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Home My WebLink About01/26/2021 PPFB MinutesMOUNT PROSPECT POLICE PENSION FUND 911 E. Kensington Road w Mount Prospect, Illinois 60056 ,o 4 TonY 11"Ibu:110111i,dohn Xipo]con Aw,f, Tljolkw Bm,t Tlrpodw Down", yal law" Pjv,�uycnl Asswtallt 5uuv(.vj, Tnistee Viro Mrsidont MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES JANUARY 26, 2021 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held via videoconference in accordance with Public Act 101-0640 on Tuesday, January 26, 2021 at 2:00 p.m. pursuant to notice. CALL TO ORDER: Trustee Halachoulis called the meeting to order at 2:02 p.m, ROLL CALL: PRESENT: Trustees John Napoleon, Tony Halachoulis, Amit Thakkar, Dennis Saviano (arrived at 2:27 p.m..) and Bart Tweedie ABSENT: None ALSO PRESENT: Attorney Rick Reimer, Reimer Dobrovolny and LaBardi PC; Tom Sawyer, Sawyer FaIduto Asset Management, LLC; Jennifer Fitzgerald, Village of Mount Prospect; Alex Michael, Jessica Doogan (arrived at 2:06p.m.) and Allison Barrett Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 27, 2020 Regular Meeting: The Board reviewed the October 27, 2020 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to approve the October 27, 2020 regular meeting minutes as written. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: Trustee Saviano Semi -Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for review. TREASURER'S REPORT: There was no Treasurer's Report presented. Jessica Doogan arrived at 2:061). m. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Rills: The Board reviewed the Monthly Financial Report for the twelve- month period ending December 31, 2020 prepared by L&A. As of December 31, 2020, the net position held in trust for pension benefits is $86,899,793.21 for a change in position of $8,566,248.81. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period October 1, 2020 through December 31, 2020 for total disbursements of $286,589.03. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of'$286,589.03. Motion carried by roll call vote. Mount Prospect Police Pension Fund Meeting Minutes — January 26, 2021 Page 2 of 4 AYES: Trustees Napoleon, I lalachoulisThakkar and Tweedie NAYS: None ABSENT: Trustee Saviano Additional Bills, if any: There were no additional bills presented for approval. INVESTMENT REPORTS — SAWYER FALDUTO ASSET MAGNAGEMENT, LLC: Quarterly Performance Investment Report.- Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending December 31, 2020. As of December 31, 2020, the fourth quarter net return is 9.49% versus the fourth quarter account benchmark of 10.56%. The investment return for the quarter is $7,551,365 for an ending market value of $86,800,518. The current asset allocation is as follows: fixed income at 33.2%, equities at 64.9% and Cash Equivalent at 1.9%. 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 Halachoulis and seconded by Trustee Thakkar to accept the Quarterly Investment Performance Report as presented. Motion carried by roll call vote. AYES: Trustees Napoleon, HalachOillis, Thakkar and Tweedie NAYS: None ABSENT: Trustee Saviano Review/Update Investment Policy, ij'needed: The Board discussed the Investment Policy and determined that no changes are required at this time. COMM'1N ICATiONS & REPORTS: Affidavits of Continued Eligibilitv,'Thc Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners with the December payroll cycle and a due date of January 29, 2021. A status update will be provided at the next regular meeting. 2021 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for reimbursement decreased to $0.56 per mile effective January 1, 2021. Statements oj'Economic Interest.- The Board noted that the List of Filers must be submitted to the County by The Village by February 1, 2021. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2021. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Aly)lications, fin- Allembership - Quimen Jedd and Michael Goorsky: The Board reviewed the Applications for Membership submitted by Quinten Jedd and Michael Goorsky. A motion was made by Trustee Thakkar and seconded by'frustee 11alachoulis to accept Ouinten Jedd and Michael Goorsky into the Mount Prospect Police Pension Fund effective November 10, 2020 as Tier 11 participants. Motion carried by roll call vote. AYES: Trustees Napoleon, Flalachoulis, Thakkar and Tweedie NAYS: None ABSENT: Trustee Saviano APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner — Charles 1,'orlon: The Board noted that surviving spouse Charles Forton passed away on November 26, 2020, A motion was made by Trustee lialachoulis and seconded by Trustee Thakkar to terminate Charles Forton's benefit effective November 27, 2020. Motion carried by roll call vote. Mount Prospect Police Pension Fund Meeting Minutes — January 26, 2021 Page 3 of 4 AYES: Trustees Napoleon, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: Trustee Saviano Deceased Surviving Spouse — Dorothy Homola: The Board noted that surviving spouse Dorothy Homola passed away on December 10, 2020. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to terminate Dorothy Hornola's benefit effective December 11, 2020. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar and Tweedie NAYS: None ABSENT: Trustee Saviano Trustee Savino arrived 2: 27 p. m. Review/Approve Regular Retirement Benefit — Maureen Kerrigan: The Board reviewed the regular retirement benefit calculation for Maureen Kerrigan prepared by L&A. Sergeant Kerrigan had an entry date of March 15, 1991, retirement date of March 14, 2021, effective date of pension of March 15, 2021, 53 years of age at date of retirement, 30 years of creditable service, applicable salary of $134,303, applicable pension percentage of 75%, amount of originally granted monthly pension of $8,393.94 and amount of originally granted annual pension of $100,727.25. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve Maureen Kerrigan's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: None OLD BUSINESS: Discussion/Possible Action — Regarding Benefit Discrepancies: After reviewing the information provided by L&A the Board would like to gather more information before moving forward. The Board will hold a special meeting once all the information has been gathered. Portability Update --- Michael Meister: The Board noted that L&A mailed correspondence to Michael Meister regarding his request to calculate the amount of money due to the Mount Prospect Police Pension Fund to purchase his military service time. Mr. Meister has declined his request to purchase military time. No further action is needed. NEW BUSINESS: Approve Annual Cost of Living Adjustments (COLAs) for Pensioners: The Board reviewed the 2021 Cost of Living Adjustments (see attached) calculated by L&A. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve the 2021 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: None Review Trustee Term Expirations and Election Procedures: The Board noted that the active member terms currently held by Trustee Napoleon and Trustee Tweedie are expiring in May 2021. Trustees Napoleon and Tweedie have expressed their interest 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 Trustee position held by Trustee Thakkar is expiring in April 2021 and he Mount Prospect Police Pension Fund Meeting Minutes — January 26, 2021 Page 4 of 4 is interested in remaining on the Board. The Board will contact the Village and seek reappointment of Trustee Thakkar to the Board. ID01 Annual Statement: The Board noted that the 11301 Annual Statement is in process and the final report will be sent to the Board for review upon completion. Mrs. Doogan left the meeting at 3:28p.m. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Stimmary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval elf Trustee Training Registration Fees and Reimbursable Expenses: The Board discussed the required 8 -hour training for 2021, A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve payment of the registration fees for the required 8 -hour Trustee training for 2021. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar, Saviano and 'Tweedie NAYS: None ABSENT: None ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI: Legal Updates: 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. CLOSED SESSION, IF NEEDED: There was no need for closed session, ADJOURNMENT: A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to adjourn the meeting at 3:40 p.m. Motion carried by roll call vote. AYES: Trustees Napoleon, Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: None The next regular �reting is scheduled for April 27, 2021 at 2:00 p.m. Board PiZside t or Secretary Minutes approved by the Board of Trustees on.---,...._--_, . .. ...... --.1- . ....... ... __111111111111111 . . ......... ... ___......._. Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP