (6.7%) for an ending market value $82,640,136. The current asset allocation is as follows: Fixed Income at 40.5%, U.S. Equity at 36.6%, International Equity at 10.2%, Real Estate at 10.7%, Alternatives Composite at 1.5% and Cash at 0.5%. Evaluate Potential Purchases/Sales of Investments: The Board discussed the Board's equity portfolio. Mr. Oest recommended transferring $400,000 from CS McKee and $400,000 from Segall Bryant & Hamill into the Vanguard Total International over the upcoming two weeks. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to transfer the funds as discussed. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Elk Grove Police Pension Fund Meeting Minutes —April 28, 2020 Page 2 of 4 Mr. Oest also recommended placing DFA International Small Cap and Oakmark International Fund on alert due to the managers underperformance. A motion was made by Trustee Walsh and seconded by Trustee Ambrose to place DFA International Small Cap and Oakmark International Fund on alert. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Mr. Oest discussed the sale of CS McKee to North Square Investments with the Board. Trustee Torres informed the Board that Attorney Reimer has reviewed and approved of the agreement presented. A motion was made by Trustee Ambrose and seconded by Trustee Moody to approve the CS McKee consent assignment as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. The Board discussed changing the time of the Board meeting dates from 5:30 p.m. to 3:30 p.m. The Village of Elk Grove Police's Pension Fund third-quarter meeting will be held on July 8, 2020 at 3:30 p.m. Mr. Oest left the meeting at 4:18 p.m. TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report Presentation and Approval of Bill: The Board reviewed the Treasurer's Report for the period ending March 31, 2020 prepared by the Village of Elk Grove. As of March 31, 2020, the net position held in trust for pension benefits is $89,946,611. Ms. Tromp also reviewed the revenue and pensioner distribution payments, new contributions and expense report showing the year-to- date total expenses is in the amount of $616,613. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the Treasurer's Report as presented and to ratify the year- to-date expense report in the amount of $616,613. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Additional Bills, if any — The Illinois Department of Insurance Compliance Fee: The Village noted that the IDOI Compliance Fee has not yet been received. This item was tabled until the next regular meeting. The Board reviewed the following additional bills for approval: • Reimer & Dobrovolny PC invoice in the amount of $437.50 for legal services. • Marquette Associates invoice in the amount of $11,250 for investment services. • Lauterbach & Amen, LLP in the amount of $1,600 for PSA services. Elk Grove Police Pension Fund Meeting Minutes —April 28, 2020 Page 3 of 4 A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve the additional bills as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None COMMUNUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that due to the health and safety concerns associated with COVID-19, L&A will not issue Affidavits of Continued Eligibility to pensioners in April. L&A informed the Board that they will continue to monitor the ongoing situation and maintain communication with the Board, in order to issue Affidavits of Continued Eligibility as soon as reasonably possible. The Board tabled this matter until the next regular meeting. Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2020. TRUSTEE TRAINING UPDATES: The Board discussed trustee training requirements and upcoming training opportunities. Trustees were reminded to submit any training certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees & Reimbursable Expenses: There were no trustee training registrations or reimbursable expenses presented for approval. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Contribution Refund — Connor Marchetti: The Board reviewed the contribution refund request submitted by Connor Marchetti. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve Connor Marchetti's contribution refund in the amount of $5,772.76 paid in a direct rollover issued on March 10, 2020. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Certify Board Election Results — Active & Retired Member Positions: L&A conducted an election for both of the active member positions on the Elk Grove Village Police Pension Fund Board of Trustees. Chris Torres and Thomas Molloy ran unopposed and were reelected for two-year terms expiring May 10, 2022. L&A also conducted an election for the retired member position on the Elk Grove Village Police Pension Fund Board of Trustees. Warren Moody ran unopposed and was reelected for a two-year term expiring May 10, 2022. A motion was made by Trustee Ambrose and seconded by Trustee Walsh to certify the active and retired member election results. Motion carried roll call vote. Elk Grove Police Pension Fund Meeting Minutes —April 28, 2020 Page 4 of 4 AYES: Trustees Torres, Molloy, Moody, Ambrose and Walsh NAYS: None ABSENT: None Appointed Member Term Expiration — Charles Walsh: The Board noted that Trustee Walsh's appointed term expires April 30, 2020 and reappointment has been requested. Further discussion will be held at the next regular meeting. 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. Trustee Torres noted that pensioner Kenneth Krzywicki passed away. The Board took a moment to recognize Mr. Krzywicki's as a former Board Trustee and noted he will be missed by the Elk Grove Village Police Department. ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Ambrose to adjourn the meeting at 4:38 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on July 8, 2020 at 3:30 p.m. Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP