HomeMy WebLinkAboutPOLICE PENSION - 01/13/2004 - 2.3
Minutes of the Elk Grove Village
Police Pension Board meeting held
January 13, 2004 at 901 Wellington,
Elk Grove Village, IL.
Myles Greenberg, '
Secretary
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The meeting was called to order at 3:35 p.m. by President Ambrose. Present were
Greenberg, Sabo, Lancaster, Garr, Director of Finance Christine Tromp, and Mary Tomanek
of Smith Barney.
' The minutes of the last meeting, October 14, 2003 were read. Motion made by Lancaster,
seconded by Sabo, to approve the minutes. Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated December 31, 2003
and disbursement register. Motion made by Garr, seconded by Sabo, to approve
Treasurer's Report. 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 $1,500,000.00 from cash into Allegiance.
2) Move $370,000.00 from cash to Harbor International Mutual Fund.
The motion was granted unanimously.
New Business
The Board received a letter of retirement and request for pension benefits from
Sgt. Richard Cribben. The Finance Dept. provided the distribution information:
Date of birth: December 09, 1952
Date of hire: December 17, 1973
Date of retirement: December 19, 2003
Effective date of pension: December 20, 2003
Creditable service: 30 years, 0 months
Original rate of pension: 75%
Base salary at retirement: $75,526.00
' MEP pay 11/2003: Included in base
Retirement annual base salary: $56,644.50
Monthly benefit amount: $4,720.38
First month pro rated (12 days) : $1,827.24
Eligible for increase: January 01, 2008
Amount of monthly increase: $566.45
New monthly pension amount: $5,286.83
New annual pension: $63,441.96
The Board received the following bill:
$116.92 for atty Reimer re: Schumert for Oct. legal fees.
Motion made by Garr, seconded by Lancaster to pay this bill. Unanimous.
Tromp notified the Board that Bonita Jenkins may have been receiving benefits from
1985 that were calculated erroneously by compounding the annual increases when
compounding was not yet permitted. Ambrose will contact attorney Reimer about this
and address it at the next Board meeting.
Ambrose announced the Pension Board elections will be held on Monday, April 19, 2004.
Ballots to be mailed to beneficiaries April 01, 2004, and a nomination list for active
members will be posted April 01, 2004. Nominations for active members to close
April 16, 2004 at 2:00 p.m. . Ballots available on day of election 6:00 a.m. thru 4:00 p.m. .
Ballots for both elections to be counted April 19, 2004 at 4:00 p.m.
Ambrose announced the next Board meeting will be April 19, 2004 at 3:30 p.m. at 901
Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting by Lancaster, seconded by Sabo. Unanimous.
Myles
��F�"Greenberg,
Ak
Secretar4