HomeMy Public PortalAbout07-12-2018 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, JULY 12, 2018 A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, July 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 Fisher called the meeting to order at 6:10 p.m. ROLL CALL: PRESENT: Trustees Michael Fisher, Stephen Cousins and Rich Meszaros
ABSENT: Trustees Jeff Cook and Andrew Grod ALSO PRESENT: Evan Haim, Reimer & Dobrovolny, PD; Tom Sawyer and John Falduto, Sawyer Falduto Asset Management, LLC; Robina Amato and Kevin Cavanaugh, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: April 12, 2018 Regular Meeting Minutes: The minutes of the April 12, 2018 regular meeting were reviewed by the Board. A motion was made by Trustee Cousins and seconded by Trustee Meszaros to approve the April 12, 2018 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 Board reviewed the Monthly Financial Report for the one-month period ending May 31, 2018 as prepared by L&A. As of May 31, 2018, the net position held in trust for pension benefits is $32,109,389.46 for a change in position of $44,135.02. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal.
Presentation and Approval of Bills: The Board reviewed the Vendor Check Report for the period March 1, 2018 through May 31, 2018 for total disbursements of $44,135.02. A motion was made by Trustee Fisher and seconded by Trustee Meszaros to approve the disbursements shown on the Vendor Check Report as presented. Motion carried by roll call vote.
AYES: Trustees Fisher, Cousins, and Meszaros NAYS: None ABSENT: Trustees Cook and Grod
Plainfield Police Pension Fund Minutes of Meeting – July 12, 2018
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Additional Bills, if any: There were no additional bills for approval. INVESTMENT REPORT – SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investment Performance Report: Mr. Sawyer presented the Quarterly Investment Performance Report for
the period ending June 30, 2018. As of June 30, 2018, the quarter-to-date total net return is 0.98% for an investment return of $333,344 and an ending market value of $32,523,772. The current asset allocation is: Fixed Income at 44%, Equities at 54.8% and Cash Equivalents at 1.2%. 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 Cousins and
seconded by Trustee Meszaros 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 no updates were
needed at this time.
COMMUNICATIONS OR REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A mailed Affidavits of Continued Eligibility to all pensioners with the June payroll cycle and a due date of July 31st. To date, five Affidavits remain outstanding. L&A will mail second request Affidavits to the
outstanding pensioners and status updates will be provided to the Board as they become available.
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: Fiduciary Liability Insurance Renewal: The Board reviewed the fiduciary liability
insurance renewal provided by Hudson Insurance Company through Cook Castle Associates, LLC. A motion was made by Trustee Meszaros and seconded by Trustee Cousins to approve payment of the fiduciary liability insurance renewal effective 08/01/18 through 08/01/19 in the amount of $6,594.00. Motion carried by roll call vote.
AYES: Trustees Fisher, Cousins, and Meszaros
NAYS: None ABSENT: Trustees Cook and Grod Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation
prepared by L&A. The final report will be reviewed by the Board at the next regularly scheduled meeting.
Board Officer Elections – President, Vice President, Secretary & Assistant Secretary: The Board discussed Board Officer Elections and nominated the following slate of Officers: Jeff Cook as President; Michael Fisher as Vice President; Rich Meszaros as Secretary; and Andrew Grod as Assistant Secretary.
A motion was made by Trustee Meszaros and seconded by Trustee Fisher to elect the slate of Officers as
stated. Motion carried unanimously by voice vote.
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FOIA Officer & OMA Designee: The Board noted that Linda Hager will remain the FOIA Officer and Trustee Meszaros will remain 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: Legal Update: Mr. Haim reviewed his firm’s second quarter newsletter,
Legal and Legislative Update and answered all questions.
Annual Independent Medical Examination: The Board discussed sending Andrew Grod for his annual Independent Medical Examination. A motion was made by Trustee Meszaros and seconded by Trustee Fisher to authorize the Board Attorney to send Andrew Grod for his annual IME. Motion carried by roll
call vote.
AYES: Trustees Fisher, Cousins, and Meszaros NAYS: None ABSENT: Trustees Cook and Grod
CLOSED SESSION, IF NEEDED: There were no items to be discussed in closed session.
ADJOURNMENT: A motion was made by Trustee Fisher and seconded by Trustee Meszaros to adjourn the meeting at 6:40 p.m. Motion carried unanimously by voice vote.
The next regular meeting of the Plainfield Police Pension Fund will be held on October 11, 2018 at 6:00 pm. Respectfully submitted,
___________________________________ ________________________ Rich Meszaros, Secretary Date Approved by Board
Minutes prepared by Robina Amato, Pension Services Administrator