HomeMy WebLinkAboutPOLICE PENSION - 10/14/2014 - POLICE PENSION MINUTESElk Grove Village Police Pension Board
October 14th, 2014 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
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The regular meeting was called to order at 3:30 PM by Trustee Torres. Present were Trustee Gottwald,
Trustee Moody, Trustee Torres, Christine Tromp from the Elk Grove Village Finance Department, and
Doug Oest from Marquette Associates. No members of the public were in the audience. A quorum was
present.
The minutes of the last meeting, July 14th, 2014, both the transcript of the disability hearing for Officer
Carl Sabo and the regular board minutes were read. A motion to approve the minutes of the last meeting
was made by Trustee Moody, Second by Trustee Gottwald. Aye to approve: Moody, Gottwald, and
Torres. Motion carried.
The financial advisor from Marquette Associates provided the financial report. The Board’s investments
and performance were discussed (down 1% for quarter, 4.5% for YTD), as well as an update on the
economy. Harbor and Oakmark were cited as underperforming in recent period but the investment
advisor did not have any recommendations for change at this time. Policy updates were presented in the
revised investment policy. A motion to adopt the new investment policy and changes to asset allocation
and investment managers was made by Trustee Gottwald, Second by Trustee Moody. Aye to approve:
Moody, Gottwald, and Torres. Motion carried.
The next meeting date was scheduled for Tuesday, January 13th, 2014 at 3:30PM at 901 Wellington Ave,
Elk Grove Village, IL.
Trustee Ambrose arrived at 4:00 PM.
The treasurer’s report was presented by Christine Tromp. As of August 2014, the Village has recorded
$559,880 in revenue for the police pension portion of the electric tax for the fiscal year. The actuarial
report was to be presented to the Village Board on the evening of 10/14/2014. The funding percentage of
the pension fund, as calculated by actuary Timothy Sharpe, has increased to 67.3%. The treasurer’s
report also reflected new payments to Officer Sabo in regard to his non-duty disability status, retroactive
to the disability date of 12/31/2013. A refund of contributions to Officer Jones was also noted on the
Treasurer’s report. A motion to approve the treasurer’s report was made by Trustee Ambrose, Second by
Trustee Gottwald. Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion carried.
Board Officer nominations were discussed. Trustee Gottwald made a motion to nominate Trustee
Ambrose as President, Trustee Moody as Vice-President, Trustee Torres as Secretary and Trustee
Gottwald as Vice-Secretary. Second was Moody. Aye to approve: Moody, Gottwald, Ambrose and
Torres. Motion carried.
The written disability order for Officer Sabo, as prepared by Board Attorney Richard Reimer, was
reviewed. A motion to accept the order was made by Trustee Ambrose, Second by Trustee Gottwald.
Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion carried. Those Trustees who were
present and voted on the order approval signed the original copy of the order.
The Board has been in contact with the Illinois Secretary of State to file an Application for Authority to
Dispose of Local Records. A representative for the Illinois Secretary of State was scheduled to bring
documentation to the Elk Grove Village Hall on 10/16/2014 for signatures on the draft document.
The Board was informed of the resignation of Officer Ken Albro on 9/17/2014. At this time he has not
requested a refund of contributions.
Elk Grove Village Police Pension Board
October 14th, 2014 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
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Applications were received from four newly hired Probationary Police Officers – Ofc. S. Guther, Ofc. M.
Dailly, Ofc. M. Johnson and Ofc. T. Molloy. Motion to accept the new hires into the fund was made by
Ambrose. Second was Gottwald. Aye to approve: Moody, Gottwald, Ambrose and Torres. Motion
carried.
Trustee Gottwald, Trustee Moody, and Trustee Torres completed 5.5 hours of training by attending the
Marquette Associates Investment Symposium on 9/12/2014 at 320 N Dearborn, Chicago, IL.
Trustee Gottwald also completed 2 hours of training on the Open Meetings Act and the Freedom of
Information Act on 9/15/2014.
The following bills were presented:
A bill from INSPE Associates LTD dated 7/16/2014, in the amount of $3,840.00, was received
for services provided by Dr. Cathy Frank MD in regards to the disability application of Ofc.
Sabo.
A bill from Reimer & Karlson dated 7/13/2014 in the amount of $1,014.38 was received for legal
services rendered.
A bill from Reimer & Karlson dated 8/8/2014 in the amount of $1,462.75 was received for legal
services rendered.
A bill from Reimer & Karlson dated 9/8/2014 in the amount of $2,410.91 was received for legal
services rendered.
A request for reimbursement from Trustee Torres in the amount of $31.00 was received for
training expense incurred for the 2014 Marquette Investment Symposium on 12/12/2014, with a
parking receipt provided.
A bill from the Illinois Public Pension Fund Association (IPPFA) dated 9/15/2014 in the amount
of $775.00 was received for renewal of annual membership.
A bill from Marquette Associates dated 10/1/2014 in the amount of $11,250 was received for
investment consulting services.
A motion to pay bills was made by Moody. Second by Ambrose. Aye to approve: Moody, Gottwald,
Ambrose and Torres. Motion carried.
There was no comment from the public.
A motion to adjourn was made at 4:42 PM by Ambrose, Second by Moody. Aye to approve: Moody,
Gottwald, Ambrose and Torres. Motion carried. Meeting adjourned.
Elk Grove Village Police Pension Board
October 14th, 2014 Meeting Minutes
901 Wellington Ave, Elk Grove Village IL
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Christopher Torres
Secretary, Elk Grove Village Police Pension Board