HomeMy WebLinkAboutPOLICE PENSION - 01/27/2009 - POLICE PENSION RECEIVED
MAR 112009
VILLAGE CLERK'S OFFICE
Minutes of the
Elk Grove Village Police Pension Board Meeting
Held January 27, 2009
at 901 Wellington, Elk Grove Village, IL.
Myles Greenberg,
Secretary
President Ambrose called the meeting to order at 3:30 p.m. Present were Greenberg,
Garr, Krzywicki, Torres, Assistant Director of Finance Smalley, and Mary Tomanek of
Smith Barney.
The minutes of the last meeting, October 21, 2008 were read. A motion was made by
Gan, seconded by Krzywicki, to approve the minutes. Unanimous.
Smalley presented the Treasurer's Report which included balance sheet dated December
31, 2008, and disbursement register. A motion was made by Garr, seconded by Torres, to
accept the Treasurer's Report. Unanimous.
Old Business
Mary Tomanek presented an updated report on the status of the Fund's investment.
A motion was made by_Garr, seconded by Krzywicki, to liquidate Keypoft annuity and
Jackson annuity. Unanimous. A motion was made by Garr, seconded by Krzywicki, to
take the proceeds from the liquidations above and take up to $3,000,000.00 from
Allegiance to invest with McDonnell Investment Management for a municipal bond
portfolio. Unanimous. A motion was made by Gan, seconded by Krzywicki, to amend
the first motion to include Met Life if it is determined that no surrender penalty exists.
Unanimous.
New Business
The Board received an inquiry from Officer Gustafson about the effective date of a pay
increase. Greenberg will contact Board attorney Reimer about the matter.
The Board received a request for retirement benefits from deferred annuitant Atkinson-
Tovar. The Finance Department provided the distribution as follows:
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: 62.5%
Salary: $89,135.00
Original pension amount: $55,709.38
Original monthly benefit: $4,642.45
First month prorated amount: $309.50
Eligible for increase: December 01, 2013
The Board received the following bills:
$445.13 for attorney Reimer re: Nov/Dec legal fees
$750.00 for IPPFA annual dues
A motion was made by Garr, seconded by Krzywicki, to pay these bills. Unanimous.