HomeMy WebLinkAbout04/24/2018 PPFB MinutesMOUNT PROSPECT POLICE D
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MINUTES OF A REGULAR MEETING
OF THE BOARD OF TRUSTEES
TUESDAY, APRIL 24, 2018
A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday,
April 24, 2018 at 2:00 pm. at the Mount Prospect Village Hall, 50 S. Emerson Street, Mount Prospect,
IL for the purpose of conducting regular business.
CALL TO ORDER: Trustee Halachoulis called the meeting to order at 2:03 pm.
ROLL CALL:
PRESENT: Trustees Tony Halachoulis, Tom Hoskinson and Joe Gliner
ABSENT: Trustees Dave Erb and Dennis Saviano
ALSO PRESENT: John Falduto and Tom Sawyer (via teleconference), Sawyer Falduto Asset
Management, LLC; Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Officer
Craig Charak, Mount Prospect Police; Alex Michael and Kelley Failing,
Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement
Benefits — Craig Charak: The Board reviewed the regular retirement benefit calculation for Craig
Charak prepared by the Village of Mount Prospect. Officer Charak had an entry date of July 8, 1988,
retirement date of July 7, 2018, effective date of pension July 8, 2018, 55 years of age at date of
retirement, 30 years of creditable service, applicable salary of $102,932, applicable pension percentage
of 75%, amount of originally granted monthly pension of $6,433.25 and amount of originally granted
annual pension of $77,199. A motion was made by Trustee Hoskinson and seconded by Trustee
Halachoulis to approve Craig Charak's regular retirement benefit as calculated by the Village of Mount
Prospect. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
APPROVAL OF MEETING MINUTES: January 23, 2018 Regular Meeting Minutes: The Board
reviewed the January 23, 2018 regular meeting minutes. A motion was made by Trustee Halachoulis and
seconded by Trustee Hoskinson to approve the January 23, 2018 regular meeting minutes as written.
Motion carried unanimously by voice vote.
TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Quarterly Financial
Report prepared by Trustee Erb for the quarter ending March 31, 2018. The total market value of the
fund as of March 31, 2018 is $71,516,075 with an unrealized loss of $373,955. The report also included
a summary of all investment activity for the quarter, and a detailed schedule of investment holdings as of
March 31, 2018. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to
Mount Prospect Police Pension Fund
Minutes of Meeting — April 24, 2018
Page 2 of 4
accept the Quarterly Financial Report as prepared by Trustee Erb. Motion carried unanimously by voice
vote.
Presentation and Approval of Bills: The Board was presented with the Vendor Disbursements Report for
the period January 1, 2018 through March 31, 2018, for a total disbursement of $42,360.23. A motion
was made by Trustee Halachoulis and seconded by Trustee Hoskinson to accept the disbursement shown
on the Vendor Disbursements Report as presented. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
Additional Bills: Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois
Department of Insurance Compliance Fee invoice will be issued and payment is due by June 30th. A
motion was made by Trustee Halachoulis and seconded by Trustee Gliner to approve payment of the
IDOI Compliance Fee not to exceed $8,000. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
INVESTMENT REPORTS — SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investment Performance Report: John Falduto and Tom Sawyer (via teleconference) presented the
Quarterly Investment Performance Report for the quarter ending March 31, 2018. The ending market
value of the investment portfolio as of March 31, 2018 is $46,481,701. The total account return net of
fees is -0.16% for the quarter, for an investment return of -$57,136. Mr. Falduto and Mr. Sawyer
discussed the Growth Versus Value Performance, Market Commentary, Equity and Fixed Income
Portfolios, Small Cap Stocks and Transaction Ledger Report. All questions were answered by Mr.
Falduto and Mr. Sawyer. A motion was made by Trustee Halachoulis and seconded by Trustee
Hoskinson to accept the Quarterly Invest Performance Report as presented. Motion carried unanimously
by voice vote.
Portfolio Review — Mesirow Financial: Mesirow Financial did not attend the meeting. The Board
directed L&A to forward the most recent Mesirow Financial quarterly report to all members of the
Board.
Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this
time.
COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: L&A informed the
Board that second request Affidavits of Continued Eligibility were mailed to the outstanding pensioners
after the February due date. To date, one affidavit remains outstanding. The Board authorized L&A to
send the third request affidavit via certified mail to the outstanding pensioner. Updates will be provided
to the Board as they become available.
Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are
due by May 1St
Mount Prospect Police Pension Fund
Minutes of Meeting — April 24, 2018
Page 3 of 4
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There
were no applications for membership or withdrawals from the Fund at this time.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS (CONTINUED): Application
for Retirement — Timothy Janowick: The Board tabled this item until the next scheduled meeting.
Approve Regular Retirement Benefits — Thomas Hoskinson: The Board reviewed the regular retirement
benefit calculation for Thomas Hoskinson prepared by the Village of Mount Prospect. Officer
Hoskinson has an effective start date of December 30, 1997, retirement date of January 1, 2018,
effective date of pension of January 2, 2018, 50 years of age at date of retirement, 20 years of creditable
service, applicable salary of $104,632.00, applicable pension percentage of 50%, amount of originally
granted monthly pension of $4,359.67 and amount of originally granted annual pension of $52,316.00.
A motion was made by Trustee Halachoulis and seconded by Trustee Gliner to approve Thomas
Hoskinson's regular retirement benefit as calculated by the Village of Mount Prospect. Motion carried
by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
Approve Regular Retirement Benefits — Steve Burrell: The Board reviewed the regular retirement benefit
calculation for Steve Burrell prepared by the Village of Mount Prospect. Officer Burrell has an effective
start date of January 22, 1993, retirement date of May 11, 2018, effective date of pension of May 12,
2018, 50 years of age at date of retirement, 25 years of creditable service, applicable salary of
$116, 531.08, applicable pension percentage of 62.5%, amount of originally granted monthly pension of
$6,069.33 and amount of originally granted annual pension of $72,831.93. A motion was made by
Trustee Halachoulis and seconded by Trustee Gliner to approve Steve Burrell's regular retirement
benefit as calculated by the Village of Mount Prospect. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
Approve Regular Retirement Benefits — Robert Smith: The Board reviewed the regular retirement benefit
calculation for Robert Smith prepared by the Village of Mount Prospect. Officer Smith has an effective
start date of April 1, 1988, retirement date of March 31, 2018, effective date of pension of April 1, 2018,
52 years of age at date of retirement, 30 years of creditable service, applicable salary of $138,333.52,
applicable pension percentage of 75%, amount of originally granted monthly pension of $8,645.85 and
amount of originally granted annual pension of $103,750.14. A motion was made by Trustee
Halachoulis and seconded by Trustee Hoskinson to approve Robert Smith's regular retirement benefit as
calculated by the Village of Mount Prospect. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Gliner and Hoskinson
NAYS: None
ABSENT: Trustees Erb and Saviano
OLD BUSINESS: IDOI Annual Statement: The Board tabled this item until the next scheduled
meeting.
Mount Prospect Police Pension Fund
Minutes of Meeting — April 24, 2018
Page 4 of 4
Discussion/Possible Approval- Updated Board Rules and Regulations: Mr. Reimer informed the Board
that he will prepare updated Board Rules and Regulations prior to the next meeting for review. Further
discussion will be held at the next scheduled meeting.
Discussion/Possible Action Lauterbach & Amen True Cost Calculation Engagement Letter: The Board
reviewed the Lauterbach & Amen true cost engagement letter. Further discussion will be held at the next
meeting
Discussion/Possible Action on Pension Fund File Security: The Board discussed purchasing a file
cabinet for the Fund. Further discussion will be held at the next meeting.
NEW BUSINESS: Certs Board Election Results — Retired Member Position: L&A conducted an
election for the Retired Member position on the Mount Prospect Police Pension Fund Board of Trustees.
Tony Halachoulis ran unopposed and was reelected for a two-year term expiring April 30, 2020. A
motion was made by Trustee Hoskinson and seconded by Trustee Gliner to certify the Retired Member
election results. Motion carried unanimously by voice vote.
Review Preliminary Actuarial Valuation: The Board tabled this item until the next scheduled meeting.
Discussion/Possible Action — Mount Prospect Police Pension Board's Mailing Address: The Board
noted that all future Pension Fund mail should be sent to Dave Erb at 50 S. Emerson Street, Mount
Prospect, Illinois 60056.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and were
reminded to send all training certificates to L&A for recordkeeping.
ATTORNEY'S REPORT: Legal Update: Mr. Reimer reviewed his firm's quarterly Legal and
Legislative Update newsletter. 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 Halachoulis and seconded by Trustee Hoskinson to
adjourn the meeting at 3:08 pm. Motion carried unanimously by voice vote.
The next regular meeting of the Mount Prospect Police Pension Fund is July 24th, 2018.
Respectfully submitted,
Tony Halachoulis, President
Joe Gliner, Secretary
Date Approved by Board
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP