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Home My WebLink About07/27/2021 PPFB MinutesMOUNT PROSPECT POLICE PENSION FUND * ri 911 E. Kensington Road a Mount Prospect, Illinois 60056 Am.), lhdaehoohs lobn Nap okon Any,( 77mk1fir Rut Tmeedi"? M"n"'sSal""no Pro."Ident ,mlwmSevn,tar Svervta'y y Triy"ieu G'u'e Awsidant MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES JULY 27, 2021 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, July 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 2:05 p.m. ROLL CALL: PRESENT: Trustees Tony Halachoulis, Amit Thakkar (arrived at 2:07 p.m.), John Napoleon and Bart Tweedie ABSENT: Trustee Dennis Saviano 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, Jessica Doogan (via teleconference) and Allison Barrett (via teleconference), Lauterbach & Amen, LLP (L&A) OLD BUSINESS: Discussion/Passible Action — Benefit Discrepancies and Taxability Reporting: L&A informed the Board of the benefit discrepancies and taxability issues affecting four pensioners. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to authorize L&A to send correspondence to the individuals informing them of the over -reported non-taxable income. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano Mrs. Barrett and Mrs. Doogan left the meeting at 2:16 p.m. PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 27, 2021 Regular Meeting: The Board reviewed the April 27, 2021 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Napoleon to approve the April 27, 2021 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. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the six-month period ending June 30, 2021 prepared by L&A. As of June 30, 2021, the net position held in trust for pension benefits is $93,910,597.69 for a change in position of $7,002,366.60. 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 April 1, 2021 through June 30, 2021 for total disbursements of $318,774.67. A motion was made by Trustee Thakkar and seconded by Trustee Mount Prospect Police Pension Fund Meeting Minutes — July 27, 2021 Page 2 of 4 Tweedie to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $318,774.67. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon 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 June 30, 2021. As of June 30, 2021, the second quarter net return is 5.5% versus the second quarter account benchmark of 5.4%. The investment return for the quarter is $4,891,004 for an ending market value of $94,015,881 The current asset allocation is as follows: fixed income at 33.1%, equities at 66.3% and Cash Equivalent at 0.6%. 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, if needed: The Board discussed the Investment Policy and determined that no changes are required at this time. COMMUNICATIONS & REPORTS: There were no communications or reports. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Contribution Refund — Ryan Burgess: The Board reviewed the contribution refund request submitted by Ryan Burgess. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve Ryan Burgess's contribution refund in the amount of $19,510.14 paid in a direct rollover issued on May 12, 2021. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano Deceased Surviving Spouse — Sharon Gorski: The Board noted that surviving spouse Sharon Gorski passed away on May 9, 2021 and her benefit has ceased. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement — Lee Schaps: The Board reviewed the regular retirement benefit calculation for Lee Schaps prepared by L&A. Sergeant Schaps had an entry date of July 1, 1993, retirement date of July 1 2021, effective date of pension of July 2, 2021, 56 years of age at date of retirement, 28 years of creditable service, applicable salary of $134,302.93, applicable pension percentage of 70%, amount of originally granted monthly pension of $7,834.34 and amount of originally granted annual pension of $94,012.08. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve Lee Schaps's regular retirement benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano Mount Prospect Police Pension Fund Meeting Minutes — July 27, 2021 Page 3 of 4 OLD BUSINESS (CONTINUED): 1DOI Annual Statement: The Board noted that the finalized report was filed prior to the June 30, 2021 deadline. Appointed Member Term Expiration — Amit Thakkar: The Board noted that Trustee Thakkar was reappointed to the Mount Prospect Police Pension Fund Board of Trustees by the Mayor of Mount Prospect for a two-year term expiring May 9, 2023. NEW BUSINESS: Review/Approve — Decision and Orders — Margaret Evans and Maureen Kerrigan: The Board reviewed the Decision and Orders prepared by RDL. A motion was made by Trustee Halachoulis and seconded by Trustee Napoleon to approve, adopt and publish the Decision and Orders for Margaret Evans and Maureen Kerrigan. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano Board Officer Elections — President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Officer Elections and nominated the following slate of Officers: Trustee Halachoulis as President; Trustee Saviano as Vice President; Trustee Tweedie as Secretary; and Trustee Napoleon and Assistant Secretary. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to elect the slate of Officers as stated. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Thakkar as the FOIA Officer and Trustee Halachoulis as the OMA Designee. Review/Approve — Actuarial Valuation and Tax Levy Request: The Board tabled this item until the next regular meeting. Review/Adopt — Municipal Compliance Report: The Board tabled this item until the next regular meeting. Review/Approve — Records Disposal Certificate: The Board reviewed the Records Disposal Certificate approved by the Illinois Secretary of State Records Management Division. Per attorney advisement the Board has directed L&A to wait on disposing of any records until further notice. Further discussion will be held at the next regular 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: The Board discussed the upcoming 2021 IPPFA MidArnerican Pension Conference. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve the registration fees for trustees interested in attending the 2021 IPPFA MidAmerican Pension Conference and to direct L&A to register Trustees Halachoulis, Thakkar, Tweedie and Napoleon for the event. Motion carried by roll call vote. Mount Prospect Police Pension Fund Meeting Minutes — July 27, 2021 Page 4 of 4 AYES: Trustees Halachoulis, Thakkar, Napoleon and Tweedie NAYS: None ABSENT: Trustee Saviano ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI: The Board discussed sending Michael Rose for his annual independent medical examination (IME). A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to authorize the Board Attorney to send Michael Rose for his annual IME. Further discussion will be held at the next regular meeting. Motion carried unanimously by voice vote. 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 Tweedie to adjourn the meeting at 3:17 p.m. Motion carried unanimously by voice vote. The next her 26, 2021 at 2:00 p.m. Board 7> Minutes approved by the Board of Trustees on Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP