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Home My WebLink AboutPOLICE PENSION - 07/14/2021 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES JULY 14, 2021 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, July 14, 2021 at 4:00 p.m. at the Elk Grove Village Hall Meeting Room A & B located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007, pursuant to notice. CALL TO ORDER: Trustee Torres called the meeting to order at 4:02 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Warren Moody and Allan Ambrose (arrived at 4: 02 p.m.) ABSENT: Trustee Charles Walsh ALSO PRESENT: Attorney John Gaw & Attorney Brian LaBardi (arrived via -teleconference at S: 20, p.m) Reimer Dobrovolny & Labardi, PC (RDL); Finance Director Christine Tromp, Elk Grove Village; Doug Oest, Marquette Associates; Sam Meyer, Lauterbach & Amen, LLP (L&A); Officer Steven Rohman, Elk Grove Village Police Department PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 14, 2021 Regular Meeting Minutes: The Board reviewed the April 14, 2021 regular meeting minutes. A motion was made by Trustee Moody and seconded by Trustee Molloy to approve the April 14, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. June 17, 2021 Special Meeting Minutes: The Board reviewed the June 17, 2021 special meeting minutes. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the June 17, 2021 special meeting minutes as written. Motion carried unanimously by voice vote. Trustee Ambrose arrived at 4: 02 p.m. INVESTMENT REPORT — MARQUETTE ASSOCIATES: Executive Summary. Mr. Oest presented the Executive Summary for the period ending June 30, 2021. Mr. Oest discussed the market environment, investment manager status report, summary of investment changes, total fund composite and performance by investment managers. As of June 30, 2021, the three-month total net return is 4.7% and the year-to-date total net return is 1.9% for an ending market value $111,536,757. The current asset allocation is as follows: Fixed Income at 34.1%, U.S. Equity at 41.1%, International Equity at 14.3%, Real Estate at 8.4%, Alternatives Composite at 1.9% and Cash at 0.3%. Mr. Oest discussed share changes with the Board. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to authorize Marquette Associates to exchange the shares for a lower a fee upon availability. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh Mr. Oest recommended removing manager DFA off alert and returning them back into compliance status. A motion was made by Trustee Ambrose and seconded by Trustee Moody to move DFA back into compliance status as recommended. Motion carried unanimously by voice vote. Elk Grove Village Police Pension Fund Meeting Minutes — July14, 2021 Page 2 of 5 A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the Investment Report as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. The Board established their fourth quarter meeting date as October 28, 2021 at 4:00 p.m. Mr. Oest left the meeting at 4: 26 p.m. TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Treasurer's Report for the period ending May 31, 2021 prepared by the Village of Elk Grove. As of May 31, 2021, the net position held in trust for pension benefits is $110,793,252. 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 $1,927,561. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve the Treasurer's Report as presented and to approve the year-to-date expenses in the amount of $1,927,561. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh Additional Bills, if any — Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice was received. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve payment of the IDOI Compliance Fee in the amount of $8,000. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that Affidavits of Continued Eligibility will be mailed to all pensioners with the July payroll cycle. A status update will be provided at the next regular meeting. TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities and were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees & Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval. APPLICATIONS FOR MEMBERSHIPIWITHDRAWALS FROM FUND: Applications for Membership — Breanne Fuchs & David Olson: The Board reviewed the Applications for Membership submitted by Breanne Fuchs and David Olson. A motion was made by Trustee Molloy and seconded by Trustee Moody to accept Breanne Fuchs and David Olson into the Elk Grove Village Police Pension Fund effective June 14, 2021, as Tier II participants. Motion carried unanimously by voice vote. Contribution Refund — Timothy Hain: The Board reviewed the contribution refund request submitted by Timothy Hain. