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Home My WebLink AboutPOLICE PENSION - 01/11/2023 - Poice Pension Meeting MinutesMINUTES OF A REGULAR MEETING OF THE ELK GROVE VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 11, 2023 A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Wednesday, January 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, pursuant to notice. CALL TO ORDER: Trustee Torres called the meeting to order at 3:31 p.m. ROLL CALL: PRESENT: Trustees Christopher Torres, Charles Walsh, Warren Moody and Allan Ambrose ABSENT: Trustee Thomas Molloy ALSO PRESENT: Attorney Nemura Pencyla, Reimer Dobrovolny & Labardi PC (RDL); Finance Director Christine Tromp, Elk Grove Village; Sam Meyer, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: November 2, 2022 Regular Meeting Minutes The Board reviewed the November 2, 2022 regular meeting minutes. A motion was made by Trustee Moody and seconded by Trustee Walsh to approve the November 2, 2022 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi -Annual Review Closed Session Meeting Minutes: The Board discussed the closed session meeting minutes. A motion was made by Trustee Ambrose and seconded by Trustee Moody to not release the closed session meeting transcripts. Motion carried unanimously by voice vote. INVESTMENT REPORT — IPOPIF: State Street Statements: The Board reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for the period ending November 30, 2022. As of November 30, 2022, the beginning value was $94,222,412.01 and the ending value was $99,352,048.36. The one -month net return was 5.44%. TREASURER'S REPORT — ELK GROVE VILLAGE: Monthly Financial Report: The Board reviewed the Treasurer's Report for the period ending November 30, 2022 prepared by the Village of Elk Grove. As of November 30, 2022, the net position held in trust for pension benefits is $102,783,836. 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 $4,753,369. A motion was made by Trustee Ambrose and seconded by Trustee Moody to approve the Treasurer's Report upon confirmation of Donna Ellery's QILDRO amount. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy Discussion/Possible Action — Cash Management Policy: The Board discussed the Cash Management Policy and determined that no changes are required at this time. 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, 2023. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2023. 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 — January 11, 2023 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 RETIREMENT/DISABILITY BENEFITS: Review Revised Pension Benefits — Kelly Sweeney and Francis Vrchota: The Board reviewed the revised retirement benefit calculation for Francis Vrchota prepared by L&A. Police Officer Vrchota had an entry date of December 28, 1992, retirement date of June 15, 2022, effective date of pension of June 16, 2022, 53 years of age at date of retirement, 29 years of creditable service, applicable salary of $112,501.86, applicable pension percentage of 72.5%, amount of originally granted monthly pension of $6,796.99 and amount of originally granted annual pension of $81,563.88. he Board noted that Francis Vrchota is due a retroactive payment in the amount of $353.47 for the period June 16, 2022 through December 31, 2022 due to the recalculation of his regular retirement benefit as a result of the contract settlement. A motion was made by Trustee Walsh and seconded by Trustee Ambrose to approve Francis Vrchota's revised retirement benefit and retro payment calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy The Board reviewed the revised retirement benefit calculation for Kelly Sweeney prepared by L&A. Police Officer Sweeny had an entry date of September 8, 1997, retirement date of September 10, 2022, effective date of pension of September 11, 2022, 50 years of age at date of retirement, 25 years of creditable service, applicable salary of $112,526.86, applicable pension percentage of 62.5%, amount of originally granted monthly pension of $5,860.77 and amount of originally granted annual pension of $70,329.24. The Board noted that Kelly Sweeney is due a retroactive payment in the amount of $171.86 for the period September 11, 2022 through December 31, 2022 due to the recalculation of her regular retirement benefit as a result of the contract settlement. A motion was made by Trustee Walsh and seconded by Trustee Ambrose to approve Kelly Sweeney's revised retirement benefit and retro payment calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Molloy, Walsh, Moody and Ambrose NAYS: None ABSENT: None TREASURER'S REPORT — ELK GROVE VILLAGE (CONTINUED): Additional Bills, if any: Trustee Torres presented the Board with an invoice from Reimer Dobrovolny and LaBardi PC. Ms. Tromp noted she will check with the Finance Department to confirm payment. Updates will be provided as they become available. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for membership or withdrawals from the Fund. OLD BUSINESS: Status Update IMRF Transfers — Steve Rohman, Justin Wolf and Michael Carlson: The Board noted that L&A mailed correspondence to Steve Rohman, Justin Wolf and Michael Carlson regarding their request to calculate the amount of money due to the Elk Grove Village Police Pension Fund to combine service with IMRF, but no response has been received to date. Further discussion will be held at the next regular meeting. Elk Grove Village Police Pension Fund Meeting Minutes — January 11, 2023 Page 3 of 4 Review/Adopt — Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by the Village of Elk Grove. A motion was made by Trustee Walsh and seconded by Trustee Moody 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 2023 Cost of Living Adjustments as calculated by L&A. A motion was made by Trustee Ambrose and seconded by Trustee Walsh to approve the 2023 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy Review Trustee Term Expirations and Election Procedures: The Board noted that there are no elected Trustee terms expiring in 2023. Review/Approve — Updated Local Account Collateralization Agreement: The Board reviewed the memorandum prepared by L&A regarding the successor of the third -party custodian from Bank of America to The Bank of New York Mellon to continue collateralization of the BMO Harris Bank operating account. A motion was made by Trustee Ambrose and seconded by Trustee Torres to execute the updated tri-party pledge depository agreement. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy Portability Update — David Miller: The Board discussed David Miller's portability calculation. A motion was made by Trustee Walsh and seconded by Trustee Moody to authorize L&A to issue payment on behalf of the Elk Grove Village Police Pension Fund in the amount of $51,235.82 to the Aurora Police Pension Fund to complete David Miller's portability. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy IPOPIF UPDATES: Discussion/Possible Action — Additional IPOPIF Requests Pertaining to Consolidation: There were no additional requests requiring Board action 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. TREASURER'S REPORT — ELK GROVE VILLAGE (CONTINUED): Additional Bills, if any (continued): The Board reviewed the fiduciary liability insurance renewal provided by Hudson Insurance. A motion was made by Trustee Walsh and seconded by Trustee Moody to approve payment of the fiduciary liability insurance renewal in the amount of $6,500. Motion carried by roll call vote. AYES: Trustees Torres, Walsh, Moody and Ambrose NAYS: None ABSENT: Trustee Molloy Elk Grove Village Police Pension Fund Meeting Minutes — January 11, 2023 Page 4 of 4 ADJOURNMENT: A motion was made by Trustee Ambrose and seconded by Trustee Walsh to adjourn the meeting at 4:49 p.m. Motion carried unanimously by voice vote. The next regular meeting will be held on April 12, 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