HomeMy WebLinkAboutPOLICE PENSION - 10/16/2001 - 168
p
oar 2001,
AGE Cl EAK'S OFFICE
Minutes of the Elk Grove Village
Police Pension Board meeting held on
October 16, 2001, at 901 Wellington
Myles Greenberg,
Secretary
170
The meeting was called to order L. 3:45 p.m. by President Ambrose. Present were Greenberg,
Lancaster, Garr, Hilda Ingebrigtsen, and Mary Tomanek of Solomon Smith Barney. Absent
was Roeske.
The minutes of the last meeting, Julyll, 2001 were read. Motion made by Garr, seconded by
Lancaster to accept the minutes. Unanimous.
Hild Ingebrigtsen presented the Treasurers Report which included balance sheet dated
September 30, 2001, and disbursement register. Motion made by Lancaster, seconded by
Garr to accept Treasurers report. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investments. Motion
made by Garr, seconded by Lancaster, to continue funding the 10-20 year duration segment, and
continue monthly dollar cost averaging to fund the 20+ year duration segment as recommended
by Tomanek's report dated September 30, 2001. Unanimous.
Hilda Ingebrigtsenreported that Bank of America has started charging monthly fees for the
Fund's safekeeping account, and the fees are approximately $700.00 per month. Motion made
by Garr, seconded by Lancaster, to move the safekeeping account from Bank of America to
Solomon Smith Barney in a custody account that has no additional fees other than the existing
fees the Fund is already paying. Unanimous.
The Board received notice from Ofc. Celia that he has withdrawn his request for a hearing on
his disability status. President Ambrose sent a letter to Celia accepting his request and
cancelling the scheduled hearing.
New Business
The Board received the annual medical report from Dr. Ryan for disabled member Schaefer.
Dr. Ryan indicated that Schaefer continues to remain disabled.
The Board received the following bills:
$360.00 for Dr. Ryan for evaluation of Schaefer
$331.25 for August legal fees for atty Reimer re: Celia
Motion made by Garr, seconded by Lancaster to pay these bills. Unanimous.
The Board received notice from Ofc. Lapak that he resigned his position effective
August 19, 2001, and he was requesting a refund of his contributions. The Finance Department
provided the distribution information as follows:
Date hired: April 30, 2000
Date resigned: August 19, 2001
Refund amount: $4,195.27
Date refund paid: September 30, 2001
Motion made by Garr, seconded by Lancaster, to approve this payment. Unanimous.
The Board received and reviewed the 2001 Department of Insurance Audit. A certificate
that acknowledged the deficiencies found by the auditor was signed by the Board members.
The Treasurer will respond to each item in the report in a separate letter.
Ambrose announced the next Board meeting will be January 15, 2001 at 3:30 p.m. at 901 Wellingti
Elk Grove Village, IL.
Motion to adjournthe meeting by Lancaster, seconded by Ambrose. Unanimous.
Myles Greenberg,
Secr ''}Q�Q�``etary