HomeMy Public PortalAbout04-12-2018 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 A REGULAR MEETING OF THE PLAINFIELD POLICE PENSION FUND BOARD OF TRUSTEES THURSDAY, APRIL 12, 2018 A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, April 12, 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 6:00 p.m. ROLL CALL: PRESENT: Trustees Jeff Cook, Michael Fisher, Stephen Cousins, Rich Meszaros and Andrew
Grod ABSENT: None ALSO PRESENT: Evan Haim, Reimer Dobrovolny & Karlson, LLC; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Robina Amato and Derek Flessner, Lauterbach & Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: January 11, 2018 Regular Meeting Minutes: The minutes of the January 11, 2018 regular meeting were reviewed by the Board. A motion was made by Trustee
Meszaros and seconded by Trustee Cook to approve the January 11, 2018 regular meeting minutes as written. Motion carried unanimously by voice vote. ACCOUNTANT’S REPORT – LAUTERBACH & AMEN, LLP: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the eleven-month period ending March 31, 2018 as
prepared by L&A. As of March 31, 2018, the net position held in trust for pension benefits is $31,585,853.40 for a change in position of $3,458,000.13. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. A motion was made by Trustee Cook and seconded by Trustee Meszaros to accept the Monthly Financial Report as presented. Motion carried unanimously by voice vote.
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period January 1, 2018 through March 31, 2018 for total disbursements of $46,307.15. A motion was made by Trustee Cook and seconded by Trustee Cousins to approve the disbursements shown on the Vendor Check Report as presented. Motion carried by roll call vote.
AYES: Trustees Cook, Fisher, Grod, Cousins, and Meszaros NAYS: None ABSENT: None
Plainfield Police Pension Fund Minutes of Meeting – April 12, 2018
Page 2 The Board discussed closing the BMO Harris account ending in 1178 and transferring the balance to the
Schwab account ending in 2308. A motion was made by Trustee Cousins and seconded by Trustee Cook
to close the BMO Harris account as discussed. Motion carried by roll call vote. AYES: Trustees Cook, Fisher, Grod, Cousins, and Meszaros NAYS: None ABSENT: None
Additional Bills, if any – Illinois Department of Insurance Compliance Fee: The Board noted that the Illinois Department of Insurance Compliance Fee invoice will be issued and payment is due by June 30th. A motion was made by Trustee Meszaros and seconded by Trustee Grod to approve payment of the IDOI Compliance Fee, in an amount not to exceed $8,000.00, upon receipt of the invoice. Motion carried by
roll call vote.
AYES: Trustees Cook, Fisher, Grod, Cousins, and Meszaros NAYS: None ABSENT: None
INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for the period ending March 31, 2018. As of March 31, 2018, the quarter-to-date total net return is -0.21% for an investment return of -$65,233 and an ending market value of $31,484,536. The current asset allocation is: Fixed Income at 44.2%, Equities at 55.6% and Cash Equivalents at 0.2%. 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 updates to the Investment Policy at this time.
COMMUNICATIONS OR REPORTS: Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest are due by May 1st.
Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the June payroll cycle. A status update will be provided at the next scheduled meeting. Active Member File Maintenance Letters: The Board noted that L&A prepared Active Member File
Maintenance letters for distribution to all active members requesting any additional pension file documents as required by the IDOI. Status updates will be given to the Board as they become available.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for Membership – Brandon Fox and Ricardo Robles: The Board reviewed the Applications for Membership
submitted by Brandon Fox and Ricardo Robles. A motion was made by Trustee Cook and seconded by Trustee Fisher to accept Brandon Fox and Ricardo Robles into the Plainfield Police Pension Fund, effective 03/19/18, as Tier II participants. Motion carried by roll call vote.
Plainfield Police Pension Fund Minutes of Meeting – April 12, 2018
Page 3 AYES: Trustees Cook, Fisher, Grod, Cousins, and Meszaros
NAYS: None
ABSENT: None APPLICATIONS FOR RETIREMENT OR DISABILITY BENEFITS: There were no applications for retirement or disability benefits.
OLD BUSINESS: There was no old business to discuss. NEW BUSINESS: Certify Board Election Results – Active Member Position: L&A conducted an election for one of the Active Member positions on the Plainfield Police Pension Fund Board of
Trustees. Rich Meszaros ran unopposed and was reelected by acclamation for a two-year term expiring
April 30, 2020. A motion was made by Trustee Cook and seconded by Trustee Fisher to certify the Active Member election results. 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. ATTORNEY’S REPORT: Legal Update: Mr. Haim reviewed his firm’s second 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 Grod to adjourn the meeting at 6:37 p.m. Motion carried unanimously by voice vote.
The next regular meeting of the Plainfield Police Pension Fund will be held on July 12, 2018 at 6:00 pm. Respectfully submitted,
___________________________________ ________________________ Rich Meszaros, Secretary Date Approved by Board
Minutes prepared by Robina Amato, Pension Services Administrator