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Home My WebLink About01/28/2014 PPB Minutes MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES MOUNT PROSPECT POLICE PENSION BOARD TUESDAY, JANUARY 28, 2014 A regular meeting of the Mount Prospect Police Pension Fund was called to order at 2:05 pm on Tuesday, January 28, 2014, at 50 S. Emerson Street, Mount Prospect, IL for the purpose of conducting regular business. PRESENT: Trustees Tony Halachoulis, Tom Hoskinson, Larry Rosenbarski and Dennis Saviano ABSENT: Trustee Dennis Erb ALSO PRESENT : Tom Sawyer and John Falduto, Sawyer Falduto LLC; Richard Reimer, Reimer & Karlson, LLC; Barbara Utterback, Lauterbach & Amen, LLP. PUBLIC COMMENT: None APPROVAL OF MINUTES : The minutes from the October 29, 2013 meeting were reviewed. A motion was made by Trustee Saviano and seconded by Trustee Hoskinson to approve the minutes as written. Motion carried unanimously by voice vote. Review of Closed Executive Session Meeting Minutes: Mr. Reimer stated that there were two closed session meetings to conduct disability hearings held on 9-15-08 and 11-27-07. A motion was made by Trustee Halachoulis and seconded by Trustee Rosenbarski to release those minutes based on a finding that they no longer need to be kept confidential. AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb TREASURER Quarterly Financial Report: In the absence of Trustee Erb, the Board reviewed the Financial Statement prepared by Treasurer Dennis Erb for the quarter ending 12/31/13. The total market value of the fund as of 12/30/13 is $53,343,344. The unrealized loss is $949,136 for the quarter. A list of all vendor disbursements was included in the report, totaling $53,594.88. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 12/31/13. In the absence of Treasurer Erb, a motion was made by Trustee Halachoulis and seconded by Trustee Saviano to table approval of the financial statement to the next meeting, AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb Presentation and Approval of Bills: A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to authorize payment of the disbursements shown on page three of the report in the amount of $53,594.88. AYES: Trustees Halachoulis, Rosenbarski and Saviano NAYS: None ABSENT: Trustee Erb ABSTAIN: Trustee Hoskinson Additional Bills: Lauterbach & Amen invoices for PSA Services were presented for approval totaling $3,750 for services rendered through December 2013. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve payment of the L&A invoices for a total amount of $3,750. Mount Prospect Police Pension Fund Minutes of Meeting January 28, 2014 Page 2 of 3 AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb Review and Approve 2014 Cost of Living Adjustments for Pensioners: A motion was made by Trustee Hoskinson and seconded by Trustee Rosenbarski to approve the 2014 statutory cost of living adjustments for pensioners. AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb INVESTMENT REPORTS: Mesirow Financial Segall Bryant Hamill: No representatives were present and no report was available. Sawyer Falduto Asset Management: The Investment Policy Guidelines for the equity portfolio were reviewed, along with the fourth quarter investment return. The ending market value of the portfolio is $31,324,329 with an investment gain of $2,583,444 for the quarter. The total account investment return for the quarter, net of fees, is 8.95%. The net year-to-date return is 30.22% for a gain of $7,189,226. The individual performance of the funds were reviewed, along with current asset allocations, Market Commentary, Transaction Report and investment fees. A motion was made by Trustee Halachoulis and seconded by Trustee Rosenbarski to accept the Sawyer Falduto Investment Report. AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb Review/Update Investment Policy: There were no recommendations for changes at this time. OLD BUSINESS: Review designation of FOIA Officer of the Pension Fund: The Board stated that Lisa Angel is currently the FOIA Officer for the Village. This item was tabled to the next meeting to determine if she will also be the designated FOIA Officer for the pension fund. Update Status of Affidavits of Continued Eligibility: Lauterbach & Amen reported that three pensioners did not respond. Second notices will be sent certified mail to the unresponsive pensioners. Status of Disability Application- Ronald Kadzielawski: Mr. Reimer stated that he needs a copy of the job description and is waiting for a copy of one set of records, and then he will schedule the appointments for examinations by three physicians. : Mr. Reimer will schedule the examination for the medical evaluation. Status of Trustee Training: Trustees were reminded to submit any certificates of continuing education training to Lauterbach & Amen for recordkeeping. Procedures for Transferring Military Creditable Service: Trustee Hoskinson stated that Trustee Erb is in the process of determining the cost involved to transfer his military service credit. Mount Prospect Police Pension Fund Minutes of Meeting January 28, 2014 Page 3 of 3 NEW BUSINESS: Review Trustee Term Expirations and Election Procedures: The Board determined that the term for the retiree position currently held by Trustee Halachoulis is expiring in April. Lauterbach & Amen will conduct the election process on behalf of the pension fund. Pensioner Death Surviving Spouse Jacqueline Muller: The Board noted the passing of pensioner Jacqueline Muller, surviving spouse of Richard Muller. The date of death was 10/27/13 and there were no surviving beneficiaries. A motion was made by Trustee Halachoulis and seconded by Trustee Rosenbarski to terminate surviving spouse benefits. AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb Renewal of Lauterbach & Amen Engagement Letter for administrative services: The Board reviewed the renewal engagement letter for administrative services. A motion was made by Trustee Saviano and seconded by Trustee Halachoulis to approve and sign the engagement letter for services to continue at a rate of $1,280 per month for fiscal year ending 12/31/14; $1,315 per month for fiscal year ending 12/31/15; and $1,350 for fiscal year ending 12/31/16. AYES: Trustees Halachoulis, Rosenbarski, Hoskinson and Saviano NAYS: None ABSENT: Trustee Erb The Board stated that Officer Joseph Morel will be submitting and application for deferred benefits. This item will be added to the April agenda for possible approval. ATTORNEY REPORT:st Mr. Reimer distributed copies of the 1 Quarter Newsletter, referencing recent FOIA and OMA case law, the Detroit bankruptcy and pension reform not yet affecting Article 3 pension funds. ADJOURNMENT: A motion was made by Trustee Halachoulis and seconded by Trustee Rosenbarski to adjourn the meeting at 3:17 pm. Motion carried unanimously by voice vote. Tuesday, April 29, The next regular meeting of the Mount Prospect Police Pension Fund will be held on 2014 at 2:00 pm. Respectfully submitted, _________________________________ _____________________________ Tony Halachoulis, President Tom Hoskinson , Secretary Minutes prepared by Barbara Utterback, Pension Services Administrator