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Home My WebLink About07/28/2015 PPB MinutesMINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES MOUNT PROSPECT POLICE PENSION BOARD TUESDAY, JULY 28, 2015 A regular meeting of the Mount Prospect Police Pension Fund was called to order by Trustee Halachoulis at 2:00pm on Tuesday, July 28, 2015, 2015 at 50 S. Emerson Street, Mount Prospect, IL for the purpose of conducting regular business. PRESENT: Trustees Tony Halachoulis, Larry Rosenbarski and Dennis Saviano ABSENT: Trustees David Erb and Tom Hoskinson ALSO PRESENT: John Falduto & David Harrington, Sawyer Falduto LLC; Keith Karlson, Reimer & Karlson, LLC; Andrew Pataky & Peter Hegel, Mesirow Financial; Sara Williams, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: None The Board decided to shuffle the order of business from the agenda in the interest of time. APPROVAL OF MINUTES: The minutes from the April 28, 2015 regular meeting were reviewed by the Board. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the regular meeting minutes of April 28, 2015, as written. Motion carried by voice vote. NEW BUSINESS: Review New Hire Applications to the Fund: There are no new hire applications for review at this time. Board Officer Eelctions: The Board discussed the Board Officer positions available for election. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to nominate Trustee Tony Halachoulis as Board President, Trustee Larry Rosenbarski as Vice President, Trustee Tom Hoskinson as Secretary and Trustee Dennis Saviano as Assistant Secretary. Motion unanimously by roll call vote. AYES: Trustees Halachoulis, Rosenbarski and Saviano NAYS: None ABSENT: Trustees Erb and Hoskinson Independent Medical Examinations — Favia, Czarnecki, Kadzielawski: The Board discussed the annual independent medical examinations for Disabled Pensioners Favia, Czarnecki, and Kadzielawski. A motion was made by Trustee Rosenbarski and seconded by Trustee Saviano to authorize Board Attorney to schedule the annual independent medical examinations for Pensioners Favia, Czarnecki, and Kadielawski. Motion carried unanimously by voice vote. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed copies of the financial statements for the period ending June 30, 2015 as prepared by David Erb. The Board reviewed the quarterly disbursements totaling $71,692.15 for the period from April 1, 2015 to June 30, 205, and an invoice for Lauterbach & Amen in the amount of $1,315.00. A motion was made by Trustee Saviano and seconded by Trustee Rosenbarski to approve the disbursements shown on the report in the amount of $71,692.15 and the L&A invoice is the amount of $1,315. Motion carried by roll call vote. Page 2 of 11 Mount Prospect Police Pension Fund Minutes of Meeting — July 28, 2015 Page 2 of 2 AYES: Trustees Halachoulis, Rosenbarski and Saviano NAYS: None ABSENT: Trustees Erb and Hoskinson INVESTMENT REPORTS: Mesirow Financial: Andrew Pataky and Peter Hegel from Mesirow Financial presented the investment report for the fixed income portion of the portfolio for the quarter ending June 30, 2015. The ending market value of the fixed income portfolio as of 06/30/2015 is $11,433,449.07. The total account return, net of fees, is -0.97% for the quarter. The individual performance of the funds within the portfolio were reviewed, along with a market commentary and transaction report. All questions were answered by Mr. Pataky and Mr. Hegel. Sawyer Falduto Asset Management: John Falduto and David Harrington presented the investment report for the equity portion of the portfolio for the quarter ending June 30, 2015. The ending market value of the equity portfolio as of 06/30/2015 is $35,122,856. The total account return net of fees is -0.17% for the quarter, for an investment return of ($45,517). Year-to-date the total account return net of fees is 2.85% for an investment return of $999,474. The individual performance of the funds within the portfolio were reviewed, along with the firm's Market Commentary and Transaction Report. All questions were answered by Mr. Falduto and Mr. Harrington. A motion was made by Trustee and second by Trustee to accept the investment report as presented by Sawyer Falduto Asset Management. Motion carried unanimously by voice vote. Possible Sales, Purchases, or Transfers of Funds within the Portfolio: There were no transfers of funds recommended at this time. Review/Update Investment Policy: The Board discussed the current portfolio target allocation and the recommendations for rebalancing. The Board directed Sawyer Falduto Asset Management to review the current Investment Policy and propose adjustments to allow for greater flexibility and increase Equity target allocations. An update will be provided at the next regular meeting. ADJOURNMENT: A motion was made by Trustee Halachoulis and seconded by Trustee Rosenbarski to adjourn the meeting at 2:25pm. Motion carried unanimously by voice vote. Trustee Saviano left the meeting at 2:21pm and the Board lost its quorum. The next regular meeting of the Mount Prospect Police Pension Fund will be held on TUESDAY, OCTOBER 28, 2015 at 2:00 pm. Respectfully submitted, Tony Halachoulis, President Tom Hoskinson, Secretary Minutes prepared by Sara Williams, Pension Services Administrator, Lauterbach & Amen, LLP Page 3 of 11 Ru Lauterbach & Amen, LLP — CERTIFIED PUBLIC ACCOUNTANTS Mount Prospect Police Pension Fund 50 S. Emerson Street Mount Prospect, IL 60056 Invoice No: 12892 Date: 10/20/2015 Client No: MTPROSPPOL SERVICE AMOUNT For professional services rendered for the month of September, 2015 Pension Services Administration (PSA) 1,315.00 Current Amount Due $ 1,315.00 27W457 WARRENVILLE RD. * WARRENVILLE, ILLINOIS 60555 PHONE 630.393.1483 * FAX 630.393.2516 www.lauterbachamen.com Page 4 of 11 BOARD OF TRUSTEES Mount Prospect Police Pension Fund December 8, 2015 Dear Pensioner: In an effort to maintain the accuracy of eligibility of pension benefits, the Pension Board requires that the enclosed Annual Affidavit of Continued Eligibility Form be completed and returned by each member currently receiving monthly pension benefits. Please do the following: 1.) Complete the enclosed form. 2.) Have it notarized, and 3.) Return it to the Board's Pension Services Administrator, Sara Williams We have enclosed a self-addressed envelope for your convenience, but you may also return the Affidavit to us via fax (630) 393-2516 or email at office@lauterbachamen.com. Please be sure that the notary stamp or seal on the Affidavit is visible. The Affidavit form is due on or before JANUARY 8, 2016. Failure to comply may result in the delay of your pension benefit payment. Additionally, please understand that should any pension benefits be remitted after a Pensioner has passed away, the Mount Prospect Police Pension Fund may take action to recover the overpaid benefits, including but not limited to filing a legal claim against the Pensioner's estate. Thank you for your prompt attention to this matter. Please do not hesitate to contact me should you have any questions whatsoever. Sincerely, Sara Williams Pension Services Administrator on behalf of the Board of Trustees Mount Prospect Firefighters' Pension Fund Phone: (630) 393-1483 Toll -Free: (866) 952-6329 Email: office@lauterbachamen.com Encl. Page 5 of 11 Page 1 of 1 Page 6 of 11 Certified Trustee Training Organization: I Mount Prospect Police Year: (August 2014 - August 2015 TONY HALACHOULIS Hours Required Hours Type of Training Completed Date Completed Cert on File 1 16 2 3 4 5 6 TOM HOSKINSON Hours Required Hours Type of Training Completed Date Completed Cert on File 1 16 IPPFA Seminar - Chicago 4 12/5/2014 Yes 2 3 4 5 6 DAVID ERB Hours Required Hours Type of Training Completed Date Completed Cert on File 1 16 2 3 4 5 6 DENNIS SAVIANO Hours Required Hours Type of Training Completed Date Completed Cert on File 1 16 IPPFA Continuing Education Seminar - New York 8 6/12/2015 2 3 4 5 6 LARRY ROSENBARSKI Hours Required Hours Type of Training Completed I Date Completed lCertonFile 1 16 2 3 4 5 6 Page 1 of 1 Page 6 of 11 ILLINOIS PROFESSIONAL FIREFIGHTERS ASSOCIATION O >, 188 Industrial Drive, Elmhurst, IL 60126-1612 V 630-833-2405 F 630-833-2412 2015 FALL PENSION SEMINAR Friday, November 6th, Red Shift Exhibitors Continental Breakfast Breaks -Refreshments Lunch 50/50 Raffle Current Court Decisions IPFA Board Counsel will explain recent court decisions and their potential impact to Article 3 and Article 4 Pension Boards. Richard Reimer, IPFA Board Counsel Pension Legislation If change happens, which of the 18 retirement systems will be impacted — when would it go into effect? Updated funding levels and rates of returns for: State, County, City, IMRF, Article 3 and Article 4 funds. Mark Mifflin, IPFA Lobbyist Illinois Department of Insurance An explanation of the Pension Division's 10 year profile study. Updates on Notices of Non -Compliance and Director's Order enforcement cases. Other changes occurring within the Division. Mary Jane Adkins, Acting Director, Public Pension Division, IL Dept. of Insurance Article 3 and 4 Data Analysis Find out why Public Pension data is released later than other state governed funds. Detailed 2014 data for all Article 3 and 4 Funds that passed IDOI screening. The nuances of the 10 year profile report from the Public Pension Division. Greg Knoll, IPFA Executive Director Physician's Examinations and Pension Boards