HomeMy WebLinkAboutPOLICE PENSION - 01/14/2003 - 206
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Minutes of the Elk Grove Village
Police Pension u. ard
- eeting held
January 14, 2003 at 901 Wellington,
Elk Grove Village, Illinois,
Myles Greenberg,
Secretary
1
The meeting was called to i .er by Vice President Lancaster 3:45 p.m. . Present were "
Greenberg, Sabo, Garr, H. Ingebrigtsen, and Mary Tomanek of Salomon Smith Barney.
Absent was Ambrose.
The minutes of the last regular meeting, October 15, 2002, and the special meeting
' for the Schumert hearing, November 05, 2002, were read. Motion to approve both sets
of minutes was made by Garr, seconded by Sabo. Unanimous.
H. Ingebrigtsen presented Treasurers report which included balance sheet dated
December 31, 2002 and disbursement register. Motion made by Sabo, 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 Sabo, seconded by Greenberg, to transfer $1,000,000.00 excess cash
into the Allegiance Fund. Unanimous. The Board will consider transferring another
$1,000.,000.00 of excess cash to a fixed rate annuity after further research.
The Board received the following information from the Finance Dept. regarding
Schumerts disability pension benefits:
Salary at time of disability: $60,790.00
Longevity pay: $550.00
Total salary at time of disability: $61,340.00
Disability base salary (50%) : $30,670U00
Monthly benefit amount: $2,555.83
Retro payments back pay to July 16, 2002 as follows:
July $82.45/day x16 days $1,319.20
August $2,555.83
September $2,555.83
October $2,555.83
Total retro disability $8,986.69
The Board discussed Schumert seeing Dr. Samo to establish a treatment plan with
evaluations of Schumerts condition every six months. Greenberg will contact Dr. Samo
about this and report to the other Board members no later than the next Board meeting.
New Business
H. Ingebrigtsen presented the Actuarial Valuation report for 2002-2003 conducted by
Timothy Sharpe. This report recommended a property tax levy in the amount of $746,961.00
for 2002. This amount presented to the Village Board by H. Ingebrigtseu on
December 17, 2002, and was approved by the Village Board.
The Board received a court order for a QUILDRO for Kevin Roeske, effective with
his December pension payment.
The Board received notice from the Police and. Fire Commission that Ofc. Crum has completed
his one year probationary period, and is appointed to the permanent position of police :
officer effective November 19, 2002.
The Board received a request from deferred,,'annuitant John Pascoe that his retirement
pension benefits begin at his fiftieth birthday, February 03, 2003. The request was
forwarded to the Finance Dept which providedthe following regarding his benefits:
Date of retirement: April 27, 2000
Date of hire: December 02, 1974
Effective date of pension: February 03, 2003
Creditable service: 25 years, 0 months
Date of birth: February 03, 2003
Base salary at retirement: $53,716:00
Longevity: $500.00
Pension base: $54,216.00
Retirement base salary (62.5x) : $33, 885
( Continued" )
208
( January 14, 2003 meeting continued )
Monthly benefit amount: $2,823.75 ,
Eligible for increase: March 01, 2008
Amount of annual increase: $5,082.75
New yearly pension amount: $38,967.75
Amount of monthly increase: $423.56
New monthly pension amount: $3,247.31
The Board received the following bills:
$600.00 for Medical Neurology/Dr. Glista re: Schumert evaluation
$1054.33 for October legal fees for atty Reimer re: Schumert
$1023.85 for November legal fees for atty Reimer re: Schumert
$5.40 for December legal fees for atty Reimer re: Schumert
Motion made by Sabo, seconded by Garr, to pay these bills. Unanimous.
Vice President Lancaster announced the next Board meeting will be April 16, 2003
at 3:30 p.m. at 901 Wellington.
Motion to adjourn the meeting made by Garr, seconded by Sabo. Unanimous.
Myles Greenberg, '
Secretary