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2017-04-11 - Police Pension Board - Agenda Packet 0 Buffallo G�l.ro��ve '.Po',"��,.,.'.(.we 'Pe-,ri,,,s�"'.0il'.In �Fund .......................................................................................................................................................................................................................................................................................................................................................................................................................................................................... 0 46 .Rstupp 11.3oulewixtl, 13u.,ffalo Grove,, IlH�an.t: is 60089 Scott Eise.nme*nge r Art `✓oigt 'roily Mon6e l Jeff Fold Konneth Fax. President ViceRreside;:nt Secretary Asst. Secretary lnIs ee; NOTICE OF A REGULAR MEETING OF THE BOARD OF TRUSTEES BUFFALO GROVE POLICE PENSION FUND The Board of Trustees of the Buffalo Grove Police Pension Fund will conduct a regular meeting on Tuesday,April 11,2017 at 6:30 pm,at the Police Station located at 46 Raupp Blvd,Buffalo Grove,Illinois 60089 for the purposes set forth in the following agenda: AGENDA 1. Call to Order 2. Roll Call 3. Public Comment 4. Approval of Prior Meeting Minutes a)January 10,2017 Regular Meeting Minutes 5. Treasurer's Report 6. Accountant's Report a) Monthly Financial Report b) Presentation and Approval of Bills C) Additional Bills,if any i. Illinois Department of Insurance Compliance Fee 7. Actuarial Report 8. Investment Report a) Quarterly Investment Report b) Review/Update Investment Policy 9. Applications for Membership/Withdrawals from Fund a) Application for Membership—Chadd Kaiser 10. Applications for Retirement/Disability Benefits a) Regular Retirement Benefits—James A.Harris 11. Old Business 12. New Business a) Portability Status—Chadd Kaiser b) Zacks Investment Management Presentation C) Appointed Member Term Expiration—Jeff Feld d) Fiduciary Liability Insurance Renewal 13. Trustee Training Updates 14. Communication&Reports a) Statements of Economic Interest b) Affidavits of Continued Eligibility 15. Attorney's Report a) Legal Updates 16. Closed Session,if needed 17. Adjournment 1 of 45 MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES OF THE BUFFALO GROVE POLICE PENSION FUND TUESDAY, JANUARY 10, 2017 A regular meeting of the Board of Trustees of the Buffalo Grove Police Pension Fund was held on Tuesday, January 10, 2017 at 6:30 pm at the Police Station located at 46 Raupp Blvd, Buffalo Grove, Illinois 60089 for the purpose of conducting regular business. CALL TO ORDER: The meeting was called to order by Trustee Eisenmenger at 6:30 pm. PRESENT: Trustees Scott Eisenmenger, Tony Montiel, Art Voigt, Kenneth Fox and Jeff Feld ABSENT: None ALSO PRESENT: Dave Wall, Wall &Associates; Brian LaBardi, Reimer, Dobrovolny& Karlson; Steve Earnhardt and Debbie Jancik, Lauterbach &Amen, LLP; Scott Anderson, Finance Director PUBLIC COMMENT: There was no public comment. APPROVAL OF MINUTES: October 11, 2016 Regular Meeting: The Board reviewed the minutes from the October 11, 2016 regular meeting. A motion was made by Trustee Fox and seconded by Trustee Voigt to approve the October 11, 2016 regular meeting minutes as written. Motion carried by unanimous voice vote. Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes. TREASURER'S REPORT: Mr. Anderson relayed that he will begin working on the annual audit report within the next couple of months, which is due in June, 2017. There was no new information regarding the extension of the Village Tax Levy. ACCOUNTANT'S REPORT: Monthly Financial Report: The Board reviewed the Monthly Financial Report for the period ended l 2/3 l/20l 6,prepared by L&A. As of December 3 l, 2016 the net position held in trust for pension benefits is $59,373,l 45.66, with a net change in position of$3,130,888.11. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report and Payroll Journal. A motion was made by Trustee Montiel and seconded by Trustee Feld to accept the Monthly Financial Report as presented. Motion carried by unanimous voice vote. Presentation and Approval of Bills - Vendor Checks Report: The Board reviewed the Vendor Checks Report for the period 10/01/2016— 12/31/2016, for total disbursements in the amount of $210,407.30. A motion was made by Trustee Montiel and seconded by Trustee Feld to approve the disbursements shown on the Vendor Checks Report as presented. Motion carried by roll call vote. AYES: Trustees Eisenmenger, Montiel, Voigt, Fox and Feld NAYS: None ABSENT: None