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Home My WebLink About04/28/20 PPFB MinutesIle It �� MOUNT PROSPECT POLICE PENSION FUND IOU S. Emerson Street w Ili ount Prospect, Iffino's 60056 V 11 (Y"(11,0 I Pill l ?JI �I%1111 j 11"41,ll�J II III I�1"111A MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES APRIL 28, 2020 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, April 28, 2020 at 2:00 p.m. via teleconference in accordance with Section 5 of Governor Pritzker's current Executive Order 2020-18 which expires April 30, 2020 (COVID-19 Executive Order No. 16), pursuant to notice. CALL TO ORDER: Trustee Halachoulis called the meeting to order at 2:03 p.m. IIIA � I !I :-- PRESENT: Trustees John Napoleon., Dennis Saviano, Tony Halachoulis and Bart Tweedie ABSENT: Trustee Amit Thakkar AL.,SO PRESENT: Attorney Bryan Strand, Reimer & Dobrovoiny PC- Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Alex Michael, Allison Barrett and Jessica Doogan, Lauterbach & Amen, LLP (L A) PUBLIC COMMENT.- There was no public comment. APPROVAL OF MEETING MINUTES: January 28, 2020 Regular' Meeting., The Board reviewed the January 28, 2020 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to approve the January 28, 2020 regular meeting minutes as written. Motion carried unanimously by voice vote, TREASURER'S REPORT: ?uarterlyFinancial Re ork There was no Treasurer's Report presented at p this time, ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly .f Report: There was no Accountant's Report presented at this time. Presentation acrd Approval ofBills: There were no bills presented at this time. Additional Bills, if'any — Illinois Department ql'Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was made by Trustee Halachoulis and seconded by Trustee Napoleon to approve payment of the [DOI Compliance Fee in an amount not to exceed $8,000. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis and Tweedie NAYS: one ABSENT: Trustee Thakkar 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 March 31, 2020, As of March 31, 2020, the first quarter net return Is (20).98%) versus the first quarter account benchmark of (22.1?'"' ). The investment return for the quarter is ($10,969,645) for an ending Market value of $41,138,701. The current asset allocation is as follows: equities at 96.2% and Cash Equivalent at 3.8%. Mr. Sawyer and Mr. Falduto reviewed the Market Mount Prospect Police Pension Fund Meeting Minutes — April 28, 2020 Page 2 of 4 Commentary, Equity and Fixed Income Portfolios, Credit Rating Report and Transaction Ledger Report w ith the Board. I ReviewlUpdate Investment Policy, if needed.- The Board reviewed the current investment policy. Mr. Falduto and Mr. Sawyer provided proposed language to update the policy to comply with the Illinois Sustainable Investment Act along with adjustments to allowable benchmarks, A motion was made by Trustee 11alachoulis and seconded by Trustee Saviano to accept changes to the investment policy and allow Sawyer Falduto to 'implement the change immediately. An updated investment policy will be available for signature at the next regular meeting. Motion carried unanimously by voice vote. Fixed Income Manager — Mesirow Financial: There was no report for review. COMMUNICATIONS & REPORTS: Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2020. Ajfidavits qf* Continued Eligibility: The Board noted that all 2020 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their recordkeeping. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Contribution Refund — Daniel Salzman: The Board reviewed the contribution refund request submitted by Daniel Salzman. A motion was made by Trustee Ralachoulis and seconded by Trustee Saviano to approve Daniel Salzman's contribution refund in the amount of $3,677.46 paid in a direct roll over issued on February 26, 2020. Motion carried by roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulls, and Tweedie NAYS: None ABSENT: Trustee Thakkar APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits — Harry Moser: The Board noted that Mr. Moser's regular retirement calculation 'is not yet completed. Further discussion will be held at the next regular meeting. OLD BUSINESS: DiscussionlPossible Action on Pension Fund File Security.- The Board tabled this item until the next regular meeting. Review, Adopt and Publish Decision and Order — Jack Brogan.- The Board reviewed the Decision anct, Order prepared by Reimer and Dobrovolny, PC. A motion was made by Trustee 14alachoulis and seconded by Trustee Tweedie to approve, adopt, and publish the Decision and Order for Jack Brogan. Motion carried bv roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis and Tweedie NAYS: None ABSENT: Trustee Thakkar Review, Adopt and Publish Decision and Order — Harry Alloser: The Board tabled this item until the next regular meeting. IDOI Annual Statement: The Board noted that the ID01 Annual Statement is in process and the final report will be sent to the Board for review upon completion, Mount Prospect Police Pension Fund Meeting Minutes — April 28, 2020 Page 3 of 4 NEW BUSINESS: DiscussionlPossible Action — Regarding Benefit Discrepancies: Ms. Barret informed the Board that during the initial set up with the Pension Fund, L&A found benefit discrepancies and reviewed the information that will need to be provided to complete the set -tip process. All questions were answered by i Further discussion will be held at the next regular meeting. Certify 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 May 12, 2022. A motion was made by Trustee Saviano and seconded by Trustee Tweedie to certify the retired member election results. Motion carried unanimously by voice vote. Appointed Member Term Expiration — Amit Thakkar: The Board noted that Trustee Thakkar's appointed term expires April 30, 2020 and reappointment has been requested. Further discussion will be held at the next regular meeting. Portabilily Update — Jack Levicki: The Board noted that L&A sent correspondence to Jack Levicki regarding his request to calculate the transfer of his creditable service of 5 years, 2 months and 19 days from the Mount Prospect Police Pension Fund to the Vernon Hills Police Pension Fund but no response has been received to date. El*ibilily of Deferred Member — Timothy danowick: The Board noted that deferred pensioner Timothy 19 Janowick will reach the age of 50 on July 12, 2020 and will be eligible to begin collecting his pension benefit starting with the July payroll cycle. Mr. Janowick's benefit calculation was previously approved by the Board at the October 2017 regular meeting. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to direct L&A to begin paying Mr. Janowick's pension benefit upon reaching age 50. Motion carried bv roll call vote. AYES: Trustees Napoleon, Saviano, Halachoulis and Tweedie NAYS: None ABSENT: Trustee Thakkar TRUSTEE TRAINING UPDATES: The Board reviewed the TrusteeTraining Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of II to L&A for recordkeeping. Approval qf'Trustee Training Registration Fees and Reimbursable Expenses.- There were no trustee training registrations or reimbursable expenses presented for approval. ATTORNEY'S REPORT — REIMER & DOBROVOLNY PC: Legal Updates.- The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Strand discussed recent court cases and decisions, as well as general pension matters with the Board. QILDRO — Robert Etchingham: The Board had previously reviewed and approved the QILDRO for Robert Etchingharn. No Further action is needed by the Board, Mr. FaIduto left the meeting at 3:15 p.m. CLOSED SESSION, IF NEEDED: There was no need for closed session. Mount Prospect Police Pension Fund Meeting Minutes — April 28, 2020 Page 4 of 4 ADJOURNMENT: ►A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to Y -d ourn the meeting at 3:18 p.m. Motion carried unanimously by voice vote. i The next i-egt4a,r, meet-inels, s lIcd"e,d to" July 28, 2020 at 2:0+0p .m. BrnNrri oard President or Seci-dary Minutes approved by the Board of Trustees on,, .................... . . --- .. ..... Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP