HomeMy WebLinkAboutPOLICE PENSION - 01/15/2002 - RECEIVED
JAN 17 2002
V tkU UEO'9 4fFIGE
Soma meeCinB
police 4enei°n s e� IS
ve
-44-11-age-
age Gtova Vill 8
t'Iinutes of tSe151 2 02 at 9a1 WellinStOn' Slk
tela �anuasY
MYle
a GteenbetS
SectetaTY
277
The meeting was called to order at 3:38 p.m. by President Ambrose. Present were
Greenberg, Lancaster, Roeske, Skonie, H. Ingebrigtsen, and Mary Tomanek of Solomon
Smith Barney. Absent was Garr.
The minutes of the last meeting, October 16, 2001 were read. Motion made by Roeske,
seconded by Lancaster, to accept the minutes. Unanimous.
H. Ingebrigtsen presented Treasurer's Report which included balance sheet dated
December 31, 2001 and disbursement register. Motion made by Lancaster, seconded by
Roeske, to accept Treasurer's Report. Unanimous.
H. Ingebrigtsen presented Actuarial Valuation Report for the year May 01, 2001 thru
April 30, 2002 prepared by Timothy Sharpe. In this report, the Board acknowledges
and accepts the tax levy for the fund made by the Village Board in the amount of
$657,121.00. Motion made by Roeske, seconded by Lancaster, to accept the Actuarial
Valuation Report. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investments.
Motion made by Lancaster, seconded by Roeske to examine alternatives to the American
Legacy Annuity in the event a better product can be found. Unanimous.
New Business
The Board received a request from former Officer Guenther for a refund of his contributions.
This request was forwarded to the Finance Dept.
The Board received notice from the Police and Fire Commission that two officers,
Kleinfeldt and O'Neill, have successfully completed their one year probationary period,
effective October 23, 2001, and are appointed to the permanent position of police officer.
The Board received notice form the Finance Dept. that Raymond Rose will be receiving
the following increase in his pension benefits:
Date retired: November 27, 1992
Date of pension: November 27, 1996
Creditable service: 24 years, 0 months
Date of birth: November 27, 1946
Date of hire: August 19, 1968
Base salary at retirement: $60,225.98
Retirement base salary: $34,931.06
Monthly benefit amount: $2,910.92
Amount of annual increase: $5,239.65
New yearly pension amount: $40, 170.71
Amount of monthly increase: $436.64
New monthly pension amount: $3,347.57 Dec. 01
Amount of monthly increase: $100.43
New monthly pension amount: $3,448.00
The Board received an application to enter the Fund from newly hired Officer Christopher
Crum, hired August 14, 2001. Motion made by Greenberg, seconded by Roeske, to accept
Crum into the Fund. Unanimous.
Ambrose announced the Pension Board elections will be held on Monday, April 15, 2002.
Ballots will be mailed to beneficiaries April 01, 2002, and a nomination list will be
posted April 01, 2002 for active members. Nominations for active members will close
April 12, 2002 at 2:00 p.m. . Ballots will be available on day of election 6:00 a.m. thru
6:00 p.m. . Ballots for both elections will be counted April 15, 2002 at 6:00 p.m. .
The Board received a $100.00 contribution from John and Arlene Loprieno. This was
deposited into the Fund and Chief Schmidt sent the Loprieno's a thank you note.
Ambrose announced the next Board meeting will be April 16, 2002 at 3:30 p.m. at 901 Wellingt
] 79
( January 15, 2002 continued )
Motion to adjourn the meeting made by Lancaster, seconded by Greenberg. Unanimous.
Myles Gr enberg,
IV\ '
Secretary