HomeMy WebLinkAboutPOLICE PENSION - 04/14/2015 - POLICE PENSION MINUTES Elk Grove Village Police Pension Board
April 14`t', 2015 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
The regular meeting was called to order at 3:5.5 PM by President Ambrose. Present were Trustee
Gottwald,Trustee Moody, Christine Tromp from the Elk Grove Village Finance Department, and Doug
Oest from Marquette Associates. No members of the public were present. Trustee Parrin was absent. A
quorum was present.
The minutes of the last meeting,January 13", 2015, were read. A motion to approve the minutes of the
last meeting was made by Trustee Moody, Second by Trustee Gottwald. Aye to approve: Moody,
Gottwald and Ambrose. Motion carried.
Trustee Torres arrived at 4:05 PM.
The financial advisor Doug Oest from Marquette Associates provided the financial report. The Board's
investments and performance were discussed (up 2.1% for quarter). Oest discussed a previously
approved investment. which involved moving$6,000,00.00 collectively Prom the Fixed Income Fund,
U.S. Equity Fund and Non-U.S Equity Fund to be reallocated to the Core Real Estate Fund. The Fixed
Income Fund would decrease from 40% of the Pension Fund to 35%. '1 fie U.S. Equity Fund would show a
decrease from 40% of the Pension Fund to 36%. The Non-U.S Equity Fund would show a decrease from
15% of the Pension Fund to 14%. The Core Real Estate Fund would show an increase from 0% of the
Pension Fund to 10%. A motion to approve the Principal reallocation was made by Trustee Moody,
Second by Trustee Gottwald. Aye to approve: Moody, Gottwald, Torres, and Ambrose. Motion carried.
No other changes were recommended at this time.
The next regular meeting date was scheduled for'ruesday, July 14th, 2015 at 3:3011M at 901 Wellington
Ave, Elk Grove Village, IL.
The treasurer's report was presented by Christine Tromp. As of February 2015, the Village has recorded
$1,532,809 in revenue for the police pension portion of the electric tax for the fiscal year. The treasurer's
report reflected payments made to Ingeborg Losch (as a surviving spouse) have ceased due to her passing.
The Board expressed their sympathies. A motion to approve the treasurer's report was made by Trustee
Torres, Second by Trustee Moody. Ave to approve: Moody, Gottwald, Ambrose and Torres. Motion
carried.
The Board discussed pending retirements. It was decided that a Special Meeting would be set in May or
June 2015 to approve retirement paperwork.
The Board discussed the Illinois Retired Officer Concealed Carry documentation. It was determined that
further review would be done and that this issue would be tabled until the next meeting.
The Board discussed the reappointment of Village Representatives to the Pension Board. President
Ambrose advised he was reappointed. Trustee Parrin was absent, but an inquiry would be made into his
status.
The Board received the resignation of Ofc. Michael Dailly, effective 01/15/15. At this time, he has not
requested a refund of contributions.
Applications were received from newly hired Probationary Police Officers —Ore. Brandon Neuman and
Ore. Thomas Kure. Motion to accept the new hires into the fund was made by Trustee Torres. A second
by Trustee Moody. Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion carried.
I
Elk Grove Village Police Pension Board
April 14`h, 2015 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
Trustee Moody completed 8 hours of training on Continuing Pension Fund Trustee Education on
02/11/15.
"Trustee Gottwald completed 28 hours of training on Pension Fund Trustee Certification on 01/08/15,
02/05/15, 03/05/15 and 04/02/15.
The following expenses were presented:
An $11,250.00 expense was incurred on 01/01/2015 for Investment Consulting Services to
Marquette Associates.
A $150.00 expense was incurred on 02/11/2015 for Pension Fund Trustee Education for Trustee
Moody.
An $8.16 expense was incurred on 01/08/2015 for meal reimbursement during Pension Fund
Trustee Certification to Trustee Gottwald.
A $10.00 expense was incurred on 02/05/2015 for meal reimbursement during Pension Fund
Trustee Certification to Trustee Gottwald.
A $10.00 expense was incurred on 03/05/2015 for meal reimbursement during Pension Fund
Trustee Certification to Trustee Gottwald.
A $10.00 expense was incurred on 04/02/2015 for meal reimbursement during Pension Fund
Trustee Certification to Trustee Gottwald.
A motion to pay expenses was made by Trustee Moody, a second by Trustee Gottwald. Aye to approve:
Moody, Gottwald, Ambrose and Torres. Motion carried.
There was no comment from the public.
A motion to adjourn was made at 4:39 PM by President Ambrose, a second by Trustee Moody. Aye to
approve: Moody, Gottwald, Ambrose and Torres. Motion carried. Meeting adjourned.
Jason Gottwald
Vice Secretary, Elk Grove Village Police Pension Board