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Home My WebLink About07/28/20 PPFB MinutesMOUNT PROSPECT POLICE PENSION FUND 911 E. Kensm*gton Road m Mount Prospect, Illinoi's 60056 77 Tor?u' 11 dac".11oalif- J01 17 J)I,101(,'(w2 Thaicicta" 1"a'), "t e" C, , .. e"I'lio"C"vi t Assist'Wil, X"5"'C'Crotal'-y 'I'llu"dou SOcreta t,,v,- 1"'l-c-Sident MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES JULY 289 2020 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, July 28, 2020 at 2:00 p.m. at the Mount Prospect Police Department located at 911 E. Kensington Road, Mount Prospect, Illinois 60056, pursuant to notice. CALL TO ORDER: Trustee Halachoulis called the meeting to order at 2:00 p.m. ROLL CALL: PRESENT: Trustees John Napoleon, Dennis Saviano (arrived at 2:03 p.m.), Tony Halachoulis, Amit Thakkar and Bart Tweedie ABSENT: None ALSO PRESENT.- Attorney Rick Reimer, Reimer & Dobrovolny PC; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael (via videoconference) and Michael May, Lauterbach & Amen,, LLP (L&A.) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 28, 2020 Regular Meeting: The Board reviewed the April 28, 2020 regular meeting minutes. A motion was made by Trustee Napoleon and seconded by Trustee Tweedie to approve the April 28, 2020 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. Trustee Saviano arrived at 2:03 p.m. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the five- month period ending May 31, 2020 prepared by L&A. As of May 31, 2020, the net position held in trust for pension benefits is $75,268,659.49 for a change in position of ($3,064,884.91). The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period March 1, 2020 through May 31, 2020 for total disbursements of $283,854.04. A motion was made by Trustee Thakkar and seconded by Trustee Saviano to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $283,854.04. Motion carried unanimously by voice vote. Additional Bills, if'any: There were no additional bills presented for approval. Mount Prospect Police Pension Fund Meeting Minutes — July 28, 2020 Page 2 of 4 INVESTMENT REPORTS: Quarterly Performance Investment Report — Sawyer Falduto Asset Management, LLC.- Mr. Sawyer and Mr. Falduto presented the Quarterly Investment Performance Report for the period ending June 30, 2020. As of June 30, 2020, the second quarter net return is 20.73% versus the second quarter account benchmark of 21%. The investment return for the quarter is $8,541,566 for an ending market value of $49,664,840. The current asset allocation is as follows: equities at 96.9% and Cash Equivalent atSawyer and Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report with the Board. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by voice vote. Fixed Income Manager — Mesirow Financial: There was no report presented, ReviewlUpdate Investment Policy, if* needed: The Board will review an updated investment policy for approval at the next regular meeting. COMMUNICATIONS & REPORTS: Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting Iny additional pension file documents. APPLICATIONS FOR MEMBERSHIPIWITHDRAWALS FROM THE PENSION FUND: Contribution Refund — Angelo Anzalone: The Board discussed the contribution refund request submitted by Angelo Anzalone. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve Angelo Anzalone's contribution refund subject to submission of all required naloerwork. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Harry Moser: The Board reviewed the regular retirement benefit calculation for Harry Moser prepared by L&A. Patrol Officer Moser had an entry date of July 1, 1985, retirement date of March 23, 2001 , effective date of pension of March 5, 2020, 60 of years of age at date of retirement, 15 years of creditable service, applicable salary of $60,875.00, applicable pension percentage of 37.5%, amount of originally granted monthly pension of $1,902.34 and amount of originally granted annual pension of $225828.08. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to approve Harry Moser's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None Deceased Pensioner — Steven Leonard.- The Board noted that pensioner Steven Leonard passed away May 4, 2020 with no surviving spouse and his pension benefit has ceased. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to terminate Steven Leonard's benefit effective May 5, 2020. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None Mount Prospect Police Pension Fund Meeting Minutes — July 28, 2020 Page 3 of 4 OLD BUSINESS: DiscussionlPossible Action on Pension Fund File Security: The Board noted that this item no longer needs to be discussed. Review, Adopt and Publish Decision and Order — Harry Moser: The Board tabled this item until the next regular meeting. ID01 Annual Statement.- The Board noted that the finalized report was filed prior to the June 30, 2020 deadline. Appointed Member Terth Expiration — Amit Thakkar: The Board noted that Trustee Thakkar was reappointed to the Mount Prospect Police Pension Fund Board of Trustees by the Mayor for a one-year term expiring June, 202 1. DiseussionlPossible Action — Regarding Benefit Discrepancies: The Board tabled this item until the next regular meeting. NEW BUSINESS: Portability Update — Michael Meister: Attorney Reimer informed the Board that more information is needed prior to making any decisions. Further discussion will be held at the next regular meeting. Board Officer Elections — President, Vice President, Secretary & Assistant Secretary: The Board discussed Board officer Elections and nominated the following slate of Officers: Tony Halachoulis as President; Dennis Saviano as Vice President; Bart Tweedie as Secretary; and John Napoleon as Assistant Secretary. A motion was made by Trustee Saviano and seconded by Trustee Thakkar to elect the slate of Officers as stated. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None FOIA Officer & OMA Designee: The Board discussed maintaining Trustee Thakkar as the FOIA Office and Trustee Halachoulis as the OMA Designee. I TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: The Board reviewed the upcoming training opportunities. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis, to approve the registration fees for any Trustees in order to complete their required 8 -hour training and transition training. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None NEW BUSINESS (CONTINUED): ReviewlApprove — Actuarial Valuation and Tax Levy Request: The Board tabled this item until the next regular meeting Mount Prospect Police Pension Fund Meeting Minutes — July 28, 2020 Page 4 of 4 ReviewlAdopt — Municipal Compliance Repork The Board tabled this item until the next regular meeting. ATTORNEY'S REPORT — REIMER & DOBROVOLNY PC: Annual Independent Medical Examination — Mike Rose: Attorney Reimer informed the Board that Mike Rose was examined by Dr. Eliades and the examination determined that Mike Rose remains disabled. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to continue Mike Rose's disability benefits based on a finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: None Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed recent court cases and decisions, as well as general pension matters with the Board. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to adjourn the meeting at 3:35 p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 27, 2020 at 2:00 p.m. Board President or Secretary Minutes approved by the Board of Trustees on" -- Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP