HomeMy WebLinkAboutPOLICE PENSION - 07/09/2002 - 1192
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Minutes of the Elk Grove Village Police Pension Board
meeting held on July 09, 2002 at 901 Wellington,
Elk Grove Village, IL.
Myles Greenberg,
Secretary ,
The meeting was called t rder by President Ambrose at _' ) p.m. . Present 1 19 01
were Garr, Greenberg, Hilda Ingebrigtsen, and Mary Tomanek of Soloman Smith Barney.
Absent was Lancaster and Sabo.
The minutes of the last meeting, May 14, 2002, were read. Motion made by Garr,
seconded by Greenberg, to accept the minutes. Unanimous.
Hilda Ingebrigtsen presented Treasurers Report which included balance sheet dated
April 30, 2002 and disbursement register. Motion made by Garr, seconded by Greenberg,
to accept Treasurers Report. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investments.
Motion made by Ambrose, seconded by Garr, to transfer excess available cash up to
$5,000,000.00 into the 2-5 year duration segment, the 5-10 year duration segment, and
the 10-20 year duration segment as recommended by Tomaneks report. Unanimous.
Also, consideration is being given to the equity allocation for each of the equity
funds, and possibly adjusting these allocations to meet the previously approved benchmarks
in allocation for these funds. A possible decision will be made for any adjustments
at the next Board meeting.
The Board received the following information from the Finance Dept. regarding
Ofc. Capparelli's transfer ofpension contributions to the Northlake Police Pension
Fund:
Date hired: July 06, 1999
Date resigned: February 27, 2002
Refund amount: $10,536.00
Matching funds amount: $12,345.00
Total transfer amount: $22,881.00
' Date of transfer: May 15, 2002
The Board received the following information from the Finance Dept. regarding
Sgt Roeske's pension benefits:
Date of retirement: May 03, 2002
Effective date of pension: May 04, 2002
Date of hire: October 01, 1971
Creditable service: 30 years, 0 months
Date of birth: September 01, 1949
Base salary at retirement: $70,370.00
Pension base: $70,370.00
Retirement base salary: $52,777.50
Monthly benefit amount: $4,398. 13
Eligible for increase: October 01, 2004
Amount of increase: $1 ,583.33
New monthly pension amount: $4,530.07
New Business
The Board received notice and application from Ofc Schumert requesting non-duty
disability benefits. The application was forwarded to Board attorney Reimer, who
has been corresponding with Schumert in order to obtain medical reports. Reimer
will contact the Board when all the reports have been received.
The Board received the following bill:
$650.00 for annual dues for IPPFA membership.
' Motion made by Ambrose, seconded by Garr to pay this bill. Unanimous.
Ambrose announced the next Board meeting will be October 15, 2002, at 3:30 p.m. at
901 Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting by Greenberg, seconded by Ambrose. Unanimous.
� � Myles Greenberg, Secretary