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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 Page2 of3 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 Page 3 of3 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