HomeMy WebLinkAboutPOLICE PENSION - 10/16/2018 - Police Pension MinutesTHE REGULAR MEETING MINUTES OF THE ELK GROVE VILLAGE
POLICE PENSION FUND BOARD OF TRUSTEES
OCTOBER 16, 2018
A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Tuesday, October 16,
2018 at 3:30 pm at the Elk Grove Village City Meeting Room C located at 901 Wellington Avenue, Elk Grove Village,
IL 60007 pursuant to notice.
CALL TO ORDER: President Christopher Torres called the meeting to order at 3:30 pm.
ROLL CALL:
PRESENT: President Christopher Torres, Vice President Allan Ambrose, Secretary Thomas Molloy,
Assistant Secretary Warren Moody, and Trustee Charles Walsh
ABSENT: None
ALSO PRESENT: Christine Tromp and Brian Koehler, Elk Grove Village; Doug Oest, Marquette Associates,
Inc.; Liz Failing and Alex Michael, Lauterbach & Amen, LLP; Officer Mike Gaspari, Elk
Grove Village Police Department
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: August 23, 2018 Special Meeting Minutes: The Board reviewed the
August 23, 2018 special meeting minutes. A motion was made by Trustee Moody and seconded by Trustee Molloy to
approve the August 23, 2018 special meeting minutes as written. Motion carried roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
Mike Gaspari joined the meeting at 3: 38 pm.
INVESTMENT REPORT — MARQUETTE ASSOCIATES INC.: Investment Report: Doug Oest presented the
Investment Report for the period ending September 30, 2018. Mr. Oest discussed the market environment, investment
manager status report, summary of investment changes, total fund composite and performance by investment
managers. As of September 30, 2018, the three-month total net return is 3.0% and the year-to-date total net return is
3.9% for an ending market value of $86,671,326. The current asset allocation is as follows: Fixed Income at 33.5%,
U.S. Equity at 41.7%, International Equity at 13.1%, Real Estate at 9.5%, Annuity at 1.8%, and Alternatives
Composite at and Cash at 0.5%.
Review/Update Investment Policy: Mr. Oest presented the Board with the updated Investment Policy. A Motion was
made by Trustee Ambrose and seconded by Trustee Moody to approve the Investment Policy updates as suggested.
Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
NEW BUSINESS: Establish 2019 Board Meeting Dates: The Board discussed the 2019 Board meeting dates as
January 29, April 9, July 9, and October 8, at 3:30 pm at the Elk Grove Village City Hall meeting room C located at
901 Wellington Avenue, Elk Grove Village, Illinois. A motion was made by Trustee Ambrose and seconded by
Trustee Molloy to establish the 2019 Board meeting dates as discussed. Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
Review/Approve — Marquette Associates Investment Advisor Contract Renewal: The Board noted there are no
proposed changes to the current contract and no further action is needed.
Doug Oest exited the meeting at 4:13 pm
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ACCOUNTANT'S REPORT — ELK GROVE VILLAGE: Statement of Plan Net Assets: The Board reviewed the
Statement of Plan Net Assets, Revenue and Expense Report, and the Gross Monthly Pension Payments for the period
ending August 31, 2018 as prepared by The Village of Elk Grove. As of August 31, 2018, the net position held in trust
for pension benefits is $89,148,556. A motion was made by Trustee Moody and seconded by Trustee Ambrose to
accept the Statement of Plan Net Assets as presented. Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
COMMUNICATIONS OR REPORTS: Affidavits of Continued Eligibility: The Board noted that Affidavits of
Continued Eligibility will be mailed to all pensioners beginning with the June 2019 payroll cycle.
Review/Approve —Actuarial Valuation & Tax Levy Request: The Board noted that L&A has been engaged for the
04/30/2018 Actuarial Valuation and a finalized report will be available at a special meeting to be determined.
Review/Adopt— Municipal Compliance Report: The Board noted that the Village of Elk Grove will be completing the
MCR and a finalized report will be available at a special meeting to be determined.
Contribution Refund— Former Members: The Board directed L&A to send correspondence to all members no longer
employed with Elk Grove Village Police informing them of total contributions left in the fund and instructions for
possible contribution refunds.
Additional Bills: The Board reviewed the following additional bills for approval:
• Marquette Associates invoice #1810044 in the amount of $11,250.00 for investment consulting services for
the period October 1, 2018 through December 31, 2018.
A motion was made by Trustee Molloy and seconded by Trustee Moody to approve the Marquette Associates invoice
as presented. Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
• Lauterbach & Amen, LLP invoice 431034 in the amount of $1645.00 for PSA services rendered for the
month of September, 2018.
A motion was made by Trustee Molloy and seconded by Trustee Ambrose to approve Lauterbach & Amen invoice as
presented. Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
Trustee Training Reimbursements: The Board reviewed the following Trustee training reimbursements:
• Reimbursement to Trustee Walsh in the total amount of $800 for IPPFA New Trustee Training.
• Reimbursement to Trustee Molloy in the total amount of $800 for IPPFA New Trustee Training.
A motion was made by Trustee Ambrose and seconded by Trustee Moody to approve the Trustee training
reimbursements as presented. Motion carried by roll call vote.
AYES: Trustees Torres, Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
• Reimbursement to Trustee Torres in the total amount of $81.20 for training expenses
A motion was made by Trustee Molloy and seconded by Trustee Ambrose to approve the Trustee training
reimbursements as presented. Motion carried by roll call vote.
AYES: Trustees Ambrose, Molloy, Moody and Walsh
NAYS: None
ABSENT: None
ABSTAIN: Trustee Torres
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming
training opportunities. Trustees were reminded to submit all training certificates to L&A for recordkeeping.
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