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Home My Public Portal About04-14-2016 Police Pension Board Meeting Minutes PLAINFIELD POLICE PENSION FUND 14300 Coil Plus Drive ■ Plainfield, Illinois 60544 Jeff Cook, President ■ Michael Fisher, Vice Pres. ■ Richard Meszaros, Secretary ■ Andrew Grod, Asst. Secretary ■ Steve Cousins, Trustee _____________________________________________________________________________________________________________________________ MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES APRIL 14, 2016 A regular meeting of the Plainfield Police Pension Fund was called to order at 6:33pm on Thursday, April 14, 2016, at 14300 Coil Plus Drive, Plainfield, IL for the purpose of conducting regular business. PRESENT: Trustees Jeff Cook, Michael Fisher, Andrew Grod, and Rich Meszaros ABSENT: Trustee Steve Cousins ALSO PRESENT: Evan Haim, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer, Sawyer Falduto Asset Management, LLC; Derek Flessner and Stacie Woodill, Lauterbach & Amen, LLP PUBLIC COMMENT: None APPROVAL OF MINUTES: The minutes of the January 14, 2016 regular meeting were reviewed by the Board. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the minutes as written with an amended date in the title. Motion carried unanimously by voice vote. Special Meeting Minutes February 19, 2016: The minutes of the February 19, 2016 special meeting were reviewed by the Board. A motion was made by Trustee Fisher and seconded by Trustee Cook to approve the minutes as written. Motion carried unanimously by voice vote. TREASURER’S REPORT: Monthly Financial Report: The Monthly Financial Report prepared by Lauterbach & Amen, LLP was presented to the Board for review. As of March 31, 2016, the plan net assets held in trust for pension benefits is $24,636,977.62 with a change in position of $811,227.20 for the eleven months ended March 31, 2016. The Vendor Checks Report listed disbursements in the amount of $22,836.99 for the period from January 01, 2016 through March 31, 2016. A motion was made by Trustee Cook and seconded by Trustee Fisher to accept the Monthly Financial Report and approve the disbursements shown on the Vendor Checks Report in the amount of $22,836.99. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins Presentation and Approval of Bills: No additional bills were submitted for approval at this meeting. Illinois Department of Insurance Annual Compliance Fee: The Board discussed the IDOI Annual Compliance Fee. A motion was made by Trustee Meszaros and seconded by Trustee Cook to pay the IDOI annual compliance fee upon receipt of the invoice in an amount not to exceed $5,000.00. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins Plainfield Police Pension Fund Minutes of Meeting – April 14, 2016 Page 2 INVESTMENT REPORT: Sawyer Falduto Asset Management: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending March 31, 2016. As of 03/31/16, the quarter-to-date total net return is 0.94% for an investment return of $248,960 and an ending market value of $24,622,223. The current asset allocation is as follows: Fixed Income at 43.9%, Equities at 55.0% and Cash Equivalents at 1.1%. The Market Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report were reviewed with the Board. All questions were answered by Mr. Sawyer. A motion was made by Trustee Meszaros and seconded by Trustee Cook to accept the quarterly Investment Report. Motion carried unanimously by voice vote. Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS OR REPORTS: Statements of Economic Interest: The Board was reminded to complete their Statements of Economic Interest that need to be filed with the County by May 1, 2016. Active Member File Update: The Board was presented with the summary of documents currently in the active members files. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership – Marissa Schultz and Zach Bayless: The Board acknowledged receipt of two Applications for Membership to the Pension Fund for Marissa Schultz and Zach Bayless. The date of hire for the applicants is 04/04/16, and both have Tier 2 status. A motion was made by Trustee Cook and seconded by Trustee Fisher to accept the new members into the Pension Fund. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: Board Attorney, Evan Haim, discussed the upcoming IME’s for the three disabled participants under 50 years of age. This will be addressed at the next regular board meeting. OLD BUSINESS: There was no Old Business to discuss. NEW BUSINESS: Certify 2016 Election Results – Rich Meszaros: The Board reviewed the election results for the active position on the Board. Current Trustee Rich Meszaros was the only nominee and was declared the winner of the election by acclamation, serving a two-year term, expiring April 30, 2018. A motion was made by Trustee Fisher and seconded by Trustee Cook to certify the election results as presented. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod NAYS: None PRESENT: Trustee Meszaros ABSENT: Trustee Cousins Discussion/Possible Action on Member Workshop: The Board discussed the Member Workshop proposal from Lauterbach & Amen. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the Member Workshop proposal expense not to exceed $1750.00 with a date of the Workshop to be determined. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins Plainfield Police Pension Fund Minutes of Meeting – April 14, 2016 Page 3 Transfer of Creditable Service – Sean M. Kozak: The Board reviewed and discussed the transfer of creditable service for Sean M. Kozak. A motion was made by Trustee Cook and seconded by Trustee Fisher to accept the transfer of 3 years, 7 months, 19 days of creditable service from the Washington Police Pension Fund to the Plainfield Police Pension Fund for Sean M. Kozak, with an original hire date of May 5, 2014 to the adjusted hire date of September 16, 2010, and accepted Officer Kozak’s check in the amount of $23,191.62 as paid in full. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins Creditable Service Purchase – Casey Sester: The Board discussed the service buyback for Casey Sester. A motion was made by Trustee Cook and seconded by Trustee Grod to accept the $2,288.61 as paid in full and service dates from November 5, 2012 through December 16, 2012 and October 5, 2015 through November 29, 2015 have been reinstated with no gaps for Officer Sester’s FMLA absence. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Meszaros NAYS: None ABSENT: Trustee Cousins TRUSTEE TRAINING UPDATE: Mr. Haim apprised the Board members of the importance in completing their required training hours. The Board discussed upcoming training opportunities and were reminded to provide any certificates of training to Lauterbach & Amen for recordkeeping. ATTORNEY’S REPORT: Board Attorney, Evan Haim, reviewed his firm’s Legal and Legislative Update and discussed at length the article “Longevity Buyout Not Part of Pensionable Salary” that was referenced in the newsletter. All questions were answered by Mr. Haim. ADJOURNMENT: A motion to adjourn the meeting was made by Trustee Grod and seconded by Trustee Fisher at 7:46 pm. Motion carried by voice vote. CLOSED SESSION, IF REQUIRED: None required. The next regular meeting of the Plainfield Police Pension Fund will be held on Thursday, July 14, 2016, at 6:30 pm. Respectfully submitted, ___________________________________ ________________________ Rich Meszaros, Secretary Date Approved by Board Minutes prepared by Stacie Woodill, Pension Services Administrator