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Minutes of the Elk Grove Village
Police Pension Board meeting held
October 14, 2003 at 901 Wellington,
Elk Grove Village, IL
Myles Greenberg,
Secretary
2 ?° '
The meeting was called to order at 3:45 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, July 08, 2003 were read. Motion to approve the
minutes made by Sabo, seconded by Lancaster. Unanimous.
H. Ingebrigtsen presented Treasurers Report which included balance sheet dated September 30,
2003 and disbursement register. Motion to accept Treasurers Report made by Lancaster,
seconded by Garr. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investments.
A motion was made by Sabo, seconded by Garr directing Tomanek to:
1) Move up to $1 ,000,000.00 from cash equivalents to market duration manager
Allegiance Capital.
2) Direct Ryan Labs long duration manager to reduce the overall portfolio duration
by 1-2 years.
3) Rebalance portfolios to adjust for value/growth substyles per Smith Barney
presentation dated September 30, 2003.
The motion was granted unanimously.
The Board also requested Tomanek to conduct a search for International investments and
to present the materials at the next Board meeting.
Greenberg presented a report to the Board regarding the IPPFA annual training conference
which he attended October 07-10 in Peoria, IL.
The Board received notice from attorney Reimer that all records for disabled member Schumert
have been obtained, and were forwarded to Dr. Samo to select a physician for Schumert to see
' for an independent medical evaluation.
The Board received an application to enter the Fund from newly hired Officer Ted Malek,
hired September 22, 2003. Motion made by Lancaster, seconded by Sabo, to accept Malek
into the Fund. Unanimous.
The Board received a letter of retirement and request for pension benefits from
Officer Vincent Lopez. The Finance Department provided the distribution information:
Date of retirement: August 22, 2003
Effective date of pension: August 23, 2003
Date of hire: July 2, 1973
Creditable service: 30 years, 1 month
Date of birth: October 16, 1949
Base salary at retirement: $62,918.00
Last longevity received: $700.00
Total salary: $63,618.00
Retirement amount: $47,713.50 (757)
Original monthly benefit: $3,976.13
First month pro-rated amount: $1 ,154.36
Eligible for increase: November 01 , 2004
The Board received the medical report from Dr. Baron regarding the annual evaluation of
disabled member Celia. Dr. Baron indicated that Celia continues to remain disabled.
' The Board recived the following bills:
$750.00 for IPPFA annual dues
$625.00 for Dr. Baron re: Celia evaluation
$240.24 for atty Reimer re: Schumert/S. Garrison for June legal fees
$160.52 for atty Reimer re: Schumert for Sept. legal fees
Motion made by Garr, seconded by Lancaster, to pay these bills. Unanimous.
President Ambrose announced the next Board meeting will be held January 13, 2004 at 3:30 p.m.
at 901 Wellington. Motion to adjourn the meeting by Lancaster, seconded by Sabo. Unanimous.
-��• ��.�if � Mvles Greenbere. Secretary