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Home My Public Portal About01-11-2018 Police Pension Board Meeting MinutesMINUTES OF'A REGULAR MEETING OF THE PLAINFIELD POLICE PENSION FUND BOARD OF'TRUSTEES THURSDAY, JANUARY 11, 2018 A regular meeting ofthe Plainfreld Police Pension Fund Board of Trustees was held on Thursday, January lI,2018 at 6:00 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 6:12 p.m. PIAINFIELD POLICE PENSION FUND 14300 Coil Plus Drive r Plainfield, Illinois 60544 Trustees Jeff Cook, Michael Fisher, Steven Cousins and Rich Meszaros Trustee Andrew Grod Rick Reimer, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Robina Amato and Allison Barrett, Lauterbach & Amen, LLP (L&A) ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTESz October 12, 2017 Regular Meeting Minutes: The minutes of the October 72, 2017 regular meeting were reviewed by the Board. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the October 12,2017 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, LLPI Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the seven- month period ending November 30,2017 as prepared by L&4. As ofNovember 30, 2017,the net position held in trust for pension benefits is $31,507,651.76 for a change in position of 53,379,798.49. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Checks Report for the period of September 1,2017 through November 30,2017. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Monthly Financial Report as presented and approve the disbursements listed on the Vendor Checks Report in the amount of 549,494.18. Motion carried by roll call vote.AYES: Trustees Cook, Fisher, Cousins, and MeszarosNAYS: None ABSENT: Trustee Grod Additional Bills, if any.' There were no additional bills presented at this time. Plainfield Police Pension Fund Minutes of Meeting - January I l, 2018 Page2 INVESTMENT REPORT - SAWYER FALDUTO ASSET MANAGEMENT: Quarterly Investment Perþrmance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending December 31,2017. As of December 31,2017, the quarter-to-date total net return is2.89Vo for an investment return of 5912,129 and an ending market value of $31,588,444. The current asset allocation is as follows: Fixed Income at 42.1%o, Equities at 55.4%o and Cash Equivalents at 2.5%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 and Mr. Falduto. A motion was made by Trustee Cook and seconded by Trustee Cousins to accept the Quarterly Investment Performance Report as presented. 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: ,S¿ar¿ments of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 7,2018. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May l, 2018. 2018 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for .^i*h"..^-anr inn¡aaca/t f^ (n {4{ ner milc effenfir¡e Ianrqrv I ?Ol RI W¡ltlvgl ovrrrv¡rr rr¡vr vsJvv !v vv.r' APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: TheTE WETE 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: There was no old business to discuss. NEW BUSINESSz Approve Annual Cost of Living Adjustments (COLAs).for Pensioners: The Board reviewed the 2018 Cost of Living Adjustments (see attached) as calculated by L&4. A motion was made by Trustee Cook and seconded by Trustee Meszaros to approve the 2018 Cost of Living Adjustments as required by statute and calculated by L&4. Motion carried unanimously by voice vote. Review Trustee Term Expirations and Election Procedures: The Board noted that the active member term currently held by Trustee Meszaros is expiring in April 2018. Trustees Meszaros expressed his interest to remain on the Board if nominated. L&A will conduct an election on behalf of the Pension Fund for one of the two active member Trustee positions. Discussion and Possible Action Regarding Deductions of Village Insurance Premiums: The Board discussed authorizing L&A to advise pensioners their Municipal Insurance can be withheld from their pension checks. A motion was made by Trustee Fisher and seconded by Trustee Cook to authorize L&A to send correspondence to all pensioners as discussed. Motion carried unanimously by voice vote. 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. Plainfield Police Pension Fund Minutes of Meeting - January 11, 2018 Page 3 ATTORNEY'S REPORIz Annual IME * Andrew Grod: The Board noted that Andrew Grod attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Cook and seconded by Trustee Cousins to continue the disability benefits of Andrew Grod based on a finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by roll call vote.AYES: Trustees Cook, Fisher, Cousinso and MeszarosNAYS: None ABSENT: Trustee Grod Legal Update: Mr. Reimer reviewed his firm's fourth quarter newsletter, Legal and Legislative Update and answered all questions. CLOSED SESSION,IF NEEDED: There were no items to be discussed in closed session. ADJOURNMENT: A motion was made by Trustee Cook and seconded by Trustee Cousins to adjourn the meeting at 6:57 p.m. Motion carried unanimously by voice vote. The next regular meeting of the Plainfield Police Pension Fund will be held on April 12,2018 at 6:00 pm. Re spe ctfu I Iy sub m i t te d, Rich Date by Board Minutes prepared by Robina Amato, Pension Servíces Administrator PLAINFIELD POLICE PENSION FT]ND Annual Benefit Increases January l,2018 Pensioner Type of Pension Notes Prior Benefit COLA Increase Current Benefit Annualized Benefit 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 Service Service Service Duty Disability Spouse Service Non-Duty Disability $5,444.38 8,732.10 3,766.39 2,097.09 7,562.99 4,482.13 1,131.51 4,089.54 3,587.44 0.00 261,96 0.00 62.91 226.89 0.00 0.00 0.00 0.00 5,444.38 8,994.06 3,766.39 2,160.00 7,789.88 4,482.13 I,131.51 4,089.54 3,587.04 65,332.56 t07,928.72 45,196.68 25,920.00 93,478.56 53,785.56 13,578.12 49,074.48 43,044.48 40,893.17 551.76 41,444.93 497,339.16 Page I PLAINFIELD POLICE PENSION FUND Summary of Benefït Changes and Notes January 7,2018 Pensioner Summa of Benefit Reason Initial Increase Initial lncrease Initial Increase Initial Increase Initial Increase Notes Amount of Date Change 21U2018 lll/2019 51712022 71u2030 Uu2039 613.43 721.38 s64.96 1,829.39 3,764.99 New Monthly Benefit 4,702.97 6,165.76 4,331.35 5,416.43 8,247.12 Sacco, Charles J. Adams, Kevin R. Sr Caliendo, James A. Sandmire, Glen J. Grod, Andrew R. 1. None Page2