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Home My WebLink About10/22/2019 PPFB MinutesIhOUNT PROSPECT POLICE PENSION FUND 50 S. Emerson Street a Mount Prospect, Uhnol's 60056 'Tan -.11' 1."�ehoujj'j,? Nkon Aniii Thakko, 11"irt T�rt. ';'° " P' 11"91)] 0 P),eside I) t 1LIM1,114811t J500'ro (.1 Ij," Tnu�tro Selv,'ro 0"Criv Vier,, 1're"'fidenl MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES OCTOBER 22,2019 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, October 22, 2019 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 Halachoulis called the meeting to order at 2:00 p.m. ROLL CALL: PRESENT: Trustees Tony Halachoulis, John Napoleon, Amit Thakkar, Dennis Saviano and Bart Tweedle ABSENT: None ALSO PRESENT: Attorney Bryan Strand, Reimer & Dobrovolny PC; Tom Sawyer and Ed Lavin, Sawyer Falduto Asset Management, LLC; Peter Hegel, Mesirow Financial,, LLQ Deputy Finance Director Lynn Jarog, Village of Mount Prospect.; Jennifer Flores, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. "r I APPROVAL OF MEETING MINUTES: July 23, 2019 Regular Meeting.- r I -,q ne Board reviewed the July 23, 2019 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the July 23, 2019 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 Thakkar for the quarter ending September 30, 2019. The total market value of the fund as of September 30, 2019 is $75,077,472, with an unrealized gain of $764,701. The report also included a summary of all investment activity for the quarter and a detailed schedule of 'investment holdings as of September 30, 2019. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to accept the Quarterly Financial Report as prepared by Trustee Thakkar. Motion cArried unanimously by voice vote. Presentation and Approval qf Bills.- The Board was presented with the Vendor Di sbursements Report for the period July 1, 2019 through September 30, 2019 for a total disbursement of $88,240.54. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulls to approve payment of the disbursements shown on the Vendor Disbursements Report in the total amount of $88,240,54. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon, Saviano and Tweedie NAYS: None ABSENT: None Additional Bills, ij'any., There were no additional bills presented for approval INVESTMENT REPORTS: Quarterly Performance Investment Report — 25awyer Falducto Asset Management, LLC: Mr. Sawyer and Mr. Lavin presented the Quarterly Investment Performance Report for the period ending September 30, 2019, As of September 30, 2019, the third quarter net return is Mount Prospect Police Pension Fund Meeting Minutes — October 22, 2019 Page 2 of 4 0.35% versus the third quarter account benchmark of 0.60%. The investment return for the quarter is $193,197 for an ending market value of $50,365,608. The current asset allocation is as follows: equities at 99.9% and Cash Equivalent at 0.1 %. Mr, Sawyer and Mr. Lavin 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 Halachoulis and seconded by Trustee Thakkar to accept the Quarterly Investment Performance Report. as presented. Motion carried unanimously by voice vote. Fixed Income Manager — Alfesirow Financiat Mr. Hegel reviewed the Bond Portfolio Mark Value. Th portfolio value for the period ending September 30, 2019 is $11,719,136.13, The total account return n of fees is 1.53% for the quarter. The current asset allocation is as follows: Fixed Income at an Cash and Equivalents at 2.71. Mr., Hegel reviewed the Fixed Income Market Overview and answere questions from the Board. A motion was made by Trustee Halachoulis and seconded by Truste Napoleon to accept the Fixed Income Report as presented. Motion carried unanimously by voice vote. Custodial Update: This item was not discussed. ReviewlUpdate Investment Policy, �f needed.