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Home My WebLink About07/25/2023 PPFB Minutes MINUTES OF A REGULAR MEETING OF THE MOUNT PROSPECT POLICE PENSION FUND BOARD OF TRUSTEES JULY 25, 2023 A regular meeting of the Mount Prospect Police Pension Fund Board of Trustees was held on Tuesday, July 25, 2023 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 Tweedie called the meeting to order at 2:03p.m. ROLL CALL: PRESENT: Trustees Bart Tweedie, Amit Thakkar, Richard Tracy and Dennis Saviano ABSENT: Trustee John Napoleon ALSO PRESENT: Attorney Rick Reimer, Reimer Dobrovolny and LaBardi PC; Tom Sawyer, Sawyer Falduto Asset Management, LLC; Greg Kiesewetter, Cook Castle Associates LLC; Declan Harkin, Lauterbach & Amen, LLP (L&A); Jennifer Fitzgerald, Village of Mount Prospect PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 25, 2023 Regular Meeting: The Board reviewed the April 25, 2023 regular meeting minutes. A motion was made by Trustee Thakkar and seconded by Trustee Tracy to approve the April 25, 2023 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 to 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 five-month period ending May 31, 2023, prepared by L&A. As of May 31, 2023, the net position held in trust for pension benefits is $83,683,175.71for a change in position of $3,011,846.01. 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 March1, 2022 through May 31, 2023 for total disbursements of $2,496,772.57. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to accept the Monthly Financial Report as presented and to approve disbursements shown on the Vendor Check Report in the amount of $2,496,772.57. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon Additional Bills, if any: There were no additional bills presented for approval. Discussion/Possible Action – Cash Management Policy: The Board reviewed the current Cash Management Policy and determined that no changes are required at this time. Mount Prospect Police Pension Fund Meeting Minutes – July 25, 2023 Page 2 of 5 INVESTMENT REPORT: Sawyer Falduto Asset Management, LLC: Mr. Sawyer presented the Investment Performance Report for the period ending June 30, 2023. As of June 30, 2023 the quarter-to-date investment return is $6,140. Post transfer of the Fund’s assets to IPOPIF, the ending market value held in the Schwab money market account is $616,196. A motion was made by Trustee Tweedie and seconded by Trustee Tracy to approve the Investment Performance Report as presented. Motion carried unanimously by voice vote. IPOPIF – Verus Advisory, Inc: The Board reviewed the IPOPIF Investment Performance Review prepared by Verus Advisory, Inc for the period ending May 31, 2023. As of May 31, 2023 theone- month return is (1.3%) and the year-to-date return is 3.8% for an ending market value of $9,069,681,896. State Street Statements: The Board reviewed the Monthly Summary for the Fund prepared by the Illinois Police Officers’ Pension Investment Fund (IPOPIF). As of June 30, 2023, the Fund’s market value is $84,696,355.56 and the month-to-date net return of the Fund is 3.19%. COMMUNICATIONS AND REPORTS: Active Member File Maintenance: The Board noted that L&A will prepare Active Member File Maintenance letters for distribution to all active members requesting any additional pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership – Ruben Perez and Louis Smith: The Board reviewed the Application for Membership submitted by Ruben Perez. A motion was made by Trustee Thakkar and seconded by Trustee Tracy to accept Ruben Perez into the Mount Prospect Police Pension Fund effective May 2, 2023, as a Tier II participant. Motion carried unanimously by voice vote. The Board noted that the Application for Membership for Louis Smith is not yet completed. Further discussion will be held at the next regular meeting. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Deceased Pensioner – Thomas Nowak/Approval of Surviving Spouse Benefits – Laura Frayn: The Board noted that Thomas Nowak passed away on June 5, 2023. The Board reviewed the surviving spouse benefit calculation for Laura Frayn with an effective date of June 6, 2023 for a monthly benefit of $7,718.97 with no additional increases. A motion was made by Trustee Tracy and seconded by Trustee Thakkar to approve the surviving spouse benefit of Laura Frayn calculated by L&A. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon OLD BUSINESS: Discussion/Possible Action – Transfer of IMRF Service – Jonathan Juhl: The Board discussed Jonathan Juhl’s transfer of creditable service. