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HomeMy WebLinkAboutPOLICE PENSION - 01/14/2014 - POLICE PENSION MINUTES Elk Grove Village Police Pension Board January 14a', 2014 Meeting Minutes The meeting was called to order at 5:00 PM by President Ambrose. Present were Trustee Ambrose, Trustee Torres, Trustee Moody, Trustee Greenberg, Sandy Smalley from the Elk Grove Village Finance Department, Doug Oest fi-ora Marquette Associates, Luke Meagher from Marquette Associates, and Inv. S. Berens in the audience. Absent was Trustee Partin. A quorum was present. The minutes of the last meeting, December 10"i, 2013, were read. A motion to approve the minutes of the last meeting was made by Trustee Moody, Second by Trustee Torres. Aye to approve: Moody, Torres, Greenberg and Ambrose. Motion carried. The treasurer's report was presented by Sandy Smalley. A motion to approve the treasurer's report was made by Trustee Moody, second by Torres. Aye to approve: Moody, Torres, Greenberg and Ambrose. Motion carried. Trustee Partin arrived at 5:05 PM. The financial advisors fiom Marquette Associates provided the financial report. A review of the Board's investments for fixed income, international small cap, and emerging markets were discussed. Oest and Meagher addressed their search recommendations and the reasons behind their recommendations. Trustee Partin requested an executive summary or"cheat sheet"to summarize the changes the Board has made with the new financial advisor. A motion to move the fixed income portfolio to a 50%-50% split between McDonnel Investments and CS McKee was made by Trustee Torres, Second by Trustee Partin. Aye to approve unanimous. Motion carried. A motion to move 2 '/z % of overall portfolio to DFA International Small Cap was made by Trustee Partin, Second by Trustee Moody. Aye to approve unanimous. Motion carried. A motion to move 2 '/ % of overall portfolio to Vanguard Emerging Markets was made by Trustee Parrin, Second by Trustee Greenberg. Aye to approve unanimous. Motion carried. A motion to adjust the asset allocation utilizing the 10% real estate allocation with 50% going to fixed income and 50% going to equity asset classes on a pro-rata basis was made by Trustee Torres, Second Trustee Moody. Aye to approve unanimous. Motion carried. A motion to allow the Treasurer and Elk Grove Village Finance Department work with Investment Advisor Marquette Associates as it relates to liquidity with a goal of being 100% invested was made by Trustee Moody, Second by Trustee Parrin. Aye to approve unanimous. Motion carried. The next meeting date was scheduled for April 8"i, 2014 at 3:30PM An update was presented regarding the disability application of Ofc. Sabo. The Board's attorney sent Ofc. Sabo a letter requesting his authorization of the release of personnel files from the Village of Elk Grove Village to the Police Pension Board. The Board and attorney are presently awaiting a response. An update was provided regarding the retirement of Commander Briggs. The Board's attorney has not received any response letter from Cmdr. Briggs's attorney to forward to the Illinois Department of Insurance. 1 Elk Grove Village Police Pension Board January 14"i, 2014 Meeting Minutes Inv Berens was present to request his amount due to the pension board following his unpaid time off of 20 working days from the department. Sandy Smalley reported the Finance Department did not presently have those numbers available. The Board was in receipt of a copy of the letter prepared by President Ambrose dated 1/14/2014, sent to the Village of Elk Grove Village with a recommended levy for the upcoming tax year, in order to satisfy the annual requirements of the Elk Grove Village Police Pension Fund of$2,630,649. The Board noted the retirement of Officer Myles Greenberg. A motion to accept the retirement of Ofc. Greenberg and begin payment of benefits was made by Trustee Torres, Second by Trustee Moody. Aye to approve: Moody, Torres, Partin and Ambrose. Trustee Greenberg abstained from vote. Motion carried. The hiring of new officers Angela Garza, David Morales, and Scott Grandt on 12/30/2013 were announced. The Board also acknowledged the resignation of Ofc. Grandt on 1/2/2014. Applications for Ofe. Garza and Ofe. Morales to enter the Police Pension Fund were received on 1/2/2014. A motion to accept Ofc Garza and Ofc Morales into the fund was made by Trustee Greenberg, Second by Trustee Moody. Aye to approve unanimous. Motion carried. Trustee Partin announce he watched an 8 hour video presentation, "A Viewpoint on Public Funds" on 11/03/2013. Trustee Torres announced he completed an 8 hour pension training slide show from the IPPFA/NIU on 12/18/2013. The certificate of completion will be added to the files. The cost of this mandatory training was $200, and a copy of the bill was submitted for the files. Mandatory trustee training expenses were previously approved by the Board. A bill to Reimer& Karlson and dated 12/16/2013 in the amount of$277.56 was received for legal services rendered. Two bills to financial advisor Marquette Associates were received. The first bill dated 11/1/2013 in the amount of$11,250 was for investment consulting services for period of October 1, 2013 through Dec 31, 2013. A second bill dated 1/1/2014 in the amount of$11,250 was for investment consulting services for period 1/1/2014 though 3/31/2014. A motion to pay bills was made by Trustee Parin, Second by Trustee Greenberg. Aye to approve unanimous. Motion carried. The Board was informed by the Board of Fire and Police Commissioners that Ofcs. Daniel Johnson, Andrade and Stencel successfully completed their period of probation. President Ambrose announced the Police Pension Board elections will be held on Monday April 21s', 2014, pursuant to the pension code. Ballots will be mailed to beneficiaries April I, 2014, and a nomination list for active members will be posted by April 1, 2014. Nominations for active members will close on April I6°i at 3:00 PM. Ballots will be available on the day of election 6:00 AM to 2:00 PM. Ballots will be counted on April 21" at 3:30 PM. A motion to adjourn was made at 6:50 PM by Trustee Parrin, Second by Trustee Moody. Aye to approve unanimous. Motion carried. Meeting adjourned. 2 Elk Grove Village Police Pension Board January 14"i, 2014 Meeting Minutes Christopher Torres Vice-President, Elk Grove Village Police Pension Board 3