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Home My Public Portal About07-11-2019 Police Pension Board Meeting MinutesPI,AINFIELD POLICE PENSION FUND 14300 Coil Plus Drive r Plainfreld, Illinois 60544 Jeff Cook, Prcsident t lVlichael Fisher, Vice Prcs. t Eichard Atfeszaros. Secretar.v t Andrcw' Grod, Asst. Secrctaty s Stete Cousins, Ttustee MINUTES OF'A REGULAR MEETING OF THE PLAINFIELD POLICE PENSION F'UND BOARD OF TRUSTEES JULY ll,20l9 A regular meeting of the Plainfield Police Pension Fund Board of Trustees was held on Thursday, July 11, 2079 at 6:00 p.m. in the Plainfield Police Department located at 14300 Coil Plus Drive, Plainfield, Illinois 60544, pursuant to notice, CALL TO ORDER: Trustee Cook called the meeting to order at 6:00 p.m. ROLL CALL: PRESENT: ABSENT: ALSO PRESENT: Trustees Jeffrey Cook, Rich Meszaros, Andy Grod and Michael Fisher Trustee Stephen Cousins Attomey Rick Reimer, Reimer & Dobrovolny PC; John Falduto and Tom Sawyer, Sawyer Falduto Asset Management, LLC; Robina Amato and Kevin Cavanaugh, Lauterbach & Amen, LLP (L&A); Greg Kieswetter, Cook Castle Associates PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: May 13,2019 Regular Meeting:The Board reviewedthe May 13, 2019 regular meeting minutes. A motion was made by Trustee Meszaros and seconded by Trustee Cook to approve the May 13, 2019 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 two-month period ending June 30, 2019 prepared by L&A. As of June 30,2019, the net position held in trust for pension benefits is $35,642,357.09 for a change in position of $977,188.55. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and Vendor Check Report for the period April l, 2019 through June 30, 2019 for total disbursements of $56,159.01. A motion was made by Trustee Meszaros and seconded by Trustee Grod to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $56,1 59.01 . Motion carried by roll call vote. AYES: Trustees Cook, Meszaros, Fisher and Grod NAYS: None ABSENT: Trustee Cousins Additional 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 Plainfield Police Pension Fund Meeting Minutes - July ll,20l9 Page2 of3 period endingJune 30,2019. As ofJune 30,2019,the quarter-to-date total net return is2.76%o for an investment retum of $980,095 and an ending market value of $35,629,116. The current asset allocation is: Fixed Income at 43Vo, Equities at 55.8%o and Cash Dquivalents at I .2%. The Market Commentary, Equity and Fixed Income Portfolios, and Transaction Ledger Report were reviewed with the Board. All questions were answered by Mr. Falduto. A motion was made by Trustee Cook and seconded by Trustee Meszaros to accept the Quarterly Investment Performance Report as presented. Motion carried by roll call vote. AYES: Trustees Cook, Meszaros, Fisher and Grod NAYS: None ABSENT: Trustee Cousins Review/Update Investment Policy: The Board will review an updated Investment Policy at the next regular meeting for approval. COMMUNICATIONS OR REPORTSz Affidavits of Continued Eligibility: The Board noted that L&A mailed Affrdavits of Continued Eligibility to all pensioners with the June payroll cycle and a due date of July 31,2079. A status update will be provided at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: The Board noted that Katrina Silacz has separated service with a last day worked of June 22,2019. No further action is needed. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITSz Approve Regular Retirement Benefits - Kevin Greco: The Board noted that an application for retirement benefits has not yet been received by the Board or Lauterbach & Amen, LLP. OLD BUSINESS: Review/Approve - 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 Fisher to approve payment of the fiduciary liability insurance renewal effective August l, 2019 through August l, 2020 in the amount of $6,710.00. Motion carried by roll call vote.AYES: Trustees Cook, Meszaros, Fisher and GrodNAYS: NoneABSENT: Trustee Cousins NEW BUSINESSz 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 regular meeting. A motion was made by Trustee Meszaros and seconded by Trustee Fisher to direct L&A to ftnalize the Actuarial Valuation for review and approval at the next regular meeting. Motion carried unanimously by voice vote. Board Officer Elections - President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Offrcer Elections and nominated the slate of Officers as follows: Trustee Cook as President, Trustee Fisher as Vice President, Trustee Meszaros as Secretary and Trustee 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. FOIA Officer and OMA Designee: The Board discussed maintaining Linda Hager with the Village of Plainfield, as the FOIA Officer and Trustee Meszaros as the OMA Designee. A motion was made by Trustee Cook and seconded by Trustee Meszaros to maintain the FOIA Officer and OMA Designee as stated. Motion carried unanimously by voice vote. Plainfield Police Pension Fund Meeting Minutes - July 17,2019 Page 3 of3 IDOI Annual Statement: The Board noted that the IDOI Annual Statement is in process and the final report will be sent to the Board for review upon completion. TRUSTEE TRAINING UPDATE: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. Approval of Trustee Training Registration Fees and Reimbursable Expenses: There were no trustee training registrations or reimbursable expenses presented for approval. ATTORNEY'S REPORT - REIMER & DOBROVOLNY PC: Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney Reimer discussed recent court cases and decisions, as well as general pension matters with the Board. Annual Independent Medical Examination - Glen Sandmire: The Board noted that Glen Sandmire attended his annual independent medical examination and it was determined that he remains disabled at this time. A motion was made by Trustee Cook and seconded by Trustee Fisher to continue the disability benefits of Glen Sandmire based on a finding that he remains disabled and subject to further annual examinations until age 50. Motion carried by roll call vote. AYES: Trustees Cook, Meszaros, Fisher and Grod NAYS: None ABSENT: Trustee Cousins Annual Independent Medical Examination - Andrew Grod: The Board discussed sending Andrew Grod for his annual independent medical examination. Further discussion will be held at the next regular meeting. CLOSED SESSION,IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Cook and seconded by Trustee Meszaros to adjourn the meeting at7:27 p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for October 10,2019 at 6:00 pm Board or Secretary Minutes approved by the Board of Trustees on Minutes prepared by Robina Amato, Pension Services Administrator, Lauterbach & Amen, LLP