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Home My Public Portal About01-12-2017 Police Pension Board Meeting MinutesPT,ATNFIETD POLICE PENSÏON FUND 14300 Coil Plus Drive r Plainfield, Illinois 6A644 MINUTES OF A REGULAR MEETING OF'THE BOARD OF TRUSTEES JAI\UARY 12,2017 A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, January 12, 2077, at 6:30 p.m. at the Plainfield Police Department, 14300 Coil Plus Drive, Plainfield, IL for the purpose of conducting regular business. CALL TO ORDER: Trustee Cook called the meeting to order at 6:32 p.m. PRESENT: ABSENT: ALSO PRESENT Trustees Jeff Cook, Steve Cousins, Michael Fisher, and Rich Meszaros Trustee Andrew Grod Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer and John Falduto (arrived at7:10 p.m.), Sawyer Falduto Asset Management, LLC; Derek Flessner and Stacie Woodill, Lauterbach & Amen, LLP PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: October 13, 2016 Regular Meeting Minutes:The minutes of the October 13,2016 regular meeting were reviewed by the Board. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the October 13,2016 regular meeting minutes as written. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes:There were no closed session meeting minutes for review. ACCOUNTANT'S REPORT: Monthly Financial Report:The Monthly Financial Report prepared by Lauterbach & Amen, LLP was presented to the Board for review. As of December 3 1, 2016, the plan net assets held in trust for pension benefits is $26,756,829.05 with a change in position of $2,03 1,976.7 | for the eight months ended December 3 1 , 20 16. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Joumal. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Monthly Financial Report. Motion caruied unanimously by voice vote. The Board reviewed the Vendor Checks Report for the period of October 1 , 2016 through December 31, 2016. A motion was made by Trustee Cook and seconded by Trustee Cousins to approve the disbursements listed on the Vendor Checks Report in the amounlof 547,349.69,for the period of 10/01/16-l2l3ll16. Motion carried by roll call vote. AYES: Trustees Cook, Cousins, Fisher and Meszaros NAYS: None ABSENT: Trustee Grod Presentation and Approval of Bills: There were no additional bills presented at this time Plainfield Police Pension Fund Minutes of Meeting - January 12,2017 Page 2 INVESTMENT REPORT: Sawyer Falduto Asset Management: };4r. Sawyer presented the Quarterly Investment Performance Report for the period ending December 31,2016. As of 72131116,the quarter-to-date total net retum is 0,10% for an investment return of $48,555 and an ending market value of $1,315,876. The current asset allocation is as follows: Fixed Income at 44.4yo, Equities at54.8%o and Cash Equivalents aÍ0.8%o. 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 Cook and seconded by Trustee Cousins to accept the Quarterly Investment Performance Report. Motion caried by roll call vote. AYES: Trustees Cook, Cousins, Fisher and Meszaros NAYS: None ABSENT: Trustee Grod Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. The Board indicated their interest in receiving Schwab statements in electronic form. An update will be provided at the next regular meeting. COMMUNICATIONS OR REPORTS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1,2017 . Statements of Economic Interest will be sent to allregistered filers who will need to respond by the deadline of May 1,2017. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for memberships or withdrawls from the fund at this time. APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: There were no applications for retirement or disability benefits at this time. OLD BUSINESS: There was no old business to discuss at this time NEW BUSINESS: Redirection of Kendall County Tax Levy Money to Schwab Account:The Board discussed having the Kendall County tax levy money deposited directly into their Schwab account rather than their Harris Bank account. A motion was made by Trustee Cook and seconded by Trustee Meszaros to deposit the Kendall County tax levy money directly into the Schwab account this Spring. Motion carried by roll call