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Home My WebLink AboutPOLICE PENSION - 04/13/2022 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES APRIL 13, 2022 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, April 13, 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 2:00 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Thomas Molloy, Charles Walsh, Allan Ambrose and Warren Moody ABSENT: None ALSO PRESENT: Attorney Richard Reimer, Reimer Dobrovolny & Labardi, PC (RDL); Finance Director Christine Tromp and Emily Niebuhr, 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 12, 2022 Regular Meeting Minutes: The Board reviewed the January 12, 2022 regular meeting minutes. A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the January 12, 2022 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 March 31, 2021. As of March 31, 2021, the three-month total net return is (4.0%) and the year-to-date total net return is 5.2% for an ending market value $110,149,535. The current asset allocation is as follows: Fixed Income at 32.8%, U.S. Equity at 42.3%, International Equity at 13.1%, Real Estate at 10.5%, Alternatives Composite at 0.9% and Cash at 0.3%. Mr. Oest noted that manager Seagull Bryant and Hamill are preforming to their benchmark and should be taken out of alert status. A motion was made by Trustee Ambrose and seconded by Trustee Walsh to take Seagull Bryant and Hamill off alert status as recommended. Motion carried unanimously by voice vote. A motion was made by Trustee Molloy and seconded by Trustee Molloy and seconded by Trustee Moody to approve the investment report as presented. Motion carried unanimously by voice vote. IPOPIF UPDATES: Discussion/Possible Action — State Street Enterprise Cash Flow Module (eCFM) Paperwork and Resolution Establishing an Additional Representative for the eCFM/Discussion/Possible Action — Additional IPOPIF Requests Pertaining to Consolidation/Discussion/Possible Action — Interim Cash Management Policy: The Board discussed consolidation and reviewed all forms provided by IPOPIF. A motion was made by Trustee Walsh and seconded by Trustee Ambrose to table these items until the Board's next regular meeting. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report: The Board reviewed the Treasurer's Report for the period ending February 28, 2022 prepared by the Village of Elk Grove. As of February 28, 2022, the net position held in trust for pension benefits is $107,609,216. Ms. Tromp also reviewed the revenue and pensioner distribution payments, new contributions and expense report showing the year-to-date total expenses in the amount of $6,688,777. A motion was made by Elk Grove Village Police Pension Fund Meeting Minutes — April 13, 2022 Page 2 of 3 Trustee Ambrose and seconded by Trustee Molly to approve the Treasurer's Report as presented and to approve the year-to-date expenses in the amount of $6,688,777. 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 Reimer Dobrovolny LaBardi, PC invoice 2803 in the amount of $4,959.08 for attorney fee. A motion was made by Trustee Ambrose and seconded by Trustee Molloy to approve the additional bill as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None COMMUNICATIONS AND REPORTS: Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by 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. 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: The Board reviewed the Applications for Membership submitted by Brian Pustz, Andzelika Tomasiak and Brian Diaz. A motion was made by Trustee Moody and seconded by Trustee Molloy to accept Brian Pustz effective February 14, 2022 and Andzelika Tomasiak and Brian Diaz effective March 21, 2022 into the Elk Grove Village Police Pension Fund as Tier II participants. Motion carried unanimously by voice vote. 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 combine service under portability, but no response has been received to date. Further discussion will be held at the next regular meeting. NEW BUSINESS: Cert� Board Election Results — Active and 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. Christopher Torres and Thomas Molloy ran unopposed and were reelected for two-year terms expiring May 14, 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 14, 2022. A motion was made by Trustee Walsh and seconded by Trustee Ambrose to certify the active and retired member election results. Motion carried unanimously by voice vote. Appointed Member Term Expiration — Charles Walsh: The Board noted that Trustee Walsh's appointed term expires April 2022 and reappointment has been requested. Further discussion will be held at the next regular meeting. Elk Grove Village Police Pension Fund Meeting Minutes — April 13, 2022 Page 3 of 3 ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI, PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed recent court cases and decisions, as well as general pension matters with the Board. QILDRO — Edward Hansen: The Board reviewed the QILDRO retro payment for Edward Hansen prepared by L&A. The Board noted that there is a possible overpayment due to Edward Hansen in the amount of $13,527.70. Attorney Reimer informed the Board that the issue should be handled between the parties in Civil Court. Further discussion will be held at the next regular meeting. Review/Adopt Board Rules & Regulations — Interest Charge for Unpaid Time: The Board discussed charging interest to buy back unpaid time. The Board discussed amending the Board's current rules and regulations to include an interest charge of 7.0% for unpaid time to be paid in full within 180 days of the officer's return to duty. Further discussion will be held at 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 Molloy to adjourn the meeting at 3:25 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on July 12, 2022 at 2:00 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