HomeMy WebLinkAbout04/27/2021 PPFB MinutesMOUNT PROSPECT POLICE PENSION FUND
911 E. Kensington Road m Mount Prospect, Illinois 60056
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MINUTES OF A REGULAR MEETING OF THE
MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES
APRIL 27, 2021
A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday,
April 27, 2021 at 2:00 p.m. at the Mount Prospect Police Department located at 911 E. Kensington
Road, 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 Flalachoulis, Amit Thakkar, Dennis Saviano and Bart Twcedie
ABSENT: Trustee John Napoleon
ALSO PRESENT: Attorney Bryan Strand, Reimer Dobrovolny and LaBardi PC; Tom Sawyer,
Sawyer Falduto Asset Management, LLC; Jennifer Fitzgerald, Village of Mount
Prospect; Alex Michael and Allison Barrett (via videoconference), Lauterbach &
Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: January 26, 2021 Regular Meeting: The Board reviewed
the January 26, 2021 regular meeting minutes. A motion was made by Trustee Halachoulis and
seconded by Trustee Thakkar to approve the January 26, 2021 regular meeting minutes as written.
Motion carried unanimously by voice vote.
TREASURER'S REPORT: There was no Treasurer's Report presented.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the three-
month period ending March 31, 2021 prepared by L&A. As of March 31, 2021, the net position held in
trust for pension benefits is $89,722,895.30 for a change in position of $2,814,664.21. 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 January 1, 2021 through March 31, 2021 for
total disbursements of $293,061.51. A motion was made by Trustee Thakkar and seconded by Trustee
Halachoulis to accept the Monthly Financial Report as presented and to approve the disbursements
shown on the Vendor Check Report in the amount of $293,061.51. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
Additional Bills, if any — Illinois Department of Insurance Compliance Fee: The Board noted that the
Illinois Department of Insurance Compliance Fee invoice will be issued. A motion was made by Trustee
Thakkar and seconded by Trustee Halachoulis to approve payment of the IDOI Compliance Fee in an
amount not to exceed $8,000, upon receipt of the invoice. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
Mount Prospect Police Pension Fund
Meeting Minutes — April 27, 2021
Page 2 of 4
INVESTMENT REPORTS — SAWYER FALDUTO ASSET MAGNAGEMENT, LLC: Quarterly
Performance Investment Report: Mr. Sawyer presented the Quarterly Investment Performance Report
for the period ending March 31, 2021. As of March 31, 2021, the first quarter net return is 3.1% versus
the first quarter account benchmark of 3.5%. The investment return for the quarter is $2,678,847 for an
ending market value of $88,100,924 The current asset allocation is as follows: fixed income at 33.4%,
equities at 65.6% and Cash Equivalent at 1%, 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 unanimously by voice vote.
Review/Update Investment Policy, it'needed: The Board discussed the Investment Policy and determined
that no changes are required at this time.
COMMUNICATIONS & REPORTS: Statements of Economic Interest: The Board was reminded that
the Statements of Economic Interest are due by May 1, 2021.
Affidavits of'Conlinued Eligibility The Board noted that all 2020 Affidavits of Continued Eligibility
have been received by L&A. The originals were provided to the Board for their recordkeeping.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: There
were no applications for membership or withdrawals from the Fund.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement —
Margaret Evans: The Board reviewed the regular retirement benefit calculation for Margaret Evans
prepared by L&A. Officer Evans had an entry date of July 1, 1998, retirement date of July 5, 2021,
effective date of pension of July 6, 2021, 56 years of age at date of retirement, 23 years of creditable
service, applicable salary of $111,521, applicable pension percentage of 57.50%, amount of originally
granted monthly pension of $5,343.72 and amount of originally granted annual pension of $64,124.64.
A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve Margaret
Evans's regular retirement benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
OLD BUSINESS: Discussion/Possible Action — Regarding Benefit Discrepancies: The Board
addressed the underpayment of Barbara Bopp in the amount of $587.19. A motion was made by Trustee
Thakkar and seconded by Trustee Halachoulis to adjust Ms. Bopp's gross monthly benefit to the correct
amount of $4,003.39 beginning with the May 2021 payroll and to issue the underpayment in the amount
of $587.19 to Ms. Bopp. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
The Board discussed the overpayment of Allen Wilcox in the amount of $2,135.07. A motion was made
by Trustee Saviano and seconded by Trustee Halachoulis to forgive the overpayment to Mr. Wilcox in
the amount of $2,135.07. Motion carried by roll call vote.
Mount Prospect Police Pension Fund
Meeting Minutes — April 27, 2021
Page 3 of 4
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
The Board discussed adjusting Mr. Wilcox's gross monthly benefit. A motion was made by Trustee
Saviano and seconded by Trustee Halachoulis to adjust Mr. Wilcox's gross monthly benefit to the
correct amount of $5,775.66 beginning with the May 2021 payroll. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
MY. Barret left the meeting at 2:35 p.m.
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]DOI Annual Statement.- The Board noted that the ID01 Annual Statement is in process and the final
report will be sent to the Board for review upon completion.
NEW BUSINESS: Review/Approve — Decision and Order - Maureen Kerrigan: The Board tabled this
item until the next regular meeting.
Certify Board Election Results -- Active Member Positions: L&A conducted an election for both of the
active member positions on the Mount Prospect Police Pension Fund Board of Trustees. John Napoleon
and Bart Tweedie both ran unopposed and were reelected for two-year terms expiring May 9, 2023. A
motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to certify the active member
election results. Motion carried by roll call vote.
AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie
NAYS: None
ABSENT: Trustee Napoleon
Appointed Member Term Expiration — Amit Thakkar: The Board noted that Trustee Thakkar will be
reappointed at the next Village Board meeting.
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: There were no Trustee
training registration fees or reimbursable expenses presented for approval.
Trustee Thakkar left the meeting at 3:00p.m.
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 Saviano to
adjourn the meeting at 3:01 p.m. Motion carried unanimously by voice vote.
Mount Prospect Police Pension Fund
Meeting Minutes — April 27, 2021
Page 4 of 4
The next regular mce�ti Ig is.s6liedufed for July 27, 2021 at 2:00 p.m.
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Board President or Secretary
Minutes approved by the Board of Trustees on
Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP