HomeMy WebLinkAboutPOLICE PENSION - 10/23/2007 - TREASURER'S REPORT/H ELPS Minutes of the
Elk Grove Village Police Pension Board Meeting
Held October 23, 2007
at 901 Wellington, Elk Grove Village, IL.
Myles Greenberg,
Secretary
President Ambrose called the meeting to order at 3:42 p.m. Present were Greenberg, Garr, Krzywicki, Tromp,
and Mary Tomanek of Smith Barney. Absent was Gaspari.
The minutes of the last meeting, July 17, 2007 were read. A motion was made by Garr, seconded by
Krzywicki,to correct the roll call vote to offer HELPS to pensioners to include Garr, who voted yes;
and then approve the minutes. Unanimous.
Tromp presented the Treasurer's Report, which included balance sheet dated August 2007, and
disbursement register. A motion to accept the Treasurer's Report was made by Garr, seconded
by Krzywicki. Unanimous.
Old Business
Tomanek presented an updated report on the status of the Fund' investments. There were four
recommendations in the report:
1. Increase Maximum Policy Allocations for value and growth to 70%,remove targets and
minimums.
2. Reduce the large value weighting 7%. Transfer$1.5MM from Flippen Bruce Porter to
Voyager Large Growth.
3. Reduce mid cap growth allocation by$IMM (5%). Transfer from Baird to all cap
Growth with manager Renaissance Group Large Cap Growth.
4. Reduce small core allocation by $1.5 MM(7°!0). Transfer from Golden Small Core
to large cap core; consider Fayez/Summit. Received RFI response from Summit.
Analytics attached. Summit fee 0.85%, Smith Barney 0.20%.
Garr, seconded by Krzywicki, to approve all four recommendations, and for
recommendation 4,made a motion that$1 million should be transferred to Summit,
$500,000 to Fayez. Unanimous.
The HELPS program has not yet been implemented by the Village, despite the commitment letter
from the U.S. Treasury indicating legislative technical corrections will be made, and self—funded plans
are considered eligible for this benefit. Tromp indicated Human Resources Coordinator Mike Krcik
discussed the matter with the Village labor attorney Jim Baird, and it was decided not to implement the
program until the technical corrections are actually made. President Ambrose request Greenberg to
identify other municipalities that have accepted the U.S. Treasury commitment letter and implemented
the program. He will then forward this to Krcik.
The Board received the medical reports that were not available at the last meeting for newly hired officers
Gottwald, Dredge, and Pelayo.
New Business
The Board received official QILDRO documents for Karen Mack, and she will now receive a
portion of Melvin Mack's pension benefits.
(Continued)
(October 23, 2007 continued)
The Board received notice from the Police and Fire Commission that Officer McIntyre and Officer
Patras have completed their one-year probationary period and are appointed to the permanent
position of Police Officer, effective September 22,2007.
The Board received a letter of resignation and request for a refund of contributions from Officer
Brandon Bos. The distribution is as follows:
Date hired: January 02, 2007
Date resigned: June 19,2007
Refund amount: $2,440.67
Date paid: October 31, 2007
Motion made by Garr, seconded by Krzywicki,to pay this refund. Unanimous.
The Board received the medical report from Dr. Ronald Baron regarding the annual evaluation of
disabled member Celia. Dr. Baron indicated Celia continues to remain disabled.
The Board received the following bills
$47.67 for atty Reimer re: June legal fees
$185.16 for atty Reimer re: July and August legal fees
$900.00 for Dr Baron re: Celia medical evaluation
A motion to pay these bills was made by Garr, seconded by Krzywicki. Unanimous.
Ambrose announced the next Board meeting would be January 22, 2008 at 3:30 p.m.
at 901 Wellington,Elk Grove Village, IL.
A motion to adjourn the meeting was made by Garr, seconded by Krzywicki. Unanimous.
Myles Green erg,
Secretary