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HomeMy WebLinkAbout07/26/2004 PPB MinutesVillage of Mount Prospect Police Pension Board Regular Quarterly Meeting July 26, 2004 BOARD MEMBERS PRESENT: SAVIANO, TOTH, ROSENBARSKI OTHERS PRESENT: Richard Potter (Pension Fund's Financial Advisor) David Erb (Village Finance Director) Richard Reimer (Pension Fund's Attorney) Saviano called the meeting to Order at 2:20PM. Minutes of April 26, 2004 Regular Meetins Deferred until next meeting Treasurer's Report The board reviewed the 2nd quarter financial report MOTION: (to accept the Treasurer's report, subject to audit) 1 S`-Rosenbarski 2°d -Toth Passed: 3-0 David Erb discussed fee increase to be implemented by IL. Department of Insurance. The board discussed authorizing Erb to send a letter protesting fee increase MOTION: (to authorize David Erb to send letter protesting fee increase) 1 s` -Toth 2°d-Rosenbarski Passed: 3-0 Discussion by Jay P. Mortensen on status of Pension Boards holdings in the American Funds. Presentation by Gary Karshna from Capital Gains on Pension Boards bond holdings. Becker, Burke Associates Report Richard Potter reviewed his report, which explains the fund's investment performance for the fiscal 2nd quarter ending June 30, 2004 Discussions included reducing Dodge & Cox fund by $200,000 and taking $400,000 from bonds and appropriate monies as follows: - Increase Morgan Growth Fund $300,000 - Increase American Fund World Growth Fund by $200,000 - Increase Ariel Fund by $100,000 MOTION: (to accept Potter's recommendations) 1 St-Rosenbarski 2nd -Toth Passed: 3-0 Set Czarnecki Disability Hearing for August 11,2004 1:00 PM Police and Fire Training Room MOTION: (to keep officers titles unchanged for new year) 1 St-Rosenbarski 2nd -Toth Passed 3-0 MOTION: (to accept Becker Burke Contract) 1 "-Toth 2"d-Saviano Passed: 3-0 Discussed Fiduciary Liability Insurance Policy Renewal -Advised by David Erb premiums and terms unchanged. MOTION: (to accept renewal premium of $9,855 effective 8/1/04) 1 St-Saviano 2nd -Toth Passed 3-0 MOTION: (to accept Actuarial Services renewal contract for $16,000) 1 St-Rosenbarski 2nd -Toth Passed 3-0 MOTION TO ADJOURN: 1St. —Toth 2"a -Rosenbarski Passed 3-0 MEETING ADJOURNED: 3:23 p.m.