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Home My WebLink AboutPOLICE PENSION - 10/28/2021 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES OCTOBER 28, 2021 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, October 28, 2021 at 4:00 p.m. in 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, Charles Walsh, Warren Moody and Allan Ambrose ABSENT: None ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & Labardi, PC (RDL); Finance Director Christine Tromp, Elk Grove Village; Doug Oest, Marquette Associates; Sam Meyer & Kevin Cavanaugh, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 14, 2021 Regular Meeting Minutes: The Board reviewed the July 14, 2021 regular meeting minutes. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve the July 14, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. September 7, 2021 Special Meeting Transcript: 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 September 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 September 30, 2021, the three-month total net return is (0.1%) and the year-to-date total net return is 7.9% for an ending market value $110,483,980. The current asset allocation is as follows: Fixed Income at 34.5%, U.S. Equity at 41.5%, International Equity at 13.9%, Real Estate at 8.9%, Alternatives Composite at 0.9% and Cash at 0.3%. Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. The Board discussed removing Segall Bryant and Hamill off alert status. A motion was made by Trustee Ambrose and seconded by Trustee Molly to remove Segall Bryant and Hamill off alert status. Motion carried unanimously by voice vote. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the executive summary as presented by Marquette and Associates. Motion carried unanimously by voice vote. NEW BUSINESS: Establish 2022 Board Meeting Dates: The Board established the following 2022 Board meeting dates as January 12, 2022; April 13, 2022; July 13, 2022; and October 12, 2022, at 2:00 p.m. in the Elk Grove Village Hall Meeting Room A & B located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI, PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney LaBardi discussed recent court Elk Grove Village Police Pension Fund Meeting Minutes — October 28, 2021 Page 2 of 5 cases and decisions, as well as general pension matters with the Board. 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 September 30, 2021 prepared by the Village of Elk Grove. As of September 30, 2021, the net position held in trust for pension benefits is $111,034,485. 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 $1,242,584. A motion was made by Trustee Ambrose and seconded by Trustee Moody to approve the Treasurer's Report as presented and to approve the year-to-date expenses in the amount of $1,242,584. Motion carried by roll call vote. AYES: Trustees Torres, Molloy,Walsh, Moody and Ambrose NAYS: None ABSENT: None Additional Bills, if any: The Board reviewed the following additional bills for approval: • Marquette Associates invoice in the amount of $11,250.00 for Investment Services. • IPPFA invoice in the amount of $795 for 2022 Membership Dues. • RDL invoice in the amount of $2,571.53 for Attorney Fees. • L&A invoice in the amount $1,650.00 PSA Services. 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 COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners with the July payroll cycle and a due date of August 30, 2022. To date, 9 affidavits remain outstanding. L&A will mail second request affidavits to the outstanding pensioners and status updates will be provided to the Board as they become available. Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. 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. Trustee Torres informed the Board that the Illinois General Assembly website is currently inaccessible, and the Board is unable to complete their FOIA and OMA training. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership — Gabriel Perez, Christian Cortez & Aaron Harper: The Board reviewed the Applications for Membership submitted by Gabriel Perez, Christian Cortez & Aaron Harper. A motion was made by Trustee Molloy and seconded by Trustee Moody to accept Gabriel Perez, Christian Cortez & Aaron Harper into the Elk Grove Village Police Pension Fund effective September 8, 2021 as Tier II participants. Motion carried unanimously by voice vote Elk Grove Village Police Pension Fund Meeting Minutes — October 28, 2021 Page 3 of 5 APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Review/Approve Regular Retirement Benefit — James Kuzyk: The Board reviewed the regular retirement benefit calculation for James Kuzyk prepared by L&A. Officer Kuzyk had an entry date of January 8, 1990 retirement date of September 24, 2021, effective date of pension of September 25, 2021, 57 years of age at date of retirement, 31 years of creditable service, applicable salary of $108,806, applicable pension percentage of 75%, amount of originally granted monthly pension of $6,800.43and amount of originally granted annual pension of $81,605.16. