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Home My Public Portal About07-14-2016 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 JULY 14, 2016 A regular meeting of the Plainfield Police Pension Fund was called to order at 6:32 p.m. on Thursday, July 14, 2016, at 14300 Coil Plus Drive, Plainfield, IL for the purpose of conducting regular business. PRESENT: Trustees Jeff Cook, Steve Cousins, Michael Fisher and Rich Meszaros ABSENT: Trustee Andrew Grod ALSO PRESENT: Evan Haim, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Greg Kiesewetter, Cook Castle Associates, LLC; Jessica Fain, Derek Flessner and Stacie Woodill, Lauterbach & Amen, LLP PUBLIC COMMENT: None APPROVAL OF MINUTES: The minutes of the April 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. Motion carried by voice vote. Semi-Annual Review of Closed Meeting Minutes: The Board determined that there are no Closed Session minutes to be reviewed at this time. TREASURER’S REPORT: Monthly Financial Report: The Monthly Financial Report prepared by Lauterbach & Amen, LLP was presented to the Board for review. As of June 30, 2016, the plan net assets held in trust for pension benefits is $25,456,309.43 with a change in position of $731,457.09 for the two months ended June 30, 2016. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Monthly Financial Report. Motion carried by voice vote. A motion was made by Trustee Cook and seconded by Trustee Meszaros to approve the disbursements listed on the Vendor Checks Report in the amount of $32,042.27, for the period of 4/01/16-6/30/16. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod Presentation and Approval of Bills: No additional bills were submitted for approval at this meeting. INVESTMENT REPORT: Sawyer Falduto Asset Management: Mr. Falduto presented the Quarterly Investment Performance Report for the period ending June 30, 2016. As of 06/30/16, the quarter-to-date total net return is 1.08% for an investment return of $286,366 and an ending market value of $25,408,461. The current asset allocation is as follows: Fixed Income at 43.5%, Equities at 55.0% and Cash Equivalents at 1.5%. The Market Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report were reviewed with the Board. Plainfield Police Pension Fund Minutes of Meeting – July 14, 2016 Page 2 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 by voice vote. Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS OR REPORTS: Affidavits of Continued Eligibility: Lauterbach & Amen informed the Board that Affidavits of Continued Eligibility were mailed to all pensioners with the June Payroll with a due date of July 30, 2016. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no new applications or withdrawls received. APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: Status of Continued Disability Benefits – Glen Sandmire: Board Attorney, Evan Haim, apprised the Board that he has received the physician’s report that states Mr. Sandmire remains disabled. A motion was made by Trustee Cook and seconded by Trustee Meszaros to accept the physician’s report that states Mr. Sandmire remains disabled and continue his disability pension benefits for another year. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod OLD BUSINESS: There was no Old Business to discuss. NEW BUSINESS: Election of Board Officers: A motion was made by Trustee Meszaros and seconded by Trustee Fisher to elect Board Officer positions as follows: Trustee Cook to retain his position as President of the Board, Trustee Meszaros to retain his position as Secretary of the Board, Trustee Fisher to retain his position as Vice President of the Board, Trustee Grod to retain his position as Assistant Secretary of the Board, and Trustee Cousins to retain his position as Treasurer of the Board. Motion carried by voice vote. Renewal of Fiduciary Insurance: Mr. Kiesewetter presented the proposal for the Fiduciary Liability Insurance Policy with Hudson Insurance Company to the Board. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the expenditure of $6,583.00 for renewal of the $2 million policy for Fiduciary Liability Insurance with Hudson Insurance Company. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod Ratification of Current Member Applications for Membership to the Pension Fund: The Board reviewed the list of current member applications for membership into the Pension Fund that were missing from certain member files. A motion was made by Trustee Meszaros and seconded by Trustee Cook to ratify the applications for membership of the following: • Dino Dabezic DOH: 07/07/2004 Tier 1 • Brian M Heath DOH: 09/05/2008 Tier 1 • Jeffrey L Kaminski DOH: 07/15/2008 Tier 1 • Steven J Lepic DOH: 07/07/2004 Tier 1 • Christopher L Marshall DOH: 06/25/1999 Tier 1 • Mario J Marzetta DOH: 04/04/2003 Tier 1 Plainfield Police Pension Fund Minutes of Meeting – July 14, 2016 Page 3 • Kevin D McQuaid DOH: 04/11/2002 Tier 1 • Richard A Meszaros DOH: 08/12/2002 Tier 1 • Jennifer K Myers DOH: 04/03/2003 Tier 1 • Keith M Nebel DOH: 04/21/2008 Tier 1 • Luke A Ostreko DOH: 01/02/2007 Tier 1 • Ryan D Sester DOH: 11/13/2006 Tier 1 Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod A motion was made by Trustee Cook and seconded by Trustee Fisher to ratify the application for membership into the Pension Fund for Martinus J. Van Heeswijk with an original date of hire of 04/26/2002 with Tier 1 status. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod A motion was made by Trustee Cook and seconded by Trustee Fisher to ratify the application for membership into the Pension Fund for Erin M. Cook with a date of hire of 07/05/2000 with Tier 1 status. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod A motion was made by Trustee Cook and seconded by Trustee Fisher to ratify the application for membership into the Pension Fund for Steven M. Shervino with a date of hire of 07/05/2000 with Tier 1 status. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Meszaros, Cousins NAYS: None ABSENT: Trustee Grod Review Preliminary Actuarial Valuation: Jessica Fain distributed copies of the Lauterbach & Amen preliminary actuarial valuation, and reviewed the recommended contribution, actuarial liability and assumptions used to prepare the draft report. The final report will be available for approval at the next meeting. Status of Annual Medical Examination for Disabled Pensioner – Andrew Grod: Mr. Haim apprised the Board that his office will schedule an appointment with the physician for the annual independent medical exam. An update will be provided at the next regular meeting. TRUSTEE TRAINING UPDATE: The Board was presented with the Trustee Training Summary and discussed upcoming training opportunities. The Board was reminded to send any training certificates to L&A for recordkeeping. ATTORNEY’S REPORT: Attorney Evan Haim, reviewed his firm’s third quarter Legal and Legislative Update and discussed at length the article “Appellate Court Finds Service as Chief Administrator Not a Re-entry into Active Service” that was referenced in the newsletter. All questions were answered by Mr. Haim. Plainfield Police Pension Fund Minutes of Meeting – July 14, 2016 Page 4 CLOSED SESSION, IF REQUIRED: There were no items to be discussed in Closed Session. ADJOURNMENT: A motion to adjourn the meeting was made by Trustee Fisher and seconded by Trustee Cook at 8:02 p.m. Motion carried by voice vote. The next regular meeting of the Plainfield Police Pension Fund will be held on Thursday, October 13, 2016, at 6:30 p.m. Respectfully submitted, ___________________________________ ________________________ Rich Meszaros, Secretary Date Approved by Board Minutes prepared by Stacie Woodill, Pension Services Administrator