HomeMy WebLinkAboutPOLICE PENSION - 01/09/2018 - Police Pension MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
January 9,2018
The regular meeting of the Board of Trustees of the Elk Grove Village Police Pension Fund was held on
Tuesday, January 9, 2018 at 3:30 pm at 901 Wellington Avenue, Elk Grove Village, Illinois, in Meeting
Room C.
CALL TO ORDER: President Christopher Torres called the meeting to order at 3:32 p.m.
ROLL CALL:
Present: President Christopher Torres, Vice President Allan Ambrose, Secretary Jason Gottwald,
Assistant Secretary Warren Moody and Trustee Stephen Schmidt (quorum present)
Absent: None
Also Present: Christine Tromp and Brian Koehler, Elk Grove Village Finance Department; Doug Oest,
Marquette Associates
APPROVAL OF MEETING MINUTES:
The Board reviewed the November 17, 2017 meeting minutes. A motion was made by Trustee Moody
and seconded by Trustee Schmidt to approve the meeting minutes as written. Motion carried unanimously
by voice vote.
FINANCIAL ADVISOR'S REPORT/INVESTMENT REVIEW:
Doug Oest from Marquette Associates provided the financial report. The Boards investments and
performance were discussed. The Total Fund had a return of 3.3% for the quarter, 10.6 % for fiscal 2017.
There were no recommended changes at this time, and no actions taken. Mr. Oest presented the Board
with an Annual Consultant Disclosure memorandum, in reference to Public Act 100-0542, which
provided the required information on search activity and consultant compensation required by the act. The
Board was informed Marquette Associates will provide this information on an annual basis.
TREASURER'S REPORT:
Christine Tromp presented the Treasurer's Report. As of the period ending December 2017, the Village
has received 97% of property taxes and $974,430 from the Electrical Use Tax allocated to the police
pension fund. The treasurer's report reflected the Fund's net assets at $94,827,529. The report reflected
the fund was 65.1 % funded as of May 1, 2017. A vendor bill was incurred on January 1, 2018 in the
amount of $11,250.00 for investment consulting services from Marquette Associates. The reports were
received and all questions were answered by Ms. Tromp. A motion to accept the treasurer's reports,
including the vendor's check, expenses and pension benefits, was made by Trustee Ambrose and
seconded by Trustee Moody.
AYES: Trustees Ambrose, Gottwald, Moody, Schmidt, Torres
NAYS: None
ABSENT: None
COMMUNICATIONS AND REPORTS:
None
RETIREMENT APPLICATION:
a. The Board was informed of the resignation of Police Officer Brandon Neuman effective January
3, 2018. No official request for a refund of contributions was made at this time.
b. Applications were received from newly hired Probationary Police Officers: Jonathon Herman and
Conner Marchetti. Mr. Herman and Mr. Marchetti would be considered Tier 11 pensioners. A
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
January 9, 2018
motion to accept the new hires into the fund was made by Trustee Moody, second by Trustee
Schmidt.
c. AYES:
Trustees Ambrose, Gottwald, Moody, Schmidt, Torres
d. NAYS:
None
e. ABSENT:
None
OLD BUSINESS:
a. The Board reviewed the Fund's investment policy and agreed no changes were necessary. No
action was taken.
b. The Board discussed the idea of utilizing Lauterbach & Amen for administrative and record
keeping purposes. The Board agreed a proposal should be obtained, and the matter be tabled until
then.
c. The Board was unable to verify Allan Ambrose's re -appointment as a civilian trustee. A request
for verification will be made to the mayor.
d. The Board discussed the Tax Levy request which was sent to the mayor.
NEW BUSINESS:
a. The 2018 Meeting dates were scheduled as the following:
1. April 17, 2018
2. July 10, 2018
3. October 9, 2018
b. The Board reviewed the current investment contracts and agreed no changes were necessary. No
action was taken.
c. The Board was informed through the Offices of Reimer, Dobrovolny & Karlson LLC that former
Police Officer Carl Sabo was scheduled to meet with Dr. Stevan Weine on January 11, 2018 for
his Annual Examination,
PUBLIC COMMENT:
None
With no further business to discuss, a motion to adjourn the meeting at 4:22 p.m. was made by Trustee
Ambrose, and seconded by Trustee Moody. Motion carried unanimously by voice vote.
The next regular meeting is scheduled for Tuesday, April 17, 2018 at 3:30 pm.
Respectfully submitted,
Christopher Torres, Board President
Jaso G n ald, Board Secretary
Date Approved by Board 041 Z°t 8