HomeMy Public PortalAbout10-11-2018 Police Pension Board Meeting MinutesJeff Cook, President t fulichael Fisher, I4ce Ptes. t Richatd li,Ieszat'os. Secreta4t, t Andtew'Grcd. ,4s.qt. Sect'etart, . Stere Cousins, Ttustee
MINUTES OF A REGULAR MEETING OF'THE PLAINFIELD POLICE
PENSION FUND BOARD OF TRUSTEES
THURSDAY, OCTOBER 11, 2018
A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, October 11,
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:
PI"AINFIELD POLICE PENSION FUND
14300 Coil Plus Drive r Plainfreld, Illinois 60544
Trustees Jeffrey Cook, Michael Fisher, Rich Meszaros Stephen Cousins and Andy
Grod
None
Rick Reimer, Reimer & Dobrovolny, PC; Tom Sawyer and John Falduto, Sawyer
Falduto Asset Management, LLC; Robina Amato, Ashley Wraight and Derek Flessner,
Lauterbach & Amen, LLP (L&A)
ABSENT:
ALSO PRESENT:
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTES: July 12, 20lB Regular Meeting Minutes:The minutes of the July
12,2018 regular meeting were reviewed by the Board. A motion was made by Trustee Cousins and seconded
by Trustee Cook to approve the July 12,2018 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 five-month period ending September 30,2018 as prepared by
L&A. As of September 30,2018, the net position held in trust for pension benefits is $33,827,934.22for a
change in position of $2,249,582.60. The Board also reviewed the Cash Analysis Report, Revenue Report,
Expense Report, Member Contribution Report and Payroll Joumal.
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period July I , 201 8
through September 30,2018 for total disbursements of $52,355 .33. A motion was made by Trustee Cousins
and seconded by Trustee Grod to approve the disbursements shown on the Vendor Check Report. Motion
carried by roll call vote.
AYES: Trustees Cook, Fisher, Meszaros, Cousins and Grod
NAYS: None
ABSENT: None
Trustee Training Reimbursemenfs: The Board reviewed the following Trustee training reimbursements:
. Reimbursement to Trustee Fisher in the total amount of $805.92 for training expenses:
o Hotel: $704.00
Plainfield Police Pension Fund
Minutes of Meeting - October 11, 2018
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o Mileage: 187 miles at $0.545/mile totaling $101.92
Reimbursement to Trustee Grod in the total amount of $752.50 for training expenses:o Hotel: $631.50o Mileage:222 miles at $0.545/mile totaling $121.00
Reimbursement to Trustee Cook in the total amount of $1,479.75 for training expenseso Hotel: $1,238.92o Meals: $240.83
A motion was made by Trustee Cook and seconded by Trustee Meszaros to approve the Trustee training
reimbursements as presented with Trustee Cook abstaining from his own reimbursement. Motion carried by
roll call vote.AYES: Trustees Cook, Fisher, Meszaros, Cousins and Grod
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 September 30, 2018. As of September 30, 2018, the quarter-to-date total net return is 1.7 5%o for
an investment return of $595,193 and an ending market value of $33 ,827,724. The current asset allocation is:
Fixed Income at44.4Yo, Equities at55Yo and Cash Equivalents at0.7%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
Fisher to accept the Quarterly Investment Performance Report as presented. Motion carried unanimously by
voice vote.
Review/Update Investment Policy: The Board reviewed the Investment Policy and noted that no updates were
needed at this time.
COMMUNICATIONS OR REPORTS: Affidavits of Continued Eligibility.' The Board noted that all2018
Affidavits of Continued Eligibility have been received by L&A and all originals were given to the Board for
recordkeeping.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: There were no applications
for membership or withdrawals from the Fund.
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: IDOI Annual Statemenf: The Board noted that the IDOI Annual Statement will be filed
with the Department of Insurance and Trustee Cook will be designated as the authorized signatory.
A motion was made by Trustee Cook and seconded Cousins to approve the finalized IDOI Annual Statement
as presented. Motion carried unanimously by voice vote.
Review/Approve - Actuarial Valuation & Tax Levy Requesf; The Board reviewed the finalized Actuarial
Valuation as prepared by L&A. Based on data and assumptions, the recommended contribution amount is
$1,338,762 which is a $33,558 increase from the prior year contribution The statutory minimum contribution
a
a
Plainfield Police Pension Fund
Minutes of Meeting - October 11, 2018
Page 3 of3
requirement is $,1,050,154. A motion was made by Trustee Cook and seconded by Trustee Fisher to accept
the Actuarial Valuation as prepared and to request a tax levy in the amount of $1,338,762 from the Village of
Plainfield, based on the recommended amount stated in the Actuarial Valuation prepared by L&A. Motion
carried by roll call vote.
AYES: Trustees Cook, Fisher, Meszaros, Cousins and Grod
NAYS: None
ABSENT: None
Review/Approve - Municipal Compliance Report: The Board reviewed the Municipal Compliance Report
prepared by L&A. A motion was made by Trustee Cook and seconded by Trustee Fisher to adopt the MCR as
prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by
voice vote.
2019 Board Meeting Dates: The Board established the 2019 Board meeting dates as January 10, 2019; April
11,2019;July 11, 2019 andOctober 10,2019 at 6:00 p.m. atthe PlainfieldPolice Department located at 14300
Coil Plus Drive, Plainfield, Illinois. A motion was made by Trustee Cook and seconded by Trustee Fisher to
establish the 2019 Board meeting dates 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.
ATTORNEY'S REPORTz Legal Update:Mr. Reimer reviewed his firm's newsletter, Legal and Legislative
Update and answered all questions.
Annual Independent Medical Examination- Andrew Grod and Glen Sandmire: The Board noted that Andrew
Grod and Glen Sandmire attended their annual independent medical examinations and it was determined they
both remain disabled at this time. A motion was made by Trustee Cook and seconded by Trustee Fisher to
continue the disability benefits of Andrew Grod and Glen Sandmire, based on a finding that they both remain
disabled and subject to further annual examinations until age 50. Motion carried unanimously by voice vote
with Trustee Grod abstaining from the continuance of his own benefit.
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 adjoum the
meeting at 6:35 p.m. Motion carried unanimously by voice vote.
The next regular meeting of the Plainfield Police Pension Fund will be held on January 10,2019 at 6:00 p.m.
Re s p e c tful ly s ub m i t t e d,
Rich Meszaros,
Minutes prepared by Robina Amato, Pension Services Administrator
Date Approved by Board