HomeMy WebLinkAbout07/23/2019 PPFB Minutesm� , MOUNT PROSPECT POLICE PENSION FUti ND
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MINUTES OF A REG'ULAR MEETING OF THE
MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES
JULY 23 2019
A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday,
July 23, 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.
A
PRESENT: Trustees Tony Halachoulis, John Napoleon, Amit Thakkar and Bart Tweedie
ABSENT: Trustee Dennis Saviano
Reimer & Dobrovolny PC- Tom Sawyer, Sawyer vaiduto
ALSO PRESENT: Attorney Rick Reimer, 3
Asset Management, LLC; Deputy Finance Director Lynn Jarog, Village of Mount
Prospect; Alex Michael and Allison Barrett, Lauterbach & Amen, LLP (L&A)
APPROVAL OF MEETING MINUTES- April 23, 2019 Regular Meeting,, The Board reviewed the
April 23, 2019 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by
Trustee Thakkar to approve the April 23, 2019 regular meeting minutes as written. Motion carried by
roll call vote.
AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie
NAYS: None
ABSENT: Trustee Saviano
Semi -Annual Review of*Closed Session Meeting Minutes: There were no closed session meeting rninutcs
for review,.
TREASURER'S REPORT: Quarlerly Financial Rej_7ot-k The Board reviewed theQUarterly Financial
Report prepared by Trustee Thakkar for the quarter ending June 30, 2019, The total iinarket value of the
fund as of June 30 2019 is $74,399,128, with an unrealized gain or $668,185. The report also included a
SUnIrnary of all investment activity liar the quarter and a detailed schedule of investment holdings as of
June 301, 2019. A motion was made by Trustee Halachoulis and seconded by Trustee Napoleon to accept
the Quarterly Financial Report as prepared by Trustee Thakkar. Motion carried unanimously by voice
vote.
Presentation andApl)roval cif Bills.- The Board was presented with the Vendor Disbursements Report for
the period April 1, 2019 through June 30, 2019 for a total disbursement of $44,521.64. A motion was
made by Trustee Thakkar and seconded by Trustee Halachoulis to approve payment of the
disbursements shown on the Vendor Disbursements Report in the total amount of $44,521,64. Motion
carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie
NAYS: None
ABSENT: Trustee Saviano
Mount Prospect Police Pension Hund
Meeting Minutes — July 23, 201.
Fuge 2 of
Additional Bills, j'any: There were no additional bills presented for approval,
INVESTMENT REPORTS -- SAWYER FALDUTO ASSET MANAGEMENT, EMENT, LLC: Quarterly
Performance Investment Relj)orl: Mr. Sawyer presented the Quarterly Investment Performance deport
for the period ending June 30, 2019. As of June 30, 20191 the second quarter net return is 3.31 % versus
the second quarter account benchmark of 3,84%. The investment return for the quarter is $1,627,085 for
an ending market value of $50,191,233, The current asset ;allocation is as follows: equities at 100%. Mr.
Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report
and Transaction Ledger Report with the Board. A motion was rude b 'Trustee Hala.c;houlis and
seconded by Trustee Thakkar to accept the Quarterly Investment Performance Report as presented.
Motion carried unanimously by voice vote.
FI Income Manager --- Mesirow Financial: There was no report avaiIable for review.
. eviewlUpdale Inve.slmcml Policy: The Board discussed the Investment Policy and no changes are
needed at this time.
p iTI S"' 1 1"`l�c hoard noted that all.'fidittl
2019, Affidavits of or`tt,inu�ecf Bli `�° ic ity lve ccv rcce1
1 bar 1.J s cl the oj
given to the
Board for their rrecordkeeping,
Active Member �ile Maintenance: The Board noted that L &A will prepare Active Member File
Maintenance letters for distribution to all active members requesting any additional pension file
documents.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS MEMBERSHIP/WITHDRAWALSFROM THE PENSION FUND: There
were no applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS,-, Deceased Surviving Spouse —
Evelyn S� r c � Tl l and t� tc 1 that sury w v1,t,j,g� slw m tse I velyi� Savage grassed away ori May 1 l 9
�w y . � � , � , , h was, -, `� rwt,rstee I-tal�►�cl�or�t1 is at�� scord�e1 b
aril her pensity n benefit has cer sed. A motto � was made by l�' � y
e Thakk�ar to terminate the survivin spouse benefit for E-velyti Savage. Motion carried
T"r�tste g I
unanimously by voice vote.