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve James Kuzyk's regular retirement benefit as calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None Deceased Pensioner — Kathleen Balek/Approval of Surviving Spouse Benefit — Kerri Sleeth: The Board noted that Kathleen Balek passed away on August 18, 2021. The Board reviewed the surviving spouse benefit calculation for Kerri Sleeth with an effective date of August 19, 2021 for a monthly benefit of $6,854.03 with no additional increases. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the surviving spouse benefit of Kerri Sleeth calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None Deceased Pensioner —Jerome MaculitislApproval ofSurviving Spouse Benefit —Nora Maculitis: The Board noted that Jerome Maculitis passed away on August 29, 2021. The Board reviewed the surviving spouse benefit calculation for Nora Maculitis with an effective date of August 30, 2021 for a monthly benefit of $6,359.91 with no additional increases. A motion was made by Trustee Moody and seconded by Trustee Molloy to approve the surviving spouse benefit of Nora Maculitis calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None Deceased Pensioner — Jack Romme/Approval of Surviving Spouse Benefit — Janice Romme: The Board noted that Jack Romme passed away on August 5, 2021. The Board reviewed the surviving spouse benefit calculation for Janice Romme with an effective date of August 6, 2021 for a monthly benefit of $8,564.36 with no additional increases. A motion was made by Trustee Moody and seconded by Trustee Molloy to approve the surviving spouse benefit of Janice Romme calculated by L&A. 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 the IDOI Annual Statement has been completed and submitted to the Department of Insurance prior to the October 31, 2021 deadline. Review/Approve — Resolution to Appoint Representative Agents in Accordance with IPOPIF: The Board noted that this item was completed at the Board's July 17, 2021 regular meeting. NEW BUSINESS (CONTINUED): Review/Approve — Actuarial Valuation and Tax Levy Request: The Elk Grove Village Police Pension Fund Meeting Minutes — October 28, 2021 Page 4 of 5 Board reviewed the finalized Actuarial Valuation prepared by L&A. Based on data and assumptions, the recommended contribution amount is $5,159,244 which is a $375,941 increase from the prior year contribution. The statutory minimum contribution requirement is $3,826,593. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to request a tax levy in the amount $5,159,244 with a minimum contribution amount of $3,826,593 from the Village of Elk Grove Village Board of Trustees and requested the difference between the Village tax levy contribution and recommended contribution to be filled with other Village revenue such as electric tax. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None Review/Adopt — Municipal Compliance Report: This item was tabled until the next regular meeting. Portability Update — Brandi Forgue: The Board noted that Brandi Forgue's calculation is in process and will be provided for review and approval at the next regular meeting. Creditable Service Transfer — Mike Machnik: The Board noted that Mike Machnik's calculation is in process and will be provided for review and approval at the next regular meeting. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI, PC (CONTINUED): The Board discussed sending Carl Sabo for his annual independent medical examination (IME). A motion was made by Trustee Moody and seconded by Trustee Molloy to authorize the Board Attorney to sendCarl Sabo for his annual IME. Further discussion will be held at the next regular meeting. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None QILDRO — Joseph Sacomano, Edward Hansen & George Mojouros: Attorney LaBardi informed the Board that a QILDRO Calculation Order still has not been submitted by Edward and Ellery Hansen and payment to the alternative payee will be ceased with the November, 2021 payroll cycle. The Board reviewed the QILDRO Calculation Order submitted by Joseph Sacamano. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve the QILDRO Calculation Order as submitted. Motion carried unanimously by voice vote. Attorney Labardi noted that correspondence has been sent to George Majouros informing him of errors in his QILDRO documents and no response has been received to date. Updates will be provided as they become available. 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. 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 next regular meeting will be held on January 12, 2022 at 2:00 p.m. Elk Grove Village Police Pension Fund Meeting Minutes — October 28, 2021 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