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Home My WebLink About01/28/20 PPFB Minutes2, � . m MOUNT PROSPECT POLICE PENSION FUND 7 50 S. Emerson Street a Mount Prospect, Ifnazs 60056 �"j 11 ",Plll� i. 111 11 �,?)�JIJJ 1�11`,jh il 'I AT P All, -c�IV Al" A t o MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 28, 2020 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, January 28, 2020 at 2:00 p.m. at the Mount Prospect Village Hall located at 50 S. Emerson Street, Mount Prospect, Illinois 60056, pursuant to notice. CALL TO ORDER: Trustee Saviano called the meeting to order at 2:00 p.m. ROLL CALL: PRESENT., Trustees John Napoleon, Ainit Thakkar, Dennis Saviano, and Bart Tweedie ABSENT: Trustee Tony Halachoulis ALSO PRESENT: Attorney Bobby Greene, Reimer & DobrovolnyTom Sawyer, Sawyer Falduto Asset Management,Deputy Finance Director Lynn Jarog, Village of Mount Prospect; Allision Barrett and Alex Michael, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 11, 2019;Special Meeting and October 22, 2019 Regular Meeting: The Board reviewed the October 11, 2019 special meeting minutes and the October 22, 2019 regular meeting minutes. A motion was made by Trustee Thakkar and seconded by Trustee Tweedle to approve the October 11, 2019 special meeting minutes and the October 22, 2019 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi -Annual Review oj'Closed Session -Meeting Minutes., There were no closed session meeting minutes for review. TREASURER'S REPORT: Quarterly Financial Report: The Board reviewed the Quarterly Financial Report prepared by Trustee Thakkar for the quarter ending December 31, 2019. The total market value of the fund as of December 31, 2019 is $78,356,765, with an unrealized gain of $671,390. The report also included a summary of all 'Investment activity for the quarter and a detailed schedule of investment holdings as of December 31, 2019. A motion was made by Trustee Tweedie and seconded by Trustee Napoleon to accept the Quarterly Financial Report as prepared by Trustee Thakkar. Motion carried unanimously by voice vote. Presentation andApproval of Bills: The Board was presented with the Vendor Disbursements Report for the period October 1, 2019 through December 31, 2019 for a total disbursement of $44,399.84, A motion was made by Trustee Saviano and seconded by Trustee Tweedie to approve payment of the disbursements shown on the Vendor Disbursements Report in the total amount of $44,399.84. Motion carried unanimously by voice vote. Additional Bills, if any: There were no additional bills presented for approval. i NEW BUSINESS: Discussion/Possible Action — Lauterbach & Amen, LLP Engagement Letter: The Board discussed this with the agenda item below. Mount Prospect Police Pension Fund Meeting Minutes — January 28, 2020 Page 2 of 4 DiscussionlPossible Action — Engagement oJ'L&A for A ccounting & Benefit Services.- Mrs. Barrett presented an overview of the Accounting and Benefits Administration Services offered by L&A. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to engage L&A for PSA, Accounting and Benefits Services in the annual amounts as follows: $36,925 for the year ended December 31, 2020; $39,,965 for the year ended December 31, 2021; and $40,950 for the year ended December 31, 2022 subject to Board Attomey's review. Motion carried by roll call vote. AYES: "FrusteesThakkar, Napoleon, Saviano and Tweedic NAYS: None ABSENT: Trustee Halachoulis Mrs. Barrett left the meeting at 3:0 7 R. m. INVESTMENT REPORTS: Quarterly Performance Investment Report — Sawyer FaIduto Asset Management, LLC: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending December 31, 2019. As of December 31, 201.9, the fourth quarter net return is 8.48% versus the fourth quarter account benchmark of 9.16%. The investment return for the quarter is $4,281,786 for an ending market value of $53,628,457. The current asset allocation is as follows: equities at 94.3% and Cash Equivalent at 5.7%. 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 Napoleon to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by voice vote. Fixed Income Manager — Mesirow Financial: There was no report for review. ReviewlUpdate Investment Policy, if needed- The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & RE PORTS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2020. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2020, ,Af Widemils of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners in December and a due date of January 13, 2020. To date, five affidavits remain outstanding. L&A will mail second request affidavits to the outstanding pensioners and status updates will be provided to the Board as they become available. 2020 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for reimbursement decreased to $0.575 per mile effective January 1, 2020. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There were no applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benqfits — Harry Moser: The Board reviewed the retirement benefit calculation for Harry Moser prepared by the Village. Officer Moser had an entry date of July 1, 1985, retirement date of March 23, 2001, effective date of pension of March 5, 2020, 41 years of age at date of retirement, 15 years, 8 months and 23 days of creditable service, applicable salary of $60,875, applicable pension percentage of 37.50%, amount of o.riginally granted monthly pension of $1,902.34 and amount of originally granted Mount Prospect Police Pension Fund Meeting Minutes — January 28, 2020 Page 3 of 4 annual pension of $22,828.13. A motion was made by Trustee Thakkar and seconded by Trustee Saviano to approve Harry Moser's regular retirement benefit calculated by the Village. Motion carried by roll call vote. AYES: Trustees Thakkar, Napoleon, Saviano and r I weed i e NAYS: None ABSENT: Trustee Halachoulis OLD BUSINESS: Discuss ionlPoss ible Action on Pension and File Security: The Board tabled this item until the next regular meeting. Review, Adopt and Publish Decision and Order — Jack Brogan: The Board tabled this item until the next regular meeting. NEW BUSINESS (CONTINUED): ID01 Annual Statement: The Board noted that the [DO[ Annual Statement is in process and the final report will be sent to the Board for review upon completion. Approve Annual Cost of Living Adjustments (COLAs) fvr Pensioners: The Board reviewed the 2020 Cost of Living Adjustments (see attached) calculated by L&A, A motion was made by Trustee Thakkar and seconded by Trustee Saviano to approve the 2020 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Thakkar, Napoleon, Saviano and r I "t weedie NAYS: None ABSENT: Trustee Halachoulis Review Trustee Term Expirations and Election Procedures: The Board noted that the retired member term currently held by Trustee Halachoulis is expiring in April 2020. L&A will conduct an election on behalf of the Pension Fund for the retired member Trustee Position. The Board also noted that the appointed Trustee position held by Trustee Thakkar is expiring in April 2020 and he desires to remain on the Board. The Board will contact the Village and seek reappointment of Trustee Thakkar to the Board. 11 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.- 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 Greene discu ssed recent court cases and decisions, as well as general pension matters with the Board. Annual Independent Medical Examination — Michael Rose: The Board noted that Michael Rose attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Thakkar and seconded by Trustee Saviano to continue the disability benefits of Michael Rose based on a finding that he remains disabled and sub ect to further annual examinations until age 50. Motion carried by roll call vote. 01 Mount Prospect Police Pension Fund Meeting Minutes — January 28, 2020 Page 4 of 4 AYES: Trustees Thakkar, Napoleon, Saviano and Tweedie NAYS: None ABSENT,- Trustee Halachoulis ADJOURNME NT: A motion was made by Trustee Thakkar and seconded by Trustee Napoleon to ad 0 ourn, the meeting at 3:42 p.m. Motion carried unanimously by voice vote. j The next re,tdelg is zdlc''d: t " I led for April 28, 2020 at 2:00 p.m, ,9 Board President orScer' Clat,)f Minutes approved by the Board of Trustees cin Minuies prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP