HomeMy WebLinkAboutPOLICE PENSION - 07/10/2019 - Police Pension Board MinutesTHE REGULAR MEETING MINUTES OF THE ELK GROVE
VILLAGE POLICE PENSION FUND BOARD OF TRUSTEES
JULY 10, 2019
A regular meeting of the Elk Grove Village Police Pension Fund Board of Trustees was held on
Wednesday, July 10, 2019 at 5:30 p.m. at the Charles J. Zettek Municipal Complex in the Gayle B.
Bantner Fire & Police Commission Office located at 901 Wellington Avenue, Elk Grove Village,
Illinois 60007, pursuant to notice.
CALL TO ORDER: Trustee Torres called the meeting to order at 5:30 p.m.
ROLL CALL:
PRESENT: Trustees Christopher Torres, Thomas Molloy and Charles Walsh
ABSENT: Trustees Allan Ambrose and Warren Moody
ALSO PRESENT: Attorney Rick Reimer, (arrived at 5:41 p.m) Reimer & Dobrovolny PC;
Finance Director Christine Tromp and Brian Koehler, Elk Grove Village;
Doug Oest, Marquette Associates; Liz Failing and Sam Meyer, Lauterbach
& Amen, LLP
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: March 13, 2019 Regular Meeting Minutes: The
Board reviewed the March 13, 2019 regular meeting minutes. A motion was made by Trustee
Molloy and seconded by Trustee Walsh to approve the March 13, 2019 regular meeting minutes
as written. Motion carried unanimously by voice vote.
INVESTMENT REPORT — MARQUETTE ASSOCIATES: Executive Summary: Mr. Oest
presented the Executive Summary for the period ending June 30, 2019. Mr. Oest discussed the
market environment, investment manager status report, summary of investment changes, total fund
composite and performance by investment managers. As of June 30, 2019, the three-month total
net return is 3.0% and the year-to-date total net return is 11.4% for an ending market value of
$89,307,511. The current asset allocation is as follows: Fixed Income at 35.2%, U.S. Equity at
40.6%, International Equity at 12.4%, Real Estate at 9.6%, Annuity Composite at 1.8% and Cash
at 0.4%.
Attorney Reimer arrived at 5:41 p.m.
Fixed Income Manager Search: Mr. Oest recommended replacing the McDonnell Fixed Income
Manager to Segall Bryant & Hamill as outlined in the proposed Policy.
Review/Update Investment Policy: Mr. Oest presented an updated Investment Policy prepared
Marquette Associates. The Board reviewed and discussed the proposed policy. A motion was
made by Trustee Molloy and seconded by Trustee Walsh to adopt and execute the updated
Investment Policy as presented. Motion carried unanimously by voice vote.
Mr. Oest left the meeting at 5:48 p.m.
The Board discussed rescheduling their fourth quarter meeting date from October 9, 2019 to
Elk Grove Police Pension Fund
Meeting Minutes —July 10, 2019
Page 2 of 4
October 16, 2019 at 5:30 p.m.
TREASURER'S REPORT— ELK GROVE VILLAGE: The Board reviewed the preliminary
Financial Report for the period ending April 30, 2019 prepared by the Village of Elk Grove. As
of April 30, 2019, the net position held in trust for pension benefits is $88,775,937. Ms. Tromp
also reviewed the monthly financial report for the one -month period ending May 31, 2019. As of
May 31, 2019, the net position held in trust for pension benefits is $87,034,475. Ms. Tromp also
reviewed pensioner distribution payments and new contributions with the Board. A motion was
made by Trustee Molloy and seconded by Trustee Walsh to approve the Treasurer's Report as
presented. Motion carried unanimously by voice vote.
Additional Bills, ifAny—Illinois Department of insurance Compliance Fee: The Board noted that
the Illinois Department of Insurance Compliance Fee invoice was issued. A motion was made by
Trustee Molloy and seconded by Trustee Walsh to approve payment of the IDOI Compliance Fee
in the amount of $8,000. Motion carried unanimously by voice vote.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted
that L&A mailed Affidavits of Continued Eligibility to all pensioners with a due date of July 5,
2019. To date 14 affidavits remain outstanding. L&A will mail second request affidavits to the
outstanding pensioners and status updates will be provided to the Board as they become available.
Active Member File Maintenance: The Board noted that L&A will prepare Active Member File
Maintenance letters for distribution to all active members requesting any additional pension file
documents.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and
discussed upcoming training opportunities. Trustees were reminded to submit any certificates of
completion to L&A for recordkeeping.
