HomeMy WebLinkAboutPOLICE PENSION - 01/17/2006 - RECEIVE®
JAN 2 0) 2006
VILLAGE CLEHK'S OFFICE
Minutes of the Elk Grove Village
Police Pension Board Meeting, held
January 17, 2006 at 901 Wellington,
Elk Grove Village, IL.
Myles Greenberg,
Secretary
288
The meeting was called to order at 3:35 p.m. by President Ambrose. Present were Greenberg,
Gaspari; Krzywicki, Assistant Finance Director Chris Soriano, Mary Tomanek of Smith Barney,
Deputy Chief Lebert, and Deputy Chief Hammar. Absent were Garr and Tromp.
The minutes of the last meeting, October 18, 2005 were read. Motion made by Krzywicki, I seconded by Gaspari, to accept the minutes: Unanimous'.
Soriano presented the Treasurer's Report which included balance sheet dated November 30, 2005
and disbursement register. Motion made by Krzywicki, seconded by Gaspari, to approve
Treasurer's Report. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investments.
After discussing Public Act 094-0079 (Investments in Sudan) , a motion was made by Krzywicki,
seconded by Gaspari, to allow Tomanek, in conjunction with Larry Rankin of MFS, to put in
place the appropriate certifications as related to P.A. 094-0079 by January 20, 2006. In
the event certifications are not in place by that date, Tomanek shall initiate withdrawl of
funds in MFS related accounts, Nationwide accounts, and Harbour International. Unanimous.
A motion was made by Krzywicki, seconded by Gaspari, to transfer Vaugh Nelson and Vanguard
Small Cap Index to Golden Capital at Tomanek's recommendation. Unanimous.
New Business
Board attorney Reimer has initiated the process of Ofc. Schumert's annual medical evaluation
to update his disability status.
The Board received a letter of retirement and request for pension benefits from Officer
James Carow. The Finance Dept. provided the distribution information:
Date of birth: January 08, 1953 ,
Date of hire: October 13, 1975
Date of retirement: December 12, 2005
Date of pension: December 13, 2005
Creditable service: 30 years, 2 months
Original rate of pension: 75 7
Salary: $67,824.00
Original pension amount: $50,868.00
Original monthly benefit: $4239.00
First month pro rated (19 days) : $2,598.10
Eligible for increase: February 01, 2008
The Board received a letter of retirement from Commander Lynn Atkinson. She will be a
deferred annuitant. The Finance Dept. provided the distribution information:
Date of birth: November 29, 1958
Date of Hire: January 02, 1981
Date of retirement: January 06, 2006
Date of pension: November 29, 2008
Creditable service: 25 years, 0 months
Original rate of pension: 62.57
Salary: $88,235.00
Original pension amount: $55,146.88
Original monthly benefit: $4,595.57
First month pro rated (2 days) $306.37
Eligible for increase: December 01, 2013 ,
The Board received a request from deferred annuitant Michael Halpin for Pension benefits
to begin in February 2006. This was provided to Soriano.
The Board received the following bills:
$90.25 for atty Reimer re: October legal fees
$96.12 for atty Reimer re: December legal fees
Motion by Gaspari, seconded by Krzywicki, to pay these bills. Unanimous. (Continued)
2819
( Continuation of January 17, 2006 meeting )
Ambrose announced the Pension elections will be held on Monday, April 17, 2006.
' Ballots to be mailed to beneficiaries April 01, 2006, and a nomination list for
active members will be posted April 01, 2006. Nominations for active members to
close April 14, 2006 at 2:00 p.m. Ballots available on day of election 6:00 a.m.
thru 5:00 p.m. . Ballots for both elections will be counted April 17, 2006 at 5:00 p.m. .
Ambrose announced the next Board meeting will be April 11, 2006 at 3:30 p.m. at
901 Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting by Gaspari, seconded by Krzywicki. Unanimous.
Myles JGr�reenberg,
'
Secretary