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Home My WebLink About04/25/2017 PPFB MinutesMount Prospect Police Pension Fund Minutes of Meeting — April 25, 2017 Page 2 of 4 AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano NEW BUSINESS: Creditable Service Transfer — Officer Dirk 011ech: The Board discussed Mr. 011ech's creditable service transfer from the Bensenville Police Pension Fund. Mr. 011ech will transfer the equivalent amount of service based on the total dollars that is coming over from Bensenville Police Pension Fund. The amount of value that will be transferred is $215,981.08 which equals 5 years, 3 months and 6 days. A motion was made by Trustee Erb and seconded by Trustee Halachoulis to accept Dirk 011ech's creditable service transfer upon receipt of $215,981.08 from Bensenville. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano OLD BUSINESS: Status of Creditable Service Purchase — Office Mike Meister: Mr. Reimer discussed with the Board Mr. Meister's inquiry about military creditable service purchase. Trustee Hoskinson will contact Mr. Meister and discuss the state statute regarding military creditable service purchase. NEW BUSINESS, Continued.: Certs Board Election Results — Active Member Position: Lauterbach & Amen conducted an election for one of the Active Member positions on the Mount Prospect Police Pension Fund Board of Trustees. Tom Hoskinson ran unopposed and was reelected by acclamation for a two-year term expiring April 30, 2019. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to certify the Active Member election results. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano Discussion on RFP for Actuary Services: Trustee Erb explained the RFP and hiring process with a committee comprised of members from the Village of Mount Prospect, the Mount Prospect Firefighters' Pension Fund and Trustee Rosenbarski from the Mount Prospect Police Pension Fund to interview and select an Actuary. A motion was made by Trustee Hoskinson and seconded by Trustee Halachoulis to accept a joint engagement with the Village of Mount Prospect and Mount Prospect Firefighters' Pension Fund and to authorize Trustee Erb to sign the engagement letter with Nyhart for Actuarial Services for the total annual cost to the Mount Prospect Police Pension Fund in the amount of $2,000.00. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano Trustee Erb noted that Michael Zurek from Nyhart will be presenting at the next regularly scheduled meeting. PUBLIC COMMENT: Mount Prospect Police Officer, Robert Smith, expressed his appreciation towards the Board. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Financial Statement prepared by Treasurer Erb for the quarter ending March 31, 2017. The total market value of the fund as of 03/31/2017 is $65,100,505 with an unrealized loss of $7,589. A list of all vendor disbursements for the quarter was included in the report, totaling $34,281.33. The report also included a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of 03/31/2017. MOUNT PROSPECT POLICE Emerson mMount Prospect,1 i, 7�.rrsyr!hihi(...,ho h7oin Hosl-r'sa;>on Dave Erb lie:^ Gline3r• Deja nis Savi;srsa f're side nt st-e;°x°e.'al'r Trustee ✓ragt =rr 7a ss,st aer MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES TUESDAY, APRIL 25, 2017 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, April 25, 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 2:13 p.m. ROLL CALL: PRESENT: Trustees Tony Halachoulis, Tom Hoskinson and David Erb ABSENT: Trustee Dennis Saviano ALSO PRESENT: Tom Sawyer and John Falduto, Sawyer Falduto LLC; Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Ryan Johnson, Mesirow Financial; Stacie Woodill, Lauterbach & Amen, LLP (L&A); Mount Prospect Police Officer's Robert Smith and Joe Gliner APPLICATIONS FOR RETIREMENT/ DISABILITY BENEFITS: Approval of Surviving Spouse Benefits — Sandra Rosenbarski: The Board noted that Larry Rosenbarski passed away on March 18, 2017. The Board reviewed the surviving spouse benefit calculation for Sandra Rosenbarski with an effective date of March 19, 2017, for a monthly benefit of $4,046.31 with no additional increases. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve the surviving spouse benefit of Sandra Rosenbarski as calculated by the Village of Mount Prospect. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano Approve Regular Retirement Benefits — Michael Jolie: The Board reviewed the regular retirement benefit calculation for Michael Jolie prepared by the Village of Mount Prospect. Officer Jolie had an entry date of 04/01/1993, retirement date of 04/20/2017, effective date of pension of 04/21/2017, 56 years of age at date of retirement, 21 years and 10 months of creditable service, applicable salary of $98,711.54, applicable pension percentage of 52.50%, and amount of originally granted annual pension of $51,823.56. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve Michael Jolie's regular retirement benefit as calculated by the Village of Mount Prospect. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano Approval of Surviving Spouse Benefits — Mary Garcia: The Board noted that Jose Garcia passed away on April 1, 2017. The Board discussed surviving spouse benefits for Mary Garcia. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to deny the request for surviving spouse benefits to Mary Garcia due to state statute and marriage requirements, Mr. Reimer will write a letter to Mary Garcia explaining the denial of benefits. Motion carried by roll call vote. Mount Prospect Police Pension Fund Minutes of Meeting — April 25, 2017 Page 3 of 4 Presentation and Approval of Bills: The Board was presented with the Vendor Disbursements Report for the period January 1, 2017 through March 31, 2017, for a total disbursement of $34,281.33. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve the Vendor Disbursements Report as presented. Motion carried by roll call vote. AYES: Trustees Halachoulis, Hoskinson and Erb NAYS: None ABSENT: Trustee Saviano Trustee Erb exited the meeting at 2: 47 p.m. and the quorum was lost. The Board listened to the investment presentations from Sawyer Falduto Asset Management and Mesirow Financial. No action was taken. INVESTMENT REPORTS: Sawyer Falduto Asset Management: John Falduto presented the Quarterly Investment Performance Report for the quarter ending March 31, 2017. The ending market value of the equity portfolio as of 03/31/2017 is $40,375,363. The total account return net of fees is 5.88% for the quarter, for an investment return of $2,258,175. 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. Mr. Sawyer apprised the Board that their American Beacon International Equity Mutual Fund was sold and Goldman Sachs International Mutual Fund was purchased to provide more diversity to the Fund's Portfolio. Portfolio Review — Mesirow Financial: Mr. Johnson reviewed the Bond Portfolio Market Value. The portfolio value for the period ending 03/31/2017 is $11,671,520.19. The total account return net of fees is 0.79% for the quarter. The current asset allocation is as follows: fixed income at 96.9% and cash and equivalents at 3.1 %. Mr. Johnson reviewed the Fixed Income Market Overview and answered questions from the Board. 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. ATTORNEY'S REPORT: Mr. Reimer noted that his second quarter Legal and Legislative Update is in the Board Packet for review. APPROVAL OF MEETING MINUTES: January 24, 2017 Regular Meeting Minutes: The minutes of the January 24, 2017 regular meeting will be reviewed at the next regularly scheduled meeting. COMMUNICATIONS AND REPORTS: The Board did not discuss due to lack of quorum, discussion will continue on this matter at the next regularly scheduled meeting. APPLICATIONS/WITHDRAWALS FROM THE PENSION FUND: The Board did not discuss due to lack of quorum, discussion will continue on this matter at the next regularly scheduled meeting. TRUSTEE TRAINING UPDATES: The Board did not discuss due to lack of quorum, discussion will continue on this matter at the next regularly scheduled meeting. CLOSED SESSION, IF NEEDED: There were no items to discuss in closed session. ADJOURNMENT: The meeting came to an end at 3:05 p.m. Mount Prospect Police Pension Fund Minutes of Meeting — April 25, 2017 Page 4 of 4 The next regular meeting of the Mount Prospect Police Pension Fund will be held on TUESDAY, JULY 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