HomeMy WebLinkAbout04/26/2004 PPB Minutesi
MT. PROSPECT POLICE OFFICERS PENSION BOARD
REGULAR QUARTERLY MEETING
APRIL 26, 2004 - VILLAGE HALL CONFERENCE ROOM 2ND FLOOR
BOARD MEMBERS PRESENT:
OTHERS PRESENT:
Saviano, Jess, Toth, Rosenbarski, Kanupke
David Erb (Village Director of Finance)
Carol Widemer (Asst. Director of Finance)
Richard Reimer (Attorney for Pension Board)
Richard Potter (Financial Advisor)
Saviano called meeting to order at 2:07 p.m.
1) Review of Minutes from January 26, 2004 regular meeting
Adjust Minutes of January 26, 2004 meeting — Last page of statement
"Monetary Breakdown" to reflect:
$200,000 to Capital Gains
$200,000 to Seegal Bryant
MOTION: (To accept Minutes with changes)
1 st — Jess
2"d — Kanupke
Passed 5-0
2) Treasurers Report
A) Report given by Finance Director Erb
MOTION: (To accept Treasurers report)
15f — Toth
2"d — Jess
Passed 5-0
B) Investment Portfolio Report by Richard Potter
Guardian Fund being phased out and monies being deposited into
other accounts
Transfer money from Bonds to Equities:
$200,000 to American World Growth
$200,000 to Ariel
MOTION: (To transfer money from Bonds to Equities)
1" — Rosenbarski
2nd — Jess
Passed 5-0
Saviano to Potter — Compare police fund to fire department fund
and review results for year. Compare FD to PD percentages of
equity breakdown and asset allocation.
3) Old Business — Legal Issues
Attorney Reimer:
-Update of Officer J. Favia disability claim
-Received Officer J. Czarnecki's Disability application
-In the matter of former Officer J. Garcia — on 02/26/04 Court of Appeals
refused to entertain any further arguments in the matter (Case Disposed)
-Sgt. J. Edwards Application for retirement benefits
MOTION: (To approve Edwards pension as of 05/04/04 based on
salary of $83,630.75 subject to final verification by
Director of Finance Erb)
1St — Rosenbarski
2"d — Kanupke
Passed 5-0
-Reimer to prepare written decision and order for Sgt. J. Edwards
4) New Business
-Presentations of money managers
Seegal Bryant (Bonds and Fixed Incomes)
Gregory Hosbien — Director of Fixed Income
Dodge & Cox (Equities)
Steven T. Gorski — Vice President
-Erb to continue requesting managers to give presentations on outlook
and where investments are going
-Erb recommended a Professional Services Contract between Board
and Becker, Burke, and Assoc. for current and future services
(Board decided to review issue at next meeting)
-Reimer to prepare final paperwork on Officer M. Patti disability
Motion: (To adjourn regular meeting 3:30 p.m.)
1St — Rosenbarski
2"d — Kanupke
Passed 5-0