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Home My WebLink AboutPOLICE PENSION - 07/11/2017 - Police Pension Minutes MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES ELK GROVE VILLAGE POLICE PENSION FUND JULY 11, 2017 The regular meeting of the Board of Trustees of the Elk Grove Village Police Pension Fund was held on Tuesda- y,July 11,2017 at 3:30 pm at 901 Wellington Avenue, Elk Grove Village, Illinois, in Meeting Room C. CALL TO ORDER: President Christopher Torres called the meeting to order at 3:33 p.m. ROLL CALL: Present- President Christopher Torres, Secretary Jason Gottwald, Assistant Secretary Warren Moody and Trustee Stephen Schmidt(quorum present) Absent: Vice President Allan Ambrose Also Present: Christine Tromp, Elk Grove Village Finance Department: Doug Oest, Marquette Associates; Kenneth Krzywicki APPROVAL OF MEETING MINUTES: The Board reviewed the April H, 2017 meeting minutes. A motion was made by Trustee Schmidt and seconded by Trustee Moody to approve the meeting minutes as written. Motion carried unanimously by voice vote.Trustee Ambrose was absent. FINANCIAL ADVISOR'S REPORTANVESTMENT REVIEW: Doug Oest from Marquette Associates discussed the quarterly investment report with the Board. As of June 30.2017.the value of the fund was$78,523,324.The total portfolio was up 2.5%for the quarter. The current asset allocation 50% in equity funds and 35% in fixed income funds and 15% in Real Estate, Annuity and Cash fiends. There was no action taken based on recommendations from Mr.Oest. TREASURE'S REPORT: Christine Tromp presented the Treasure's Report for the period ending May 2017. The total net plan assets as of 512017 were$79,773,117. Christine Tromp also provided a report of the scheduled pension benefit-,for 2017 for all pensioners, based on requirements of the state statute. A vendor bill was incurred on July 1.2017 in the amount of$11,250.00 for investment consulting services. An expense was incurred on May 2,2017 in the amount of$335.00 for Trustee Gottwald to attend the 2017 IPPFA Illinois Pension Conference.The reports were received and all questions were answered by Ms.Tromp. A motion to accept the treasurer's reports, including the vendor checks,expenses and pension benefits.was made by Trustee Moody and seconded by Trustee Schmidt. Trustee Gottwald abstained from the vote. AYES: Trustees Moody. Schmidt,Torres NAYS: None ABSENT: Trustee Ambrose RETIREMENT APPLICATION: The Board was not informed of any Retirement Applications. NEW PENSION FUND APPLICATIONS/WITHDRAWALS: A request for a refund from the Pension Fund was made by Thomas LaPak.The refund amount was $1048.81.00. The refund would be reflected in the June 2017 report. An Application for Membership to the Pension Fund was received by Melissa Chirchirillo, Bradley Jackson, Ryan Miller,Miguel Palomo and Eric Wilson. Ms. Chirchirillo, Mr.Jackson, Mr. Miller,Mr. Palomo and Mr. Wilson were hired on June 21,2017;therefore,they would be considered Tier 11 I MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES ELK GROVE VILLAGE POLICE PENSION FUND JULY 11,2017 members. A motion to accept the new hires into the pension fund was made by Trustee Moody and seconded by Trustee Schmidt. AYES: Trustees Gottwald, Moody,Schmidt,Torres NAYS: None ABSENT: Trustee Ambrose OLD BUSINESS: The Actuarial Report and 2017 Tax Levy Request to the Village was discussed.The topic was tabled for the next meeting. Pension Fund's Rules and Regulations were reviewed and no changes were needed. Investment Policy was reviewed and no changes were needed. The Board discussed utilizing outside services for pension administrative duties including Police Pension Fund Benefit Distribution Forms,additional communication with retirees and record keeping. The topic was tabled until the next meeting. NEW BUSINESS. The 2017 meeting schedule was established as follows: Tuesday, October 17,2017 All meetings will be held at 3:30 p.m.at the Elk Grove Village Hall Meeting Room C,901 Wellington Avenue Elk Grove Village, Illinois, USA. A motion was made by Trustee Torres to accept the meeting date for October 17,2017 as presented,and the motion was seconded by Trustee Moody. Motion carried unanimously by voice vote.Trustee Ambrose was absent. Investment Contracts were reviewed and no changes were needed. OFFICER ELECTIONS: The Board discussed Pension Board Officer Elections. A motion to elect`Trustee Torres as the Board President was made by Trustee Gottwald,and seconded by Trustee Schmidt. AYES: Trustees Gottwald, Moody, Schmidt, Torres NAYS: None ABSENT: Trustee Ambrose A motion to elect Trustee Ambrose as the Board Vice-President was made by Trustee Gottwald,and seconded by Trustee Moody. AYES: Trustees Gottwald,Moody, Schmidt.Torres NAYS: None ABSENT: Trustee Ambrose A motion to elect Trustee Gottwald as the Board Secretary was made by Trustee Torres, and seconded by Trustee Moody. AYES: Trustees Gottwald, Moody, Schmidt, Torres NAYS: None ABSENT: Trustee Ambrose A motion to elect Trustee Moody as the Board Assistant Secretary was made by'Trustee Gottwald,and seconded by Trustee Torres. 2 MINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES ELK GROVE VILLAGE POLICE PENSION FUND JULY 11,2017 AYES: Trustees Gottwald, Moody, Schmidt,Torres NAYS: None ABSENT: Trustee Arnbrose TRUSTEE APPOINTEES: Civilian Trustee appointments were discussed.Trustee Schmidt was appointed in 2016 to serve until 2018.Trustce Ambrose's appointment was discussed and tabled until his new appointment could be confirmed. TRAINING STATUSIUPDATES: It was reported that Trustee Ambrose,Trustee Gottwald,Trustee Moody,Trustee Schmidt and Trustee Torres have completed the mandatory I6-hour trustee training for the year. President Torres informed the Board that new legislation effective January 1,2017 requires all pension fund trustees to complete Open Meetings Act Training in 2017 through the web site of the Office of the Attorney General.Additional information will be made available at the next regular meeting. PUBLIC COMMENT: None With tit)further business to discuss,a motion to adjourn the meeting at 4:34 pm.was made by Trustee Gottwald,and seconded by Trustee Schmidt. Motion carried unanimously by voice vote. Trustee Ambrose was absent. The next meeting is scheduled for Tuesday,October 17,2017 at 3:30 pm. ResI)ectfidly submitted, CIS t9fo"p--iWr Tkrcs. Board President Date Approved by Board Jason,604—a"Board Secretary