The Police Pension Fund VILLAGE OF LOMBARD

Transcription

1 The Police Pension Fund VILLAGE OF LOMBARD 235 EAST WILSON AVE. LOMBARD, IL MINUTES OF THE REGULAR MEETING JULY 16, 2018 A regular meeting of the Lombard Police Pension Fund Board of Trustees was held on Monday, July 16, 2018 at 1:30 p.m. in the Chief s Conference Room located at 235 E. Wilson Avenue, Lombard, IL 60148, pursuant to notice. CALL TO ORDER: Trustee Ranallo called the meeting to order at 1:33 p.m. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustees Benny Ranallo, Jerry Peterson, Richard Spika, Tom Wirsing, and Dan Brink None Board Attorney Charles Atwell, Atwell & Atwell; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Jessica Nawracaj, Village of Lombard; Michelle Hawkins and Derek Flessner, Lauterbach & Amen, LLP (L&A); Joseph Wagner, Retired Member PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 16, 2018 Regular Meeting: The Board reviewed the minutes from the April 16, 2018 regular meeting. A motion was made by Trustee Wirsing and seconded by Trustee Peterson to approve the April 16, 2018 regular meeting minutes as written. Motion carried unanimously by voice vote. January 22, January 26, and February 2, 2018 Special Meetings: The Board reviewed the minutes from the January 22, January 26, and February 2, 2018 special meeting minutes. A motion was made by Trustee Wirsing and seconded by Trustee Peterson to approve the January 22, January 26, and February 2, 2018 special meeting minutes as written. Motion carried by roll call vote. AYES: Trustees Peterson, Ranallo, Wirsing, and Brink ABSTAIN: Trustee Spika Semi-Annual Review of Closed Session Meeting Minutes: The Board discussed the closed session meeting minutes. A motion was made by Trustee Peterson and seconded by Trustee Brink to not release the closed session meeting minutes at this time. Motion carried by roll call vote. ACCOUNTANT S REPORT LAUTERBACH & AMEN, LLP: Monthly Financial Report/Presentation & Approval of Bills: The Board was presented with the Monthly Financial Report for the six-month period ending June 30, As of June 30, 2018, the net position held in trust for pension benefits is $67,464, with a change in position of ($24,963.39). The Board reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. The Board also reviewed the Vendor Check Report for the period April 1, 2018 through June 30, 2018 for a total disbursement of $219, A motion was made by Trustee Page 2 of 64

2 Page 2 of 5 Peterson and seconded by Trustee Wirsing to accept the Monthly Financial Report as presented and to approve the Vendor Check Report in the amount of $219, Motion carried by roll call vote. Additional Bills, if any: There were no additional invoices presented. Discussion of Municipal Compliance Report Invoice: The Board reviewed the December 31, 2016 Municipal Compliance Report invoice in the amount of $ A motion was made by Trustee Wirsing and seconded by Trustee Brink to approve payment of the December 31, 2016 Municipal Compliance Report invoice prepared by L&A. Motion carried by roll call vote. INVESTMENT REPORT SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly Investment Performance Report: Mr. Falduto presented the Quarterly Investment Performance Report for the period ending June 30, As of June 30, 2018, the quarter-to-date total net return is 1.38% for an investment return of $934,570 and an ending market value of $66,131,796. The current asset allocation is as follows: Fixed Income at 52.8%, Equities at 47% and Cash Equivalents at 0.2%. Mr. Sawyer reviewed the Market Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report with the Board and noted that the Homestead Small Company Stock was replaced with the Goldman Sachs Small Cap and the Hennessy Focus Fd I was replaced with Victory Sycamore. A motion was made by Trustee Peterson and seconded by Trustee Spika to accept the Quarterly Investment Performance Report ending June 30, 2018 as presented by Sawyer Falduto Asset Management, LLC. Motion carried by roll call vote. Review/Update Investment Policy: There were no updates made to the Investment Policy at this time. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership Melissa C. Flores: The Board reviewed the Application for Membership submitted by Melissa C. Flores. A motion was made by Trustee Spika and seconded by Trustee Wirsing to accept Melissa C. Flores into the Lombard Police Pension Fund effective June 18, 2018, as a Tier II participant. Motion carried unanimously by voice vote. Resignation from Fund Sean C. Poindexter: The Board noted that Sean C. Poindexter s last day worked with the Lombard Police Department was May 21, Resignation from Fund Carl Pawlowski: The Board noted that Carl Pawlowski was hired on May 21, 2018 and resigned from the Lombard Police Department on June 14, 2018, with no application to the Fund being submitted. The Board has contacted Mr. Pawlowski with his options pertaining to his contributions. Contribution Refund Jeffery K. Calhoun: The Board reviewed the contribution refund request submitted by Jeffery K. Calhoun. A motion was made by Trustee Wirsing and seconded by Trustee Page 3 of 64

