HomeMy WebLinkAbout04/28/2015 PPB MinutesMINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES
MOUNT PROSPECT POLICE PENSION BOARD
TUESDAY, APRIL 28, 2015
A regular meeting of the Mount Prospect Police Pension Fund was called to order by Trustee
Halachoulis at 2:05pm on Tuesday, April 28, 2015, 2015 at 50 S. Emerson Street, Mount Prospect, IL
for the purpose of conducting regular business.
PRESENT: Trustees Tony Halachoulis, Tom Hoskinson, Larry Rosenbarski and Dennis
Saviano
ABSENT: Trustee David Erb
ALSO PRESENT: Tom Sawyer and John Falduto, Sawyer Falduto LLC; Richard Reimer, Reimer &
Karlson, LLC; Andrew Pataky & Peter Hegel, Mesirow Financial; Sara Williams,
Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: None
APPROVAL OF MINUTES: The minutes from the February 4, 2015 regular meeting were reviewed
by the Board. A motion was made by Trustee Hoskinson and seconded by Trustee Saviano to approve
the regular meeting minutes of February 4, 2015, as written. Motion carried by voice vote.
TREASURER'S REPORT: Quarterly Financial Report: The Board reviwed copies of the financial
statements for the period ending March 31, 2015 as prepared by David Erb. The total market value of
the fund is $60,733,594 including investment accounts with Mesirow, Segall Bryant & Hamill, Sawyer
Falduto, and the Money Market Accounts. There was an unrealized gain of $78,911 for the quarter. The
Income Statement, Disbursements Summary, Investment Activity Report and Schedule of Investment
Holdings were reviewed by the Board. Approval of the Treasurer's Report has been tabled until the next
regular meeting.
A motion was made by Trustee Hoskinson and seconded by Trustee Saviano to approve the
disbursements shown on the report in the amount of $18,525.20 for the period from January 1, 2015 to
March 31, 2015. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Hoskinson, and Saviano.
NAYS: None
ABSENT: Trustee Erb and Rosenbarski
IDOI Compliance Fee: The Board discussed the IDOI Compliance Fee, to be sent in May and due by
June 30, 2015. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to
approve payment upon receipt of the IDOI Compliance Fee. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Hoskinson, and Saviano.
NAYS: None
ABSENT: Trustee Erb and Rosenbarski
INVESTMENT REPORTS: Mesirow Financial: Andrew Pataky and Peter Hegel from Mesirow
Financial presented the investment report for the fixed income portion of the portfolio for the quarter
ending March 31, 2015. The ending market value of the fixed income portfolio as of 03/31/2015 is
$11,540,155.53. The total account return, net of fees, is 3.3% for the quarter. The individual
performance of the funds within the portfolio were reviewed, along with a market commentary and
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Mount Prospect Police Pension Fund
Minutes of Meeting — April 28, 2015
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transaction report. All questions were answered by Mr. Pataky and Mr. Hegel. A motion was made by
Trustee Halachoulis and seconded by Trustee Hoskinson to accept the investment report as presented by
Mesirow Financial. Motion carried unanimously by voice vote.
COMMUNICATIONS AND REPORTS: Affidavits of Continuing Eligibility: The Board noted that
there are currently only one outstanding affidavit. The Board directed L&A to send a third request to the
outstanding pensioner. An update will be provided at the next meeting.
Statements of Economic Interest: The Board was reminded that Statements of Economic Interest are due
to the County no later than May 1, 2015.
OLD BUSINESS: Status of Trustee Training: All trustees were reminded to complete their 16 hours of
annually required continuing education and to furnish copies of all training certificates to Lauterbach &
Amen for recordkeeping.
Status of Disability IME — Michael Rose: The Board discussed the Disability IME of Michael Rose. An
update will be provided at the next regular meeting.
NEW BUSINESS: Review New Hire Applications to the Fund: There are no new hire applications for
review at this time.
Trustee Rosenbarski arrived to the meeting at 2:40
Certs Trustee Election Results: Lauterbach & Amen conducted the 2015 Trustee election for the two
expiring Active Member Trustee position currently held by Larry Rosenbarski and Tom Hoskinson. Mr.
Rosenbarski and Mr. Hoskinson were elected by acclamation to the two positions of Active Member
Trustee for a two-year term ending April 30, 2017. A motion was made by Trustee Hoskinson and
seconded by Trustee Saviano to certify the election results electing by acclamation, Larry Rosenbarski
and Tom Hoskinson to the two positions of Active Member Trustee for a two year term beginning May
1, 2015 and expiring April 30, 2017. Motion unanimously by voice vote.
Application for Retirement: The Board reviewed and discussed the Retirement Application of Tom
Follmer. Mr. Follmer retired with a hire date of September 1, 1994, an effective date of retirement of
March 1, 2015 at age 46, with 20 years, 6 months of creditable service. Mr. Follmer's total pensionable
salary is $94,455.88. Approval of the deferred retirement benefit for Tom Follmer has been tabled until
the next regular meeting.
INVESTMENT REPORTS (CONTINUED): Sawyer Falduto Asset Management: Tom Sawyer and
John Falduto presented the investment report for the equity portion of the portfolio for the quarter
ending March 31, 2015. The ending market value of the equity portfolio as of 03/31/2015 is
$35,181,566. The total account return net of fees is 3.02% for the quarter, for an investment return of
$1,044,991. The individual performance of the funds within the portfolio were reviewed, along with the
firm's Market Commentary and Transaction Report. All questions were answered by Mr. Sawyer and
Mr. Falduto. A motion was made by Trustee Halachoulis and second by Trustee Hoskinson to accept the
investment report as presented by Sawyer Falduto Asset Management. The motion carried unanimously
by voice vote.
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Minutes of Meeting — April 28, 2015
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Possible Sales, Purchases, or Transfers of Funds within the Portfolio: There were no transfers of funds
recommended at this time.
Review/Update Investment Policy: The Board discussed the current portfolio target allocation and the
recommendations for rebalancing. The Board directed Sawyer Falduto Asset Management to review the
current Investment Policy and propose adjustments to allow for greater flexibility and increase Equity
target allocations. An update will be provided at the next regular meeting.
Tom Sawyer and Trustee Dennis Saviano left the meeting at 3: 28pm.
ATTORNEY REPORT: Mr. Reimer reviewed his firm's second quarter Legal and Legislative Update
and discussed the recent firm merger, case decisions and updates of recent pension reform legislation.
Mr. Reimer answered all questions.
ADJOURNMENT: A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to
adjourn the meeting at 3:37pm. Motion carried unanimously by voice vote.
The next regular meeting of the Mount Prospect Police Pension Fund will be held on TUESDAY,
JULY 28, 2015 at 2:00 pm.
Respectfully submitted,
Tony Halachoulis, President
Tom Hoskinson, Secretary
Minutes prepared by Sara Williams, Pension Services Administrator, Lauterbach & Amen, LLP
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