.
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cr rrr4 Icr 1 c°rci Bene,',/^ Irc trw 1 ire t °t�vcd, tic rc ►.�1at rctrr
en,eft calctilation
For Jack 13
rat ntep t ecV iw l fa, c. . Jack Iw ae hadtini i tt y date o1 July 7,
1989, retiret et t d! tte Irl Ju y 6, 2019, ei,l,cctive, date c 1 l onslo of Rdy 7, 2I l � years
ofage at date of
retirement, 30 ears of creditable service, a plic�� �lc° s lar�y of $127,72.4.48, apt lica �ie pension
ret y p'
percentage o 7 %, a►rtc. L111( of originally ranted moan fly nsk) r$7 2.78 tr ,l amount 14 'ri it all,
w c,
tante n' ual pension of 7'93.36. A► ' tion va made y "I twt.� st.ce 1�-t c � ��r.tlis t�ud seconded g �w
Trustee "I�hakkar to approve .,lack Brogan"s regular �r�otit� t cr t cry l"�t ca c�tla^tee y t1 e tllagc, s r��; IVC
to the completion and submission of the completed retirement application to be received by the Ms.
J,arog. Motion carried by roll call vote.
AY ES: Trustees 1-ialachouli , Thakkar, Napoleon and 'Tweedie
NAYS: None
ABSENT.- 'Trustee Saviano
Mount Prospect Police Pension Fund
Meeting Minutes — July 23, 2019
Page 3 of 4
OLD BUSINESS: DiscussionlPossible Action on Pension Fund File Security: This item was tabled for
discussion until the next regular meeting,
Review/.Approve Written Decision and Order — Williain Nelson & Cheryl Sampson: The Board tabled
these items until the next regular meeting.
IDOI Annual Statement: The Board noted that the -finalized report was filed prior to the June 30, 2019
deadline.
NEW BUSINESS: Lauterboch & Amen, LLP Services: Allison Barrett from L&A gave a brief
*very ew of what services L&A provides to the Pension Fund and what other services L&A offers.
ReviewlApprove — Actuarial Valuation & Tax Levy Request: The Board tabled this item until the next
regular meeting.
Reviewl.4dopt — Municipal Compliance Report: The Board tabled this item until the next regular
meeting.
Appointed Member Position — The Board noted that Amit Thakkar was appointed to the Board by the
Mayor on June 4, 2019 to fulfill the unexpired two-year term expiring April 30, 2020.
Board Offlcer Elections -- President, Vice President, Secretary & Assistant Secretary: The Board
discussed Board Officer Elections. A motion was made by Trustee Halachoulis and seconded by Trustee
Thakkar to nominate the following state of Officers: Trustee Halachoulis as President and Trustee
Saviano as Vice President, Motion carried unanimously by voice vote,
The Board discussed Board Officer Elections, A. motion was made by Trustee Halachoulis and seconded
by TrUSLee Thakkar to nominate the following slate of Officers, Trustee Tweedie, as Sec.retary and
Trustee Napoleon as Assistant Secretary. Motion carried unanimously by voice vote,
FOIA Officer & OAS Designee: The Board discussed maintaining Trustee Halachoulis as the OMA
Designee and designated Trustee 'Thakkar as the F01A Officer.
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 Tr' crinin, Registration Fees and Reimbursable Expensesk There were no trustee
training registrations or reimbursable expenses presented for approval.
Mr. Sawyer leji the meeting at 2:.5.5 p.m.
ATTORNEY'S RE PORT — REIMER & DOBROVOLNV PC: Legal Update: 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.
Annual Independent Medical Examination — Michael Rose: The Board discussed sending Michael Rose
for his annual independent medical examination (IME), The Board authorized Attorney Reimer to send
Mount Prospect Police Pension Fund
Meeting Minutes — July 23, 2019
Page 4 of 4
Michael Rose for his annual IME with Dr. Eliadas in October. Further discussion will be held at the next
regular meeting.
ADJOURNMENT- A motion was made by Trustee Halachoutis and seconded by Trustee Thakkar to
9
adjourn the meeting at 3:15 p.m. Motion carried unanimously by voice vote.
The next 1 i i s elle 4,lel October 22, 2019 at 2:00 p.m.
. .. .. . . .... ....... .. . . .... . Z'
Board l"'resi-ident or Secretary
Minutes approved by the Board of Trustees on
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP