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Home My WebLink About04/23/2019 PPFB Minutesib MOUNT PROSPECT POLICE PENSION FUND U11 50 S Emerson. Street w Mount Prospect, If of 60056 M Il III I, 11,�' dill', )i Ir i s 0 t f'W P 1111 111 , �l I I 111� r Tru"qt(w A 'osid(w ,III III I dlill"i 11� III 1111�:l IIIIII I 111�11 !III I u. I, MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OFTRUSTEES APRIL 235 2019 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, April 23, 20 19 at 2:00 p.m. at the Mount Prospect Village I --- lall located at 50 S. Emerson Street, Mount Prospect, Illinois 60056, pursuant to notice. 511 111111"1 [ITII`��11 llillilll IIIII �N�m MMM=16� 11=41111111��=� PRESENT: Trustees Tony HalaChOUlis, Toni Floskinson, 1...,ynn Jarog, Dennis Saviano and Joe G I i n e r (arr i ved at 2.- 08 p, m.) ABSENT: None A1..S0 PRESENT: Attorney Chris Potthoff, Reimer & DobrovoInv PC; Ed 1-.avin, Sawyer FaIduto Asset Mann gernent, i_.tx; Trustees Flect John Napeoloen and Bail Tweedie, Mount Prospect Police Department; Alex Michael and Jennifer Flores, I..auterbach & Amen, 1--A,P (L&A) PUBLIC COMMENT: 'I'liere was no public comment. r" I APPROVAL Ob'MEETING MINUTES: January 22, 2019 Regular Meeting,- I he Board reviewed the January 22, 2019 regular meeting minutes. A motion was made byTrustee 1-falachOLIlis and seconded by Trustee Saviano, to approve the January 22, 2019 regular meeting minutes as written, Motion carried unanimously by voice vote, Tru.slee Gliner arrived at 2.,08 p.m. TREASURER'S REPORT: Quarterly Pinancial Report.- The Board reviewed the Quarterly Financial Report prepared by Trustee Jarog for the quarter ending March 3 1, 2019. The total market value of the fund as of March 3 1� 2019 Is $73,388,857, with an unrealized gain of $353,795. The report also included a summary of all investment activity for the quarter and a detailed schedule of investment holdings as of March 3 1) 2019. A motion was made by Trustee Hoskinson and seconded by Trustee 1-talachoulis to accept the QUarterly Financial Report as prepared by 'FrUstee Jarog. Motion carried unanimously by voice vote, Presentation and A I ,r)l-,)roval qIT'lls,- The Board was presented with the Vendor Disbursements Report for the period January 1, 2019 through March 31, 2019 for a total disbursement of $39,201.21. A motion was made by Trustee Floskinson and seconded by 'Trustee Halachoulls to approve payment of the disbursements shown on the Vendor Disbursements Report in the total amount of $39,201.21. Motion carried by roll call vote. AYES: Trustees Halachoulis, Jarog, Hoskinson, Saviano and Gliner NAYS: None ABSENT: None Additional Bills, if ony — -Illinois Department oj'lnsuronee Compliance Fee,, The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be 'Issued. A motion was made by"Frustee 4 Mount Prospect Police Pension Fund Meeting Minutes — April 23, 2019 Page 2 of 4 11alachoulis and seconded by Trustee Savlano to approve payment of the ID01 Compliance Fee in an amount not to exceed $8,000. Motion carried by roll call vote, AYES: Trustees 11alachoutis, Iarog, Hoskinson, Saviano and Gliner NAYS., None ABSEN't": None INVESTMENT REPORTS — SAWYER FALDUTO ASSET MANAGEMENT, Ll..,C,., Otarterl Perfbrmance InveWment Rej)ort: Mr, Lavin presented the Quarterly Investment Performance Report fo the period ending March 31, 2019, As of March 3 1, 2019, the first quarter net return is 13,84% versu the first quarter account benchmark of 13,5%. 'Fhe investment return for the quarter is $5,920,903 for a ending market value of $48,582,366. The current asses allocation is as follows: equities at 100%. M L,avin reviewed the Market Commentary, Equity and Fixed Income Portfolios, Credit Rating Report an Transaction Ledger Report with the Board. A motion was made by Trustee Halachoulls and seconded b Trustee Hoskinson to accept the Quarterly Investment Performance Report as presented. 14'ixe'd Income -Alfan.ager --- Allesirow Financ 'his item was not discussed,, ReviewlUpdate Investment Policy: The Board discussed the Investment Policy and no changes are needed at this time. COMMUNICATIONS & REPORTS: Affidavits qfContinued Eligibility., L&A informed the Boar that second request Affidavits of Continued Eligibility were mailed to the. outstanding pensioners afte the January 31, 2019 due date. To date, two affidavits remain outstanding. The Board authorized I I& to send third request affidavits via certified mail to the Outstanding pensioners. Updates will be provide to the Board as they becorne available. L%temenls cif 'Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1, 2019. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: (.-.'ontribulion Ref�nd-- DavidCarlson: 'Fhe Board reviewed the contribution refund request submitted by David Carlson. A motion was made by Trustee HalachOUlis and seconded by Trustee Hos kins on to approve David Carlson's contribution refund in the amount of $44,870.17 paid in a direct rollover. Motion carried by roll call vote, AYES- Trustees Halachoulls, J'arog, Hoskinson, Saviano and Gliner NAYS: None ABSEN,r: None APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner — Michael Barre ttlAppro val of'LS�urviving Spouse Benqfits --- Donna Barrett.