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Home My WebLink About01/24/2017 PPFB MinutesMOUNT PROSPECT ;f POLICE Emerson Stre.Mount1.1ect, Iffinois 60056 /,+ ��r area"�aesl mss¢ d°�°artaa p 4>�rea Da ve x4��A°t`ah"'111:1,�¢"¢e>�rral'arar:n�,a Dennis,^i�rura,xasrx ✓aaa,pr � °¢�;��¢�s¢x�xs /eoaar F1��r Trustee Trustoo MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES TUESDAY, JANUARY 24, 2017 A regular meeting of the Mount Prospect Police Pension Fund was held on Tuesday, January 24, 2017 at 2:00 p.m. at the Mount Prospect Village Hall, 50 S. Emerson Street, Mount Prospect, IL for the purpose of conducting regular business. CALL TO ORDER: President Tony Halachoulis called the meeting to order at 2:01 p.m. ROLL CALL: PRESENT: Trustees Tony Halachoulis, Tom Hoskinson, David Erb and Dennis Saviano ABSENT: Trustee Larry Rosenbarski ALSO PRESENT: Tom Sawyer and John Falduto, Sawyer Falduto LLC; Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Stacie Woodill, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 25, 2016 Regular Meeting Minutes: The minutes of the October 25, 2016 regular meeting were reviewed by the Board. A motion was made by Trustee Halachoulis and seconded by Trustee Erb to approve the October 25, 2016 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi -Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review. TREASURER'S REPORT: luarter°y Financial Rel)ort: The Beard reviewed the financial Statement prepared by Treasurer Erb for the quarter ending December 3 1, 2016..The total market value of the fund as of 12/31/2016 is $61,947,746 with an unrealized loss of $23"7,425.. A list of all vendor disbursements for the quarter was included in the report, totaling $84,514.93. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 12/31/2016. A motion was trade by Trustee Saviano and seconded by Trustee Halachoulis to accept the Treasurers Report as presented. Motion carried unanimously by voice vote. Presentation and A,olrroval oj'Bills: The Board was presented with the Vendor Disbursements Report for the period October 1, 2016 through December 31, 2016, for a total disbursement of $84,514.93. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the Vendor Disbursements Report. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson, Saviano and Erb NAYS: None ABSENT: Trustee Rosenbarski INVESTMENT REPORTS: Sawyer Falduto Asset Management: John Falduto presented the Quarterly Investment Performance Report for the quarter ending December 31, 2016. The ending market value of the equity Mount Prospect Police Pension Fund Minutes of Meeting — January 24, 2017 Page 2 of 3 portfolio as of 12/31/2016 is $38,131,487. The total account return net of 'fees is 4.18% for the quarter, for an investment return of $1,545,273. Year-to-date the total account return net of fees is 10.65% for an investment return of $3,723,824. Tom Sawyer discussed the Growth Versus Value Performance, Market Commentary, Equity and Fixed Income Portfolios, Small Cap Stocks and Transaction Ledger Report were reviewed with the Board. All questions were answered by Mr. Sawyer and Mr. Falduto, A motion was made by Trustee Erb, and seconded by Trustee Hoskinson to accept the Quarterly Investment Performance Report. Motion carried unanimously by voice vote. Possible Sales, Purchases, or Transfers of Funds within the Portfolio: There were no sales, purchases or transfers of funds recommended at this time. Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS AND REPORTS: Status of41fidavits oj'Eligibili(w The Board was informed there are four outstanding, 2016 affidavits, The Board directed L&A to send second requests to the pensioners with the outstanding affidavits. An update will be provided at the next regular meeting. Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2017. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2017. APPLICATIONS/WITHDRAWALS FROM THE PENSION FUND: There were no applications for membership or withdrawals from the fund at this time. The Board discussed payment of a contribution refund for Timothy 1yan that was, approved in the Vendor Disbursements Report for the period of October 1, 2016 through December 31, 2016. A motion was made by Trustee Saviano and seconded by Trustee Hoskinson to issue a refund of Timothy Ryan's contributions, gross amount of $36,085.91 plus a 20% tax withholding, for a total net amount of $28,868.73. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson, Saviano and Erb NAYS: None ABSENT: Trustee Rosenbarski APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: There were no applications for retirement or disability benefits at this time. OLD BUSINESS: Status of Creditable Service Purchase — Office Mike Meister: The Board noted there is no update at this time. NEW BUSINESS: Status of Annual Medical Examinations for Disabled Pensioners: The Board discussed placing authorization for annual medical examinations for disabled pensioners on future agendas. Discussion on RFP for Actuary Service: The Board discussed actuarial services and directed Trustee Erb to request proposals from various actuaries. Further discussion will be held at the next scheduled meeting. Approval ql'Annual Cost qf Living, Adjustments (.701,As)for Pensioners: The Board reviewed the 2017 Cost of Living Adjustments (see attached) as calculated by the Village of Mount Prospect. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the 2017 Cost of Living Adjustments as required by statute and calculated by Village of Mount Prospect. Motion carried by voice vote. Mount Prospect Police Pension Fund Minutes of Meeting — January 24, 2017 Page 3 of 3 Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently held by Trustee Hoskinson and Trustee Rosenbarski are expiring in April 2017. Trustee Rosenbarski wishes to remain on the Board if nominated. Trustee Hoskinson does not wish to remain on the Board. Lauterbach & Amen (L&A) will conduct an election on behalf of the Pension Fund for the two active member Trustee positions. A motion was made by Trustee Erb and seconded by Trustee Halachoulis to authorize L&A to conduct the elections for the two active member Trustee positions. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. The Board was reminded to send all training certificates to L&A for recordkeeping. Mr. Sawyer exited the meeting at 2:59 p.m. ATTORNEY'S REPORT: Mr. Reimer reviewed his firm's first quarter Legal and Legislative Update and discussed the article "Municipality Sanctioned for "Deliberately" Choosing to Underfund Police and Fire Pension Funds," as well as, recent Senate Bills 11 & 68. All questions were answered by Mr. Reimer. CLOSED SESSION, IF NEEDED: There were no items to discuss in closed session. ADJOURNMENT: A motion was made by Trustee Hoskinson and seconded by Trustee Erb to adjourn the meeting at 3:09 p.m. Motion carried by voice vote. The next regular meeting of the Mount Prospect Police Pension Fund will be held on TUESDAY, APRIL 25, 2017 at 2:00 p.m. Respectfully submitted, Tony Halachoulis, President Tom Hoskinson, Secretary Date Approved by Board Minutes prepared by Stacie Woodill, Pension Services Administrator, Lauterbach & Amen, LLP