HomeMy WebLinkAboutPOLICE PENSION - 04/19/2004 - 238
Minutes of the Elk Grove Village
Police Pension Board meeting held
April 19, 2004 at 901 Wellington,
Elk Grove Village, IL.
Myles Greenberg,
Secretary
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The meeting was called to order at 3:40 p.m. by President Ambrose. Present were
Greenberg, Lancaster, Garr, Tromp, and Mary Tomanek of Smith Barney. Absent was Sabo.
The minutes of the last meeting, January 13, 2004 were read. Motion by Lancaster,
seconded by Greenberg, to approve the minutes. Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated March 31, 2004
and disbursement register. Motion by Garr, seconded by Lancaster, to accept the
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 Garr' seconded by Lancaster, to ammend the Board's Investment
Policy with greater targeting of investment percentages, as presented by Tomanek. Unanimous.
A motion'�vas made by Garry seconded by Lancaster to adopt the recommendations of Tomanek's
Strategy Report: 1. Continue to add as available cash from maturing fixed income assets,
internal account, to market duration portfolio manager Allegiance Capital.
2. Review Alliance Capital watch status
3. Update asset/liability analysis from 7/03
The vote was unanimous.
The Board received notice from attorney Reimer regarding his opinion of the Board
reducing the benefit for Bonita Jenkins to be in compliance with the Department of
Insurance audit due to previous overpaymnet to Jenkins. Motion made by Garr, seconded by
Lancaster, to leave Jenkins benefit at its current reduced rate. Unanimous.
The Board received the medical report from Dr. Rezak regarding the evaluation of disabled
member Schumert. Dr. Rezak indicated that Schumert continues to remain disabled.
New Business
The Board received notice of a newly hired officer, Scott Fessett. The Board did not
receive an application to enter the Fund prior to the meeting, and will be brought up at
the next meeting.
The Board received notice from .the Fire and Police Commission that Officer Torres has
completed his one year probationary period and is appointed to the permanent position of
Police Officer effective April 14, 2004.
The Board received notice that retired member Maculitis has reached his 55th birthday and
that his new monthly benefit amount has increased to $3847.84, an increase of $341.84/month.
The Board received the following bills:
$43.75 for atty Reimer re: Jan. legal fees
$87.50 for atty Reimer re: Feb. legal fees
$1,270.00 for Inspee Associates re: Schumert evaluation
Motion made by Garr, seconded By Lancaster to pay these bills. Unanimous.
The Trustee election for the active members of the Board was not necessary due to only
two members, Gaspari and Greenberg, interested in the two positions. Gaspari and Greenberg
are appointed by acclamation on May 17, 2004.
The ballots for the Trustee election for the beneficiaries were counted, with the
following results:
27 ballots
Krzywicki 15
Lancaster 12
Krzywicki is elected to the Board.
Ambrose announced the Next Board meeting will be July 13, 2004 at 3:30 p.m. at 901 Wellington.
Motion to adjourn by Lancaster, seconded by Garr. Unanimous. ll/i (? ^M. Gr�-gnberg, Scty.