3 Page 3 of 5 Peterson to approve Jeffery K. Calhoun s contribution refund in the amount of $7, paid in a direct roll over. Motion carried by roll call vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits John P. Latronica, Jr.: The Board reviewed the regular retirement benefit calculation for John P. Latronica Jr. prepared by L&A. Officer Latronica had an entry date of 04/03/1997, retirement date of 06/15/2018, effective date of pension of 06/16/2018, 50 years of age at date of retirement, 21 years of creditable service, applicable salary of $100,970.84, applicable pension percentage of 52.5%, amount of originally granted monthly pension of $4, and amount of originally granted annual pension of $53, A motion was made by Trustee Wirsing and seconded by Trustee Brink to approve John P. Latronica Jr. s regular retirement benefit as calculated by L&A. Motion carried by roll call vote. Approve Regular Retirement Benefits William H. Mitchell, Jr.: The Board reviewed the regular retirement benefit calculation for William H. Mitchell Jr. prepared by L&A. Lieutenant Mitchell had an entry date of 10/03/1988, retirement date of 05/17/2018, effective date of pension of 05/18/2018, 52 years of age at date of retirement, 29 years of creditable service, applicable salary of $129,211.60, applicable pension percentage of 72.5%, amount of originally granted monthly pension of $7, and amount of originally granted annual pension of $93, A motion was made by Trustee Wirsing and seconded by Trustee Spika to approve William Mitchell Jr. s regular retirement benefit as calculated by L&A. Motion carried by roll call vote. Disability Application Status Update Officer Francis Vivo: Attorney Atwell informed the Board that the three independent medical examinations for Officer Francis Vivo have been scheduled. Further discussion will be held at the next scheduled meeting. Request for Dependent Benefits Joseph P. Wagner: Joseph Wagner addressed the Board regarding his request for dependent benefits for his daughter. A motion was made by Trustee Spika and seconded by Trustee Wirsing to acknowledge Joseph Wagner s request and to take action once the dependent benefits become effective based on Attorney Atwell s recommendation. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. All Trustees were reminded to submit training certificates to L&A for recordkeeping. OLD BUSINESS: IDOI Annual Statement: The Board was presented with the updated interrogatories required by the IDOI effective June 1, The finalized report was filed prior to the June 30, 2018 deadline. Page 4 of 64

4 Page 4 of 5 Discussion/Possible Action Regarding Pensionable Salary Chief Raymond Byrne: Attorney Atwell informed the Board that they are waiting on the IDOI to issue a finding regarding the pensionable salary for Chief Raymond Bryne. Further discussion will be held at the next scheduled meeting. NEW BUSINESS: Board Officer Election President, Vice President, Secretary, and Assistant Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Ranallo as President, Trustee Peterson as Vice President, Trustee Wirsing as Secretary and Trustee Spika as Assistant Secretary. A motion was made by Trustee Peterson and seconded by Trustee Brink to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer and OMA Designee: The Board discussed designating Trustee Wirsing as the FOIA Officer and OMA Designee. A motion was made by Trustee Ranallo and seconded by Trustee Spika to designate the FOIA Officer and OMA Designee as stated. Motion carried by roll call vote. BMO Harris Bank Signature Cards and Resolution Update: L&A provided the Board with the necessary forms to update the signers on the BMO Harris Bank account with the current Board members and municipal representative. The Board will obtain signatures from the Trustees and will submit the completed forms to L&A to update with BMO Harris Bank. A motion was made by Trustee Wirsing and seconded by Trustee Spika to designate Benny Ranallo, Thomas Wirsing, Timothy Sexton, and Jamie Cunningham as signers for the Lombard Police Pension Fund. Motion carried unanimously by voice vote. Review/Approve Actuarial Valuation and Tax Levy Request: The Board tabled this item for discussion until the next scheduled meeting. Review/Adopt Municipal Compliance Report: The Board tabled this item for discussion until the next scheduled meeting. 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 as required by the IDOI. Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners with the June payroll cycle and a due date of July 31 st. A status update will be provided at the next scheduled meeting. ATTORNEY S REPORT: Annual Independent Medical Examination Joseph A. Metallo: The Board noted that Joseph Metallo will send his annual independent medical examination to the Board once it is received. Further discussion will be held at the next scheduled meeting. Terry Olson: Attorney Atwell informed the Board that Terry Olson filed a request for review in Circuit Court. An update will be provided at the next scheduled meeting. Legal Updates: Attorney Atwell discussed various pension cases and pension legislation with the Board. Page 5 of 64

5 Page 5 of 5 CLOSED SESSION, IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Spika and seconded by Trustee Peterson to adjourn the meeting at 2:28 pm. Motion carried by roll call vote. Board President or Secretary Minutes approved by the Board of Trustees on (date). ~ The next regular meeting is scheduled for October 15, 2018 at 1:30 p.m. ~ Minutes prepared by Michelle Hawkins, Pension Services Administrator, Lauterbach & Amen, LLP Page 6 of 64