HomeMy WebLinkAboutPOLICE PENSION - 05/01/2007 - r,
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Minutes of the Elk Grove Village
Police Pension Board meeting, held
on May 01, 2007 at 901 Wellington,
Elk Grove Village, IL.
Myles Greenberg,
Secretary
The meeting was called to order at 3:32 p.m. by President Ambrose. Present were
Greenberg, Krzywicki, Tromp, and Mary Tomanek of Smith Barney. Absent was Garr.
Gaspari arrived at 4:10 p.m. . Also present were Hammar, Kirkpatrick, and Baumann.
The minutes of the last meeting, January 23, 2007 were read. The following corrections
should be made:
1. A recommendation was made to "diversify and" shorten
2. to move "1,500,000" from Ryan Labs
3. seconded by Krzywicki. "Unanimous".
A motion to ammend the minutes with these changes and approve the minutes was made by
Krzywicki, seconded by Greenberg. Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated March 2007,
and disbursement register. Motion to accept Treasurer's Report made by Krzywicki,
seconded by Greenberg. Unanimous.
Old Business
Tomanek presented an updated report on the status of the Fund's investments.
A motion was made by Krzywicki, seconded by Greenberg, to consider transferring
$4,000,000.00 from Allegiance Capital to manager Becker Capital, subject to a
questionarre for further due diligence. Unanimous.
A motion was made by Krzywicki, seconded by Greenberg to move $1,000,000.00 from
Flippin Bruce and Porter Large Cap Value to Fayez Large Cap Core. Unanimous.
A motion was made by Krzywicki, seconded by Greenberg, to move $1,500,000.00 from
Ryan Labs to Harbor International at 50%, and Oakmark International at 50%. Unanimous.
A motion was made by Krzywicki, seconded by Greenberg, to. remove the Sudan Act restrictions
that had been placed on the investment managers. Unanimous.
The Board received the application to enter the Fund from recently hired officer
Brandon Bos, hired January 02, 2007. A motion was made by Krzywicki, seconded by
Gaspari, to accept Bos into the Fund. Unanimous.
New Business
The Board received a letter of retirement and request for pension benefits from .Deputy
Chief Larry Hammar. The Finance Dept. provided the distribution information- as follows:
Date of birth: December 15, 1956
Date of hire: April 10, 1978
Date of retirement: May 04, 2007
Date of pension: May 05, 2007
Creditable service: 29 years, 0 months
Original rate of pension: 72.5%
Salary: $109,810.11
Original pension amount: $79,612.33
Original monthly benefit: $6,634.36
First month prorated amount (27 days) : $5,778.31
Eligible for increase: January 01, 2012
( Continued)
2 ` ( Minutes from May 01, 2007 continued)
The Board received a letter of retirement and request for pension benefits from
Officer Casey Klingberg. The Finance Dept. provided the distribution as follows:
Date of birth: July 31, 1954
Date of hire: April 18, 1977
Date of retirement: May 03, 2007
Date of pension: May 04, 2007
Creditable service: 30 years, 0 months
Original rate of pension: 75%
Salary: $73,323:00 (includes $800 longevity)
Original pension amount: $54, 992.25
Original monthly benefit:$4,582.69'
First month prorated amount (28 days) : $4,139.20
Eligible for increase: August 01, 2009
Greenberg provided the Board with information on the Healthcare Enhancement for 'Local
Public Safety (HELPS Retirees Provision, Sec. 845) of the Pension Protection Act
of 2006. Greenberg will conduct further resarch before bringing the issue to a vote
for adoption of the Act by the next Board meeting.
Ambrose announced the next Board meeting will be July 17, 2007 at 3:30 p.m. at
901 Wellington, Elk Grove Village, IL.
Motion to adjourn the meeting was made by Gaspari, seconded by Krzywicki. Unanimous.
Myles Greenberg,
Secretary