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to accept Jonathan Juhl’s transfer as paid in full in the Mount Prospect Police Pension Fund Meeting Minutes – July 25, 2023 Page 3 of 5 amount of $24,352.96 from IMRF to the Mount Prospect Police Pension Fund and to revise Jonathan Juhl’s hire date from July 5, 2000, to September 5, 1999. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS:None ABSENT: Trustee Napoleon IDOI Annual Statement: The Board noted that the finalized report was filed prior to the June 30, 2023 deadline Appointed Member Term Expiration – Amit Thakkar: NEW BUSINESS: Review/Approve – Actuarial Evaluation and Tax Levy Request: The Board reviewed the finalized Actuarial Valuation prepared by Nyhart. Based on data and assumptions, the recommended contribution amount is $5,629,067. The statutory minimum contribution requirement is $4,587,806. A motion was made by Trustee Tweedie and seconded by Trustee Thakkar to accept the Actuarial Valuation as prepared and to request a tax levy in the amount of $5,629,067. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon Review/Adopt – Municipal Compliance Report: The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon Board Officer Elections – President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Officer Elections and nominated the following slate of Officers: Trustee Tweedie as President; Trustee Tracy as Vice President; Trustee Napoleon as Secretary; and Trustee Thakkar as Assistant Secretary. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer and OMA Designee: The Board discussed maintaining Trustee Thakkar as the FOIA Officer and OMA Designee. A motion was made by Trustee Tweedie and seconded by Trustee Saviano to maintain Trustee Thakkar as the FOIA Officer and OMA Designee. Motion carried unanimously by voice vote. Portability Update – Kyle Rice: The Board discussed Kyle Rice’s transfer of creditable service. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to accept Kyle Rice’s transfer as paid in full in the amount of $212,852.46 from the Maywood Police Pension Fund to the Mount Prospect Police Pension Fund and to revise Kyle Rice’s hire date from September 15, 2021 to December 6, 2011. Motion carried by roll call vote. Mount Prospect Police Pension Fund Meeting Minutes – July 25, 2023 Page 4 of 5 AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon Fiduciary Liability Insurance: The Board reviewed the fiduciary liability insurance renewal provided by Euclid Fiduciary through Cook Castle Associates LLC. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to approve payment of the fiduciary liability insurance renewal effective August 1, 2023, through August 1, 2024, in the amount of $18,381.00. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon 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. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Review, Adopt and Publish Decision and Order – Mark Weger: The Board reviewed the Decision and Order prepared by RDL. A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to approve, adopt and publish the Decision and Order for Mark Weger as presented. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon Review/Approve – QILDRO – Joseph Favia: Attorney Reimer informed the Board that since correspondence was sent last September to Mr. Favia’s Attorney no response has been received. Annual Independent Medical Examination – Michael Rose: The Board noted that Michael Rose attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Tweedie and seconded by Trustee Thakkar to continue the disability benefits of Michael Rose based on a finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by roll call vote. AYES: Trustees Tweedie, Thakkar, Tracy and Saviano NAYS: None ABSENT: Trustee Napoleon 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. Mount Prospect Police Pension Fund Meeting Minutes – July 25, 2023 Page 5 of 5 CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Thakkar and seconded by Trustee Tweedie to adjourn the meeting at 3:13 p.m. Motion carried unanimously by vote. The next regular meeting is scheduled for October 24, 2023 at 2:00 p.m. _____________________________________________ Board President or Secretary Minutes approved by the Board of Trustees on______________________________. Minutes prepared by Declan Harkin, Pension Services Administrator, Lauterbach & Amen, LLP