HomeMy Public PortalAbout2011-10-13 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 OCTOBER 13 OCTOBER 13 OCTOBER 13 OCTOBER 13, 2011 , 2011 , 2011 , 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 6:33 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 J. Cook Absent: Absent: Absent: Absent: Karen Ivlow, Treasurer and Barb Kujath, Boa rd Clerk Guests Present: Guests Present: Guests Present: Guests Present: Tom Sawyer & John Falduto of Sawyer-Falduto Asset Management LLC and Allison Barrett & Natha n Gaskill of Lauterbach&Amen 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 P. Hines to approve the minutes of the July 14, 2011 meeting. Seconded by S. Cousins. Voice vote taken. Motion carried. Public Comment: Public Comment: Public Comment: Public Comment: None Treasurer/Investment Reports: Treasurer/Investment Reports: Treasurer/Investment Reports: Treasurer/Investment Reports: No report at this tim e. Approval of Disbursements Approval of Disbursements Approval of Disbursements Approval of Disbursements –––– No report at this time. Application for Membership Application for Membership Application for Membership Application for Membership –––– Jeff Kaminski’s status is re-entry. Jeff received a refund on December 31, 2010 in the amount of $8,656.32. Per S tate statutes he must pay back refund of $8,656.332 plus 2% annum from date of ref und. Applications for Applications for Applications for Applications for Benefits Benefits Benefits Benefits ---- NONE Old Business: Old Business: Old Business: Old Business: Changes to the Plainfield Police Pension Fund Investm ent Policy. . . . After much discussion Trustee S. Cousins motioned to approve changes in eq uities, with related minimums and targets, according to the State of Illinois law. E quities were increased from 45% to 50% as of July 1, 2011 and to 55% on July 1, 2012. Motion was seconded by J. Caliendo. Roll call vote: J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y, J. Cook-Y. Motion carried. S. Cousins will work with John Falduto to amend the Asset Allocation section in the Investment Policy and bring it back to the Board for approval a t the January 2012 meeting.
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 BOARD BOARD BOARD OCTOBER 13 OCTOBER 13 OCTOBER 13 OCTOBER 13, 2011 , 2011 , 2011 , 2011 PAGE 2 PAGE 2 PAGE 2 PAGE 2 Requesting approval of the Village of Plainfield Pol ice Pension Board Administrative Rules and Regulations as presented. A motion was made by S. Cousins and seconded by J. Caliendo to approve the changes in the Village of Plai nfield Police Pension Board Administrative Rules and Regulations. There was no discussion. Roll Call vote: J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y, J. Cook -Y. Motion carried. Allison Barrett of Lauterbach & Amen LLC presented the new level of service that is available through Harris Bank at no additional costs. This will help streamline approved invoices for our vendors. After a question and ans wer period the Board accepted the following new services: a) Pay2Day, vendors will b e paid in 48 hours, b) Add Allison Barrett and Nathan Gaskill as signers with a $5000 per check l imit and, c) Direct deposit for vendors that sign up then they will be paid electronic ally. Reimbursements for trustees must be must be must be must be manual manual manual manual checks checks checks checks. A motion was made by S. Cousins to accept the new services through Harris Bank noted above, motion was seconded by P. Hines. Roll Call vote: J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y , J. Cook-Y. Motion carried. Allison will forward the forms to the pension office and we can co mplete and fax them back to her office. Trustees reviewed the 2010 Tax Levy as received from the Village of Plainfield. New New New New B BB Business: usiness: usiness: usiness: Tom Sawyer and John Falduto presented the investment performance report for the 3rd Quarter of 2011. The complete report will be on fil e in the pension office for review. There was a motion by P, Hines and 2 nd by J. Cook to accept the investment performance report as presented. Roll call vote. J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y, J. Cook-Y. Motion carried. The Board again discussed the hiring of an attorney to attend meetings and keep us informed of any changes in the State Statutes. This has been an agenda item before and Pres. Caliendo has talked with Mr. Richard Reimer who ha s handled 2 difficult cases for us in the recent past. The Board decided since we have hi story with Mr. Reimer and he is willing to take us on as a client that we will call him and get an agreement. Mr. Reimer stated that his fees are $750 per quarter. A motion was made by R. Meszaros and seconded by J. Caliendo to hire Mr. Reimer. Roll ca ll vote. J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y, J. Cook-Y. Motion carried. Presentation of actuary report, as prepared by Natha n Gaskill of Lauterbach & Amen LLC , dated April 30, 2011. Nathan stated that State of Il linois has made a lot of changes how municipalities can pay there portions. The report sho ws that the Village can pay less than last year. State of Illinois DOI report will not b e completed for levy deadline. Board has never requested the tax levy. Village of Plainfield , in the past, just calculated contribution from Timothy Sharp’s annual actuary report. His repo rt is ordered by the Village of Plainfield
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 BOARD BOARD BOARD OCTOBER 13 OCTOBER 13 OCTOBER 13 OCTOBER 13, 2011 , 2011 , 2011 , 2011 PAGE 3 PAGE 3 PAGE 3 PAGE 3 annually. It was suggested that we have a meeting w ith the Village and discuss a fair tax levy for the Village’s pension contribution. Rich as ked if we could hire Lauterbach & Amen to handle this meeting. Nathan stated that he will get n ew numbers together and meet with the Village staff and explain our position. Nathan s tated that there is no additional cost it is included in the cost of the report. Rich made a motion to obtain the services of Lauterba ch & Amen to update actuarial report with lowered assumed rate of return, 7% from 7.5% an d 100% funded in 2040 with 2 separate reports, one with recommended contributions and the other with minimums, motion seconded by P. Hines. Roll call vote. J. Ca liendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y, J. Cook-Y. Motion carried. Nathan will get new numbers together and will meet with the Village. Presented Board with the 2012 meeting schedule for app roval. P. Hines made a motion to approve the 2012 meeting schedule and it was seconded by J. Caliendo. Roll call vote. J. Caliendo-Y, R. Meszaros-Y, P. Hines-Y, S. Cousins-Y , J. Cook-Y. Motion carried CLOSED SESSION CLOSED SESSION CLOSED SESSION CLOSED SESSION –––– None None None None ADJOURNMENT ADJOURNMENT ADJOURNMENT ADJOURNMENT –––– P. Hines motioned to adjourn at 8:36 p.m. seconded by J. Caliendo. Voice vote taken. Motion carried. Respectfully submitted: __________________________ _________________________ _________ Barbara Kujath Richard Meszaros Board Clerk Secretary, Plainfield Police Pensio n Fund