- The Board discussed the Investment Policy and no changes are needed q. t this time. J APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Applications jbr Membership — Tyler Johnson, Kevin Ffrench, Daniel Chirila and Amanda DeGroot: The Board reviewed the Applications for Membership submitted by Tyler Johnson, Kevin Ffrench, Daniel Chirila and Amanda DeGroot. A motion was made by Trustee Halachouhs and seconded by Trustee Thakkar to accept Tyler Johnson and Kevin Ffrench effective June 21, 2019, Daniel Chirila effective April 28, 2019 and Amanda DeGroot effective September 10, 2019 into the Mount Prospect Police Pension Fund effective their respective dates of hire, as Tier 11 participants, Motion carried by roll cal I vote. AYES: Trustees Halachoulis, Thakkar, Napoleon, Saviano and Tweedie NAYS.- None ABSENT: None )'11"PLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: There were no applications for retirement or disability benefits. OLD BUSINESS: DiscussionlPossible Action on Pension Fund File Security: The Board tabled this item until the next regular meeting, Mr. Sawyer left the meeting at 2:43 p.m. Review�rove -- Actuarial Valuation & Tax Levy Request: The Board reviewed the Actuarial Valuation prepared by Nyhart. Based on data and assumptions, the recommended municipal contribution is $3,864,556 and the statutory minimum contribution amount is $3,217,035. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,864,556 from the Village of Mount Prospect based on the recommended amount stated in the Actuarial Valuation prepared by Nyhart, M,otjon carried by roll call vote, Mount Prospect Police Pension Fund Meeting Minutes — October 22, 2019 Page 3 of 4 Thakkar, Napoleon, Saviano and i weedie AYES Trustees Halachoul'1 s, NAYS: None ABSENT.- None ReviewlAdopt — Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon, Saviano and Tweedie NAYS: None ABSENT: None NEW BUSINESS.- Establish 2020 Board Meeting Dates.- The Board established the 2020 Board meeting dates as January 28, 2020; April 28, 2020; July 28, 2020,; and October 27, 2020 at 2:00 p.m. at the Mount Prospect Village Hall located at 50 S. Emerson Street, Mount Prospect, Illinois 60056. 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: Trustee Halachoulis informed the Board that he attended the 2019 IPPFA MidAmerican Pension Conference and requested reimbursement for his mileage. A motion was made by Trustee Thakkar and seconded by Trustee Napoleon to approve the Trustee training reimbursement as stated. Motion carried by roll call vote* AYES: Trustees Halachoulis, Thakkar, Napoleon, Saviano and Tweedie NAYS.- None ABSENT,-, None ATTORNEY'S REPORT — REIMER & DOBROVOLNY PC: Legal Updates: The Board reviewe the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed recent court cases an decisions, as well as general pension matters with the Board. I Annual Independent Medical Examination — Michael Rose., Attorney Strand informed the Board that Michael Rose attended his annual independent medical examination. The report has not yet been received; further discussion will be held at the next regular meeting. Annual Independent Medical Examination — Ron Kadzielawski: The Board noted that Ron Kadzielawski is now 50 years of age and 'is no longer required to complete his annual independent medical examination. No further action 'is needed, OLD BUSINESS (CONTINUED): ReviewlApprove Written Decision and Order — William Nelson & Cheryl Sampson.- The Board reviewed the Decision and Orders prepared by R&D, A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to approve, adopt and publish the Decision and Orders for William Nelson and Cheryl Sampson. Motion carried by roll call vote. AYES: Trustees Flalachoulls, Thakkar, Napoleon, Saviano and Tweedie NAYS: None ABSENT: None Mount Prospect Police Pension Fund Meeting Minutes — October 22, 2019 Page 4 of 4 RevievvlApj�ove Written Decision and Order — Jack Brogan.- The Board tabled this item until the next regular meeting. CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: The Board adjourned the meeting at 3:01 p.m. The next t-egiflar,voctitig issschedtjJA,' alltft-28,2020at2:00p.rn. Y .1* 0 Board P,i resf� elf" or Secretary Minutes approved by the Board of Trustees on, Xiin'utes prepared by Jennifer Flores, Pension Services Administrator, Lauterbach & Amen, LLP