HomeMy WebLinkAboutPOLICE PENSION - 10/10/1978 - 95
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Board of Trustees ,
Police Pension Fund
Minutes of Regular Quarterly Board Meeting held
Tuesday, October 10 , 1978 . Meeting Held in The
Records Section, police Department, Municipal
Building, 901 Wellington Avenue , EIk Grove Village,
Illinois .
Prepared by: Eugene E . Brandt
Trustee-Secretary
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97
President Diemer called the meeting to order at 7 : 32 P .M .
Roll call of Officers : President Diemer, Vice President Jones ,
Secretary Brandt, Assistant Secretary Farley and Treasurer Coney
all present .
Minutes of the previous meeting held on Tuesday, July 11 , 1978,
which were previously distributed, were read and motion by
Farley and 2nd by Jones to accept as written .
A motion was made by Jones and 2nd by Farley to authorize
the return of funds contributed by William Jaworski and
Terrence Ryan, both have resigned from the Police Department
and requested the refund of their contributions in writing
to the Pension Board . A check for $7 ,923. 78 was issued to
Jaworski and a check for $551 . 48 was issued to Ryan.
Secretary Brandt brought to the attention of the Board that
since the last meeting, $90 , 000 . 00 was invested in Treasury
Notes on August 3, 1978, and $47 , 000 . 00 was invested in
Treasury Notes on October 5 , 1978 . President Diemer had
made check of interest rates and investments were made at
highest yield . President Diemer advised all investments
this year have been with interest in excess of 8% - a
good year for our money .
Secretary Brandt submitted a voucher from Pat Turner for
$50 . 00, which is for our annual filing fee with State of
Illinois . Motion by Diemer, 2nd by Farley to authorize
payment of fee .
A discussion was held as to "merit pay" which does not affect
pension amount , which is based on annual salary as stated
in State statutes . Our proposed pay plan is to be pay for
performance, not merit .
Treasurer Coney wanted to go on record that he disagrees with
short term investments and feels we should get investments
with the best yields to correspond with our retirements and
should go out for longer term investments with best yield
as opposed to higher interest short term investments now .
The Board feels that a balanced portfolio of maturities with
emphasis towards intermediate as opposed to long term invest-
ments is the better way to go . The history of interest rates
bears this out in that yields 20 and 30 years ago are exactly
one half of what they are today . We will have to look at
yields at times of investments of funds so as to be beneficial
to your pension fund, based on rate of interest and length of
time .
Treasurer Coney submitted Pension Fund Balance Sheet, as of
September 30 , 1978 - copy attached . He also rate sed
that
l the Pension Fund is funded by the Village at rate of 75 . 5% ,
State .
which is one of the best in the
Being no further business to discuss , the meeting was
P .M.
adjourned at 8 : 51
Submitted by,
v"
Trustee-Secretary
cc : Diemer
Jones
Farley
Coney
Brandt
P . Turner
F . Bishop
Willis
B . B .
File
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ELK GROVE VILLAGE
POLICE PENSION FUND
Balance Sheet
September 30, 1978
Assets
Cash $ 55,706.59
Investments (at cost) 1,754,562.22
Property Taxes Receivable - 1976 Levy 137,031.50
Accrued Interest Receivable 1,078.17
Total Assets $1,948,378.48
Liabilities
Deferred Revenue - Property Taxes $
Fund Balance - April 30, 1978 (Adjusted) 1,780,970.42
Excess Revenue Over Expenditures
May 1 - Setpember 30, 1978
Revenue -
Property Taxes $124,556.84
Interest 20,465.67
Payroll Deductions 40,866.76 $185,889.27
Expenditures -
Refund of Contributions 18,431.21
Annual Filing Fee 50.00 18,481.21 167,408.06
Total Liabilities $1,948,378.48
Note: The unfunded actuarial deficiency for prior service
at April 30, 1978, in the amount of $484,212, is not
reflected in the above statement.
J ,
ELK GROVE VILLAGE
POLICE PENSION FUND
Investments - At Par
September 30, 1978
Matures Par Value Rate
2-15-80 $ 110,000 4.000%
2-15-82 60,000 6.375
9-30-82 90,000 8.375
6-15-83 40,000 3.250
8-15-84 80,000 6.375
5-15-85 120,000 4.250
5-15-86 65,000 7.875
5-15-88 50,000 8.250
8-15-92 120,000 4.250
8-15-93 67,000 7.500
5-15-98 125,000 7.000
5-15-99 125,000 8.500
8-15-00 140,000 8.375
8-15-01 180,000 8.000
5-15-05 215,000 8.250
2-15-07 193,000 7.625
$1,780,000