HomeMy WebLinkAboutPOLICE PENSION - 01/29/2013 - POLICE PENSION MINUTES Minutes of the October 23, 2012 Elk Grove Village Police Pension Board meeting.
The meeting was called to order by Vice President Torres at 3:38 p.m. Present were
Greenberg, Moody, Partin, Tromp, and Financial Advisor Tomanek. Absent was
Ambrose.
The minutes of the last regular meeting, July 17, 2012, and the special meeting, August
23, 2012, were read. A motion to approve both sets of minutes was made by Parrin,
seconded by Moody. Unanimous.
Tromp presented the Treasurer's Report, which included balance sheet dated September
2012, and disbursement register. A motion to approve the Treasurer's Report was made
by Moody, seconded by Partin. Unanimous.
Old Business
Tomanek presented an updated Report on the status of the Fund's investments. A motion
was made by Partin, seconded by Moody, to direct Ryan Labs to follow the Intermediate
Government Credit strategy with maximum allocation to BBB rated securities of 20%
and no 144A securities; subject to concurrence of President Ambrose who was not
present. Unanimous. A motion was made by Partin, seconded by Moody, that the value
of the Nationwide annuity as determined on the date of death of annuitant Donald Skonie
shall be invested with 45% equities, which will be equally divided by Great Lakes and
Renaissance, and the remaining 55% shall be invested with Ryan Labs subject to the new
investment strategy described in the above listed motion; subject to concurrence of
President Ambrose who was not present. Unanimous.
Craig Celia's annual medical evaluation is scheduled for October 26, 2012.
New Business
The Board received the applications and requests to enter the Fund from newly hired
officers Daniel Johnson, Juan Andrade, and Matthew Stencel, hired September 24, 2012.
A motion was made by Greenberg, seconded by Parrin, to accept them into the Fund.
Unanimous.
The Board received notice from the Finance Dept. of George Winkler's retirement.
Winkler will be a deferred annuitant. The Finance Dept. provided the distribution upon
attaining the required age as follows:
Date of birth: October 20, 1963
Date of hire: April 08, 1987
Date of retirement: August 18, 2012
Date of pension: October 20, 2013
Creditable service: 25 years, 4 months, 11 days
Original rate of pension: 62.5%
Salary: $93,532.00
Original pension amount: $58,457.50
(Continued)
(October 23, 2012 continued)
Original monthly benefit: $4871.46
First month prorated amount: $1,885.73
Eligible for increase: November 01, 2018
A motion to approve the distribution was made by Moody, seconded by Partin.
Unanimous.
The Board received the Actuarial Valuation Report performed for the Fund by Timothy
Sharpe for the period May 01, 2012 through April 30, 2013. A motion was made by
Partin, seconded by Moody,to concur with the tax levy requirements recommended by
Sharpe, and that President Ambrose submit a notification by letter to the Village
requesting $2,630,649.00 be approved for the Fund. Unanimous.
Greenberg satisfied 8 hours of required Trustee training by watching the following on-
line IPPFA training videos: Viewpoint on Public Pension Funds (8/11/12), From the
Great Recession to an Uncertain Recovery (8/12/12), Mock Disability Hearing (8/18/12),
and The Present and Future of Public Pension Funds (8/19/12).
The Board received notice that retired member Donald Skonie passed away October 07,
2012. His wife will receive survivor benefits.
The Board received the following bills:
$492.72 Trustee training expenses for Parrin October 03 and 04, 2012 in Lake Geneva
$750.00 new Trustee training registration fees for Moody, modules beginning January
10, 2013 in Hoffman Estates
$273.90 for attorney Reimer re: July legal fees
A motion was made by Parrin, seconded by Greenberg, to pay these bills. Unanimous.
Torres announced the next meeting will be January 29, 2013, 3:30 p.m. at 901
Wellington.
A motion to adjourn the meeting was made by Greenberg, seconded by Parrin.
Unanimous.
Myles Greenberg,
Secretary, Police Pension Board