HomeMy WebLinkAboutPOLICE PENSION - 07/11/1978 - I '
Board of Trustees,
Police Pension Fund
Minutes of Regular Quarterly Board Meeting held
Tuesday, July 11, 1978. Meeting Held in The
Staff Conference Room, Municipal Building, 901
Wellington Avenue, Elk Grove Village, Illinois.
Prepared by; Eugene E. Brandt
Trustee-Secretary
93
President Diemer called the meeting to order at 7:15 P.M.
Roll call of officers; President Diemer, Vice President Jones,
Secretary Brandt, Assistant Secretary Farley, all present and
Treasurer Coney excused to attend important village board
meeting.
Minutes of the previous meeting held on Tuesday, April 18, 1978
which were previously distributed, were read and motion by
Diemer and 2nd by Farley to accept as written.
A motion was made by Farley and 2nd by Jones to authorize the
return of funds contributed by Ronald Iden who resigned from
the police department and requested the refund of his money in
writing to the pension board. Check for $ 10,507.23 was issued.
Secretary Brandt brought to the attention of the board that
$ 55,700.00 was available for investment. President Diemer to
check interest rates for current deposits and will advise best
investment.
President Diemer advised on Wednesday, July 12, 1978 that the
best investment currently is U.S. Treasury certificates at 8-4
per cent interest. $ 50,000.00 so invested, with balance to
remain in checking account.
A lengthy discussion was held on the current status of pension
funds statewide, as was the benefits of a younger officer
staying on active duty for 30 years, as opposed to 20 years.
70% pension for 30 years service as opposed to 50% pension for
20 years service.
Being no further business to discuss, the meeting was adjourned
at 8:23 P.M.
Submitted by,
E gene E. Brandt
Trustee-Secretary
cc: Diemer
Jones
Farley
Coney
Brandt
P. Turner
F. Bishop
Willis
B.B.
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