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Home My Public Portal About07-13-2017 Police Pension Board Meeting MinutesJeffCook, President s Michael Fisher, Vice Pres. s Richard Meszaros, Secretary t Andrew Grod, Asst, Seuetary I Steve Cousitts, Ttustee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES JULY 13,2017 A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, July 73,2017, at 6:30 p.m. at the Plainfreld Police Depafiment, 14300 Coil Plus Drive, Plainfield, IL for the purpose of conducting regular business. CALL TO ORDER: Trustee Cook called the meeting to order at 6:30 p,m, ROLL CALL: PRESENT: PT,AINFIELD POLICE PENSION FUND L4300 Coil Plus Drive r Plainfïeld, Illinois 60544 Trustees Jeff Cook, Andrew Grod, Michael Fisher, Steve Cousins (joined the meeting at 6:32 p.m.), and Rich Meszaros None Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Greg Kieswetter, Cook Castle Associates; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Michelle Hawkins, Derek Flessner, and Jessica Fain, Lauterbach & Amen, LLP (L&A) ABSENT: ALSO PRESENT PUBLIC COMMENT: There was no public comment. Trustee Cousins joined the meeting at 6:32 p.m. APPROVÄL OF MEETING MINUTES: Aprit 13,2017 Regular Meeting Minutes;The minutes of the April 13,2017 regular meeting were reviewed by the Board, A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the April 13,2017 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 - LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Monthly Financial Report prepared by Lauterbach & Amen, LLP was presented to the Board for review. As of May 31, 2017,lhe plan net assets held in trust for pension benefits is $28,539,102.14 with a change in position of 5411,248.81, for the one-month period ended May 31,2017, The Board also reviewed the Cash Analysis Report, Revenue Repofl, Expense Report, Member Contribution Report and Payroll Journal, A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Monthly Financial Report as presented. Motion carried roll call vote,AYES: Trustees Cook, Grod, Fisher, Cousins, and Meszaros NAYS: NoneABSENT: None Plainfield Police Pension Fund Minutes of Meeting - July 13,2017 Page 2 The Board reviewed the Vendor Checks Report for the period of March 1,2011 through May 3 1,2017 . A motion was made by Trustee Cook and seconded by Trustee Fisher to approve the disbursements listed on the Vendor ChecksReporlintheamountof$46,453.70,fortheperiod of 03101117-05131117. Motioncarriedbyrollcallvote. AYES: Trustees Cook, Grod, Fisher, Cousins, and Meszaros NAYS: NoneABSENT: None Additional Bills, if any; There were no additional bills presented at this time. INVESTMENT REPORT - SAWYER FALDUTO ASSET MANAGEMENTI. Quarterly Investment Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending June 30, 2017. As of 06130117 , the quarter-to-date total net return is 2.72% for an investment return of $'777 ,624 and an ending market value of $29,134,224. The current asset allocation is as follows: Fixed lncome af 43.4Yo, Equities at 55.8%o and Cash Equivalents at 0.8%. The Market Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report were reviewed with the Board. All questions were answered by Mr. Sawyer and Mr. Falduto. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Quarlerly Investment Performance Report as presented. Motion carried by roll call vote,AYES: Trustees Cook, Grod, Fisher, Cousins, and Meszaros NAYS: NoneABSENT: None Review/Update Investment Policy: There were no recommended changes to the Investment Policy at this time. COMMUNICATIONS OR REPORTS: Affidavíts of Continued Eligibility.' The Board noted that Affidavits of Continued Eligibility were mailed to all pensioners with the June payroll cycle and a due date of July 3l't, A status update will be provided at the next regular meeting. A motion was made by Trustee Cousins and seconded by Trustee Cook to direct L&A to send second request affidavits to all pensioners that have not responded by the due date. Motion carried unanimously by voice vote. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications for memberships or withdrawals 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: Agenda Posting;Trustee Meszaros discussed posting the agenda on the Village website. A motion was made by Trustee Meszaros and seconded by Trustee Fisher to post the Pension Fund's meeting agendas on the Village website, but not the Board packet based on Attorney recommendations. Motion carried unanimously by voice vote. NEW BUSINESS: Review Preliminary Actuarial Valuation; The Board reviewed the preliminary Actuarial Valuation prepared by L&4. The final report will be reviewed by the Board at the next regularly scheduled meeting. Renewal of Fiduciary Liability Policy; Mr. Kiesewetter presented the proposal for the Fiduciary Liability Insurance Policy with Hudson Insurance Company to the Board. A motion was made by Trustee Cook and seconded by Trustee Cousins to approve the expenditure of $6,594 for renewal of the $2 million policy for Fiduciary Liability Insurance with Hudson Insurance Company. Motion carried by roll call vote. Plainfield Police Pension Fund Minutes of Meeting - luly 13,2017 Page 3 AYES: Trustees Cook, Grod, Fisher, Cousins, and Meszaros NAYS: NoneABSENT: None Certifu Board Election Results: Lauterbach & Amen conducted an election for one of the Active Member positions on the Plainfield Police Pension Fund Board of Trustees. Mike Fisher ran unopposed and was reelected by acclamation for a two-year term expiring April 30,2019. An election was also conducted for the Retired Member position on the Plainfield Police Pension Fund Board of Trustees. Andrew Grod ran unopposed and was reelected by acclamation for a two-year term expiring April 30,2019, A motion was made by Trustee Cook and seconded by Trustee Meszaros to certify the Active Member and Retired Member election results, Motion canied unanimously by voice vote. Discussion/Possible Action Pensíon Fund Rules & Regulatior¿s.' Mr. Reimer reviewed with the Board the Rules and Regulations with the modified Travel and Entertainment Policy. A motion was made by Trustee Cousins and seconded Trustee Cook to adopt the Board Rules and Regulations with the modified Travel and Entertainment Policy. Motion carried unanimously by voice vote. Board Officer Elections * President, Vice Presidenl, Secretary, & Assistant Secretary; The Board discussed Board Officer Elections and nominated the following slate of Officers:Jeff Cook as President; MichaelFisher as Vice President; Richard Meszaros as Secretary; and Andrew Grod as Assistant Secretary, A motion was made by Trustee Meszaros and seconded by Trustee Grod to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer & OMA Designee: The Board noted that Trustee Meszaros will remain as the FOIA Officer and Linda Hagar as the OMA Designee. 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 third quarter newsletter, Legal and Legislative Update and discussed the article "Village of Alsip v. Portincaso," and Pension Fund legislature regarding potential investment consolidation. All questions were answered by Mr. Reimer, Annual Independent Medical Examínations. This item was tabled for discussion until the next regular meeting. 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 atl:41p,m, Motion carried unanimously by voice vote. The next regular meeting of the Plainfïeld Police Pension Fund will be held on Thursday, October 12r2017, at 6:30 p.m. Respectfully submítted, Date Approved by BoardRich Meszaros, Minutes prepared by Michelle Hawkíns, Pension Services Administrator