HomeMy WebLinkAboutPOLICE PENSION - 07/11/2006 - L11
Minutes of the Elk Grpve Village
Police Pension Board meeting, held
July 11, 2006 at 901 Wellington,
Elk Grove Village, IL.
1
Myles Greenberg,
Secretary
The meeting was called to order at 3:37 p.m. by President Ambrose. Present were Greenberg,
Garr, Krzywicki, Tromp, and Mary Tomanek of Smith Barney. Absent was Gaspari.
The minutes of the last meeting, April 11, 2006 were read. Motion made by Krzywicki,
seconded by Garr to accept the minutes. Unanimous.
Tromp presented Treasurer's Report dated April 30, 2006 and disbursement register, which
included balance sheet. Motion made by Garr, seconded by Krzywicki, to accept
Treasurer's Report. Unanimous.
Old Business
Mzry Tomanek presented an updated report on the status of the Fund's investments.
A motion was made by Garr, seconded by Krzywicki, to make no changes to the current
Fund investments in annuity products; and thus not complying with some elements of
the Sudan Act, due to the extensive penalties associated in exiting those annuity
products. Unanimous.
A motion was made by Garr, seconded by 'Krzywicki, to change the equity asset allocation
minimum/maximum as recommended by Tomanek's report as follows: Large Cap maximum from
65% to 70%, Small/Mid Cap minimum from 30% to 25%, and International minimum from
2% to OX. 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 15, 2006. The trustee election for the
beneficiaries of the Board was also not necessary due to only one member, Krzywicki,
interested in the one position. Krzywicki is appointed by acclamation on May 15, 2006.
New Business
The Board received notice from the Police and Fire Commission that Officer Garcia and '
Officer Rohman have completed their one year probationary period and are appointed to
the permanent position of Police Officer, effective April 20, 2006.
The Board also received notice from the Police and Fire Commission that Officer
Langendorf completed his one year probationary period and is appointed to the permanent
position of Police Officer effective June 24, 2006.
The Board received the applications to enter the fund by the five newly hired officers,
Michael Patras, Michael McIntyre, John Tylka, Brandi Mathis, and Demetrios Malamis,
hired July 03, 2006. Motion made by Garr, seconded by Krzywicki, to accept all five
into the Fund. Unanimous.
The Board received a letter of retirement and request for pension benefits from Officer
Murphy. The Finance Dept. provided the distribution information as follows:
Date of birth: July 06, 1956
Date of hire: February 15, 1982
Date of retirement: June 02, 2006
Date of pension: July 06, 2006
Creditable service: 24 years, 3 months
Original rate of pension: 60%
Salary: $70,003.00
Original pension amount: $42,001.80
Original monthly benefit: $3,500.15
First month prorated amount (26 days) : $2935.61
Eligible for increase: August 01, 2011 I
(continued)
( July 11, 2006 continued )
The Boardreceived a letter of retirement and request for pension benefits from Office
Ruszkowski. The Finance Dept, provided the Aistribution as follows:
Date of birth: February 01, 1956
Date of hire: December 27, 1983
' Date of retirement: June 29, 2006
Date of pension: June 30, 2006
Creditable service: 22 years, 6 months
Original rate of pension: 55%
Salary: $70,003.00
Original pension amount: $38,501.65
Original monthly benefit: $3,208.47
First month prorated amount (1 day) : $106.95
Eligible for increase: March 01, 2011
The Board received a letter of retirement and request for pension benefits from Deputy
Chief Lebert. The Finance Dept. provided the distribution information as follows:
Date of birth: July 23, 1952
Date of hire: August 02, 1976
Date of retirement: August 05, 2006
Date of pension: August 06, 2006
Creditable service: 30 years, 0 months
Original rate of pension: 75%
Salary: $105,000.00
Original pension amount: $78,791.25
Original monthly benefit: $6,565.94
First month prorated amount (26 days) : $5,506.92
Eligible for increase: September 01, 2007
The Board received notice that Sgt. Konetake will be transferring his service time from
the Geneva Police Dept. to the Elk Grove Village Police Dept. . The Finance Dept. has
provided an actuarial calculation to Sgt. Konetzke for the amount he must provide to
the Geneva Pension Fund, and the amount he must provide to the Elk Grove Village Pension
Fund to cover the "true cost" of the transfer, $5,160.00. Motion made by Garr, seconded
by Ambrose, that Sgt Konetzke make this payment in one lump sum. Unanimous.
The Board received notice from the Finance Dept. that four members of the Fund have
transferred their IMRF service time, and have received credit for that service time
in the Elk Grove Village Police Pension Fund. The following conversion of credits occurred:
Sgt. Konetzke: 2 months service credit
Officer Indurante: 8 months service credit
Officer Sturgulewski: 10 months service credit
Officer Suarez: 12 months service credit
The Board received a letter from atty. David Malter representing Karen Mack, former wife
of Melvin Mack, requesting the pension payment be split into separate checks to each
of them. Since atty. Malter has not properly complied with the requiremnts of a QUILDRO,
no changes will be made to Melvin Mack's pension payment at this time.
The Board received the following bill:
$750.00 for IPPFA 2006-2007 annual dues.
Motion made by Garr, seconded by Krzywicki, to pay this bill. Unanimous.
Ambrose declared the Board meeting will be held on October 24, 2006 at 3:30 p.m.
at 901 Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting made by Garr, seconded by Krzywicki. Unanimous.
Myles
�pG�reenberg""- �
�'
Secretary
It
I