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Home My WebLink About01/26/2016 PPFB MinutesMINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES MOUNT PROSPECT POLICE PENSION BOARD TUESDAY, JANUARY 26, 2016 A regular meeting of the Mount Prospect Police Pension Fund was called to order by Trustee Halachoulis at 2:08pm on Tuesday, January 26, 2016 at 50 S. Emerson Street, Mount Prospect, IL for the purpose of conducting regular business. PRESENT: Trustees David Erb, Tony Halachoulis, Tom Hoskinson, Larry Rosenbarski (arrived at 2:27pm) and Dennis Saviano ABSENT: None ALSO PRESENT: Tom Sawyer, Sawyer Falduto LLC; Keith Karlson and Tony Martin, Reimer Dobrovolny & Karlson, LLC; Sara Williams, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: None APPROVAL OF MINUTES: The minutes from the October 27, 2015 regular meeting were reviewed by the Board. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve the regular meeting minutes of October 27, 2015, as written. Motion carried by voice vote. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending December 31, 2015. The total market value of the fund as of 12/31/2015 is $58,467,360. A list of all vendor disbursements for the quarter was included in the report, totaling $38,299.96. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 12/31/2015. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to accept the Treasurers Report as presented. Motion carried unanimously by voice vote. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve payment of the vendor disbursements in the amount of $38,299.96. Motion carried by roll call vote. AYES: Trustees Erb, Halachoulis, Hoskinson and Saviano NAYS: None ABSENT: Trustee Rosenbarski Presentation and Approval of Bills: The Board reviewed the following invoices for approval and payment: - Lauterbach & Amen invoice #13981 in the amount of $1,315 for professional services rendered in the month of November 2015. - Lauterbach & Amen invoice #14420 in the amount of $1,315 for professional services rendered in the month of December 2015 A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve payment of the additional invoices as presented. Motion carried by roll call vote. AYES: Trustees Erb, Halachoulis, Hoskinson and Saviano NAYS: None ABSENT: Trustee Rosenbarski Trustee Larry Rosenbarski arrived to the meeting at 2:2 7pm. INVESTMENT REPORTS: Sawyer Falduto Asset Management: Tom Sawyer presented the investment report for the equity portion of the portfolio for the quarter ending December 31, 2015. The ending market value of the equity portfolio as of 12/31/2015 is $34,460,276. The total account return net of fees is 5.92% for the quarter, for an investment return of $1,939,681. Year-to-date the total account return net of fees is 0.91% for an investment return of $362,265. 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. A motion was Page 2 of 30 Mount Prospect Police Pension Fund Minutes of Meeting — January 26, 2016 Page 2 of 3 made by Trustee Halachoulis and second by Trustee Erb to accept the investment report as presented by Sawyer Falduto Asset Management. Motion carried unanimously by voice vote. Possible Sales, Purchases, or Transfers of Funds within the Portfolio: There were no transfers of funds recommended at this time. Review/Update Investment Policy: There are no recommendations for updates at this time. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility.- Lauterbach & Amen presented the Board with the completed 2014 Affidavits of Continued Eligibility for record keeping. The Board directed L&A to send a second request to all pensioners who have not yet returned the 2015 Affidavit of Continued Eligibility with a return by date of February 29, 2016. L&A will update the Board as to the status of returned affidavits, at that time the Board will suspend the direct deposit of pension benefits for non-compliant pensioners a physical check will be available for pick up from the village office, at which time an affidavit will also be presented for completion. Statements of Economic Interest: The Board was reminded that the list of filers of the annual Statements of Economic Interest are due to the County Clerk no later than February 1, 2016. The village will submit the list of filers to the County, and Trustees will be contacted directly to complete the Statement of Economic Interest no later than May 1, 2016. OLD BUSINESS: Trustee Training Updates: Lauterbach & Amen reminded all Trustees to provide any copies of Trustee Training certificates to Lauterbach & Amen for record keeping. Upcoming Trustee Training opportunities were discussed. Application for Retirement — Tom Follmer: The Board discussed the retirement application for Tom Follmer. Mr.,. Follmer was hired September 1, 1994 and separated from service on March 31, 2015. Mr. Follmer will begin collecting a retirement benefit in the amount of $47,227.94 annually effective on his 50"' birthday on March 22, 2018. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the retirement application of Tom Follmer as prepared by the Treasurer. Motion carried by roll call vote. AYES: Trustees Erb, Halachoulis, Hoskinson, Rosenbarski and Saviano NAYS: None ABSENT: None NEW BUSINESS: Review New Hire Applications to the Fund- There are no new hire applications for review at this time. 2016 Cost of Living Adjustments: The Board reviewed the 2016 Cost of Living Adjustments for Pensioners of the Mount Prospect Police Pension fund. A motion was made by Trustee Saviano and seconded Trustee Rosenbarski by to authorize the required statutory Cost of Living Adjustments as calculated and certified by the Treasurer, and attached. Motion carried unanimously by roll call vote. AYES: Trustees Erb, Halachoulis, Hoskinson, Rosenbarski and Saviano NAYS: None ABSENT: None Trustee Term Expirations: Lauterbach & Amen informed the Board that the trustee term for Tony Halachoulis (Retired) will expire April 30, 2016. Trustee Halachoulis is interested in retaining his Board position if nominated. The Board directed Lauterbach & Amen to conduct the Trustee elections on behalf of the Board. Election results will be presented to the Board at the next regular meeting. Page 3 of 30 Mount Prospect Police Pension Fund Minutes of Meeting — January 26, 2016 Page 3 of 3 Discussion of Actuarial Services: The Board discussed the status of actuarial services agreement with Timothy W. Sharpe. The Village of Mount Prospect has confirmed with Timothy Sharpe will conduct the actuarial services for the upcoming year. There is no action to be taken. ATTORNEY'S REPORT: Keith Karlson presented the Reimer Dobrovolny & Karlson first quarter copy of the Legal and Legislative Update newsletter. Mr. Karlson discussed pending legislation, case rulings, and recent news as it pertains to Article 4 Pension Funds. All questions were answered by Keith Karlson. ADJOURNMENT: A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to adjourn the meeting at 2:58pm. Motion carried unanimously by voice vote. The next regular meeting of the Mount Prospect Police Pension Fund will be held on TUESDAY, APRIL 26, 2016 at 2:00 pm. Respectfully submitted, Tony Halachoulis, President Tom Hoskinson, Secretary Minutes prepared by Sara Tokarz, Pension Services Administrator, Lauterbach & Amen, LLP Page 4 of 30