HomeMy WebLinkAboutPOLICE PENSION - 04/16/2003 - - 213
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Minutes of the Elk Grove Village
' Police Pension Board meeting held
April 16, 2003 at 901 Wellington,
Elk Grove Village, IL 60007.
Myles Greenberg,
Secretary
214
The meeting was called to order at 2:35 p.m. by President Ambrose. Present were
Greenberg, Sabo, Lancaster, Garr, H. Ingebrigtsen, and Mary Tomanek of Smith Barney.
The minutes of the last meeting, January 14, 2003, were read. Motion to approve the ,
minutes made by Lancaster, seconded by Sabo. Unanimous.
H. Ingebrigsten presented Treasurers report which included balance sheet dated March 31,
2003 and disbursement register. Motion made by Garr, seconded by Lancaster, 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 Garr, to evaluate transferring funds from Oppenheimer
to another Value manager, and effect that change prior to the next Board meeting via
telephone approval. Unanimous.
On January 27, 2003 all Board members were contacted via telephone and unanimously
approved sending Schumert to INSPEE, a physican referral service, so that Schumert
will be sent to the appropriate specialist to identify his disability. All correspondence
with INSPEE are conducted thru Board attorney Reimer.
New Business
The Board received a request from Sgt. Cribben to purchase the creditable service time
he missed during a ten week period in 1981 while he was away on military leave. This
request was forwarded to the Finance Dept , which determined Sgt Cribben should make a
payment of $408.64 to the Fund. Motion made by Garr, seconded by Lancaster, to approve
Sgt Cribben's request and the determination of the amount of money by the Finance Dept.
Unanimous. ,
The Board was notified by Treasurer Ingebrigtsen of a pension calculation error for
retired member John Bantner, based on the number of months he was retired until he
turned age 55. Bantner's pension payments will be adjusted to reflect a slight increase,
and he will receive a retroactive payment of $423.28.
The Board received a letter of retirement and request for pension benefits from
Cmdr. Romme. The Finance Dept. provided the distribution information as follows:
Date of retirement: May 09, 2003
Effective date of pension: May 10, 2003
Date of hire: November 19, 1973
Creditable service: 29 years
Date of birth: December 04, 1945
Base salary at retirement: $82, 466
Last MEP distribution received: $800
Total salary: $83,266
Retirement base amount: $60, 367.85 (72.5x)
Original monthly benefit amount: $5,030.65
First month pro-rated pension amount: $3,570.14
Eligible for increase: June 01, 2004
The Board received an application to enter the Fund from newly hired Officer Christopher
Torres, hired April 14, 2003. Motion made by Lancaster, seconded by Sabo, to accept
Torres into the Fund. Unanimous.
The Board received notice and application for disability benefits from Ofc. S. Garrison ,
for the upcoming birth of her child. Due to the uncertainty of Village policy for
short term disability and a Leave of Absence, President Ambrose will contact Village
Manager Perrin for a clarification.
( Continued )
( April 16, 2003 continued )
' The Board received the following bills:
$244.77 for January legal fees for atty Reimer re: Schumert
$157.20 for February legal fees for atty Reimer re: Schumert
$100.00 for March legal fees for- atty Reimer re: Schumert
Motion made by Lancaster, seconded by Sabo, to pay these bills. Unanimous.
H. Ingebrigtsen presented documents for Smith Barney for signature approval. Motion
made by Lancaster, seconded by Sabo, to approve this form. Unanimous.
President Ambrose announced the next Board meeting will be July 08, 2003 at 3:30 p.m.
at 901 Wellington.
Motion to adjourn made by Sabo, seconded by Garr. Unanimous.
Myles Gre nberg,
/0 4JO�I
' Secretary