HomeMy WebLinkAboutPOLICE PENSION - 12/20/2011 - POLICE PENSION BOARD Minutes of the December 20, 2011 Elk Grove Village Police Pension Board meeting.
Vice President Krzywicki called the meeting to order at 3:35 p.m. Present were Greenberg, Parrin,
Tromp, and Mary Tomanek. Absent were Ambrose and Torres.
The minutes of the last regular meeting, September 27, 2011 and the special meeting, November 15,
2011 were read. A motion to approve the minutes was made by Parrin, seconded by Greenberg.
Unanimous.
Tromp presented the Treasurer's Report, which included balance sheet dated November 30, 2011 and
disbursement register. A motion to approve the Treasurer's Report was made by Parrin, seconded by
Greenberg. Unanimous.
Old Business
Tomanek presented an updated report on the status of the Fund's investments. Establishing a second
custodian for the Fund's assets was discussed, but the Board will take no action on the matter until the
full Board is present. The length of contracts for investment advisors to be in compliance with PA 95-
950 was discussed, but the Board will take no action on the matter until the full Board is present.
New Business
The Board received a letter of retirement and request for benefits from Officer Daniel Meyers. The
Finance Department provided the distribution information as follows:
Date of birth: October 24, 1952
Date of hire: January 02, 1981
Date of retirement: November 11, 2011
Date of pension: November 12, 2011
Creditable service: 30 years, 10 months, 10 days
Original rate of pension: 75%
Salary: $82,754.00
Original pension amount: $62,065.50
Original monthly benefit: $5,172.13
First month prorated amount: $3, 275.88`
Eligible for increase: December 01, 2012
A motion was made by Krzywicki, seconded by Parrin, to approve this distribution. Unanimous.
(Continued)
(December 20, 2011 continued)
The Board received a letter of retirement from Officer Brian Vivona, who will be a deferred annuitant
until he reaches age 50. The Finance Department provided the distribution information as follows:
Date of birth: July 14, 1963
Date of hire: October 07, 1988
Date of retirement: December 16, 2011
Date of pension: July 14, 2013
Creditable service: 23 years, 2 months, 10 days
Original rate of pension: 57,5%
Salary: $82,753.91
Original pension amount: $47,583.50
Original monthly benefit: $3,965.29
First month prorated amount: $2,302.43
Eligible for increase: August 01, 2018
A motion was made by Greenberg, seconded by Krzywicki, to approve this distribution. Unanimous.
The Board received a request from former Officer Steve Gordon (July 08, 1987—June 13, 1988)to
calculate his payment for a transfer of service credit to the State Employees Retirement System.
Gordon's refund amount was $1,866.72, with interest calculated to be $5,406.29 for a total of$7,273.01
which he paid to the Fund. The Fund then matched his refunded amount of$1,866.72, for a total of
$9,139.73 which was forwarded to SERS on December 02, 2011. A motion to approve this calculation
and transfer was made by Greenberg, seconded by Krzywicki. Unanimous.
The Board received the following bills:
$9,287.40 for Dr. Obolsky re: annual evaluation of Craig Celia
$195.66 for attorney Reimer re: October legal fees
$775.00 for IPPFA 2012 membership dues
A motion to approve payment of these bills was made by Parrin, seconded by Krzywicki. Unanimous.
Krzywicki announced the next Board meeting will be April 24;:2012„3:30 p.m. at 901 Wellington. A
motion to adjourn was made by Parrin, seconded by Krzywicki. Unanimous.
Myles G eenberg,
Secretary, Police Pension Boar