2015-07-14 - Police Pension Board - Agenda Packet BUFFALO GROVE POLICE PENSION BOARD
President — Scott Eisenmenger Secretary—Tony Montiel
Vice President —Art Voigt Assistant Secretary—Jeff Feld
Trustee — Ken Fox Treasurer—Scott Anderson
The Buffalo Grove Police Pension Fund Board will hold its regular quarterly meeting on:
Tuesday July 14th1h, at 6:30 P.M.
Buffalo Grove Police Department
46 Raupp Blvd. Buffalo Grove, IL. 60089
847-459-2560
AGENDA
I. Call to Order
II. Public Comment(5 minute limit per person)
III. Approval of Minutes from April 141h, meeting
IV. General Business
■ Invoices/payments
■ Investment/Portfolio Report
■ Investment Performance(Financial Consultant)
o Sale/purchase of securities
■ Legal (Board Attorney)
■ Training
o Ethics, Fiduciary Duty, & Investment (P.A. 96-429)
V. Old Business
■ None
Vl. New Business
■ Next quarterly meeting: October 13 th, 2015
VII. Adjournment
The Village of Buffalo Grove,in compliance with the Americans With Disabilities Act,requests that persons with disabilities,who require certain accommodations to
allow them to observe and/or participate in this meeting or have questions about the accessibility of the meetings or facilities,contact the ADA Coordinator at 459-
2518 to allow the Village to make reasonable accommodations for those persons.
BUFFALO GROVE POLICE PENSION FUND
Police Pension Board Regular Meeting Minutes—Tuesday April 14", 2015
I. Call to Order—6:30PM
II. Attendance —Trustees Scott Eisenmenger, Tony Montiel, Arthur Voigt, Scott
Anderson—Village Finance Director, Rick Reimer—Reimer& Karlson (board attorney),
Dave Wall—Wall & Associates (board consultant), A.J. Weber—Lauterbach &Amen
(board accountant), Jessica Fain—Lauterbach & Amen(Actuary), Art Busby— Stratford
Investments, Tim Bowen and Andy Pataky- Mesirow Financial, Jessica Govic—Arthur
J. Gallagher
III. Public Comments -None
IV. Minutes —January 131h, 2015 meeting minutes
■ Motion to approve minutes made by Trustee Eisenmenger
■ Seconded by Trustee Voigt Vote: 3 ayes / 0 nays
■ Discussion: None
■ Motion carried
V. General Business
■ Invoices totaling $84,655.63 for the I"quarter
o Motion made by Trustee Eisenmenger to approve and pay the bills as
presented.
o Seconded by Trustee Voigt Vote: 3 ayes /0 nays
o Discussion: None
o Motion carried
■ Fiduciary Insurance was moved up in the agenda
o Tim Bowen and Andy Pataky from Mesirow Financial presented the
board with Mesirow's Fiduciary Liability Insurance program.
o Jessica Govic from Arthur J. Gallagher presented the board with Arthur
J. Gallagher's Fiduciary Liability Insurance program.
o Motion made by Trustee Eisenmenger to purchase the fiduciary liability
insurance policy by Arther J. Gallagher in the amount of$7,440
(annual)
o Seconded by Trustee Voigt Vote: 3 ayes /0 nays
o Discussion: The Fire Department and the Village have both entered into
agreement with Arther J. Gallagher for Fiduciary Liability Insurance
o Motion carried
■ Stratford Investment report
■ Art Busby from Stratford Investments spoke to the board about our
investments with Stratford
■ Mr. Wall reported on the performance of the fund (fees included):
0 1" Qtr. 2015: Fixed: Stratford Equity 0.67%, Commodities (7.29) %,
International 3.51%, Passive Small Cap 5.10%, Real Estate
4.72%,Oakbrook 1.11%, Zacks 2.85%
0 1st Qtr. Overall performance: 1.63%
0 2015 YTD performance: 1.63%
o Value on 03/31/15: $56,879,395.21
o Motion made by Trustee Eisenmenger to have Mr. Wall use $300,000
from the operating account and purchase $150,000 in assets in
Oakmark International and $150,000 in assets in Vanguard Small Cap
ETF
o Seconded by Trustee Montiel Vote: 3 ayes/ 0 nays
o Discussion: none
o Motion passed
■ Election of Active/Retired/Disabled Trustees—Not needed in 2015
■ Review and/or modification of Board's Administrative Rules & Regulations
o Not needed per Mr. Reimer
■ Annual Filing of Statements of Economic Interest
o Four of the five Trustees have completed their statements
o The Trustee will be reminded to complete his statement
■ Village Funding Policy
o Mr. Anderson presented the board with the policy
o The policy will be sent to Todd Schroeder(actuary) for his review
o Mr. Reimer looked at the policy and didn't see any issues
■ Legal—Mr. Reimer gave the board a legal update
■ Training—Discussion regarding mandatory training required by each Trustee.
The Midwest Pension Conference will be held in October in Lake Geneva,
WI
VI. Old Business
■ Discussion of actuary report by Jessica Fain(L&A)
■ Municipal Compliance Report will be addressed at a later date
■ Medical Examination Status for Disabled Officer C. Senese
o Motion made by Trustee Eisenmenger to continue benefits based
upon Dr. Derken's opinion that Officer Senese remains disabled
o Seconded by Trustee Voigt Vote: 3 ayes /0 nays
o Discussion: None
o Motion carried
■ Medical Examination Status for Disabled Officer L. Stopper
o Mr. Reimer advised the board that Officer L. Stopper has turned 50
years of age and no further examination is required
■ Annual Verification of Eligibility for Beneficiaries
o L&A has received all the required documents except for one
retiree. That Officer was contacted and will complete the forms
immediately.
■ Sgt. Jamil's military time transfer issue was resolved
VII. New Business
■ Next quarterly meeting is scheduled for July 14', 2015
VIII. Adjournment—Motion made by Trustee Eisenmenger to adjourn the meeting
Seconded by: Trustee Montiel Vote: 3 ayes/0 nayes
Discussion: None
Motion carried