HomeMy Public PortalAbout10-13-2016 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 OCTOBER 13, 2016
A regular meeting of the Plainfield Police Pension Fund was called to order at 6:28 p.m. on Thursday, October 13,
2016, at 14300 Coil Plus Drive, Plainfield, IL for the purpose of conducting regular business.
PRESENT: Trustees Jeff Cook, Steve Cousins, Michael Fisher and Andrew Grod
ABSENT: Trustee Rich Meszaros ALSO PRESENT: John Gaw, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Derek Flessner and Stacie Woodill, Lauterbach &
Amen, LLP
PUBLIC COMMENT: None
APPROVAL OF MINUTES: The minutes of the July 14, 2016 regular meeting were reviewed by the Board. A motion was made by Trustee Cousins and seconded by Trustee Cook to approve the minutes as written. Motion
carried 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 September 30, 2016, the plan net assets held in trust for pension benefits is $26,702,460.59 with a change in position of $1,977,608.25 for the five months ended
September 30, 2016. A motion was made by Trustee Cook and seconded by Trustee Grod to accept the Monthly
Financial Report. Motion carried by voice vote.
A motion was made by Trustee Cook and seconded by Trustee Grod to approve the disbursements listed on the Vendor Checks Report in the amount of $32,187.75, for the period of 7/01/16-9/30/16. Motion carried by roll call vote.
AYES: Trustees Cook, Cousins, Fisher, Grod
NAYS: None ABSENT: Trustee Meszaros
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 September 30, 2016. As of 09/30/16, the quarter-to-date total net return
is 2.79% for an investment return of $731,996 and an ending market value of $26,618,293. The current asset
allocation is as follows: Fixed Income at 44.0%, Equities at 54.5% and Cash Equivalents at 1.5%. 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 Cousins and seconded by Trustee
Cook to accept the Quarterly Investment Report. Motion carried by roll call vote.
Plainfield Police Pension Fund
Minutes of Meeting – October 13, 2016
Page 2
AYES: Trustees Cook, Cousins, Fisher, Grod NAYS: None
ABSENT: Trustee Meszaros
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 presented the Board with the completed 2016 Affidavits of Continued Eligibility for recordkeeping.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no new applications or withdrawls received.
APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: There were no applications for retirement or disability benefits.
OLD BUSINESS: Status of Annual Medical Examinations for Disabled Pensioners: Mr. Gaw apprised the Board of the documentation received by his office regarding continued disability benefits for Andrew Grod. The medical
report prepared by Dr. Reddy confirms Mr. Grod’s disability. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the medical report as presented. Motion carried by roll call vote.
AYES: Trustees Cook, Cousins, Fisher
ABSTAIN: Trustee Grod NAYS: None
ABSENT: Trustee Meszaros
A motion was made by Trustee Cook and seconded by Trustee Fisher to continue the disability benefits to
Andrew Grod as confirmed in the medical report. Motion carried by roll call vote.
AYES: Trustees Cook, Cousins, Fisher ABSTAIN: Trustee Grod
NAYS: None ABSENT: Trustee Meszaros
NEW BUSINESS: Approval of Final Actuarial Report: The Board reviewed the final Actuarial Report presented by Lauterbach & Amen, LLP. A motion was made by Trustee Cook and seconded by Trustee Grod to accept the final Actuarial Report.
Review and Approval of Tax Levy and Municipal Compliance Report: The Board discussed the recommended Tax
Levy amount as stated in the Actuarial Report. The recommended amount is $1,226,531.00. A motion was made
by Trustee Cook and seconded by Trustee Cousins to request a tax levy in the amount of $1,226,531.00 based on the recommended amount stated in the Actuarial Valuation prepared by Lauterbach & Amen, LLP.
Motion carried by roll call vote.
AYES: Trustees Cook, Cousins, Fisher, Grod NAYS: None
ABSENT: Trustee Meszaros
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 Fisher and seconded by Trustee Cook to ratify the applications for membership of the following:
Plainfield Police Pension Fund
Minutes of Meeting – October 13, 2016
Page 3
• Grant Anderson DOH: 07/05/1996 Tier 1
• Michael Boling DOH: 05/04/2005 Tier 1
• Amanda Felgenhauer DOH: 03/24/2008 Tier 1
• Steven Kaus DOH: 10/01/1998 Tier 1
• Elliot Pedersen DOH: 07/29/2005 Tier 1
• Russell Pruchnicki DOH: 02/18/2008 Tier 1
• Brian Wagner DOH: 07/03/2003 Tier 1
Motion carried by roll call vote. AYES: Trustees Cook, Cousins, Fisher, Grod
NAYS: None ABSENT: Trustee Meszaros
Establish Meeting Dates for 2017: The Board discussed scheduling of the 2017 regular board meeting dates. A motion was made by Trustee Cook and seconded by Trustee Cousins to set the meeting dates as January 12th,
April 13th, July 13th, and October 12th. All meetings will be held at 6:30 p.m. at the Plainfield Police Department,
14300 Coil Plus Drive, Plainfield, Illinois. Motion carried by voice vote.
TRUSTEE TRAINING UPDATE: The Board was presented with the Trustee Training Summary and reviewed
upcoming training opportunities. The Board was reminded to send any training certificates to L&A for recordkeeping.
ATTORNEY’S REPORT: John Gaw reviewed his firm’s fourth quarter Legal and Legislative Update and discussed the article “Appellate Court Affirms Denial of PSEBA Benefits in Rule 23 Decision.” All questions
were answered by Mr. Gaw. 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 Cook and seconded by Trustee Fisher at 7:00 p.m. Motion carried by voice vote.
The next regular meeting of the Plainfield Police Pension Fund will be held on Thursday, January 12, 2017, at 6:30 p.m.
Respectfully submitted,
___________________________________ ________________________
Rich Meszaros, Secretary Date Approved by Board
Minutes prepared by Stacie Woodill, Pension Services Administrator