HomeMy WebLinkAboutPOLICE PENSION - 01/12/2016 - Police Pension Minutes Elk Grove Village Police Pension Board
January 12, 2016 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
The regular meeting was called to order at 3:33 PM by President Torres. Also present were Trustee
Moody, Trustee Gottwald,Christine Tromp from the Elk Grove Village Finance Department,and Doug
Oest from Marquette Associates.No members of the public were present. Trustee Parrin was absent. A
quorum was present.
The minutes of the last meeting, October 13,2015,were read. A motion to approve the minutes of the
last meeting was made by Trustee Gottwald, Second by Trustee Moody. Aye to approve: Moody,Torres,
Gottwald. Motion carried.
Trustee Ambrose arrived at 3:36 PM.
The financial advisor Doug Oest from Marquette Associates provided the financial report. The pension
fund investments and performance were discussed(up 2.7%for quarter). Oest related that the Fixed
Income and the Real Estate Fund was up,but Annuities did not perform well. Oest indicated the U.S.
economy was in a moderate to slow growth period and the Federal Reserve raised rates a quarter of a
percent. Oest discussed the global economy,highlighting that China devalued its currency and was
transitioning to a consumer based economy.Addendum E—GASB Statement 67 was integrated into the
investment policy by Marquette Associates.No changes were recommended at this time, and no action
was taken.
The next regular meeting date was scheduled for Tuesday,April 12,2016 at 3:30PM at 901 Wellington
Ave,Elk Grove Village,IL.
The treasurer's report was presented by Christine Tromp from the Elk Grove Village Finance
Department. As of November 2015,the Village has recorded$989,023 in revenue for the police pension
portion of the electric tax for the fiscal year.The treasurer's report reflected the Fund's net assets at$69,
477,828 and reflected the fund was 63.63%funded as of May 1,2015. The treasurer's report reflected
payments made to retired Officer Richard Gigante and Retired Sergeant James Kennedy. The Board
expressed their gratitude for their dedicated service.A motion to approve the treasurer's report was made
by Trustee Ambrose, second by Trustee Moody. Aye to approve: Ambrose,Moody,Gottwald,and
Torres. Motion carried.
The Police Pension Board reviewed the Actuarial Report submitted to the Elk Grove Village Board for
the upcoming tax year. The Police Pension Board has requested the amount of$2,703,871 to satisfy the
requirements of the Police Pension Fund.The Board was informed the request was approved.
The Board discussed the filing of the annual statement for the pension fund.The filing of the statement
was delayed,but no fines were assessed for the delay.
The Board discussed the reappointment of Village Representatives to the Pension Board. Trustee Parrin
was absent,but an inquiry would be made into his status.
The Board discussed upcoming elections for the pension board. Trustee Moody, Trustee Torres and
Trustee Gottwald expressed interest. It was determined that feeder letters would be sent to members.
Ofc.Richard Gigante retired on 10/26/2015. He accumulated 25 years and 12 days of creditable service.
His annual salary was $92,384,with an initial annual benefit of$57,740. His monthly benefit is
$4,811.67.A motion to accept Ofc. Gigante's application for pension disbursement was made by Trustee
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Elk Grove Village Police Pension Board
January 12, 2016 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
Ambrose, second by Trustee Moody. Aye to approve: Ambrose,Moody, Gottwald,and Torres. Motion
carried.
Sgt.James Kennedy retired on 11/18/2015. He served 35 years 10 months and 16 days of creditable
service. His annual salary was$107,727,with an initial annual benefit of$80,795.25. His monthly
benefit is$6,732.94.A motion to accept Sgt. Kennedy's application for pension disbursement was made
by Trustee Ambrose, second by Trustee Moody. Aye to approve: Ambrose,Moody, Gottwald,and
Torres. Motion carried.
A written request,dated November 27,2015,for a refund of contributions was made by former Ofc.
David Irving.A motion to approve the refund was made by Trustee Ambrose, second by Trustee Moody.
Aye to approve: Ambrose,Moody, Gottwald,and Torres. Motion carried.
An application was received from newly hired Probationary Police Officer—Roger Hendrickson. A
motion to accept the new hire into the fund was made by Trustee Ambrose. A second motion was made
by Trustee Moody.Aye to approve: Ambrose,Moody,Gottwald,and Torres. Motion carried.
There were no bills or expenses presented at this meeting.
There was no comment from the public.
A motion to adjourn was made at 4:31 PM by President Torres,a second by Trustee Moody. Aye to
approve: Ambrose,Moody,Gottwald,and Torres. Motion carried.Meeting adjourned.
Jason Gottwald
Secretary,Elk Grove Village Police Pension Board
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