HomeMy Public PortalAbout2012-07-12 Police Pension Board Minutes MINUTES OF THE PLAINFIELD POLICE PENSION BOARD MEETING ON JULY 12 , 2012 LAW ENFORCEMENT CENTER 14300 COIL PLUS DRIVE PLAINFIELD, IL 60544 CALL TO ORDER: The meeting was called to order by Pres . Caliendo at 6:30 P.M. ROLL CALL : Present : Pres . J. Caliendo, Sec. R. Meszaros, Trustees P. Hines, S. Cousins , J. Cook Absent: Karen Ivlow, Treasurer Guests Present: Tom Sawyer , John Falduto of Sawyer -Falduto Asset Management LLC, Rick Rei mer, Attorney, Alliso nBarrett, Lauterbach&Amen, LLP Members Present : None Approval of Minutes: A motion was made by Trustee Cook to approve the minutes of the April 12, 2012 meeting, s econded by Trustee Hines . Vo ice vote taken. Motion carried. A motion was made by Trustee Cousins to approve the minutes of the Public Hearing on May 14, 2012, seconded by Trustee Cook. Voice vote taken. Motion carried. A motion was made by Trustee Hines to approve the minutes of the Executive Session on May 14, 2012 and that these minutes be release for public view . Seconded by Trustee Cousins. Voice vote taken. Motion carried. Public Comment: Trustee Hines announced that she will not be seeking re -election in April 2013. Tr ustee Hines is the retiree representative on the Board. Treasurer/Investment Reports: A motion was made by Trustee Cousins and seconded by Trustee Cook to table approval of the Cash and Investment Report dated 1/1/2012 to 6/30/2012 pending a further expl anation of reported totals. Voice vote taken. Motion passed. A motion was made by Trustee Hines and seconded by Trustee Cousins to table the Revenue and Expenditures Report for 1 st Quarter and 2 nd Quarter 2012 until further explanation of reports. Board needs clarification of reports.
MINUTES OF THE PLAINFIELD POLICE PENSION BOARD MEETING JULY 12, 2012 PAGE 2 Approval of Disbursements : A motion was made by Trustee Cousins to approve the disbursements for 1 st Quarter 2012 in the amount of $76,646.89. 2 nd by Trustee Hines. Roll call taken. J.Caliendo -yes, R.Meszaros -yes, P.Hines -yes, S.Cousins -yes J.Cook -yes. Motion carried. A motion was made by Trustee Co ok, seconded by Trustee Cousins to approve the disbursements for 2nd Quarter 2012 in the am ount of $70,907.93. 2 nd by Trustee Cousins. Roll call taken. R oll call taken. J.Caliendo -yes, R.Meszaros -yes, P.Hines -yes, S.Cousins -yes , J.Cook -yes. Motion carried. Application for Membership Anthony Novak has successfull y transferred 4 years, 10 months, 25 days of creditable service from Chicago Pension Fund to the Plainfield Police Pension Fund. His original hire date with Plainfield Police Pension Fund was April 17, 2003 and is now adjusted to May 24, 1998. Total payme nt received $104,826.31. Applications for Benefits: Glen Sandmire was awarded on May 14, 2012 a Non -duty disability pension in the amount of $43,044.50 annually. Old Business: Trustee Cousins presented the amendments to the Plainfield Police Pension I nvestment Policy. After much discussion a motion was made by Trustee Hines to approve the Investment Policy as presented with amendments , 2 nd by Trustee Cook . Roll call vote taken. J.Caliendo -yes, R.Meszaros -yes, P.Hines -yes, S.Cousins -yes J.Cook -yes. M otion carried. Attorney Reimer stated that the Investment Policy must be filed with the Department of Insurance 30 days after approval. Trustee Meszaros will contact Todd Schroeder o f Lauterbach&Amen to schedule a Special Meeting before the next Board mee ting in October to discuss a fair tax levy for the Village’s pension contribution. Tax Levy needs to be published in December. Greg Kiesewetter of Alper Services. Greg presented 2 quotes for Fiduciary Liability Insurance for the Board. Greg answered al l the Boards’ questions and explained that Hudson Insurance Company has a Past, Present and Future clause that protects all Board members should any suits come up at any time. This is only offered by Hudson and is a very good option to have for all Board members whenever they were on the Pension Board . This would be a multi -year premium (3 years ). Premiums are due each year. All trustees are covered as long as they are actively acting in the capacity of Trustee. Greg also mentioned that he doesn’t recomm end this often but that it appears that Barb Kujath does more than just prepare minutes of meeting s . There is coverage for Administrative Functions and she would also have liability in this position. S he would be
