HomeMy WebLinkAboutPOLICE PENSION - 04/13/1976 - 33
Board of Trustees ,
Police Pension Fund
Minutes of Regular Quarterly Board Meeting,
Tuesday, April 13 , 1976 . Meeting held in
Room 105 of the Municipal Building, 901 Wel-
lington Ave . , Elk Grove Village , Illinois .
Prepared by Richard Losch
Trustee-Secretary
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President Watson called the meeting to order at 7 : 05 p .m.
Roll Call of Officers ; President Watson, Vice-President Canary,
Secretary Losch and Assistant Secretary Farley present .
Treasurer Coney absent - excused due to attending a Village
budget meeting .
Minutes of last meeting held on Tuesday, January 13 , 1976 were
distributed and minutes were approved as written.
Discussion followed regarding the Pension Fund Tax Levy Require-
ments that will be presented to the Village Board of Trustees .
Secretary Losch had distributed a letter to all Police Pension
Fund Trustees on February 16 , 1976 regarding the recommendations
from the State Department of Insurance , suggesting a levy of
$81 ,118 . 00 . Watson reported on actuarial study of the recom-
mendation based upon the addition of four new officers to the
department and participants in the Fund, plus the addition of
two officers to the Fund (Harry Jenkins and William Ulke) with
past service liabilities . With this in mind , the Tax Levy
Requirements would be updated to reflect the total amount of
tax levy necessary to arrive at the annual requirements of the
Fund as called for in Section 3-125 of the Illinois Pension
Code - $95 ,018 . 00 .
This amount would reflect the requirements based upon the
annual payroll of active participants as of April 30 , 1975 ,
plus the following three factors :
1. Salary increases over April 30 , 1975 .
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2 . Addition of four new participants to the
Fund .
3. Addition of two participants to the Fund
with prior service.
The Secretary was instructed to review the Tax Levy Requirements
with Treasurer Coney and upon his concurrence , to direct a letter
to the Village Board of Trustees requesting the revised/updated
amount .
Secretary Losch reported additional investments were made in the
amount of $30 ,000 . 00 U. S. Treasury Bonds at 8 3/8% due August
15/2000/95 on/about March 9, 1976 , and $25 , 000 . 00 U.S. Treasury
Bonds at 8 3/8% due August 15/2000/95 were purchased on/about
March 30 , 1976 .
Secretary Losch reported receiving an application on January 28 ,
1976 from William Ulke to participate in the Pension Fund based
upon the provisions of House Bill 727 . Farley moved to accept
application of William Ulke , seconded by Losch. Discussion
followed and it was agreed that acceptance of the application
does not establish a precedent , but is in compliance with recent
legislation into law as well as direction from the State Depart-
ment of Insurance . Motion carried.
Secretary reported receiving an inquiry from Paddock Publications
regarding the Illinois Open Meeting Law and a listing of our
Pension Board Meetings was requested. A letter detailing our
meeting dates was mailed on February 4 , 1976 .
3
34)
Being no further business to discuss , the meeting was adjourned
at 7 : 57 p .m.
Submitted by
i
1
Richard Losch,
Trustee-Secretary
RL:dn
cc: Watson
Canary
Losch
Farley
Coney
P. Turner
L. Turner ✓
Willis
B.B.
File
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