HomeMy WebLinkAboutPOLICE PENSION - 01/29/2013 - POLICE PENSION Minutes of the January 29, 2013 Elk Grove Village Police Pension Board meeting.
The meeting was called to order at 3:40 p.m. by President Ambrose. Present were
Greenberg, Moody, Tromp, and Financial Advisor Tomanek. Absent were Partin and
Tones.
The minutes of the last meeting, October 23, 2012, were read. A motion,was made by
Moody, seconded by Greenberg, to approve the minutes. Unanimous.
Tromp presented the Treasurer's Report, which included balance sheet dated December
31, 2012 and disbursement register. A motion to approve the Treasurer's Report was
made by Moody, seconded by Greenberg. Unanimous.
Old Business
Tomanek presented an updated report on the status of the Fund's investments. A motion
was made by Moody, seconded by Greenberg, to accept Tomanek's recommendations:
transfer $1,000,000.00 from Congress Large Growth to Renaissance; and transfer
$750,000.00 from Blackrock Global to these two funds as follows: $350,000.00 to Ivy
Asset Strategy (global) and $350,000.00 to Vitrus Emerging Markets. Unanimous.
Another motion was made by Moody, seconded by Greenberg, to transfer $4,000,000.00
from Delaware Investments to these two funds as follows: $2,000,000.00 to Ryan Labs,
and $2,000,000.00 to McDonnell Investments. Unanimous.
The Board received a report from Dr. Obolsky regarding Craig Celia's evaluation for
fitness for duty. Dr. Obolsky indicates Celia continues to remain disabled.
Ambrose provided a copy of the letter he sent to Village Manager Rummel for the tax
levy request for the Fund.
The Board received a letter of retirement and request for benefits from Sergeant Edward
Hansen. The Finance Dept. provided the distribution as follows:
Date of birth: December 13, 1954
Date of hire: April 10, 1978
Date of retirement: November 29, 2012
Date of pension: November 30, 2012
Creditable service: 34 years, 7 months, 20 days
Original rate of pension: 75%
Salary: $100,162.00
Original pension amount: $75,121.50
Original monthly benefit: $6,260.13
First month prorated amount: $208.67
Eligible for increase: December 01, 2013
A motion to approve the distribution was made by Moody, seconded by Greenberg.
Unanimous.
(Continued)
(January 29, 2013 continued)
The Board received a letter of retirement and request for benefits from Officer Thomas
Sturgulewski. The Finance Dept. provided the distribution as follows:
Date of birth: October 28, 1961
Date of hire: January 01, 1983 (originally hired July 01, 1985, purchased 30 months
IMRF service credit)
Date of retirement: January 01, 2013
Date of pension: January 02, 2013
Creditable service: 30 years, 0 months, 1 day
Original rate of pension: 75%
Salary: $85,068.66
Original pension amount: $63,801.50
Original monthly benefit: $5,316.79
First month prorated amount: $5,145.28
Eligible for increase: November 01, 2016
A motion to approve the distribution was made by Moody, seconded by Greenberg.
Unanimous.
The Board received a letter of retirement and request for benefits from Sergeant Jeffrey
Prior. The Finance Dept. provided the distribution as follows:
Date of birth! February 21, 1959
Date of hire: February 15, 1982
Date of retirement: December 31, 2012
Date of pension: January 01, 2013
Creditable service: 30 years, 10 months, 17 days
Original rate of pension: 75%
Salary: $100,162.00
Original pension amount: $75,121.50
Original monthly benefit: $6,260.13
First month prorated amount: $6,260.13
Eligible for increase: March 01, 2014
A motion to approve the distribution was made by Moody, seconded by Greenberg.
Unanimous.
The Board received the following bills: $3,199.00 for Dr, Obolsky via Inspee Associates
for Celia annual evaluation; $435.00 for Torres enrollment for on-line required Trustee
training; $119.40 (Sept.) and $182.95 (Oct.) legal fees for attorney Reimer. A motion to
pay these bills was made by Moody, seconded by Greenberg. Unanimous.
Ambrose declared the next Board meeting will be April 16, 2013,. 3:30 p.m. at 901
Wellington. A motion to adjourn made by Greenberg, seconded by Moody. Unanimous.
Myles Greenberg,
Secretary, Police Pension Board