MINUTES OF THE PLAINFIELD POLICE PENSION BOARD JULY 12, 2012 PAGE 3 named personally on the policy. This is approximately $500 more on the premium. The Board members discussed this option and recommended that it be approved. Greg dated the proposal Inception/Renewal date August 1, 2012. This is good because we have a July meeting each year and we can address any issues that come up before our renewal date. There was discussion on limits on the policy. Due to the fact that our Plan is growing it was recommended that we take the $2,000,00 0 limit with zero deductible and to add Barb Kujath personally to the policy. Greg stated that since our Board has no contingencies that this is a bind able quote as submitted. With that said Trustee Meszaros made a motion to accept the proposal for Fiduc iary Liability Insurance with the $2,000,000 limit and zero deductible from Hudson Insurance Company with an annual premium of $5,896 and to cover Barb Kujath, personally, for an additional $500 per year. Motion seconded by Trustee Cousins. Roll call vot e taken: J. Caliendo -Yes, R. Meszaros -Yes, P. Hines -Yes, S. Cousins -Yes and J. Cook -Yes. Motion carried. Attorney Reimer asked for a copy of our app roved Administrative Rules and Regulations dated October 2011. There were updates in January 2012. Barb will email him a copy next week. New B usiness: Board election was held and the results are: Jim Caliendo President Jeff Cook Vice President Rich Meszaros Secretary Steve Cousins Vice -Secretary Allison of Lauterbach&Amen talked about the Member Workshop s that are available to members. S pouse s are also welcome. Investment Performance Report presented by Tom Sawyer of Sawyer/Falduto Asset Management, LLC. After some discussion a motion was made by Trustee Cousins to approve the Investment Performance Report as p resented. Motion seconded by Trustee Hines. Roll Call vote taken: J. Caliendo -Yes, R. Meszaros -Yes, P. Hines -Yes, S. Cousins -Yes, J. Cook -Yes. Motion carried. The complete report will be on file in the pensi on office for review . Attorney Report: Mr. Reimer reported that there were no cases decided recently to worry about. Also there was nothing out of Legislations to be concerned about. The annual actuarial report must be filed with the DOI 9 month s after the close of our fiscal year. If the report is not filed on time the DOI can fine the Pension up to $100 per day.
MINUTES OF THE PLAINFIELD POLICE PENSION BOARD JULY 12, 2012 PAGE 4 Mr. Reimer recommended the Board to consider getting its own independe nt actuary report and have him prepare the Tax Levy letter to the Village of Plainfield. The Board discussed picking up more accounting services from Lauterbach&Amen to become more independent and have all reports coming from one source. This item will be on the October agenda. Trustee Meszaros stated that the Department is hiring a new officer and asked how this should be handled. Mr. Reimer said have the new officer fill out an Application for Membership in the Plainfield Police Pension Fund . This s hould be on the next agenda and the Board will officially approve him as a Tier 2 participant. CLOSED SESSION – None ADJOURNMENT – A motion was made by Trustee Hines and seconded by Trustee Cook to adjourn meeting at 8:45 p.m. Voice vote taken. Motion carried. Respectfully submitted: __________________________ _________________________ _________ Barb ara Kujath Richard Meszaros Board Clerk Secretary, Plainfield Police Pension Fund