vote. AYES: Trustees Cook, Cousins, Fisher and Meszaros NAYS: None ABSENT: Trustee Grod Approve Annual Cost of Living Adjustments (COLAs) þr Pensioners: The Board reviewed fhe 2017 Cost of Living Adjustments as calculated by Lauterbach & Amen, LLP (L&A). A motion was made by Trustee Cook and seconded by Trustee Cousins to approve the 2017 Cost of Living Adjustments as required by statute and calculated by L&,A (see attached). Motion caried unanimously by voice vote. Review Trustee Term Expirations and Election Procedures: The Board noted that the active member term currently held by Trustee Fisher and the retired member term currently held by Trustee Grod are expiring in April 2017, Trustees Fisher and Grod wish to remain on the Board if nominated. Lauterbach & Amen, LLP will conduct an election on behalf of the Pension Fund for one of the two active member and retired member Trustee positions. The Board also noted that the appointed Trustee position held by Trustee Cook is expiring in April 2017. Trustee Cook wishes to remain on the Board. The Board will contact the Village and seek reappointment of Trustee Cook to the Board. Plainfield Police Pension Fund Minutes of Meeting - January 12,2017 Page 3 New Village Online Posting System for Board Meetings: Lauterbach & Amen, LLP informed the Board of a conversation with the Village regarding a new online system for posting the quarterly Board Agenda and Board Packet on the Village website. The Board sought advice from their legal counsel as to what documents should be posted on the Village website. A motion was made by Trustee Meszaros and seconded by Trustee Fisher to provide only the quarterly Agenda to the Village for posting on the website. Motion carried unanimously by voice vote. Change of Address - No more PO Box: The Board noted that they no longer receive mail at a Post Office Box. All Pension Fund mail is delivered to the Plainfield Police Department, 14300 Coil Plus Drive, Plainfield, Illinois 60544. TRUSTEE TRAINING UPDATE: The Board reviewed 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: Mr. Reimer reviewed his firm's first quarter Legal and Legislative Update and discussed the article "Municipality Sanctioned for "Deliberately" Choosing to Underfund Police and Fire Pension Funds," as well as, recent Senate Bills. All questions were answered by Mr. Reimer. 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 Meszaros at 7:55 p.m. Motion carried unanimously by voice vote. The next regular meeting of the Plainfield Potice Pension Fund will be held on Thursday, April 13,2017 , at 6:30 p.m. Re spe c tful ly s ubmitt ed, "f/Ø-/r/Rich Meszaros,ú¿,"tf,y Date Approved by Board Minutes prepared by Stacie Woodill, Pension Services Administrator PLAINFIELD POLICE PENSION FUND Annual Benefit Increases January 1,2017 Pensioner Type of Pension Notes Prior Benefit COLA Increase Current Benefit Annualized Beneht Adams, Kevin R. Sr Bennett, Donald E. Caliendo, James A. Deering, Thomas P. Eiting, Mark A. Grod, Andrew R. Hines, Patricia Sacco, Charles J. Sandmire, Glen J. Totals Service Service Deferred Annuitant Service Service Duty Disability Spouse Service Non-Duty Disability $ 5,444.38 8,477.77 0.00 2,036.01 7,342.71 4,482.13 l,l3l.5l 4,089.54 3,587.04 0.00 254.33 0.00 61.08 220.28 0.00 0.00 0.00 0.00 5,444.38 8,732.10 0.00 2,097.09 7,562.99 4,482.13 1,131.51 4,089.54 3.587.04 65,332.56 104,785.20 0.00 25,165.08 90,755,88 53,785.56 13,578.12 49,074.48 43,044.48 36,591.09 535.69 37,126.78 445.521.36 Page I PLAINF'IELD POLICE PENSION FUND Summary of Benefït Changes and Notes January 1,2017 Summary of Benefit Changes Caliendo, James A. - New Caliendo, James A. - New Sacco, Charles J. Adams, Kevin R. Sr. Caliendo, James A. Sandmire, Glen J. Grod, Andrew R. Reason Initial Benefit Pro Rata Initial Benefit lst Full Month Initial Increase Initial Increase Initial lncrease Initial Increase Initial Increase Notes Pensioner Date Amount of Change New Monthly Benefit 1,506.56 3,766.39 4,702.97 6,165.76 4,337.35 5,416.43 8,247.12 4lt9l20r7 511120t7 2lU20t8 !!2019 s1112022 Uu2030 l/U2039 1,506.56 2,259.83 613.43 721.38 564.96 1,829.39 3,764.99 1. None Page2