HomeMy WebLinkAboutPOLICE PENSION - 01/13/1976 - 25
Board of Trustees ,
Police Pension Fund
Minutes of Regular Quarterly Board Meeting,
Tuesday, January 13 , 1976. Meeting held in
the Staff Conference Room of the Municipal
Building, 901 Wellington Ave . , Elk Grove Village ,
Illinois .
Prepared by: Richard Losch
Trustee-Secretary
27
President Watson called the meeting to order at 7 : 07 p .m.
Roll Call Vice-President Canary, Secretary Losch, Assistant
Secretary Farley and Treasurer Coney present . None absent .
Minutes of last meeting held on Tuesday, October 7 , 1975 had
been distributed to all Trustees by mail , and the reading of
the minutes were dispensed with on motion by Canary, seconded
by Farley, motion carried .
Secretary Losch reported that based upon information from
Finance Department (Pat Turner) that $34 ,189 . 00 was available
in Continental Illinois National Bank for investment .
Discussion followed, and the following investment was recommended
by Watson - to purchase $30 , 000 U. S. Treasury Bonds at 8 3/8%
due August 15/2000/95 . So moved by Losch, seconded by Farley,
motion carried.
Treasurer Coney reported on study being conducted by Finance
Department relative to future anticipated pension retirement
obligations by five-year blocks , e .g . 76-80 , 81-85 , 86-90 ,
etc. Based upon current bond investments , date of bond
maturities and future interest income , that the current
investment policies of the pension fund are sound , and will
be pursued.
Farley reported on results of contact with the Northwest
Occupational Clinics , Alexian Brothers Doctor ' s Pavilion
and report from Dr. John A. Medved of the Clinic . The total
2
29
suggested physical examination fee schedule would be $141 . 00
(male) and $151 . 00 (female) . Discussion then followed regarding
the current physical examination being conducted by
Dr . Ronald Schmutzer, through the Fire and Police Commission
Board. Treasurer Coney reported that the current examination
costs a total of $91 . 00 (including doctor and test fees) .
The trustees then examined copies of the physical examination
report for the last four recruits hired by the department -
Frederick Arbulu, Robert Arnold, James Carow and Fred Ortiz .
The trustees expressed general agreement in that the current
physical examination given to recruit candidates is satisfactory.
A motion to table the physical examination matter was predicated
upon a reevaluation and review of the current medical physical
examination being conducted which now appears to meet the
requirements of the board. Motion by Losch , seconded by
Farley, motion carried .
Discussion then followed regarding written request by
Harry P. Jenkins to participate in the Police Pension Fund
upon his payment to the fund those contributions that would
have been deducted from his salary since his date of appoint-
ment on March 23 , 1963. This request is based upon
Senate Bill 1126 passed in August 1963 and coded into the
Section 3-109 of the Pension Statute . Canary moved to accept
Jenkins into the Police Pension Fund, and that by acceptance,
- 3
--------------
3J
the trustees would waive the physical examination. Seconded
by Losch, motion carried .
Losch reported that William Ulke was considering applying
for the Police Pension Fund under provisions of Nouse Bill 727
recently passed to include any member heretofore ineligible
because of age and serving as a police officer prior to
October 1 , 1975 . Any action by the Board would be delayed
until Ulke makes written application to participate , however
the Board indicated that they would waive the physical
examination in his case as has been done in the Jenkins '
application.
Being no further business to discuss , the meeting was adjourned
at 8 : 08 P.M.
Submitted by
Ric ch
i Los ,
Trustee-Secretary
cc: Watson
Canary
Losch
Farley
Coney
P . Turner
L. Turner v
Willis
B .B.
File
4