HomeMy WebLinkAboutPOLICE PENSION - 09/27/2011 - POLICE PENSION Minutes of the
Elk Grove Village Police Pension Board Meeting
Held September 27, 2011
at 901 Wellington, Elk Grove Village, IL.
Myles Greenberg,
Secretary
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Minutes of the September 27, 2011 Elk Grove Village Police Pension Board meeting:
Vice President Krzywicki called the meeting to order at 3:50 p.m. Present were Greenberg, Torres,
Partin,Tromp,Tomanek, and Frank Griseta of the Elk Grove Chamber of Commerce and Focus
Financial. Absent was Ambrose.
The minutes of the last meeting, July 19, 2011 were read. A motion to approve the minutes was made by
Parrin, seconded by Torres. Unanimous.
Tromp presented the Treasurer's Report, which included balance sheet dated August 31, 2011 and
disbursement register. A motion to approve the Treasurer's Report was made by Partin, seconded by
Torres. Unanimous.
Tromp also indicated the Actuarial Report for the Fund was complete and she had received it; however
she would not be providing it to the Pension Board until it was first presented to the Village Board for
approval of the tax levy recommendation.
Old Business
Tomanek presented an updated report on the status of the Fund's investments. After discussion with
Tomanek, a motion was made by Parrin, seconded by Torres, to liquidate Pimco Total Return and transfer
the proceeds to the account managed by McDonnel Investments due to the management of investments by
McDonnel is better suited to Illinois pension requirements. Unanimous.
The Board received a notice that Sergeant Nelson will not be using portability.
New Business
The Board received a Warrant of Examiners report from the State of Illinois Department of Insurance.
The Board responded to the Summary of Findings as requested. Each Trustee of the Board also was
issued a final copy of the report by the State of Illinois.
The Board received a letter of retirement and request for benefits from Officer Kathleen Balek. The
Finance Department provided the distribution information as follows:
Date of birth: April 23, 1959
Date of hire: January 02, 1981
Date of retirement: September 29, 2011
Date of Pension: September 30,2011
Creditable service: 30 years, 8 months, 28 days
Original rate of pension: 75%
Salary: $82,753.91
Original pension amount: $62,065.43
Original monthly benefit: $5,172.12
First month prorated amount: $172.40
Eligible for increase: May 01, 2014
A motion was made by Greenberg, seconded by Partin,to approve this distribution. Unanimous.
The Board received the following bills:
$792.78 for attorney Reimer re: June legal fees
$53.80 for attorney Reimer re: July legal fees
A motion was made by Partin, seconded by Torres, to pay these bills. Unanimous.
Krzywicki announced the next Board meeting will be December 20, 2011 at 3:30 p.m. at 901 Wellington.
A motion to adjourn was made by Torres, seconded by Partin. Unanimous.
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