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Home My WebLink About10/24/2017 PPFB MinutesMOUNT PROSPECT POLICE PENSION FUND 50 S. Emerson Street mi Mount Prospect, Illinois 60056 satyr 11 al"Ie"houhs Tom Hoskhmon Davu.i<:rb Jori (Winer D€nais spyvizino Pivoid ext srerpt: -v Tivske Trustee D'F..rafiee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES TUESDAY, OCTOBER 24, 2017 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, October 24, 2017 at 2:00 pm. at the Mount Prospect Village Hall, 50 S. Emerson Street, Mount Prospect, IL for the purpose of conducting regular business. CALL TO ORDER: Trustee Halachoulis called the meeting to order at 2:03 pm. ROLL CALL: PRESENT: Trustees Tony Halachoulis, David Erb, Dennis Saviano and Trustee Joe Gliner (arrived at 2:44 pm) ABSENT: Trustee Tom Hoskinson ALSO PRESENT: Tom Sawyer, Sawyer Falduto Asset Management LLC; Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Alex Michael, Lauterbach & Amen, LLP (L&A); Peter Hegel, Mesirow Financial LLC PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 25, 2017 Regular Meeting Minutes: The Board reviewed the July 25, 2017 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Erb to approve the July 25, 2017 regular meeting minutes as written. Motion carried unanimously by voice vote. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Trustee Erb for the quarter ending September 30, 3017. The total market value of the fund as of 09/30/2017 is $68,931,628 with an unrealized gain of $39,328. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 09/30/2017. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to accept the Quarterly Financial Report as prepared by Trustee Erb. Motion carried unanimously by voice vote. Presentation and Approval of Bills: The Board was presented with the Vendor Disbursements Report for the period July 1, 2017 through September 30, 2017, for a total disbursement of $48,875.06. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the disbursement shown on the Vendor Disbursements Report as presented. Motion carried by roll call vote. AYES: Trustees Halachoulis, Saviano and Erb NAYS: None ABSENT: Trustees Gliner, Hoskinson Additional Bills, if any: There were no additional bills presented. Mount Prospect Police Pension Fund Minutes of Meeting — October 24, 2017 Page 2 of 3 INVESTMENT REPORTS — SAWYER FALDUTO ASSET MANAGEMENT: Quarterly Investment Performance Report: Tom Sawyer presented the Quarterly Investment Performance Report for the quarter ending September 30, 2017. The ending market value of the investment portfolio as of 09/30/2017 is $44,008,100. The total account return net of fees is 4.98% for the quarter, for an investment return of $2,103,765. Mr. Sawyer discussed the Growth Versus Value Performance, Market Commentary, Equity and Fixed Income Portfolios, Small Cap Stocks and Transaction Ledger Report. All questions were answered by Mr. Sawyer. Portfolio Review—Mesirow Financial: Mr. Hegel reviewed the Bond Portfolio Mark Value. The portfolio value for the period ending September 30, 2017 is $11,869,913.65. The total account return net of fees is 0.65% for the quarter. The current asset allocation is as follows: fixed income at 98.3% and cash and equivalents at 1.7%. Mr. Hegel reviewed the Fixed Income Market Overview and answered questions from the Board. A motion was made by Trustee Saviano and seconded by Trustee Halachoulis to accept both the Quarterly Investment Performance Report and the Portfolio Review as presented. Motion carried unanimously by voice vote. Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS AND REPORTS: Status ofAfdavits of Eligibility: The Board noted that Affidavits of Continued Eligibility will be mailed to all pensioners in December and will be due in January 2018. A status update will be provided at the next scheduled meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There were no applications for membership or withdrawals from the fund at this time. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Application for Retirement - Timothy Janowick: The Board was informed that Chief Janowick's last day worked was October 3, 2017. Chief Janowick is in deferred status. All contributions have ceased. OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Discussion/Possible Action Lauterbach, & Amen True Cost Calculation Engagement Letter: The Board reviewed the Lauterbach & Amen true cost engagement letter. The Board will discuss this matter at the next regularly scheduled meeting. Discussion/Possible Action on Pension Fund File Security: The Board discussed purchasing new file cabinets for the Fund. Trustee Erb and Trustee Hoskinson will research file cabinets and determine how many need to be purchased. Further discussion will be held at the next regular meeting. Trustee Gliner entered the meeting at 2:44 pm Transfer of Creditable Service Purchase — Joseph Garris: Mr. Garris will proceed with a reduced service credit with Mount Prospect Police. The Bensenville Police Pension Fund issued payment to the Mount Prospect Police Pension Fund in the amount of $214,251.62. The total represents Officer Garris's contributions from the Bensenville Police Pension Fund plus 6% interest and a required match by the Bensenville Police Pension Fund. All service has been transferred. Mount Prospect Police Pension Fund Minutes of Meeting — October 24, 2017 Page 3 of 3 2018 Board Meeting Dates: The Board Discussed establishing the 2018 Board meeting dates as January 23rd, April 20, July 24'x', and October 23rd at 2:00 pm located at the Mount Prospect Village Hall at 50 S. Emerson Street, Mount Prospect, Illinois. A motion was made by Trustee Halachoulis and seconded by Trustee Erb to establish the 2018 Board meeting dates as stated. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and were reminded to send all training certificates to L&A for recordkeeping. ATTORNEY'S REPORT: Annual Independent Medical Examination — Ron Kadzielawski: The Board noted that Ron Kadzielawski attended his annual independent medical examination and the report determined that Mr. Kadzielawski remains disabled. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to continue Ron Kadzielawski's disability benefits based on the finding of his independent medical examination subject to further examinations until age 50. Motion carried by roll call vote. AYES: Trustees Halachoulis, Saviano, Gliner and Erb NAYS: None ABSENT: Trustee Hoskinson Annual Independent Medical Examination — Michael Rose: The Board noted that Michael Rose attended his annual independent medical examination and the report determined that Mr. Rose remains disabled. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to continue Michael Rose's disability benefits based on the finding of his independent medical examination subject to further examinations until age 50. Motion carried by roll call vote. AYES: Trustees Halachoulis, Saviano, Gliner and Erb NAYS: None ABSENT: Trustee Hoskinson Legal Update: Mr. Reimer reviewed his firm's fourth quarter Legal and Legislative Update Newsletter. All questions were answered by Mr. Reimer. CLOSED SESSION, IF NEEDED: There were no items to discuss in closed session. ADJOURNMENT: A motion was made by Trustee Erb and seconded by Trustee Halachoulis to adjourn the meeting at 3:03 pm. Motion carried unanimously by voice vote. The next regular meeting of the Mount Prospect Police Pension Fund is January 23rd, 2018. Respectfully subnnitted,,r lis, President Date Approved by Board Tom Hoskinson, Secretary Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP