HomeMy WebLinkAboutPOLICE PENSION - 10/22/2013 - POLICE PENSION MINUTES Minutes of the October 22, 2013 EIk Grove Village Police Pension Board meeting.
The meeting was called to order at 3:36 p.m. by Vice President Torres. Present were
Greenberg, Moody, Parrin, Tromp, and Financial Advisors Doug Oest and Luke Meyer
of Marquette Associates. Ambrose was absent at the start of the meeting.
The minutes of the last regular Board meeting, held July 16, 2013 were read. A motion
was made by Parrin, seconded by Moody, to approve the minutes. Unanimous.
The minutes of the Special Meeting held August 29, 2013 were read. A motion was
made by Parrin, seconded by Moody, to approve the minutes. Unanimous.
The minutes of the Special Meeting held September 23, 2013 were read. A motion was
made by Parrin, seconded by Moody, to approve the minutes provided today's meeting
minutes includes the complete retirement benefit payout information for Keith Briggs.
Unanimous.
Tromp presented the Treasurer's Report which included balance sheet dated September
30, 2013 and disbursement register. A motion was made by Moody, seconded by Parrin,
to approve the Treasurer's Report. Unanimous.
President Ambrose arrived at the meeting at 3:50 p.m.
Old Business
Doug Oest and Luke Meyer were present as Marquette Associates first meeting with the
Board as newly selected Financial Advisors for the Board. They presented an updated
report on the status of the Fund's investments as provided to them from former Financial
Advisor Mary Tomanek, as well as their own report; and described the process of
transferring the management of the Fund's investments from Tomanek to Marquette
Associates. A motion was made by Parrin, seconded by Moody to use CAPIS as a third
party transition management service to transfer the Equity Composite funds as follows:
Great Lakes, Fayez, and Congress to be invested in the Vanguard Institutional Index
Fund; Renaissance to be invested in the Vanguard Mid-Cap Fund; and Golden to be
invested in the Vanguard Small-Cap Fund. Unanimous.
The Board received a letter of retirement and request for benefits from Commander Keith
Briggs. The Finance Department provided the distribution as follows, with benefit
conditionally approved at hearing held September 23, 2013:
Date of birth: November 14, 1959
Date of hire: February 15, 1982
Date of retirement: August 02, 2013
Date of pension: August 03, 2013
Creditable service: 31 years, 5 months, 19 days
Original rate of pension: 75%
Salary: $115,920.00
Original pension amount: $86,940.00
Original monthly benefit: $7,245.00
(continued)
(October 22, 2013 continued)
First month prorated amount: $6,777.58
Eligible for increase: December 01, 2014
Deferred annuitant Vivona began receiving his approved retirement benefit 7/14/13.
Deferred annuitant Winkler began receiving his approved retirement benefit 10/20/13.
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.
New Business
The Board received the following bills: $87.50 (May), $87.50 (July), $190.38 (Aug.) and
$980.44 (Sept.) for legal fees for attorney Reimer; $775.00 for annual dues for the
IPPFA; $1,145.00 for Dr. Obolsky via INSPE Associates for Celia's evaluation; and
$500.00 for actuary Tim Sharpe for the pension payment projection calculation. A
motion was made by Parr-in, seconded by Moody, to pay all of these bills. Unanimous.
The Board received the applications and requests to enter the Fund from newly hired
officers Michael Stadler, Kenneth Albro, and Ryan Abad, hired September 23, 2013.
Motion made by Torres, seconded by Moody, to accept them into the Fund. Unanimous.
The Board received notice from the Fire and Police Commission that Officers Doherty,
David Johnson, and Jones successfully passed their probationary period and were
appointed the permanent position of Police Officer effective September 28, 2013.
Greenberg satisfied 8 hours of required trustee training by watching the following on-line
IPPFA training videos: Viewpoint on Public Pension Funds (8/4/13), Mock Disability
Hearing(8/4/13), The Present and Future of Public Pension Funds (8/4/13), and From the
Great Recession to an Uncertain Recovery (8/17/13).
The Board received the Actuarial Valuation Report performed for the Fund by Tim
Sharpe for the period of May 01, 2013 to April 30, 2014. Motion made by Parrin,
seconded by Tones, to concur with the tax levy requirement recommended by Sharpe.
President Ambrose will submit a letter to the Village Board requesting $2, 231,124.00 be
approved for the Fund. Unanimous.
Motion to purchase a new Minutes Book by Greenberg, seconded by Tones. Unanimous.
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Ambrose declared a Special Board meeting with Marquette Associates on 12/10/13; and
the next regular Board meeting to be on 01/14/14; both at 3:30 p.m. at 901 Wellington.
Motion to adjourn made by Tones, seconded by Parrin. Unanimous.
2— yles Gre nberg,
Secretary, Policeension Boa