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve Timothy Hain's contribution refund in the amount of $53,189.13 paid directly to himself. Motion carried by roll call vote. Elk Grove Village Police Pension Fund Meeting Minutes — July 14, 2021 Page 3 of 5 AYES: Trustees Torres, Molloy, Moody, Ambrose NAYS: None ABSENT: Trustee Walsh APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Hearing Regarding Retirement Benefit and Creditable Service — Edwin Medina: This item was tabled until the next regular meeting. Review/Approve Regular Retirement Benefits — Michael Gaspari, George Mojouros & Andy Jensen: The Board reviewed the regular retirement benefit calculation for Michael Gaspari prepared by L&A. Deputy Chief Gaspari had an entry date of October 15, 1990, retirement date of June 25, 2021, effective date of pension of June 26, 2021, 59 years of age at date of retirement, 30 years of creditable service, applicable salary of $160,141.88, applicable pension percentage of 75%, amount of originally granted monthly pension of $10,008.87 and amount of originally granted annual pension of $120,106.44. A motion was made by Trustee Moody and seconded by Trustee Ambrose to approve Michael Gaspari's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh The Board reviewed the regular retirement benefit calculation for George Moujouros prepared by L&A. Officer Moujouros had an entry date of June 29, 1992, retirement date of July 7, 2021, effective date of pension of July 7, 2021, 54 years of age at date of retirement, 29 years of creditable service, applicable salary of $108,831.93, applicable pension percentage of 72.5%, amount of originally granted monthly pension of and amount of originally granted annual pension of $78,903.12. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve Moujouros' regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh The Board reviewed the regular retirement benefit calculation for Andy Jensen prepared by L&A. Commander Jensen had an entry date of October 15, 1990, retirement date of June 25, 2021, effective date of pension of June 26, 2021, 53 years of age at date of retirement, 30 years of creditable service, applicable salary of $141,791.60, applicable pension percentage of 75%, amount of originally granted monthly pension of $8,861.98 and amount of originally granted annual pension of $106,343.76. A motion was made by Trustee Moody and seconded by Trustee Molloy to approve Andy Jensen's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Review Preliminary Actuarial Valuation: L&A noted the Actuarial Valuation is still in process and the final report will be presented to the Board for approval at their fourth quarter meeting. Board Officer Elections — President, Vice President, Secretary & Assistant Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Torres as Elk Grove Village Police Pension Fund Meeting Minutes — July 14, 2021 Page 4 of 5 President; Trustee Ambrose as Vice President; and Trustee Molloy as Secretary; and Trustee Moody as Assistant Secretary. A motion was made by Trustee Moody and seconded by Trustee Molloy to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer & OMA Designee: The Board discussed maintaining Village Clerk Lorri Murphy as the FOIA Officer and Trustee Torres as the OMA Designee. A motion was made by Trustee Moody and seconded by Trustee Ambrose to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. Review/Approve — Resolution to Appoint Authorized Agents in Accordance with IPOPIF: The Board reviewed the resolution prepared by IPOPIF. A motion was made by Trustee Molloy and seconded by Trustee Moody to appoint Trustee Torres and Molloy as authorized agents for the Elk Grove Village Police Pension Fund in accordance with Rule 2021-01 and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh Review/Approve — IPOPIF Vendor Authorization Form: This item was not discussed. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI, PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Strand discussed recent court cases and decisions, as well as general pension matters with the Board. Attorney LaBardi arrived via -teleconference at 5: 20 p.m. Ms. Tromp left the meeting at 5: 30 p.m. QILDRO — Joseph Sacomano, George Mojouros & Edward Hansen: L&A informed the Board that they are awaiting receipt of the QILDRO Calculation Orders for Joseph Sacamano and Gerorge Moujours to be able to process payments to the alternative payees. Further discussion will be held at the next regular meeting. The Board also discussed the QILDRO Calculation Order for Edward Hansen. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to cease payment to the alternative payee effective October 1, 2021 if no QILDRO Calculation is submitted. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Moody and Ambrose NAYS: None ABSENT: Trustee Walsh Attorney LaBardi left the meeting at 5: 36 p. m. Review/Adopt Board Rules & Regulations — Interest Charge for Unpaid Time: This item was tabled until the next regular meeting. CLOSED SESSION, IF NEEDED: There was no need for closed session. Elk Grove Village Police Pension Fund Meeting Minutes — July14, 2021 Page 5 of 5 ADJOURNMENT: A motion was made by Trustee Ambrose and seconded by Trustee Moody to adjourn the meeting at 5:38 p.m. Motion carried unanimously by voice vote. The neat regular meeting will be held on October 28, 2021 at 4:00 p.m. Board President or Secretary Minutes approved by the Board of Trustees Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP