HomeMy Public PortalAbout01-10-2019 Police Pension Board Meeting MinutesPI,AINFIELD POLICE PENSION FUND
14300 Coil Plus Drive r Plainfreld, Illinoie 60544
MINUTES OF A REGULAR MEETING OF THE PLAINFIELD POLICE
PENSION FUND BOARD OF TRUSTEES
JANUARY 10,2019
A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, January
70,2019 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:
ABSENT:
ALSO PRESENT
Trustees Jeffrey Cook, Michael Fisher, Rich Meszaros, Stephen Cousins and Andy
Grod
None
Rick Reimer, Reimer & Dobrovolny, PC; John Falduto and Ed Lavin, Sawyer
Falduto Asset Management, LLC; Robina Amato and Liz Failing, Lauterbach &
Amen, LLP (L&A)
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MEETING MINUTBS z October I l, 2018 Regular Meeting Minutes: The minutes of
the October 1I,2018 regular meeting were reviewed by the Board. A motion was made by Trustee
Meszaros and seconded by Trustee Cousins to approve the October 11, 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, LLPz Monthly Financial Report: The
Board reviewed the Monthly Financial Report for the eight-month period ending December 31, 201 8 as
prepared by L&A. As of December 31, 2018, the net position held in trust for pension benefits is
531,591,741.27 for a change in position of $13,389.65. 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 October
1, 2018 through December 31,2018 for total disbursements of 553,5 46.91. A motion was made by Trustee
Cook and seconded by Trustee Cousins 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
Plainfield Police Pension Fund
Minutes of Meeting - January 10,2019
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Addilional Bills, if any.' There were no additional bills presented for approval.
INVESTMENT REPORT - SAWYER FALDUTO ASSET MANAGEMENT, LLC: Quarterly
Investment Performance Report:Mr. Falduto presented the Quarterly Investment Performance Report for
the period ending December 31,2018. As of December 37,2018, the quarter-to-date total net return is -
6.69% for an investment return of -52,269,464 and an ending market value of $31,562,512.The current
asset allocation is: Fixed Income at 45yo, Equities at 52.60/o and Cash Equivalents at 2.4Yo. The Market
Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report were reviewed with
the Board. All questions were answered by Mr. Falduto and Mr. Lavin. A motion was made by Trustee
Cook and scconded by Trustee Fisher to accept the Quarterly Investmcnt Pcrformancc Rcpoft as
presented. Motion carried by roll call vote.AYES: Trustees Cook, Fisher, Meszaros, Cousins and GrodNAYS: None
ABSENT: None
Mr. Lavin informed the Board that the AQR Large Cap and MFS International Growth funds have been
added to the international stock portfolio.
Review/Update Investment Policy: The Board reviewed the Investment Policy and noted that there are no
changes needed at this time.
COMMUNICATIONS OR REPORTS: Statements of Economic Interesf: The Board noted that the List
of Filers must be submitted to the County by the Village by February l, 2019. Statements of Economic
Interest will be sent to all registered filers who will need to respond by the deadline of May 1,2019.
Review/Approve - Death Audit Service Authorization: The Board discussed the Death Audit Service
offered through IPPFA and L&A. A motion was made by Trustee Meszaros and seconded by Trustee
Fisher to authorize the Death Audit Service as discussed and to execute the Death Audit Service
Authorization form provided by L&A. Motion carried unanimously by voice vote.
2019 IRS Mileage Rate: The Board noted that the IRS standard business mileage rate used for
reimbursement increased to $0.58 per mile effective January 1,2019.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Applications for
Membership - Katrina Silacz and Seth Stillwell: The Board reviewed the Applications for Membership
submitted by Katrina Silacz and Seth Stillwell. A motion was made by Trustee Cook and seconded by
Trustee Fisher to accept Katrina Silacz and Seth Stillwell into the Plainfield Police Pension Fund effective
12126l18, as Tier II participants. Motion carried unanimously by voice vote.
APPLICATIONS FOR RETIRLMENT OR DISABILITY BENEFITS: There were no applications
for retirement or disability benefits.
OLD BUSINESS: There was no old business to discuss
NEW BUSINESSz Approve Annual Cost of Living Adjustments (COLAs) for Pensioners: The Board
reviewed the2019 Cost of Living Adjustments (see attached) as calculated by L&A. A motion was made
Plainfield Police Pension Fund
Minutes of Meeting - January 10,2019
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by Trustee Cook and seconded by Trustee Fisher to approve the 2019 Cost of Living Adjustments as
required by statute and calculated by L&A. 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 Fisher and the retired member term currently held by Trustee Grod are expiring
in April 2019. Trustees Fisher and Grod expressed their wishes 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
and the retired member Trustee position. The Board also noted that the appointed Trustee position held
by Trustee Cook is expiring in April 2019 and he wishes to remain on the Board. The Board will contact
the Village and seek reappointment of Trustee Cook to the Board.
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 REPOKIz Legal Update; Mr. Reimer reviewed his firm's newsletter, Legal and
Legislative Update and answered all questions.
Review/Approve - Updated Rules and Regulations: The Board tabled this maffer for the next scheduled
meeting.
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 Meszaros to adjourn
the meeting at7:16 p.m. Motion carried unanimously by voice vote.
The next regular meeting of the Plainfield Police Pension Fund will be held on April ll,2019 at 6:00 pm.
Re s p e c tful Iy sub m i t t e d,
"4/@/,Rich Meszarcg3dretary
Minutes prepared by Robina Amato, Pension Services Administrator
Date Approved by Board