* The Board noted that Michael Barrett passed away on February 23, 201,9. The Board reviewed the surviving spouse benef-It calculation for Donna Barrett with an effective date of February 24, 2019 for a monthly benefit of $3,947.67 with no additional increcases, A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to approve the surviving spouse benefit of Donna Barrett as presented. Motion carried by roll call vote. AYES: Trustees Halachoulis, Jarog, Hoskinson, Saviano and Gliner NAYS,. None ABSENT: None 4 Mount Prospect Police Pension Fund Meeting Minutes — April 23, 2019 Page 3 of 4 Deceased Pensioner — Dennis Leonard.- The Board rioted that pensioner Dennis I eonard passed away on March 20, 2019 with no Surviving spouse and his pension benefit has ceased. A motion was made by Trustee Halachoulis and seconded by Trustee Floskinson to cease all pension benefits for Dennis Leonard. Motion carried by roll call vote. AYES: Trustees Halachoulis, Jarog, Hoskinson, Saviano and :diner NAYS: None A B S E NT: None Approve Regular Retirement Benqftt — Jeft�ey Schmilz.- The Board reviewed the regular retiremen benefit calculation for Jeffrey Schmitz prepared by the Village of Mount Prospect, Commander Schmib had an entry date of July 7, 1989, retirement date of July 6, 2019, effective date of pension of July 7 2019, 55 years of age at date of retirement, 30 years of creditable service, applicable salary o $144,755,02, applicable pension percentage of 75%, amount of originally granted monthly pension 0, $9,047.19 and amount of originally granted annual pension of $108,566,27. A motion was made b) Trustee Halachoulis and seconded by Trustee f loskinson to approve Jeffrey Schmitz's regular rettremen benefits as calculated by the Village of Mount Prospect, Motion carried by roll call vote. AYES: Trustees I lalachoulis, Jarog, I foskinson, Saviano and Gliner NAYS: None ABSENT`,None OLD BUSINESS: DiscussionlPossible Action on Pension 14'und Ff ile Yecurity: This item was tabled for discussion until the next regular m.eeting, ID -01 Annual �tatement,- The Board noted that the ID01 Annual Statement is in process and the Final report wilt be sent to the Board for review upon completion. NEW BUSINESS: C"ert' Board Election Results -- Active Allember Positions.- L.&A conducted an election for the active member positions on the Mount Prospect Police Pension Fund Board of Trustoes. The Board noted that 43 ballots were received and 40 ballots were counted with 3 ballots being spoiled. The active member election result;s are as follows: 7 votes for William Frances, 14 votes rorJoe Gliner, 16 votes -for Joseph Kanupke, 19 votes for John Napoleon, 3 votes for Seth Santi and 21 votes for Bart Tweedle. John Napoleon and Bart Tweedie were elected as the active members on the Board of Trustees for two-year terms expiring April 30, 2021. A motion was made by Trustee Halachoulis and seconded by Trustee Floskinson to certify the election results. Motion carried by roll call vote. AYES: Trustees I lalachoulis, Jarog, Floskinson, Saviano and Gliner NAYS: None ABSENT: None Appointed Member Term Exiration -- Dennis Yavianw The Board noted that Trustee Saviano's P appointment expires April 30, 2019. Trustee Saviano was reappointed to the Mount Prospect Police Pension Fund Board of Trustees by the Mayor for a two-year term. A motion was made by Trustee Halachoulis and seconded by Trustee Hoskinson to accept the reappointment of Trustee Saviano. Motion carried by roll call vote, AYES: Trustees Halachoulis, Jarog, flost inson and iliner NAYS: None A B S ENT: None ABSTAIN: Trustee Saviano Mount Prospect Police Pension Fund Meeting Minutes — April 23, 2019 Page 4 of 4 The Board noted that Lynn Jarog was appointed to the Mount Prospect Police Pension Fund Board of Trustees on April 3, 2019. ReviewlApprove Written Decision and Orders -- William Nelson & Cheryl 'Yarnpson.. The Board tabled these items until the next regular meeting, ReviewlApprove Written Decision and Order - Rick Tracy., The Board reviewed the Written Decision and Order -for Rick Tracy prepared by R&D. A motion was made by Trustee Halachoulis and seconded by 'trustee I- skins to adopt and publish the Written Decision and Order for Rick Tracy. Motion carried by roll call vote. A Y E S: Trustees Halachoulis, Jarog, Host in Saviano and Gliner NAYS: None ABSFNT., None TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcomina training opportunities. 'Trustees were reminded to SLibi-nit any certificates of %.W completion to L&A for recordkeeping. Approval of Trustee Training Registration T"ees and Reimbursable Expenses: There were no truste training registrations or reimbursable expenses presented for approval. i ATTORNEY'S REPORT — REIMER & DOBROVOLNY, PC: Legal Update,- The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Potthoff 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 Tru9tee Hos](inson and seconded by Trustee Halachoulis to Rdj0Urn the meeting at 3: 10 p.m. Motion carried unanimously by voice vote. The next regular nw'ce'�tingi SC/[)��d for July 23, 2019 at 2:00 p.m,, . . . ..... ....... .,� � � �� rr��u�...... . . . ............... . . . . .. ... ......... Board Presidentn� or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Alex Michael, Pension Services Adininistrator, Lauterbach & Amen, LLP