review reams of medical reports as part of a disability Reports — Degenerative Disease, hearing. An emergency medicine physician/surgeon/assistant professor Injury, or a Pre -Existing will explain what is considered when medical records are reviewed and Condition the patient is examined. Dr. Daniel Samo, Northwestern University Feinberg School of Medicine Requests for Standing at a Who can request standing at a disability hearing? What happens if the Pension Board Hearing Board grants standing? Can the Board say "no" to someone? Who can be a part of the closed session to make a determination of disability? Jerry Marzullo & Laura Goodloe, Puchalski, Goodloe, Marzullo, LLP Fixed Income Investments- Fixed income investments make up 35% to 90% of a Board's investment Where is the Yield portfolio. Within the framework of proper diversification, how can a Board invest it's fixed income allocation to maximize returns and manage the associated risks. Tom Sawyer, Sawyer Falduto Asset Management LLC Continuing Trustee education: Are your hours completed? IPFA Members: $125.00 Non -Members: $160.00 Walk -Ins: $175.00 (over) YOUR PENSION PROTECTORS Page 7 of 11 ILLINOIS PROFESSIONAL r:a ASSOCIATIONFIREFIGHTERS Industrial188 Drive,/• Elmhurst, IL 60126-1612 630-833-2405 630-833-2412 Empress Banquets 200 East Lake Street Addison, IL 630-279-5900 Registration: 07:00 to 08:00 Empress Banquets is on the north side of Lake Street: North of North Avenue South of 1-290, Eisenhower Expressway East of Addison Road West of Route 83, Kingery Highway IPFA maintains a database that compiles the funding and rate of return history of all Article 4 funds since 1964 and Article 3 funds since 2010. These reports now include the IDOI calculated tax levy for each fund. A copy of your fund's history will be included in your seminar packet when you attend the IPFA 2015 Fall Pension Seminar. Spending Illinois Money in Illinois Page 8 of 11 Illinois Public Pension Advisory Committee 2Uini" Semi Friday, December 4, 2015 Seminar 9 a.m. - 4:00 p.m. $50 for IPPAC Members $100 for Non -Members Ra.eidatt J a,%ttt 4:00 p.m. to 6 p.m. Bridges of Poplar Creek Country Club 1400 Poplar Creek Dr Hoffman Estates, IL 60169 Phone: 847-781-3681 Attendees will receive a certificate for 8 hours of continuing education under 40 /LCS 5/1-109.3(b) Please register on or before November 21, 2014 Name(s): Pension/Advisory Board: Phone Number: Email: Please return this form to: Illinois Public Pension Advisory Committee PO Box 958934 Hoffman Estates, IL 60195 Ph: 847-519-1648 Fax: 224-535-8525 ippactoday@yahoo.com Page 9 of 11 Public Pension Trustee Training Once again the IPPFA is proud to present its regional seminars. By attending one of our regional seminars you are given the opportunity to hear speakers and professionals that work in the public pension arena on a daily basis. Receive up to date information in the areas of legislation, investments, ethics, the economy and fiduciary responsibilities. Check our web site www.inafa.ora for aaenda updates. Locations: (Subject to change) • Wednesday February 11, 2015 -NIU Outreach Campus -Hoffman Estates, IL • Wednesday March 25, 2015-Jumer's Hotel & Casino, 777 Jumper Drive, Rock Island IL • Wednesday June 10, 2015 -Doubletree by Hilton Collinsville -St. Louis, 1000 Eastport Plaza Drive, Collinsville, IL • Wednesday November 4, 2015 -John A. Logan College, 700 Logan College Road, Carterville, IL Seminars are scheduled from 8:00 AM until 4:00 PM Registration begins at 7:00 AM Use the Registration Form Below or Register online at www.ippfa.oEg (1 per person) -REGISTER NOW SPACE IS LIMITED - Find us on g Facebook Registration for (check one): 2111/15 Hoffman Estates 3/25115 Rock Island 6/10/15 Collinsville 11/4/15 Carterville Name: Preferred First Name on Badge: Fund/Organization Name: Preferred Address: Home Work Address: City: _ Phone: Email: Fax: Payment Information: I am paying by check: # I am paying by credit card: _Visa _MC Card Number: Name on Card and Signature: Billing Address: State: Zip: Registration Fee: IPPFA Members- $150.00 Non -Member- $300.00 Am Ex _ Discover City: Expiration: State: Zip: Call 815-7_53-7922 with registration questions (hours 8:00 am to 4:30 pm). All payments made payable to: NIU Mail to: Registration Office, Outreach Services, Northern IL University, DeKalb, IL 60115 E-mail: outj-eachregisfratiou,&,niu.edu NIU Fax: 815-753-6900 Register online: www.ippfa.org BOARD OF TRUSTEES OF THE MOUNT PROSPECT POLICE PENSION FUND 2016 BOARD MEETING DATES January 26, 2015 April 26, 2015 July 26, 2015 October 25, 2015 Board Meetings are held at 2:00pm Located at the Mount Prospect Village Hall 50 South Emerson Street Mount Prospect, Illinois 60056