Approval of Trustee Training Registration Fees & Reimbursable Expenses.: There were no trustee"
training fees or reimbursable expenses presented for approval.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership — Brian Ahsell, McKenna Carbon, Alejandro Estrada, and Scott Frank. The Board
reviewed the Applications for Membership submitted by Brian Ahsell, McKenna Carbon,
Alejandro Estrada and Scott Frank. A motion was made by Trustee Molloy and seconded by
Trustee Walsh to accept Brian Ahsell, McKenna Carbon, Alejandro Estrada and Scott Frank into
the Elk Grove Village Police Pension Fund effective March 27, 2019, with Brian Ahsell as a Tier
I participant and McKenna Carbon, Alejandro Estrada and Scott Frank as Tier II participants.
Motion carried unanimously by voice vote.
Resignation —Daniel Lim: The Board noted that Officer Daniel Lim resigned from the Elk Grove
Village Police Department on June 24, 2019. No request for refund has been submitted to date. No
Board action is required at this time.
The Board noted that they have mailed Requestfor Refund of Contributions letters to all separated
Elk Grove Police Pension Fund
Meeting Minutes — July 10, 2019
Page 3 of 4
members and have received back two requests submitted by Amy L. Petrouski and Ken M. Albro.
A motion was made by Trustee Molloy and seconded by Trustee Walsh to approve Amy L.
Petrouski contribution refund in the amount of $6,625.35 paid directly to herself and Ken M.
Albro's contribution refund in the amount of $3,449.17 paid directly to himself. Motion carried
unanimously by voice vote.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Disability Application
Update — Miguel Mosqueda: The Board noted that Officer Mosqueda submitted a request to
withdrawal his application for disability. Attorney Reimer discussed options regarding Officer
Mosqueda's application and the disability process. The Board decided to leave his disability
application as pending at this time.
Approve Regular Retirement Benefits —Paul Syverson: The Board reviewed the regular retirement
benefit calculation for Paul Syverson. Sergeant Paul Syverson had an entry date of January 8,
1990, retirement date of May 16, 2019 and effective date of pension of May 17, 2019. Sergeant
Paul Syverson had 29 years 4 months and 9 days of creditable service, pensionable salary of
$121,955.00 and amount of originally granted monthly pension of $7,368.12. A motion was made
by Trustee Molloy and seconded, by Trustee Walsh to approve Paul Syverson's regular retirement
benefit calculated by the Village Treasurer. Motion carried unanimously by voice vote.
OLD BUSINESS: Review Policy for Trustees to participate in Meeting via Teleconference:
Attorney Reimer informed the Board that a Trustee may participate via teleconference as long as
it meets the requirements and conditions set forth in the Boards adopted Rules and Regulations.
TRUSTEE TRAINING UPDATES (CONTINUED): Attorney Reimer informed the Board of
the 1DOI trustee training requirements.
NEW BUSINESS: Board Officer Elections —President, Vice President, Secretary and Assistant
Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as
follows: Trustee Torres as President, Trustee Ambrose as Vice President, Trustee Molloy as'
Secretary and Trustee Moody as Assistant Secretary. A motion was made by Trustee Molly and
seconded by Trustee Walsh to elect the slate of Officers as stated. Motion carried unanimously
by voice vote.
FO/A Officer & OMA Designee: The Board discussed maintaining the Village Clerk Louie
Murphy as the FOIA Officer and Trustee Torres as the OMA Designee.
Review Preliminary Actuarial Valuation: The Board noted that Actuarial Valuation prepared by
L&A will be reviewed with the Board at the next regular meeting.
IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the
final report will be sent to the Board for review upon completion.
ATTORNEY'S REPORT — REIMER & DOBROVOLNY PC: Legal Updates: The Board
reviewed the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed
recent court cases and decisions, as well as general pension matters with the Board
Elk Grove Police Pension Fund
Meeting Minutes — July 10, 2019
Page 4 of 4
Additional Bills, if any (continued): The Board reviewed the following outstanding bills for
approval:
• Reimer & Dobrovolny invoice 24895 in the amount of $331.25 for legal services
• Reimer & Dobrovolny invoice 25064 in the amount of $727.20 for legal services
A motion was made by Trustee Molloy and seconded by Trustee Walsh to approve the additional
bills as presented. Motion carried unanimously by voice vote.
The Board also reviewed an INSPE Associates invoice in the amount of $1,450 for Officer
Mosqueda's Independent Medical Examination. A motion was made by Trustee Walsh and
seconded by Trustee Molloy to approve the additional bill presented. Motion carried unanimously
by voice vote.
The Board discussed an outstanding L&A invoice. Attorney Reimer informed the Board that if the
Board is contractually bonded to pay invoice then the Board does not have to approve the invoices
individually at each meeting.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
ADJOURNMENT: A motion was made by Trustee Molloy and seconded by Trustee Walsh to
adjourn the meeting at 7:02 p.m. Motion carried unanimously by voice vote.
The next regular meeting will be held on Wednesday, October 16, 2019 at 5:30 p.m
Board Pre"siddnt or Secretary
Minutes approved by the Board of Trustees on /oJ/s /Zo t g
Minutes prepared by Sam Meyer, Pension Services Administrator, Lauterbach & Amen, LLP