HomeMy WebLinkAboutPOLICE PENSION - 07/13/2004 - 250
Minutes of the Elk Grove Village
Police Pension Board meeting held
j my 13, 2004, at 9o]. Wellington,
Elk Grove Village, II..
Myles Greenberg,
Secretary .
?51
The meeting was called t, rder at 3:35 p.m. by President brose. Present were
Greenberg, Krzywicki, Gaspari, Garr, Tromp, and Mary Tomanek of Smith Barney.
The minutes of the last meeting, April 19, 2004, were read. Motion by Garr,
seconded by Gaspari, to approve the minutes. Unanimous.
Motion made by Garr, seconded by Krzywicki, to appoint Ambrose as President. Unanimous.
Motion made by Greenberg, seconded by Garr, to appoint Krzywicki as Vice President. Unanimous
Motion made by Garr, seconded by Gaspari, to appoint Greenberg as Secretary. Unanimous.
Motion made by Greenberg, seconded by Garr, to appoint Gaspari as Assistant Secretary. Unanim
Tromp presented the Treasurer's Report -which included balance sheet dated June 30, 2004
and disbursement register. Motion made by Garr, seconded by Krzywicki, to accept
Treasurer's report. Unanimous.
Old Business
Mary Tomanek presented an updated report .on the status of the Fund's investments.
Motion made by Garr, seconded by Gaspari, to accept the Revised Investment Policy;
with the following additional changes not indicated on the revision:
35% minimum for small-mid Capitalization changed to 30%, and 60% maximun for large
capitalization changed to 65%. Unanimous.
The Board received the application to enter into the Fund from newly hired Officer
Scott Fesset that was not available at the last Board meeting. He was hired
April 05, 2004. Motion made by Garr, seconded by Gaspari, to accept Fesset into
the Fund. Unanimous.
New Business
The Board received an application to enter the Fund from newly hired Officer Steven
Dickson, hired July 05, 2004. Motion made by Garr, seconded by Krzywicki, to accept
Dickson into the Fund. Unanimous.
The Board received a letter of retirement and request for pension benefits from
Officer Michael Muti. The Finance Dept. provided the distribution information:
Date of birth: December 11, 1953
Date of hire: January 02, 1981
Date of retirement: July 16, 2004
Date of pension: July 17, 2004
Creditable service: 23 years, 6 months
Original rate of pension: 57.5%
Base salary: $64, 963. 18
Longevity last received: $700.00
Total salary: $65,663. 18
Retirement amount: $37,756.33 (57.5%)
Original monthly benefit: $3,146.36
First month pro rated (15 days) : $1,522.43
Eligible for increase: January 01, 2009
The Board received the following bills:
$750.00 for IPPFA annual dues.
$368.10 for atty Reimer re: April legal fees.
Motion made by Garr, seconded by Greenberg to pay these bills. Unanimous.
Ambrose announced the next Board meeting will be October 19, 2004 at 3:30 p.m. at 901
Wellington, Elk Grove Village.
Motion to adjourn the meeting by Garr, seconded by Krzywicki. Unanimous.
Myles Greenberg,
' !' `f"`CT
Secretary