HomeMy Public PortalAbout2011-07-14 Police Pension 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 JULY JULY JULY JULY 14, 2011 14, 2011 14, 2011 14, 2011 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 CALL TO ORDER: CALL TO ORDER: CALL TO ORDER: CALL TO ORDER: The meeting was called to order by P res. Caliendo at 6:35 P.M. ROLL CALL ROLL CALL ROLL CALL ROLL CALL: Present : Present : Present : Present:::: Pres. J. Caliendo, Sec. R. Meszaros, Trustees P. Hines, S. Cousins and New Trustee Jeff Cook Absent: Absent: Absent: Absent: Karen Ivlow, Treasurer Guests Present: Guests Present: Guests Present: Guests Present: Tom Sawyer and John Falduto of Sawye r-Falduto Asset Ma nagement LLC and Nathan Gaskill of Lauterbach & Amen, LL C Members Members Members Members Present Present Present Present: None Approval of Minutes:Approval of Minutes:Approval of Minutes:Approval of Minutes: A motion was made by S. Cousins to approve the minut es of the April 14, 2011 meeting. Seconded by P. Hines Voice vote taken. Motion car ried. Public Comment: Public Comment: Public Comment: Public Comment: Pres. Caliendo announced the Mayora l appointment of Jeff Cook to the Pension Board on June 6, 2011 by Mayor Collins. Je ff’s term is 5/1/2011 to 4/30/2013. Treasure Treasure Treasure Treasurer/Investment Reports: r/Investment Reports: r/Investment Reports: r/Investment Reports: A motion was made by R. Mesz aros and seconded by P. Hines to approve the financial reports for April, Ma y and June 2011. Roll call vote: J. Caliendo-yes, R. Meszaros-yes, P. Hines-yes, S. Cou sins-yes, J. Cook-yes Motion carried. A AA Approval of Disbursements pproval of Disbursements pproval of Disbursements pproval of Disbursements –––– A motion was made by J. Cook and seconded by S. Co usins to approve the disbursements for April, May and June 20 11. Roll call vote: J. Caliendo-yes, R. Meszaros-yes, P. Hines-yes, S. Cousins-yes, J. Cook-yes Motion carried. Con Con Con Consideration of and action upon applicants for adm ission to and/or withdrawal of sideration of and action upon applicants for admiss ion to and/or withdrawal of sideration of and action upon applicants for admiss ion to and/or withdrawal of sideration of and action upon applicants for admiss ion to and/or withdrawal of members from fund members from fund members from fund members from fund. . . . 1. P. Hines motioned to approve the pay out of $27,688.00 for Of ficer Huttner’s service credit transfer to Oak Lawn Police Pension Fund. 2 nd by J.Cook. Roll call vote. J.Caliendo-yes, R. Meszaros-yes, P.Hines-yes, S.Cousi ns-yes, J.Cook-yes Motion carried. 2. Informed Board that Dawn Fliszar has paid the balance of $13,889.78 on her service credit transfer account from Lansing Police Pension Fun d. She now has 11 years, 5 months and 16 days of service with Plainfield Police Pens ion Fund.
MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 PAGE 2 PAGE 2 PAGE 2 PAGE 2 Applications for Applications for Applications for Applications for Benefits Benefits Benefits Benefits ---- NONE Old Business: Old Business: Old Business: Old Business: The annual review of the Plainfield Police Pension Fund Investment Policy will be completed at the October 13, 2011 meeting. T om Sawyer, of Sawyer/Falduto Asset Management, LLC, and Trustee S. Cousins will update the policy with the changes that were effective on July 1, 2011. Equities will go from 45% to 50% as of July 1, 2011 and 55% on July 1, 2012. The updated policy will be presented for approve at the October 14, 2011 meeting. Training Training Training Training – Trustee Patricia Hines completed her mand atory training for 2011 at a conference in St. Charles Illinois. New New New New business: business: business: business: We received the results of the DOI Audit that was cond ucted in late April. Dave Granzine was the examiner. There were 12 findings that the Board d iscussed and took action on. The list of the findings and resolutions were mailed to the DO I on July 16, 2011 as requested. See attached sheets. The Board held the annual election for Board officers. The results of the election are: President – Jim Caliendo Vice-Presid ent – Jeff Cook Sec retary – Rich Meszaros Asst. Secret ary – Steve Cousins Nathan Gaskill of Lauterbach & Amen, LLC told the Boar d about the new level of service that will be available to the Board in a few months. All our accounts will be changed to commercial accounts. New signature cards will be n eeded. They are offering Vendor Direct Deposit Program, Disbursement Timing & Account Sign ers, Pay 2Day Program-invoices will be able to be paid within 48 business hours of receip t of the approved invoice. Lauterbach is hoping that all accounts will be converted before the end of the year. Nathan asked if Lauterbach can be a signer on the account for vendors that don’t accept electronic checks. Board will discuss this subject at our next meeting. If the Board votes to give Lauterbach that control then when we prepare a new signature card they would be included. The Board will consider all of these options at the October mee ting.
