HomeMy WebLinkAbout10/24/2005 PPB MinutesMt. Prospect Police Pension Board
Regular Quarterly Meeting
October 24, 2005- Village Hall Conference Room
BOARD MEMBERS PRESENT:
Others Present:
Meeting called to order at 2:09 p.m.
Rosenbarski, Saviano, Kruchten, Halachoulis
Carol Widmer (Assistant Finance Director)
Rick Potter (Board Financial Advisor)
Rick Reimer (Board Attorney)
1) Review minutes from July 25, 2005 regular meeting
Motion: (To accept minutes from July 25, 2005 meeting)
1 S`- Saviano
2nd- Kruchten
Passed: 4-0
2) Treasurer's/Financial Report
A) Review Financial Statements and reports presented by Carol Widmer
As of September 30, 2005
Review Statements of Assets by Carol Widmer. Carol reported a net
increase in the fund's assets of $658,000.00.
Motion: (To accept treasurer's report)
1 "- Halachoulis
2nd- Saviano
Passed: 4-0
B) Investment report by Rick Potter for quarter ending September 30,
2005
Flash report and breakdown of performances given by Rick Potter.
Potter reported the fund needs to reduce equities $650,000.00 to stay at
the statutory 45% maximum. He suggested transferring $250,000.00
from American Fund/Growth. A total of $600,000.00 will be
transferred to IPTIP to keep the fund at the 45% maximum.
Motion: (To transfer the necessary funds)
1 "- Kruchten
2nd- Saviano
Passed: 4-0
3) Old Business
A) A suggestion was made for the board to hire a court
reporter/stenographer to take notes an regular and special board meetings.
This person would also be responsible for preparing the minutes, mailings
and meeting notices. It was decided to table this matter until some
research into cost and availability of someone can be done.
4) New Business
A) Halachoulis passed out some information on pension law updates and
legal reviews obtained at the Illinois Public Pension Fund Annual
Training Conference on October 11-14.
B) Halachoulis told the board he discovered in the Illinois Pension
Statutes that the municipality must provide suitable office and storage
space for the pension board. A letter will be drafted to request the
needed space.
C) The meeting dates for 2006 were decided. They are January 16, 2006,
April 17, 2006, July 17, 2006 and October 16, 2006.
Motion: (to accept these dates)
I"- Saviano
2nd- Halachoulis
Passed: 4-0
Motion to adjourn meeting at 3:15 p.m.
15`- Saviano
2nd- Kruchten
Passed- 4-0
Tony Halachoulis, Secretary