HomeMy WebLinkAboutPOLICE PENSION - 07/14/2015 - POLICE PENSION MINUTES (2) Elk Grove Village Police Pension Board
July 14`1", 2015 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
The regular meeting was called to order at 3:30 PM by Vice-President Moody. Present were Trustee
Partin,Trustee Gottwald,Trustee Moody, Trustee Torres, Christine Tromp from the Elk Grove Village
Finance Department, and Doug Oest from Marquette Associates. Absent was President Ambrose. No
other members of the public were present. A quorum was present.
The minutes of the last meeting, May 21st, 2015, were read. A motion to approve the minutes of the last
meeting was made by Trustee Parrin, Second by Trustee Gottwald. Aye to approve: Moody, Parrin,
Gottwald and Torres. Motion carried.
Financial Advisor's Report— Doug Oest from Marquette Associates provided an overview of the Greek
bailout, the outlook on the Federal Reserve raising interest rates and the market outlook for 2015. He
informed us that Principal Real Estate was now funded. The CEO from McDonnell investments reported
his retirement. Oest recommended no change on investments with McDonnell due to the management
change.
Oest made a recommendation to move $2.2 million from Illinois Funds on a pro rata basis to Fixed
Income, US Equity and Non-US Equity, to stay in line with target allocations. A motion was made by
Trustee Gottwald. Second by Parrin. Aye to approve: Moody, Partin, Gottwald and Torres. Motion
carried.
The next regular meeting date was scheduled for Tuesday, October 13th, 2014 at 3:30PM at 901
Wellington Ave. Elk Grove Village, IL.
Treasurer's Report—Christine Tromp fi-om the Elk Grove Village Finance Department presented the
report. For the fiscal year ended April 30, 2015, the Village collected $2,009,287 in electrical use tax
allocated to the police pension fund. This amount is in excess of original estimates, and is in addition to
the $1,880,602 collected in property tax allocated to the police pension fund. As of May 2015, the fund
had $70,753,235 in Net Assets Held in Trust for Pension Benefits.
A motion to approve the treasurer's report was made by Parrin. Second by Torres. Aye to approve:
Moody, Parrin, Gottwald and Tones. Motion carried.
The board discussed the annual medical re-examination for Ofc. Sabo, who is on a disability status. Ofc.
Sabo was examined by Dr. Edward N. Tuder, MD on 6/25/2015. It was Dr. Tuder's opinion that Ofc.
Sabo remains disabled and unable to return to full duty status. A motion was made by Trustee Torres to
continue Ofc. Sabo's disability status. Second by Gottwald. Aye to approve: Moody, Parrin, Gottwald
and Torres. Motion carried.
The topic of additional communication with retirees was tabled for future discussion.
Officer nominations were scheduled per the pension code. Trustee Parrin made a motion to nominate
Trustee Torres for President, Trustee Ambrose Vice-President, Trustee Gottwald Secretary and Trustee
Moody Assistant Secretary. Second by Tones. Aye to approve: Moody, Parrin, Gottwald and Torres.
Motion carried.
The board was also made aware of a retirement from the Police Department:
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