HomeMy Public PortalAbout2010-05-25 Police Pension special meeting minutes MINUTES OF THE PLAINFIELD POLICE PENSION BOARD MINUTES OF THE PLAINFIELD POLICE PENSION BOARD MINUTES OF THE PLAINFIELD POLICE PENSION BOARD MINUTES OF THE PLAINFIELD POLICE PENSION BOARD SPECIAL SPECIAL SPECIAL SPECIAL MEETING MEETING MEETING MEETING May 25 May 25 May 25 May 25, 2010 , 2010 , 2010 , 2010 LAW ENFORCEMENT CENTER LAW ENFORCEMENT CENTER LAW ENFORCEMENT CENTER LAW ENFORCEMENT CENTER 14300 COIL PLUS DRIVE 14300 COIL PLUS DRIVE 14300 COIL PLUS DRIVE 14300 COIL PLUS DRIVE PLAINFIELD, IL 60544 PLAINFIELD, IL 60544 PLAINFIELD, IL 60544 PLAINFIELD, IL 60544 The meeting was called to order by President Jim Cal iendo at 6:34 P.M. Roll call was taken those present were: Pres. J. Ca liendo, Sec. R. Meszaros, Trustees P. Hines, J. Ginejko and S. Cousins. Guests: John Mitchell, Dwight Ower, Larry DeBord, To m Sawyer and John Falduto There were no comments from the Pres. Caliendo or Tru stees. There were no other members present. The Board sent out Request for Qualifications to thre e firms: JP Morgan, currently managing our bond portfolio, Mitchell, Vaught & Taylor, Inc. and Sawyer-Falduto Asset Management, LLC. Mitchell, Vaught & Taylor, Inc. and Sawyer-Fal duto Asset Management, LLC responded to our request but JP Morgan did not. Sec. R. Meszaros made a motion to terminate our ass ociation with JP Morgan due to the lack of reporting asset performances and lack of cu stomer service. Motion was seconded by Trustee P. Hines. Roll call vote: J.Caliendo–Yes, R.Meszaros–Yes, J.Ginejko-Yes, P.Hines-Yes, S.Cousins-Yes. MOTION CARRIED. The Board met with the remaining two investment firms that were interested in managing the bond portion of the Plainfield Police Pension Fun d, Mitchell, Vaught & Taylor, Inc. of Chicago, Illinois and Sawyer-Falduto Asset Managemen t, LLC of Elmhurst, Illinois. Each firm had a 20 minute presentation and then answered questi ons from the Board.
MINUTES OF PLAINFIELD POLICE PENSION SPECIAL MEETING MAY 25, 2010 PAGE 2 After much discussion Sec. R. Meszaros made a motion to approve the hiring of Sawyer-Falduto Asset Management, LLC to manage the bond por tion of the pension portfolio subject subject subject subject to f to f to f to fee negotiations as follows:ee negotiations as follows:ee negotiations as follows:ee negotiations as follows: .40% (40 b asis points) on the 1 st $5 million .35% (35 basis points) on the 2 nd $5 million .30% (30 basis points) on the balance Pres. J. Caliendo will meet with Tom Sawyer and John Falduto with these fees. A motion was made by Sec. R. Meszaros to hire Sawyer -Falduto Asset Management, LLC to manage the bond portion of the pension portfolio subj ect to fees as stated above. Seconded by P. Hines. Roll call vote: J. Caliendo -Yes, R. Meszaros-Yes, P. Hines-Yes, J. Ginejko-Yes, S. Cousins-Yes. MOTION CARRIED. A motion to adjourn at 9:30 p.m. was made by P. Hin es and seconded by J. Ginejko. Motion carried. Respectfully submitted, Barbara Kujath Richard Meszaros Board Clerk Secretary Plainfield Police Pension Board Plainfield Police Pension Board