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Home My WebLink AboutPOLICE PENSION - 11/02/2022 - Police Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES NOVEMBER 2, 2022 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, November 2, 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 and Warren Moody ABSENT: Trustee Allan Ambrose ALSO PRESENT: Attorney Nemura Pencyla, Reimer Dobrovolny & Labardi PC (RDL); Finance Director Christine Tromp, Elk Grove Village; Doug Oest, Marquette Associates; Sam Meyer and Kevin Cavanaugh, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 13, 2022 Regular Meeting Minutes The Board reviewed the July 13, 2022 regular meeting minutes. A motion was made by Trustee Moody and secondedby Trustee Molloy to approve the July 13, 2022 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORT — IPOPIF: Mr. Oest updated the Board that the funds were transferred on September 1, 2023 to IPOPIF and updated the Board on the current investment market. Updates will be provided as they become available. The Board discussed the remaining funds in the US Bank account. A motion was made by Trustee Walsh and seconded by Trustee Moody to liquidate the remaining cash into the Fund's Chase checking account. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose The Board discussed consolidation and noted that there is no longer a need for an investment manager. A motion was made by Trustee Moody and seconded by Trustee Molloy to terminate Marquette Associates and close the US Bank cash account. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose State Street Statements: The Board reviewed the State Street Statement for the period ending September 31, 2022. The ending value was $91,318,211.25 and the net return was (6.74%). A motion was made by Trustee Torres and seconded by Trustee Molloy to approve the investment report as presented by Marquette and to acknowledge receipt of the September state street statement. 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 August 31, 2022 prepared by the Village of Elk Grove. As of August 31, 2022, the net position held in trust for pension benefits is $101,754,752. 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 $4,840,625. A motion was made by Elk Grove Village Police Pension Fund Meeting Minutes — November 2, 2022 Page 2 of 4 Trustee Molloy 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 $4,840,625. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose Additional Bills, if any: The Board reviewed the following additional bill for approval: • Marquette Associates invoice in the amount of $3,750 for Investment 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 and Moody NAYS: None ABSENT: Trustee Ambrose The Board also reviewed the following additional bill for approval: • IPPFA invoice in the amount of $750.00 for 2023 membership dues A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the additional bill as presented. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2022 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their recordkeeping. 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: Resignation from Fund — Angelica Tomasiak: The Board noted that Angelica Tomasiak resigned from the Elk Grove Village department effective September 15, 2022 and no contribution refund has submitted to date. Updates will be provided as they become available. The Board reviewed the Applications for Membership submitted by Alexis Krask, Daniel Avalos and Adrian Gutierrez. A motion was made by Trustee Molloy and seconded by Trustee Torres to accept Adrian Krask effective August 15, 2022 and Davie Avalos and Adrian Gutierrez effective September 6, 2022 into the Elk Grove Village Police Pension Fund as Tier II participants. Motion carried unanimously by voice vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose The Board noted that new hire Daniel Avalos resigned from the Elk Grove Village Police Department effective October 13, 2022 and no contribution refund has submitted to date. Updates will be provided as they become available. Elk Grove Village Police Pension Fund Meeting Minutes — November 2, 2022 Page 3 of 4 APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Review Approve Regular Retirement Benefits — Kristen Julian: L&A informed the Board that they are still awaiting a retirement application in order to complete her retirement benefit calculation. Updates will be provided as they become available. OLD BUSINESS: Status Update IMRF Transfers — Thomas Molloy, Ryan Abad & Steve Rohman: The Board discussed Brian Putz's transfer of creditable service. A motion was made by Trustee Walsh and seconded by Trustee Molloy to accept Brian Putz's transfer as paid in full in the amount of $15,006.68 from IMRF to the Elk Grove Village Police Pension Fund and to revise Brian Putz's hire date from February 14, 2022 to May 14, 2020. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose The Board also discussed Thomas Molloy and Ryan Abad's transfer of creditable service A motion was made by Trustee Walsh and seconded by Trustee Moody to accept Thomas Molloy's transfer as paid in full in the amounts of $20,668.60 for Thomas Molloy and $22,986.22 for Ryan Abad from the IMRF to the Elk Grove Village Police Pension Fund and to revise Thomas Molloy's hire date from September 22, 2014 to August 22, 2011 and Ryan Abad's hire date from to September 23, 2013 to May 23, 2012. Motion carried by roll call vote. AYES: Trustees Torres, Walsh and Moody NAYS: None ABSENT: Trustee Ambrose ABSTAIN: Trustee Molloy L&A informed the Board that Steve Rohman's was provided his transfer of creditable service transfer calculation on August 25, 2022 but no response has been received to date. Updates will be provided as they become available. NEW BUSINESS: Review/Approve —Actuarial Valuation and Tax Levy Request: The Board reviewed the finalized Actuarial Valuation prepared by L&A. Based on data and assumptions, the recommended contribution amount is $4,825,883 which is a (6.49%) decrease from the prior year contribution. A motion was made by Trustee Molloy and seconded by Trustee Moody to request a tax levy in the amount $5,159,244 with a minimum contribution amount of $3,569,857 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 and Moody NAYS: None ABSENT: Trustee Ambrose Review/Adopt — Municipal Compliance Report: This was tabled until the next regular meeting. Establish 2023 Board Meeting Dates: The Board discussed establishing the 2023 Board meeting dates as January 11, 2023; April 12, 2023; July 12, 2023; and October 11, 2023 at 3:30 p.m. in the Elk Grove Village Hall Meeting Rooms A & B located at 901 Wellington Avenue, Elk Grove Village, Illinois 60007. A motion was made by Trustee Walsh and seconded by Trustee Moody to establish the 2023 Board meeting dates as stated. Motion carried unanimously by voice vote. Status Update IMRF Transfer — Michael Carlson: L&A informed the Board that Michael Carlson's transfer of creditable service calculation is in review. Updates will be provided as they become available. Elk Grove Village Police Pension Fund Meeting Minutes — November 2, 2022 Page 4 of 4 IPOPIF UPDATES: Discussion/Possible Action — Additional IPOPIF Requests Pertaining to Consolidation: There were no additional requests requiring Board action at this time. Discussion/Possible Action — Interim Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required at this time. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Pencyla discussed recent court cases and decisions, as well as general pension matters with the Board. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Walsh to adjourn the meeting at 3:21 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on January 11, 2023, 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