Additional Bills, if any: There were no additional bills presented at this time. 2 of 45 Buffalo Grove Police Pension Fund Minutes of Meeting—January 10, 2017 Page 2 of 3 INVESTMENT REPORT: Quarterly Investment Report: Mr. Wall distributed the Quarterly Investment Report for the period ending 12/31/2016, for the Board's review. As of December 31, 2016, the ending market value of the fund is $59,508,559.97 and the investment return for the third quarter is $680,890.49. The portfolio allocation is 2.72% Cash Equivalent, 54.34% US Stock, 3.01%Non-US Stock, 39.66% Bonds and 0.27% Other. The total account return (net of fees) for the quarter is 1.15%. The investment policy guidelines, cash flow and the equity accounts were reviewed with the Board. Mr. Wall discussed supplementing the Pension Fund with Strategic Beta Exchange Traded Funds (ETFs). A motion was made by Trustee Fox and seconded by Trustee Eisenmenger to move $500,000 from each Fixed Income Manager for a total of$1,000,000 into five equally rated ETFs. Motion carried by unanimous voice vote. Mr. Wall presented the option of opening another custodial Schwab account to fund the Exchange Traded Funds account, if necessary. A motion was made by Trustee Eisenmenger and seconded by Trustee Fox to approve the opening of another custodial Schwab account, for the purpose of funding the Strategic Beta Exchange Traded Funds account, if necessary. Motion carried by unanimous voice vote. Review/Update Investment Policy: There were no updates to the Investment Policy at this time. COMMUNICATION AND REPORTS: Statements of Economic Interest: The Board noted that the List of Filers must be submitted to the County by the Village by February 1, 2017. Statements of Economic Interest will be sent to all registered filers who will need to respond by the deadline of May 1, 2017. Trustee Training Updates: The Board reviewed the Trustee Training summary and discussed upcoming training opportunities. The Board was reminded to submit all training certificates to L&A for recordkeeping. Storage/Destruction of Old Pension Fund Accounting Records: L&A is in the process of digitizing records and will no longer keep hard copies. The Board took possession of the three boxes of the Pension Fund accounting records from L&A. ATTORNEY'S REPORT: Legal Updates: Attorney Brian LaBardi reviewed the Legal and Legislative Update quarterly newsletter highlighting recent court decisions and pension news with the Board and answered all questions presented. Amendment to the Downstate Police and Downstate Firefighter Articles of the Illinois Pension Code: There was no Amendment to the Downstate Police and Firefighter Articles of the Illinois Pension Code. Amendment to the Illinois Pension Code: There was no Amendment to the Illinois Pension Code. 3 of 45 Buffalo Grove Police Pension Fund Minutes of Meeting—January 10, 2017 Page 3 of 3 APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE FUND: There were none at this time. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS APPLICATIONS: Approve Regular Retirement Benefits—James A. Nelson: The Board was presented with the regular retirement benefit calculation for James A Nelson as follows: entry date of 08/28/1989; retirement date of 01/03/2017; effective date of pension 01/04/2017; 50 years of age; 27 years of creditable service; applicable salary of$101,332; applicable pension percentage of 67.50%; originally granted monthly pension of$5,699.93; and amount of annual pension of$68,399.16. A motion was made by Trustee Eisenmenger and seconded by Trustee Montiel to approve the retirement benefit calculation as presented. Motion carried by roll call vote. AYES: Trustees Eisenmenger, Montiel, Voigt, Fox and Feld NAYS: None ABSENT: None OLD BUSINESS: There was no Old Business. NEW BUSINESS: Approve Annual Cost of Living Adjustments (COLAs)for Pensioners: The Board reviewed the 2017 Cost of Living Adjustments as calculated by L&A. A motion was made by Trustee Eisenmenger and seconded by Trustee Fox to approve the 2017 Cost of Living Adjustments as required by statute and calculated by L&A. Motion carried by roll call vote. AYES: Trustees Eisenmenger, Montiel, Voigt, Fox and Feld NAYS: None ABSENT: None Revietiv Trustee Term Expirations and Election Procedures: The Board noted that the active member term currently held by Trustee Jeff Feld is expiring in April, 2017. Trustee Jeff Feld expressed his 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. CLOSED SESSION: There was no closed session needed. ADJOURNMENT: A motion was made by