HomeMy WebLinkAbout10/25/2004 PPB MinutesMT. PROSPECT POLICE PENSION BOARD
REGULAR QUARTERLY MEETING
OCTOBER 25,2004 -VILLAGE HALL CONFERENCE ROOM
BOARD MEMBERS PRESENT:
OTHERS PRESENT:
Meeting called to order at 2:10 p.m.
Kanupke, Toth, Jess
David Erb (Director of Finance)
Richard Reimer (Board Attorney)
Richard Potter (Board Financial Advisor)
1) Review minutes from April 26, 2004 regular meeting
MOTION: (To accept minutes from April 26, 2004 meeting)
1St — Kanupke
2nd — Jess
Passed 3-0
2) Treasurers/Financial Report
A) Review Financial Statements and reports presented by David Erb
MOTION: (To accept Treasurers report)
1 st - Toth
2nd- Jess
Passed 3 — 0
B) Actuarial Report of Pension Fund by Timothy Sharp presented by Erb
- Actuarial Report entered into record
MOTION: (To adopt the sum of $1,077,645 of the Actuarial Report
for recommendation to the Village for purposes of
Tax Levy)
1 st — Kanupke
2nd — Toth
Passed 3 — 0
C) Investments report by Richard Potter
- Page 9 of report provides breakdowns
- Capital Gains been under their benchmarks over last several
quarters. Potter to possibly set up a presentation by them.
MOTION: (To transfer $400,000 from bonds to equities as
determined in past practice)
$100,000 to LargeCap (American Growth)
$100,000 to Global (American World)
$100,000 to MidCapGrowth (Morgan Stanley)
$100,000 to MidCapValue (Arial)
1 s'— Toth
2nd — Jess
Passed 3 — 0
3) New Business
Current Pension Reports for active members given to Kanupke by Erb for
delivery to active members
Dates set for 2005 Regular Meetings: 01/24/2005
04/25/2005
07/25/2005
10/24/2005
-All times to remain at 2:00 p.m. unless determined later
MOTION: (To adopt 2005 Regular Meeting dates)
1 St- Jess
2nd — Toth
Passed 3-0
MOTION: (To adjourn meeting at 3:00 p.m.)
1 St — Toth
2"d — Jess
Passed 3-0