HomeMy WebLinkAboutPOLICE PENSION - 07/19/2011 - POLICE PENSION MINUTES Minutes of the July 19, 2011 Elk Grove Village Police Pension Board meeting.
President Ambrose called the meeting to order at 3:50 p.m. Present were Greenberg, Torres,
Krzywicki, Parrin,Tromp, Tomanek, and McDonnell investment management representatives
Mark Giura and Dominic Pappalardo.
The minutes of the last regular meeting, April 26, 2011, as well as the minutes from the Celia
hearing, May 03, 2011, and the special meeting, May 09, 2011 were read, A motion to approve
all of these minutes was made by Krzywicki, seconded by Torres. Unanimous.
Tromp presented two Treasurer's Reports, which included balance sheets dated April 2011 and
May 2011 and disbursement registers. A motion to approve both Treasurer's Reports was made
by Krzywicki, seconded by 'forres. Unanimous.
Old Business
Giura and Pappalardo provided an investment report dated June 30, 2011 for the Ell:Grove
Village Police Pension Fund investments, and discussed with the Board corporate fixed income
investments.
Tomanek presented an updated report on the status of the Fund's investments. After discussion
with Tommrrek, the following actions occurred:
A motion to change investment policy per Tomanek's recommendation related to asset allocation,
specific investment goals, and investment guidelines was made by Parrin, seconded by
Krzywicki. Unanimous.
A motion to change Equity Targets and Strategies from the current allocation percentages to the
percentages proposed in a Graystone Consulting memo dated July 19, 2011 was made by Tones,
seconded by Krzywicki. Unanimous.
A motion was made by Krzywicki to liquidate and eliminate Becker Capital as one of the Board's
investment managers, taking $1,300,000 and investing it as follows: $780,000 into the Natural
Resources investment category of which $390,000 is to be invested in Fidelity and $390,000 is to
be invested in ING; $520,000 into the High Yield investment category of which $260,000 is to be
invested in Metropolitan and $260,00 is to be invested in Ivy High Yield. Any remaining balance
from Becker Capital will be invested in McDonnell. Parrin seconded the motion. Unanimous.
A motion was made by Parrin to limit McDonnell asset allocations to be no more than 20% in
BBB rated corporate investments. Tones seconded the motion. Unanimous.
New Business
The Board received a letter of retirement and request for benefits from Deputy Chief Michael
Kirkpatrick. The Finance Department provided the distribution information as follows:
Date of birth: February 07, 1958
Date of-hire: January 03, 1980
Date of retirement: May 27, 2011
Date ol'pension: May 28, 2011
Creditable service: 31 years,4 months, 25 days
Original rate of pension: 75%
Salary: $119,808.00
Original pension amount: $89,856.00
Original monthly benefit: $7,488.00
First month prorated amount: $966.19
Eligible for increase: March 01, 2013
(July 19, 2011 continued)
A motion was made by Krzywicki, seconded by Panin, to approve this distribution. Unanimous.
The Board received a letter of retirement and request for benefits from Commander David
Naumann. The Finance Department provided the distribution information as follows:
Date of birth: April 05, 1956
Date of hire: January 02, 1981
Date of retirement: July 29, 2011
Date of pension: July 30,2011
Creditable service: 30 years, 6 months, 28 days
Original rate of pension: 75`%
Salary: $106,904.00
Original pension amount: $80,178.00
Original monthly benefit: $6,681.50
First month prorated amount: $431.06
Eligible for increase: August 01, 2012
A motion was made by Krzywicki, seconded by Partin, to approve this distribution. Unanimous.
The Board received a request tom Sergeant Nelson that he would like a calculation to be made
for his consideration of using Portability for his prior police service with the Lake in the Hills
Police Department. The request was provided to Tromp, who sent a correspondence to the Lake
in the Hills Police Pension Board requesting they provide the required actuarial calculation for
Sergeant Nelson.
The Board received the following bill:
$87.50 for attorney Reimer re: March legal fees
$265.86 for attorney Reimer re: April legal fees
$67025 for attorney Reimer re: May legal fees
A motion was made by Krzywicki, seconded by Torres, to pay these bills. Unanimous.
Nominations for Board officers were as follows:
Greenberg made a motion, seconded by Torres, for Ambrose as President, Krzywicki as Vice
President, Greenberg as Secretary, and Tones as Assistant Secretary. A roll call vote was taken,
Ambrose-yes,Krzywicki-yes, Greenberg-yes,Torres-yes, Parrin-yes. Unanimous.
Ambrose announced the next regular Board meeting will be September 27, 2011 at 3:30 p.m. at
901 Wellington, Elk Grove Village, Illinois.
A motion to adjourn the meeting was made by Parrin, seconded by Ton es. Unanimous.
Myles Greenberg,
Secretary, Police Pension Board