HomeMy WebLinkAboutPOLICE PENSION - 01/26/1999 - Minutes of the Elk Grove Village Police
Pension Board Meeting held on January 26, 1999,
at 901 Wellington, Elk Grove Village, IL
4
Myles Greenberg,
Secretary
The meeting was called to order at 6: 15 p.m. by President Ambrose. Present were
Vrchota, Garr, Lancaster, Greenberg, Hilda Ingebrigtsen, and Elk Grove Village
Fire Pension Board Trustees Dugan, McVeigh, and Kreiger.
' A discussion about investment managers occurred by Trustees of both Boards. Hilda
Ingebrigtsen was authorized to contact Smith Barney requesting that Smith Barney
submit a contract to both Boards for review and for review by the Board attorney.
The minutes of the last meeting, November 11, 1998 were read. Motion made by Garr,
seconded by Lancaster, to approve the minutes. Motion carried.
Hilda Ingebrigtsen presented Treasurers report which included balance sheet dated
November 30, 1998, and revised balance sheet dated September 30, 1998. Motion made
by Garr, seconded by Lancaster to accept the November 30, 1998 Treasurers report and
balance sheet. Motion carried. Motion made by Ambrose, seconded by Garr to accept
the September 30, 1998 revised balance sheet. Motion carried.
Old Business
The Board received a report from Dr. Herbert Loseff regarding a second opinion evaluation
of disabled member Charles Schaefer. Dr. Loseff indicates Schaefer continues to be
disabled, and feels a functional capacity test is not necessary.
New Business
The Board received a letter from the Police and Fire Commission indicating Ofc. Sabo
and Ofc Schumacher have successfully completed their one year probationary period
effective January 15, 1999, and are appointed to the permanent position of police officer.
The Board received a letter of retirement and request of pension benefits from
Ofc Fred Malinowski, effective December 17, 1998. The Finance Dept provided the
distribution information as follows:
Date of retirement: December 16, 1998
Date of pension: December 17, 1998
Date of hire: April 10, 1978
Creditable service: 20 years
Base salary at retirement: $50,202.00
Longevity adjustment: $300.00
Pension Base: $50,502.00
Retirement base salary: $25,251.00 (50%)
Monthly benefit amount: $2,104.25
Eligible for increase: January 01, 2000
Amount of increase: $757.53 (37)
New monthly benefit amount: $2,167.38
The Board received a letter from the River Grove Police Pension Board regarding former
Elk Grove Village police officer Dennis Raucci was interested in using portability.
This was forwared to Hilda Ingebrigtsen, who responded in writing to the River Grove
Police Pension Board. No further action will be taken until further correspondence
from Raucci or River Grove Pension Board is received.
The Board received the following bills:
$828.40 for Dr. Herbert Loseff re: Charles Schaefer.
Motion made by Garr, seconded by Lancaster, to pay this bill. Motion carried.
Hilda Ingebrigtsen informed the Board that the Dept of Insurance is now requiring
that the Board file its Annual R@port electronically, and further that the auditors
for the Village can prepare and file the report electronically at a cost of $2,000.00.
Motion made by Garr, seconded by Lancaster, to authorize the auditor to prepare and
electronically file the Police Pension Fund's Annual Report.
( continued )
k .,anuary 26, 1998 continued )
Ambrose announced the next Board meeting will be held on Apri1 ,13, 1999 at
3:00 p.m. at 901 Wellington, Elk Grove Village IL.
Motion made by Lancaster, seconded by Vrchota, to adjourn the meeting. Motion carried.
Myles Greenberg,
Y, &)��
Secretary
I