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Home My WebLink AboutPOLICE PENSION - 01/12/2022 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 12, 2022 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, January 12, 2022 at 2:00 p.m. in the Elk Grove Village Hall Meeting Rooms 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 2:18 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Charles Walsh and Warren Moody ABSENT: Trustee Alan Ambrose ALSO PRESENT: Attorney Bryan Strand, Reimer Dobrovolny & Labardi, PC (RDL); Finance Director Christine Tromp, Elk Grove Village; Doug Oest (arrived at 2:48 p.m.), Marquette Associates; Sam Meyer (via teleconference), Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 28, 2021 Regular Meeting Minutes: The Board reviewed the October 28, 2021 regular meeting minutes. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the October 28, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. September 7, 2021 Special Meeting Transcript: The Board reviewed the September 7, 2021 special meeting transcript. A motion was made by Trustee Moody and seconded by Trustee Molloy to approve the September 7, 2021 special meeting transcript as written. Motion carried unanimously by voice vote. Semi -Annual Review of Closed Session Meeting Minutes: The Board reviewed the closed session meeting minutes. A motion was made by Trustee Moody and seconded by Trustee Walsh to keep the closed session meeting minutes closed due to pending matters. Motion carried unanimously by voice vote TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report: The Board reviewed the Treasurer's Report for the period ending November 30, 2021 prepared by the Village of Elk Grove. As of November 30, 2021, the net position held in trust for pension benefits is $112,454,062. 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 $4,510,773. A motion was made by Trustee Molloy seconded by Trustee Walsh to approve the Treasurer's Report as presented and to approve the year-to-date expenses in the amount of $4,510,773. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Additional Bills, if any: There were no additional bills. COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2022. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2022. TRUSTEE TRAINING UPDATES: The Board discussed upcoming training opportunities and were reminded to submit any certificates of completion to L&A for recordkeeping. Elk Grove Village Police Pension Fund Meeting Minutes — Januaryl2, 2022 Page 2 of 4 Approval of Trustee Training Registration Fees & Reimbursable Expenses: There were no trustee training registration fees or reimbursable expenses presented for approval. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: Portability Update — Brandi Forgue: The Board noted that L&A mailed correspondence to Brandi Forgue regarding her request to calculate the amount of money due to the Elk Grove Village Police Pension Fund to SERS, but no response has been received to date. Further discussion will be held at the next regular meeting. Creditable Service Transfer — Mike Machnik: The Board discussed Mike Machnik's transfer of creditable service. A motion was made by Trustee Molly and seconded by Trustee Moody to authorize the transfer in the amount of $108,857.76 to the Glenview Firefighters' Pension Fund. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Review/Adopt — Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Walsh and seconded by Trustee Molly to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by voice vote. NEW BUSINESS: Approve Annual Cost of Living Adjustments for Pensioners: The Board reviewed the 2022 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee Walsh and seconded by Trustee Molloy to approve the 2022 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently held by Trustee Torres and Trustee Molloy are expiring in May, 2022. Trustee Molloy wishes to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for both of the active member Trustee positions. The Board also noted that the retired member term currently held by Trustee Moody is expiring in May 2022. Trustee Moody wishes to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for the retired member Trustee position. Portability Update — Eric Wilson: The Board discussed Eric Wilson's portability calculation. A motion was made by Trustee Walsh and seconded by Trustee Molloy to authorize the Village to issue payment on behalf of the Elk Grove Police Pension Fund in the amount of $78,428.50 to the Aurora Police Pension Fund to complete Eric Wilson's portability. Motion carried by roll call vote. Elk Grove Village Police Pension Fund Meeting Minutes — Januaryl2, 2022 Page 3 of 4 AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose IPOPIF: Status Update and Discussion/Possible Action to be taken on all IPOPIF Requests Pertaining to Consolidation: The Board reviewed the resolution and exhibits prepared by IPOPI. This item was tabled until the next regular meeting. Mr. Oest arrived at 2: 48 p.m. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI, PC: The Board noted that Carl Sabo attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Molloy and seconded by Trustee Walsh to continue the disability benefits of Carl Sabo based on a finding that her remains disabled and subject to further annual examinations until age 50. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose QILDRO Edward Hansen & George Mojouros: The Board noted that Attorney Labardi has sent correspondence 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. The Board reviewed the QILDRO Calculation Order submitted by Edward Hansen. A motion was made by Trustee Walsh and seconded by Trustee Molloy to approve the QILDRO Calculation Order as submitted and directed L&A to issue payment to the alternative payee. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Discussion/Adoption — Cash Management Policy: This item was tabled until the next regular meeting. Review/Adopt Board Rules & Regulations — Interest Charge for Unpaid Time: 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 December 31, 2021. As of December 31, 2021, the three- month total net return is 4.8% and the year-to-date total net return is 6.8% for an ending market value $115,827,780. The current asset allocation is as follows: Fixed Income at 32.7%, U.S. Equity at 43.4%, International Equity at 13.4%, Real Estate at 9.3%, Alternatives Composite at 0.9% and Cash at 0.3%. Mr. Oest recommended the Board liquidate the Delaware High Income Fund and reallocate the proceeds into the money market fund. A motion was made by Trustee Walsh and seconded by Trustee Molloy to reallocate the funds as recommended. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose The Board discussed transferring $1,000,000 from the Vanguard S&P 500 Fund and reallocating the proceeds into the Fund's money market account for the purpose of remitting pension benefits and expenses. Elk Grove Village Police Pension Fund Meeting Minutes — Januaryl2, 2022 Page 4 of 4 A motion was made by Trustee Walsh and seconded by Trustee Moody reallocate the funds as discussed. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. A motion was made by Trustee Molloy and seconded by Trustee Walsh to approve the investment report as presented. Motion carried unanimously by voice vote. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Moody to adjourn the meeting at 3:11 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on April 13, 2022 at 2:00 p.m. Board President or Secretary Minutes approved by the Board of Trustees Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP