HomeMy WebLinkAboutPOLICE PENSION - 04/17/2018 - Police Pension MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
April 17, 2018
The regular meeting of the Board of Trustees of the Elk Grove Village Police Pension Fund was
held on Tuesday, April 17, 2018 at 3:30 pm at 901 Wellington Avenue, Elk Grove Village,
Illinois, in Meeting Room C.
CALL TO ORDER: President Christopher Tones called the meeting to order at 3:31 p.m.
ROLL CALL:
Present: President Christopher Torres, Vice President Allan Ambrose, Assistant Secretary
Warren Moody and Trustee Stephen Schmidt (quorum present)
Absent: Trustee Gottwald
Also Present: Christine Tromp, Brian Koehler, Kyle Pockat, Elk Grove Village Finance
Department; Doug Oest, Marquette Associates, Trustee Elect Thomas Molloy,
Representatives from Lauterbach and Amen, Chief Walsh, DC Gaspari, Ofc.
Callaghan, Ofc. Marchetti, and Ofc. Herman.
Prior to the business portion of the meeting, representatives from Lauterbach and Amen LLP
gave a sales presentation offering bookkeeping, accounting and records services to the Board.
APPROVAL OF MEETING MINUTES:
The Board reviewed the January 9, 2018 meeting minutes. A motion was made by Trustee
Ambrose and seconded by Trustee Schmidt to approve the meeting minutes as written.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
FINANCIAL ADVISOR'S REPORTANVESTMENT REVIEW:
Financial advisor Doug Oest from Marquette Associates provided the fmancial report. The
Boards investments and performances were discussed (all markets down, yield curve not met
possibly headed for recession). Oest recommended terminating Harbor International Fund and
replacing with Vanguard Total International Index. After discussion motion was made by
Trustee Ambrose, second Trustee Moody to take $3,488,852 from Harbor International and place
in Vanguard Total International Index.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
April 17,2018
Motion carried
To rebalance the fund a motion was made by Trustee Ambrose, second Trustee Moody to take
$1,700,000 from Vanguard Institutional Index Fund, take $400,000 from Vanguard Mid -Cap
Index Fund, take $400,000 from Vanguard Small -Cap Index Fund, and add $1,250,000 to
Mcdonnell, and add $1,250,000 to C. S. Mckee.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
TREASURER'S REPORT:
The Treasurers report was presented by Christine Tromp. As of February 2018, the Village has
recorded $974,430 in revenue for the police pension portion of the electric tax for the fiscal year.
A motion to approve treasurer's report was made by Trustee Ambrose, Second by Trustee
Moody.
AYES:
Trustees Torres, Ambrose, Moody, Schmidt
NAYS:
None
ABSENT:
Gottwald
Motion carried.
COMMUNICATIONS AND REPORTS:
The medical report for Officer Carl Sabo was presented to the Board with the recommendation
by Doctor Weine that he remain disabled. A motion to continue non -duty disability for Officer
Sabo was made by Trustee Moody, Second by Schmidt.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
Trustee Moody completed 8 hours of training on Continuing Pension Fund Trustee Education on
02/13/18
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
April 17, 2018
RETIREMENTS / APPLICATIONS :
a. The Board was informed of the resignation of Police Officer Bradley Jackson and Miguel
Palomo. 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. Heenan and Mr. Marchetti would be considered Tier
H pensioners. A motion to accept the new hires into the fund was made by Trustee
Moody, second by Trustee Schmidt.
AYES: Trustees Tones, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
c. Application for continuation of pension was received firm Lynette Kennedy, widow of
retiree James P. Kennedy who passed away on 03/06/2018. A motion continue survivor
pension was made by Trustee Moody, second by Trustee Schmidt.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
OLD BUSINESS:
a. The Board discussed the idea of utilizing Lauterbach & Amen for administrative and
record keeping purposes.
NEW BUSINESS:
Payment of Bills
The following expenses were presented to the Board
Marquette Associates dated 4/1/18 $11,250 for investment services. Motion to pay
Trustee Moody, second Schmidt.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
April 17, 2018
INSPE $2460.00 dated 01/26/18 for medical services for disabled officer. Motion to
pay Trustee Moody, second Schmidt.
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Attorney Richard Reimer $177.43 dated 3/26118 for legal services. Motion to pay Trustee
Moody, second Schmidt
AYES: Trustees Torres, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
Motion carried.
Trustee Moody $175.00 IPPFA Training Seminar 02/13/18. Motion to pay Trustee
Moody, second Schmidt.
AYES:
Trustees Tones, Ambrose, Schmidt
NAYS:
None
ABSTAIN:
Moody
ABSENT:
Gottwald
Motion carried
PUBLIC COMMENT:
None
With no further business to discuss, a motion to adjourn the meeting at 5:04 p.m. was made by
Trustee Moody, and seconded by Trustee Schmidt.
AYES: Trustees Tones, Ambrose, Moody, Schmidt
NAYS: None
ABSENT: Gottwald
The next regular meeting is scheduled for Tuesday, July 10, 2018 at 3:30 pm.
MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES
ELK GROVE VILLAGE POLICE PENSION FUND
April17,2018
Respectfully submitted,
Board President Date Approved by Board b'] t o ZO 1 fs
Warren Moody, Board