HomeMy WebLinkAbout01/22/2019 PPFB MinutesMOUNT PROSPECT PO CE PENSION FUND
50 S. Emerson Street a Mount Prospect, Uhnois 60056
TOin [loskinson od va A'rh Joo Ofiner f
Toyll I, . 11;)� h? ch 0 11 h's I)o n r� is 6(,l via n o
I -I) -mq iden Trus(f,"o Tivstoo Soclrt,��)J, Triv--�teo
MINUTES OF A REGULAR MEETING
OF THE BOARD OF TRUSTEES
JANUARY 22, 201
A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday,
W"
January 22, 2019 at 1:00 pm at the Mount Prospect Village Hall, 50 S. Emerson Street, Mount Prospect,
Illinois for the purpose of conducting regular business.
I ItT-11 8
PRESENT.- Trustees Tony Halachou [is, Tom Hoskinson (arrived at 2:17 pm), Dave Erb and
Joe Gliner
ABSENT: Trustee Dennis Saviano
ALSO PRESENT*- Tom Sawyer and Ed Lavin, Sawyer FaIduto Asset Management, LLC; Rick
Reimer, Reimer & Dobrovolny PC (R&D), Alex Michael, Lauterbach & Amen,
LLP (LA)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: October 23, 2018 Regular Alleeting Minutes: The Board
reviewed the October 23, 2018 regular meeting minutes. A motion was made by Trustee Halachoults
and seconded by Trustee Erb to approve the October 23, 2018 regular meeting minutes as written.
Motion carried unanimously by voice vote.
Semi -Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes
for review.
TREASURER'S RE PORT: Quarterly Financial Report.- The Board reviewed the Quarterly Financia
Repot -t prepared by Trustee Erb for the quarter ending December 3 1, 2018. The total market value of th
fund as of December 31, 2018 is $66,409,154, with an unrealized loss of $196,884. The report als
included a summary of all investment activity for the quarter and a detailed schedule of investme
so
holdings as of December 31, 2018. A motion was made by Trustee Halachoulis and seconded by Truste
Gliner to accept the Quarterly Financial Report as prepared by Trustee Erb. Motion carried unanimousl
by voice vote,
Presentation and Aj)proval of Bills: The Board was presented with the Vendor Disbursements Report for
the period October 1, 2018 through December 31, 2018 for a total disbursement of $45,009-82. A
motion was made by Trustee Halachoutis and seconded by Trustee Gliner to approve payment of the
disbursements shown on the Vendor Disbursements Report 'in the total amount of $45,009.82. Motion
carried by roll call vote.
AYES: Trustees Halachoulis, Erb, Hoskinson and Gliner
NAYS: None
ABSENT: Trustee Saviano
Additional Bills, if any: There were no additional bills presentel
Trustee Hoskinso n joined the meeting at 2: 17 pm
Mount Prospect Police Pension Fund
Minutes of Meeting — January 22, 2019
Page 2 of 4
INVESTMENT REPORTS — SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investme.nt Per rmance Report: Tom Sawyer and Ed Lavin presented the Quarterly Investment
fo
Performance Report for the Schwab Investment Account for the quarter ending December 31, 2018. The
ending market value of the Schwab investment portfol8
io as of December 31, 201is 42,677,467. The
total account return net of fees is -0.16% for the quarter, for an investment return of
Sawyer and Mr. Lavin discussed the Growth Versus Value Performance, Market Commentary, Equity
and Fixed Income Portfolios, Small Cap Stocks and Transaction Ledger Report. All questions were
answered by Mr. Sawyer and Mr, Lavin. A motion was made by Trustee Halachoulis and seconded by
Trustee Erb to accept the Quarterly Investment Performance Report as presented. Motion carried
unanimously by voice vote.
Mount Prospect Police Pension Fund
Minutes of Meeting — January 22, 2019
Page 3 of 4
creditable service, applicable salary of $105,492,00, applicable pension percentage of 50%, amount of
originally granted monthly pension of $4,395.50 and amount of originally granted annual pension of
$52,746.00. A motion was made by Trustee Erb and seconded by Trustee Hal achoulis to approve Cheryl
Sampson's regular retirement benefit as calculated by the Village and to authorize Attorney Reimer to
prepare a draft written Decision and Order for the approved benefit calculation, Motion carried by roll
IV
call vote,
AYES: Trustees Halachoutis, Erb, Host inson and Gliner
NAYS: None
ABSENT: Trustee Saviano
Mount Prospect Police Pension Fund
Minutes of Meeting —January 22, 20 1-1
Page 4 of 4
Approve Annual Cosi of Living Adjustments (COLAs) for 11ensioners: The Board reviewed the 2019
Cost of Living Adjustments (see attached) as calculated by the Village of Mount Prospect. A motion
was made by Trustee Halachoulis and seconded by Trustee Erb to approve the 2019 Cost of Living
Adjustments as required by statute and calculated by the Village of Mount Prospect. Motion carried
unanimously by voice vote.
Review Trustee Term Expirations and Election Procedures: The Board noted that the active member
terms currently held by Trustee Gliner and Trustee Hoskinson are expiring in April 2019. Trustee Gliner
expressed his wish to remain on the Board if nominated. L&A will conduct an election on behalf of the
Pension Fund for both of the active member positions. The Board also noted that the appointed position
held by Trustee Saviano is expiring in April 2019 and he wishes to remain on the Board. The Board will
contact the Village and seek reappointment of Trustee Saviano to the Board.
IDOIAnnual Statement: The Board noted that completion of the 11301 Annual Statement 'is currently i
process. Updates will be provided to the Board as they become available. i
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and were
reminded to send all training certificates to L&A for recordkeeping. A motion was made by Trustee
Halachoult's and seconded by Trustee Gliner to approve payment of registration fees for any Trustees
who need to complete the annual 16 hours of Trustee training. Motion carried bv roll call vote.
AYES: Trustees Halachoulis, Erb, Hoskinson and Gliner
NAYS: None
ABSENT: Trustee Saviano
ATTORNEY'S REPORT: Legal Update: Attorney Reimer reviewed his firm's quarterly Legal and
Legislative Update newsletter. All questions were answered by Mr. Reimer.
ADJOUIRNMENT.- A motion was made by Trustee Halachoul is and seconded by Trustee Hoskinson to
adjourn the meeting at 3:51 pm. Motion carried unanimously by voice vote.
The next regular meeting of the Mount sped Police Pension Fund is scheduled for April 23, 2019.
Respectfully submitted,
Ton
1
y a ,11 , c oulis, President Date Approved by Board l4
Joe Gliner, Secretary
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LA
5 of 38