MINUTES OF THE PLAIN MINUTES OF THE PLAIN MINUTES OF THE PLAIN MINUTES OF THE PLAINFIELD POLICE PENSION FIELD POLICE PENSION FIELD POLICE PENSION FIELD POLICE PENSION BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 PAGE 3 PAGE 3 PAGE 3 PAGE 3 Tom Sawyer and John Falduto presented the investment performance report for the 2nd Quarter of 2011. Investments had a good return this quarter. There was discussion of the world economy and the effect on all investments. To m Sawyer reported that we had some sell offs in the last few months to take advantage of the market. Overall the performance was good. The complete report will be on file in the pension office for review. There was a motion by S. Cousins and 2 nd by P. Hines to accept the investment performance report as presented. Roll call vote. J. Caliendo-yes, R. Meszaros-yes, P. Hines-yes, S. Cousins-yes, J. Cook-yes Motion carried. The Board reviewed the Administrative Rules and Regul ations for Village of Plainfield Police Pension Board with the following changes. 205.4 – Time of meeting – Insert “As Posted” 405.3 – Change Per Diem to Per Day 502.3 - Mailing/Email Lists. Change any reference t o mailing to mailing/email 503.1 - Election on Retirees – mail and email 504.1 – The results of all elections for pension boa rd trustee shall be posted in the same manner that other notices are posted including e mail 601.1 -- Change Clarendon Hill Police Fund to Plainf ield Police Pension Fund 601.7 – Re-admission into the Pension Fund. Check wit h accounting firm on 2%. 901.3 Eliminate time limit on Investment Managers Changes will be made and revised Administrative Rule s and Regulations will be presented for approval at the October 13, 2011 meeting. Actuarial Report review. Report prepared by Tim Sha rpe dated 5/1/2009 – 4/30/2010. After reviewing the report S. Cousins asked if the P ension Board had ever had an independent report prepared. The Board had discussed it in the past but never requested one to be prepared. After much discussion the Board found it necessary to request a report as of April 30, 2011. Trustee Cousins requested a proposal from Lauterbac h for an actuarial report as of 4/30/2011. Mr. N. Gaskill of Lauterbach will prepar e a proposal and get it to the office next week. R. Meszaros made a motion to accept a propos al from Lauterbach not to exceed $4000.00, 2nd by P. Hines. Roll Call vote: J. Cali endo-yes, R. Meszaros-yes, P. Hines-yes, S. Cousins-yes, J. Cook-yes. Motion carried.
MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION MINUTES OF THE PLAINFIELD POLICE PENSION BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 BOARD JULY 14, 2011 PAGE 4 PAGE 4 PAGE 4 PAGE 4 The Board requested copies of the current Village’s a nnual audit and the last Annual Tax Levy. B. Kujath will contact Colleen Thornton at the Village of Plainfield office for the copies. Closed session – NONE Adjournment with no other discussion P. Hines motione d to adjourned at 9:00 pm., 2 nd by S. Cousins. Motion carried. Respectfully submitted by: ________________________ _______________________ Barb Kujath Richard Meszaros Board Clerk Secretary, Plainfield Police Pensio n Fund