HomeMy WebLinkAboutPOLICE PENSION - 12/17/2018 - Police Pension MinutesTHE SPECIAL MEETING MINUTES OF THE ELK GROVE VILLAGE
POLICE PENSION FUND BOARD OF TRUSTEES
DECEMBER 17, 2018
A special meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on Monday,
December 17, 2018 at 6:00 pm at the Elk Grove Village City Meeting Room C located at 901 Wellington
Avenue, Elk Grove Village, Illinois 60007 pursuant to notice.
CALL TO ORDER: President Christopher Torres called the meeting to order at 6:01 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: Robert Rietz, Chris Grezioli, Liz Failing and Robina Amato, Lauterbach & Amen,
LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 16, 2018 Regular Meeting Minutes: The Board
reviewed the October 16, 2018 regular meeting minutes. A motion was made by Trustee Ambrose and
seconded by Trustee Moody to approve the October 16, 2018 regular meeting minutes as written. Motion
carried unanimously by voice vote.
PRESENTATION AND APPROVAL OF BILLS: The Board reviewed the following bills for approval:
• IPPFA Invoice #1758 in the amount of $795 for the 2019 Membership Dues
• Lauterbach & Amen, LLP invoices #31584 and #32502 in the amount of $1,645 each for PSA
services
A motion was made by Trustee Moody and seconded by Trustee Molloy to approve the additional bills as
presented. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Disability Status Update — Miguel
A. Mosqueda. The Board confirmed the receipt of the disability application submitted by Miguel A.
Mosqueda, and has forwarded a copy to the Board Attorney for review.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Review/Discussion —
Resignation of Connor A. Marchetti: The Board noted the Connor A. Marchetti resigned effective date
November 8, 2018 and no contribution refund has been requested.
OLD BUSINESS: Review/Adopt —Rules and Regulations: The Board reviewed the Rules and Regulations
prepared by Reimer & Dobrovolny PC. The Board tabled the Rules and Regulations for further review at
the next scheduled meeting.
NEW BUSINESS: Review/Approve —Actuarial Valuation & Tax Levy Request: The Board reviewed the
finalized Actuarial Valuation as prepared by L&A. Based on data and assumptions, the recommended
contribution amount is $4,037,234 which is a $1,127,984 increase from the prior year contribution. The
statutory minimum contribution requirement is $3,367,94.
The Board discussed requesting a tax levy in the amount of $3,367,984. A motion was made by Trustee
Molloy and seconded by Trustee Moody to request a tax levy in the amount of $3,367,984 from the Elk
Grove Village Board of Trustees based on the statutory minimum amount stated in the Actuarial Valuation
prepared by L&A. Motion carried unanimously by voice vote.
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