HomeMy WebLinkAboutPOLICE PENSION - 04/11/2006 - 293
Minutes of the Elk Grove Village
Police Pension board Meeting,held
April 11,2006 at 901 Wellington,
Elk Grove Village,IL.
Michael Gaspari,
Assistant Secretary
294
Themeeting was called to order at 3:32 p.m. by Vice President Krzywicki. Present wewe Greenberg, Gaspari,
Garr,Tromp, Mary Tomanek of Smith Barney, Chief Schmidt,Deputy Chief Lebert and Deputy Chief Hammar.
Absent was President Ambrose.
The minutes of the last meeting,January 17, 2006, were read. Motion made by Garr, seconded by Krzywicki to
accept the minutes. Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated February 2006 and disbursement
register. Motion by Garr, seconded by Greenberg, to approve Treasurer's Report. Unanimous.
Old Business
Mary Tomanek presented an updated report of the Fund's investments. She has no recommendations for changes in
funding strategies and the Fund's portfolio is ahead of benchmark indicies. She provided a hand-out of Sudan-Free
mutual funds for consideration and advised we may face a 4%penalty to sell off Sudan-related funds. This
decision has been postponed until next meeting when a full board is in attendance
Mary also informed us of a turnover of personnel at Ryan Labs but had no recommendation to pull out of that fund
at this time.
Greenberg presented a medical report from Dr. Rezak regarding the medical condition of Schumert. He
recommends that Schumert remain on disability.
New Business
The Board received a letter of retirement and request for pension benefits from Officer Michael Halpin. The
Finance Department provided the distribution information:
Date of birth: 02/26/1956
Date of hire: 04/10/1978
Date of retirement: 08/23/1998
Date of pension: 02/26/2006
Creditable service: 20 years,4 months
Original rate of pension: 50%
Salary: $50,452.05
Original pension amount: $25,226.03
Original monthly benefit: $2,102.17
First month pro rated(3 days): $225.23
Eligible for increase: 03/01/2011
The Board received the following bills:
$168.06 for atty Reimer re: January legal fees
$175.00 for atty Reimer re: February legal fees
$192.97 for atty Reimer re: March legal fees
$6.56 for Stamper
$119.68 for Minutes Book
$900.00 for Inspe Associates re: Consultant Rezak medical evaluation
Motion Garr, seconded by Krzywicki,to pay these bills. Unanimous.
Chief Schmidt addressed the Board regarding the Law Enforcement Officers Safety Act, allowing retired officers to
carry concealed weapons. He explained the requirements and expressed his concern about the Board signing off on
1295
the Retirement/Pension Verification Form because it does not address liability issues. Gaff believes that signing the
form does not expose the Board to liability. Krzywicki informed the Board he will get input from Attorney Reimer.
mp addressed the Board regarding the Deferred Retirement Option Plan(D.R.O.P.)being considered by our
kc slatures. She believes this plan will be very expensive to the Municipalities involved.
Elections for the Active Member positions on the Board will take place next week,April 17, 2006. A meeting will
be held at 5:00 p.m.to count the ballots, if necessary.
Krzywicki announced the next Board meeting will be on July 11,2006 at 3:30 p.m. at 901 Wellington Ave., Elk
Grove Vlg., IL
Motion to adjourn the meeting by Garr,seconded by Gaspari. Unanimous.
Michael Gaspari,
fa f
Assistant Secretary