HomeMy WebLinkAbout04/17/2006 PPB MinutesMt. Prospect Police Pension Board
Regular Quarterly Meeting Minutes
April 17, 2006- Village Hall Conference Room
Meeting Called to order at 2:00 P.M.
BOARD MEMBERS PRESENT: Saviano, Kruchten, Rosenbarski,
Halachoulis Absent: DeFilipps
Others Present: r ., Rick Reimer (Board A`torney)
Rick Potter
Gary Karshna
Dave Erb
Sgt. Tom Lopotko
1) Review of minutes from January 16, 2006 regular meeting.
Motion: (To accept minutes of the January 16, 2006 meeting)
1 St- Kruchten
2°d- Halachoulis
Passed: 4-0
2) Treasurer's/Financial Report
A) Review Financial Statements and reports presented by Dave
Erb as of March 31, 2006.
Motion: (To accept Treasurer's Report)
1 St- Kruchten
2°d- DeFilipps
Passed: 4-0
B) Investment report by Rick Potter for quarter ending March 31, 2006.
Flash report and breakdown of performances given by Rick Potter.
Rick advised we were over the 45% limit for equities. He suggested
We move 1.4 million dollars in order to get to the 45% limit. Rick
suggested we take the listed amounts from:
Large Cap Growth- $400,000.00
Large Cap Value- $150,000.00
Large Cap Core- $300,000.00
Global- $250,000.00 (continued next page)
Ki
Small/Mid Cap- $300,000.00
Total- $1,400,000.00
Kruchten asked why we are keeping Ariel since it's not performing
well. He suggested we sell Ariel instead of taking money from the
other funds. Potter said Ariel are new managers and we should give
them more time. Rosenbarski said he thinks we should give Ariel one
more quarter. During this discussion the topic came up of how often
we need to balance to maintain the 45% limit. Gary Karshna said only
once a year.
The topic of Sudan investments was mentioned by Rick Potter. The
law as currently written gives us until July 2007 to be 100% Sudan -
free. However at than:' -, we cannot reinvest arr dividends or capital
gains back into thosc accounts. A discussion was held on what to do
with the dividends. Rosenbarski motioned the board move the capital
gains and dividends into IPTIP until such time we can find other funds
to invest the money into. The discussion was broken down into two
motions:
Motion: (Motion to give Ariel one more quarter)
I"- Saviano
2"d- Halachoulis
Passed- 4-0
Motion: (To accept Potter's report and move $1.4 million dollars
to IPTIP until other investments sources can be found)
1 S`- Rosenbarski
2"d- Halachoulis
Passed- 4-0
Gary Karshna form Capital Gains gave the board a Sudan Compliance form and
reported his projections for the bond market. Saviano asked Karshna why his
performance was been less than his predictions for the last five years. Gary said
he has always been conservative but is now becoming more aggressive.
Old Business
Sgt Tom Lopotko was present to report he has finished making payments to the
fund to by back three years of contributions. The total amount paid to the fund is
$24,071.82. Lopotko is asking for a letter from the board indicating he is paid up.
Dave Erb will follow up. Rick Reimer suggested the Village verify the deducted
amount and then the board can issue a letter to Lopotko.
Halachoulis brought to the board's attention the serious illness of Officer Michael
Barrett. Barrett had been diagnosed with non-Hodgkin's Lymphoma and was
currently under going treatment. Officer Barrett had mentioned he would be
applying for a non -duty related disability pension but as of this meeting no
application had been received. A discussion was held to have Rick Reimer handle
any inquiries form Barrett and to select three doctors to expedite Barrett's
application when he does apply.
Motion: (To have Rick Reimer handle any inquiries and application for
pension by Michael Barrett and to have Rick select three doctors
to expedite the pension application)
1 "- Halachoulis
2°d- Rosenbarski
Passed- 4-0
Tony Halac oulis, Secretary