HomeMy WebLinkAboutPOLICE PENSION - 01/18/2005 - 2(;2
414P
F
Min:l:.es of the Elk Grove Village
Police Pension Board Meeting held
January 18, 2005 at 901 Wellington
Elk Grove Vi'_i;cr. IL.
Mic;hael Gaspari
Assistant Secretary
?63
The meeting was called to order at 3:38 p.m. by President Ambrose. Present were
Garr, Krzywicki, Tromp, Gaspari and Mary Tomanek of Smith Barney.
The minutes of the last meeting, October 19, 2004 were read. Motion by Garr, seconded
by Krzywicki, to approve the minutes. Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated December 31,
2004 and disbursement register. Motion by Krzywicki, seconded by Garr 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 Krzywicki to amend the Board's policy to liquidate
funds from securities that are identified as being delayed in filing a required annual
report pursuant to section 13 or 15(d) of the Securities Exchange Act. Unanimous.
Motion by Garr, seconded by Gaspari to move funds from Lord Abbott to Flippin, Bruce
& Porter Inc. Unanimous.
New Business
The Board received the following bills
$131.25 for atty Reimer re: November legal fees
$186.01 for atty Reimer re: September legal fees
$311.38 for atty Reimer re: December legal fees
$900.00 for INSPE Associates re: annual exam and evaluation of George Schumert
$1260.00 for INSPE Associates re: consultation/chart review of George Schumert
Motion by Krzywicki, seconded by Garr to pay these bills. Unanimous.
The board received a letter from the Illinois Department of Financial and Professional
Regulation stating our Pension Fund has not filed the 2003 annual statement required
by law. Treasurer Tromp advised we did file and will provide proof of compliance. She
also advised the error was made by the I.D.F.P.R.
The board received a letter of retirement and a request for pension benefits from
Sgt. Gordon Hollywood. The finance Dept. provided the distribution information:
Date of Birth: 09/28/1952
Date of hire: 12/02/1974
Date of retirement: 12/03/2004
Date of pension: 12/04/2004
Creditable service: 30 years, 0 months
Initial rate of pension: 75.0%
Base salary: $78,705.00
Retirement annual base salary: $59,028.75
Monthly benefit ammount: $4,919.06
First month pro rated (28 days) : $4,443.02
Eligible for increase: 10/01/2007
Ammount of monthly increase: $405.82
New monthly pension amount: $5,324.88
New annual pension: $63,898.56
The board also received a letter of retirement and request of pension benefits from
Sgt. Donald Mercil. The Finance Dept. provided the distribution information:
Date of birth; 06/27/1951
Date of hire: 12/02/1974
Date of retirement: 12/31/2004
Date of pension: 01/01/2005
Creditable service: 30 years, 0 months
Initial rate of pension: 75.0%
Base salary: $78,705.00
Retirement annual salary: $59028.75
2M
Monthly benefit: amount: $4,919.06
First month pro rated (31 days) : $4,919.06
Eligible for increase: 07/01/2006
Amount of monthly increase: $221.36
New monthly pension amount: $5,140.42
New annual pension: $61,685.04
The Board received applications to enter into the Fund for newly hired Officer
Steven Rohman and newly hired Officer Veronica Garcia, both hired 01/03/05. Motion
made by Garr, seconded by Gaspari. Unanimous.
The board received the refund amount for Officer Scott Fessett:
Gross Amount: $2,387.86
Federal withholding: $477.57
Net amount: $1,910.29
Treasurer Tromp will attempt to get clarification of Professional Management Fees
as listed on Summary of Disbursements.
Ambrose announced next Board meeting will be April 19, 2005 at 3:30 p.m. at 901
Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting made by Garr, seconded by Gaspari. Unanimous.
Michael Gaspari,
Assistant(Secretary