HomeMy WebLinkAbout01/27/2009 PPB Minutes
MOUNT PROSPECT POLICE PENSION BOARD
Regular Quarterly Meeting Minutes
January 27,2009
Meeting Called to Order At 2:05PM
Board Members Present: Adamczyk, Erb, Halachoulis, Rosenbarski, Saviano
Others Present: Keith Karlson, Rick Potter, Jeremy Seemann
1) Reviewed minutes of October 27,2008 meeting
Motion to Accept
1st- Saviano
2nd Adamczyk
Accept 5-0
2) Becker Burke Presentation
_ Discussed Janus Funds (Perkins and Wolf) and whether their relationship is acceptable per
Public Act 95-950 (Rick Potter to request an opinion from Perkins & Wolf as to
their compliance)
_ Potter went over results for the quarter and the year
_ Potter went over 40 year stock market analysis
_ Potter discussed his views on market recovery - believes market will start to recover by 204
or 3rd quarter of 2009
_ Discussed idea of a new Bond Manager - Potter to prepare list of top three bond managers
Motion to have Becker Burke prepare list of top three Bond Managers:
1 st - Rosenbarski
2nd - Halachoulis
Accept 5-0
_ Discussed candidates for new Mid Cap Growth Manager-Potter recommended Columbia or
I. Rowe Price
Motion to have Columbia and T. Rowe Price do a presentation to the Board:
Motion to Accept:
1 st- Ha1achoulis
2nd- Erb
Accept 5-0
Potter recommended making the following asset allocation- redistribute $500,000 from cash as
follows:
$200,000 American Fund World Growth
$100,000 American Fund Growth
$100,000 Dodge & Cox
$100,000 Vanguard Morgan Growth
Motion to Accept:
1 sl - Halachoulis
2nd - Erb
Accept 5-0
3) Treasurers Report presented by Dave Erb
Losses for the quarter in net asset value = $2,500,000
Losses for the year in net asset value = $6,700,000
Motion to Accept Treasurers Report:
lst- Halachoulis
2nd- Adamczyk
Accept 5-0
4) Atty Karlson discussed recent IRS Ruling whereby all Article 3 plans are no longer deemed
to be qualified plans
Motion to Approve joining The Coalition for Plan Determination Letter Qualified Plan Status
at a cost of $400
1 sl - Adamczyk
2nd - Saviano
Accept 5-0
5) Discussed upcoming election for new officers
- Deadline for filing will be April 1, 2009
-Election will be held April 17, 2009
~New officers to be seated May 1,2009
Discussed with Atty. Karlson some concerns over recent billing issues- he advised it will be
reviewed by his office
6) Motion to Adjourn:
Ist- Rosenbarski
2nd- Halachoulis
Accept 5-0