HomeMy WebLinkAbout07/25/2005 PPB MinutesM
Mt. Prospect Police Pension Board
Regular Quarterly Meeting
July 25, 2005- Village Hall Conference Room
BOARD MEMBERS PRESENT:
Others Present:
Meeting called to order at 2:05 p.m.
Saviano, DeFilipps, Kruchten, Halachoulis
Carol Widmer (Assistant Finance Director)
Rick Potter (Board Financial Advisor)
Rick Reimer (Board Attorney)
1) Review minutes from April 25, 2005 regular meeting
Motion: (To accept minutes from April 25, 2005 meeting)
l'`- Kruchten
2nd- Halachoulis
Passed: 4-0
2) Treasurer's/Financial Report
A) Review Financial Statements and reports presented by Carol Widmer
As June 30, 2005
Review Statements of Assets by Carol Widmer
Motion: (To accept treasurer's report)
l'`- Kruchten
2nd- DeFilipps
Passed: 4-0
B) Investment report by Rick Potter for quarter ending June 30, 2005
Flash report and breakdown of performances given by Rick Potter.
Potter suggested the board transfer $50,000 from American
Fund/Growth and invest it elsewhere
Motion: (To transfer $50,000)
I"- Halachoulis
2nd- Kruchten
Passed: 4-0
Potter was asked if the board should bring in new bond managers. Potter
suggested waiting one or two quarters to see if market makes any changes.
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3) Old Business
A) The disability pension for Jim Czarnecki was up for review
Motion: (To continue Czarnecki's disability pension,
subject to future annual medical exams)
I"- Halachoulis
2nd- Kruchten
Passed: 4-0
B) The Disability pension for Michael Patti was up for review
Motion: (To continue Patti's Disability pension, subject to
future annual exams)
I "- DeFilipps
2nd- Halachoulis
Passed: 4-0
4) New Business
A) Sgt. Tom Lopotko had requested to purchase up to three (3) years of
disability as credible service pursuant to Section 3-110 (A) (5) of the
Illinois Pension Code.
Motion: (To accept Lopotko's request subject to repayment
of officer's contributions which will be calculated
by the village and subject to payroll deductions in
an installment plan mutually agreeable with Sgt.
Lopotko and the pension board)
151- Kruchten
2nd- DeFilipps
Passed- 4-0
B) Elections of pension board officers (new board members: Halachoulis,
Kruchten, DeFilipps)
Motion: (To elect Rosenbarski as President, Saviano as
Vice President, Halachoulis as Secretary and
Kruchten as Assistant Secretary)
15L- DeFilipps
2nd- Kruchten
Passed: 4-0
Motion to adjourn meeting at 3:20 p.m.
151- Saviano
2nd- Kruchten
Passed- 4-0