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Home My WebLink About10/26/2021 PPFB Minutes1. I.:IP', :5 n.s:6.n. .: iiiiiiount : rospe , :Il ° o i. 60056 't`ogvHaaa ouzs John Napoleon __rrnt2'_a rar BartTT, eedre lJaunzsuavzano President AsslstantSecretazy Yi-Ustee Seeretarp Wee President MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES OCTOBER 26, 2021 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, October 26, 2021 at 2:00 p.m. in 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 Halachoulis, Amit Thakkar, Dennis Saviano and Bart Tweedie 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 Cristina. Argumedo, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: July 27, 2021 Regular Meeting: The Board reviewed the July 27, 2021 regular meeting minutes. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to approve the July 27, 2021 regular meeting minutes as written. Motion carried unanimously by voice vote. ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the nine- month period ending September 30, 2021 prepared by L& -A. As of September 30, 2021, the net position held in trust for pension benefits is $94,492,786.34 for a change in position of $5,584,555.25. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to accept the Monthly Financial Report as presented. Motion carried unanimously by voice vote. The Board reviewed the Vendor Check Report for the period July 1, 2021 through September 30, 2021 for total disbursements of $323,074.19. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to approve the disbursements shown on the Vendor Check Report in the amount of $323,074.19. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: Trustee Napoleon Additional Bills, if any: There were no additional bills presented for approval. INVESTMENT REPORTS — SAWYER FALDUTO ASSET MAGNAGEMENT, LLC: Quarterly Perfbrnzance Investment Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending September 30, 2021. As of September 30, 2021, the third quarter net return is (0.6%) versus the third quarter account benchmark of (0.3%). The investment return for the quarter is Mount Prospect Police Pension Fund Meeting Minutes — October 26, 2021 Page 2 of 4 ($547,400) for an ending market value of $92,511,580 The current asset allocation is as follows: fixed income at 32.7%, equities at 66.4% and Cash Equivalent at 0.8%. 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: Active Member File Maintenance: The Board noted that L&A prepared Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. Further discussion will be held at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE PENSION FUND: Application for Membership — Kyle Rice: The Board reviewed the Application for Membership submitted by Kyle Rice. The Board noted that Kyle Rice was accepted into the Mount Prospect Police pension Fund effective September 5, 2021 and is a Tier 11 participant. Deceased Pensioner — Patrick Hallihan/Approval of Surviving Spouse Benefits — Charlene Hallihan.- The allihan:The Board noted that Patrick Hallihan passed away on July 25, 2021. The Board reviewed the surviving spouse benefit calculation for Charlene Hallihan with an effective date of July 26, 2021 for a monthly benefit of $5,716.09 with no additional increases. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to approve the surviving spouse benefit of Charlene Hallihan calculated by L&A. Motion carried by roll call vote. AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: Trustee Napoleon Contribution Refund — Phillip Hernandez: The Board reviewed the contribution refund request submitted by Phillip Hernandez. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to approve Phillip Hernandez's contribution refund in the amount of $27,105.32 paid in a direct rollover issued on September 30, 2021. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement — Michael Miester and Jason Nemerow: The Board reviewed the regular retirement benefit calculation for Michael Miester prepared by L&A. Sergeant Miester had an entry date of September 7, 1993, retirement date of September 7, 2021, effective date of pension of September 8, 2021, 51 years of age at date of retirement, 28 years of creditable service, applicable salary of $134,303.08, applicable pension percentage of 70%, amount of originally granted monthly pension of $7,834.35 and amount of originally granted annual pension of $94,012.20. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to approve Michael Miester's regular retirement benefit calculated by L&A. Motion carried by roll call vote. Mount Prospect Police Pension Fund Meeting Minutes — October 26, 2021 Page 3 of 4 AYES: Trustees Halachoulis, Thakkar, Saviano and Tweedie NAYS: None ABSENT: Trustee Napoleon The Board reviewed the regular retirement benefit calculation for Jason Nemerow prepared by L&A. Officer Nemerow had an entry date of August 28, 2021, retirement date of September 1, 2021, effective date of pension of October 28, 2027, 50 years of age at date of retirement, 20 years of creditable service, applicable salary of $110,771.76, applicable pension percentage of 50%, amount of originally granted monthly pension of $4,615.49 and amount of originally granted annual pension of $55,385.88. A motion was made by Trustee Halachoulis and seconded by Trustee Tweedie to approve Jason Nemerow'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: Review/Approve — Actuarial Valuation and Tax Levy Request: The Board reviewed the Actuarial Valuation prepared by Nyhart. Based on data and assumptions the recommended municipal contribution is $3,820,016 and the statutory minimum contribution is $3,048,195. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $3,820,016 from the Village of Mount Prospect. Motion carried unanimously by voice vote. Review/Adopt: Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Halachoulis and seconded by Trustee Thakkar to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by voice vote. Review/Approve — Records Disposal Certificate: The Board discussed digitizing the records that have been approved for destruction. Further discussion will be held at the next regular meeting. Review/Approve — Resolution to Appoint Authorized Agents is accordance with IPOPF: The Board reviewed IPOPIF Administrative Rule 2021-01. A motion was made by Trustee Halachoulis and seconded by Trustee Saviano to appoint Trustees Tweedie and Thakkar as authorized agents for the Mount Prospect Police Pension Fund in accordance with Administrative Rule 2021-01 and to authorize signatures by Trustees Tweedie and Thakkar. Motion carried unanimously by voice vote. The Board reviewed the memorandum prepared by L&A regarding the opportunity to collateralize the BMO Harris Bank operating account in excess of the standard $250,000 FDIC insurance coverage. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to authorize Trustee Halachoulis to execute the tri-party pledge deposit agreement of behalf of the Fund. Motion carried unanimously by voice vote. NEW BUSINESS: Estahlish 2022 Board Meeting Dates: The Board discussed establishing the 2022 Board meeting dates as January 25, 2022; April 26, 2022; July 26, 2022; and October 25, 2022 at 2:00 p.m. in the Mount Prospect Police Department located at 911 E. Kensington Road, Mount Prospect, Illinois 60056. A motion was made by Trustee Thakkar and seconded by Trustee Halachoulis to establish the 2022 Board meeting dates as stated. Motion carried unanimously by voice vote. Mount Prospect Police Pension Fund Meeting Minutes — October 26, 2021 Page 4 of 4 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 Reinzhursahle Expenses: There were no trustee training registration fees or reimbursable expenses. ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI: Annual Independent Medical Examination — Michael Rose: The Board will discuss this item at the next regular meeting. 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 3:00 p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for January 25, 2022 at 2:00 p.m. Board President or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Alex Michael, Pension Services Administrator, Lauterbach & Amen, LLP