Trustee Eisenmenger and seconded by Trustee Voigt to adjourn the meeting at 7:45 pm. Motion carried by unanimous voice vote. The next regular meeting of the Buffalo Grove Police Pension Fund will be held on Tuesday, April 11, 2017 at 6:30 pm. Respectfully submitted, Date approved: Tony Montiel, Secretary Minutes prepared by Debbie Jancik, Pension Services Administrator 4 of 45 Buffalo Grove Police Pension Fund Year-End Close Adjustments For the Fiscal Year Ended December 31, 2016 Included as of the Month Ended February 28, 2017 Prepared By L.,auterbach, & Amen,CERTRED P'UBLIC ACCOUNTANT'S 27W457 WARRENVILLE RD-WARRENVILLE,ILLINOIS 60555 PHONE 630.393.1483- FAX 630.393.2516 www.lauterbachamen.com 5 of 45 2711V4571PJAF�FBEfVVILLE Fil?, ® AF?FfiENi(ILLE,ILLIIV()IS 60555 Lauterbach & p, Amen, PHONE 630.393.1483 ® FAX 630.393.2516 www.lauterbachamen.com CERTIFIED PUBLIC ACCOUNTANTS MEMO TO: Members of the Pension Board of Trustees FROM: Sherry Lauterbach RE: Year End Close Adjustment This memo is intended to inform you of the agreed upon year end close adjustments that were recorded in the current month's financial statements. These are non-cash adjustments and are not related to the portfolio's market value. More precisely, this month adjusting entries from the previous fiscal year end were posted. These adjustments would include accrued interest, due/unpaid expenses, prepaids and any other adjustments necessary to complete the audit workpapers. These closing adjustments occur on an annual basis. The only real affect of these adjustments is to fund balance. A prior year adjustment would update the fund balance to reflect the most accurate position as of the previous year end. Should you have any questions,please feel free to contact A.J. Weber or Susan Hill at 630.393.1483. Cordially, xr�l.e ;, C", �_L_p Lauterbach & Amen, LLP 6 of 45 Buffalo Grove Police Pension Fund Year End Close Adjustments Journal As of Fiscal Year Ended December 31,2016 Reference Account Description Debit Credit Journal: Y/E Adjustments YEadj 15-600-00 YE 1 -To record FYE 2015 audit adjustments 12,729.50 0.00 YEadj 20-120-00 YE 1 -To record FYE 2015 audit adjustments 129,965.11 0.00 YEadj 30-000-01 YE 1 -To record FYE 2015 audit adjustments 0.00 (142,694.61) YEadj 20-110-00 YE 2-To reverse FYE 2015 accruals 52,867.66 0.00 YEadj 52-150-01 YE 2-To reverse FYE 2015 accruals 2,170.00 0.00 YEadj 52-290-26 YE 2-To reverse FYE 2015 accruals 795.00 0.00 YEadj 52-290-27 YE 2-To reverse FYE 2015 accruals 332.02 0.00 YEadj 18-100-00 YE 2-To reverse FYE 2015 accruals 0.00 (3,297.02) YEadj 52-170-03 YE 2-To reverse FYE 2015 accruals 0.00 (1,060.00) YEadj 52-170-05 YE 2-To reverse FYE 2015 accruals 0.00 (19.49) YEadj 52-190-01 YE 2-To reverse FYE 2015 accruals 0.00 (51,788.17) YEadj 18-100-00 YE 3 -To record FYE 2016 prepaid-fiduciary 2,631.33 0.00 insurance 3.5 months YEadj 52-150-01 YE 3 -To record FYE 2016 prepaid-fiduciary 0.00 (2,631.33) insurance 3.5 months YEadj 18-100-00 YE 4-To record FYE 2016 prepaid-IPPFA dues 795.00 0.00 YEadj 52-290-26 YE 4-To record FYE 2016 prepaid-IPPFA dues 0.00 (795.00) YEadj 52-170-03 YE 5-To record FYE 2016 due/unpaid-Nov 1,090.00 0.00 accounting services YEadj 20-110-00 YE 5-To record FYE 2016 due/unpaid-Nov 0.00 (1,090.00) accounting services YEadj 52-190-01 YE 6-To record FYE 2016 due/unpaid-advisor fees 50,166.37 0.00 YEadj 20-110-00 YE 6-To record FYE 2016 due/unpaid-advisor fees 0.00 (50,166.37) YEadj 15-600-00 YE 7-To record FYE 2016 due from-PPRT collections 11,278.84 0.00 YEadj 41-230-00 YE 7-To record FYE 2016 due from-PPRT collections 0.00 (11,278.84) YEadj 52-170-03 YE 8-To record FYE 2016 due/unpaid-Sept Acct 1,090.00 0.00 services YEadj 20-110-00 YE 8-To record FYE 2016 due/unpaid-Sept Acct 0.00 (1,090.00) services 265,910.83 (265,910.83) 7 of 45 Buffalo Grove Police Pension Fund Monthly Financial Report For the Month Ended February 28, 2017 Prepared By L.,auterbach, & Amen,7 L P CERTRED P'UBLIC ACCOUNTANT'S 27W457 WARRENVILLE RD-WARRENVILLE,ILLINOIS 60555 PHONE 630.393.1483- FAX 630.393.2516 www.lauterbachamen.com 8 of 45 Buffalo Grove Police Pension Fund Table of Contents Starting on Page Accountants' Compilation Report................................................................................................ 1-1 Financial Statements Statement of Net Position - Modified Cash Basis................................................................... 2-1 Statement of Changes in Net Position- Modified Cash Basis................................................ 2-2 Other Supplementary Information Cash& Investments - Pie Chart.............................................................................................. 3-1 CashAnalysis Report.............................................................................................................. 4-1 Cash Analysis Summary- Graph............................................................................................ 5-1 RevenueReport....................................................................................................................... 6-1 Expenses - Bar Chart............................................................................................................... 7-1 ExpenseReport........................................................................................................................ 8-1 Member Contribution Report.................................................................................................. 9-1 PayrollBatch Report............................................................................................................... 10-1 Quarterly Vendor Check Report.............................................................................................. 11-1 9 of 45 Accountants' Compilation Report 10 of 45 2711V4571PJAF1F8EfVVILLE Fil?, ® AF?FfiENi(ILLE,ILLIIV()IS 60555 p, Amen, 4 PHONE 630.393.1483 ® FAX 630.393.2516 www.lauterbachamen.com CERTIFIED PUBLIC ACCOUNTANTS March 15, 2017 Buffalo Grove Police Pension Fund 46 Raupp Boulevard Buffalo Grove, IL 60089 To Members of the Pension Board: Management is responsible for the accompanying statement of net position- modified cash basis of the Buffalo Grove Police Pension Fund as of February 28, 2017 and the related statement of changes in net position - modified cash basis for the two months then ended and determining that the modified cash basis of accounting is an acceptable financial reporting framework. We have performed the compilation engagement in accordance with Statements for Standards and Review Services promulgated by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants. We did not audit or review the accompanying financial statements nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion, nor provide any form of assurance on the financial statements. The financial statements are prepared in accordance with the modified cash basis of accounting, which is a basis of accounting other than accounting principles generally accepted in the United States of America. Management has elected to omit substantially all of the disclosures included in financial statements prepared in accordance with the modified cash basis of accounting. If the omitted disclosures were included in the financial statements and other supplementary information, they might influence the user's conclusions about the Pension Fund's assets, liabilities, net position, additions and deductions. Accordingly, these financial statements and other supplementary information are not designed for those who are not informed about such matters. Other Matter The other supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. This information is the representation of management. The information was subject to our compilation engagement. We have not audited or reviewed the other supplementary information nor were we required to perform any procedures to verify the accuracy or completeness of the information provided by management. Accordingly, we do not express an opinion, a conclusion,nor provide any form of assurance on the other supplementary information. We are not independent with respect to the Buffalo Grove Police Pension Fund. Cordially, Lauterbach & Amen, LLP 1-1 11 of45 Financial Statements 12 of 45 Buffalo Grove Police Pension Fund Statement of Net Position - Modified Cash Basis As of February 28, 2017 Assets Cash and Cash Equivalents $ 45,666.48 Investments at Fair Market Value Money Market Mutual Funds 981,311.42 Fixed Income 22,355,450.30 Stock Equities 30,981,837.67 Mutual Funds 7,036,733.10 Total Cash and Investments 61,400,998.97 Accrued Interest 66,860.18 Prepaids 3,426.33 Total Assets 61,471,285.48 Liabilities Expenses Due/Unpaid 52,346.37 Due to Municipality 84,628.60 Total Liabilities 136,974.97 Net Position Held in Trust for Pension Benefits 61,334,310.51 See Accountants'Compilation Report 13 of 45 2-1 Buffalo Grove Police Pension Fund Statement of Changes in Net Position - Modified Cash Basis For the Two Months Ended February 28, 2017 Additions Contributions -Municipal $ 81,659.05 Contributions -Members 99,041.40 Total Contributions 180,700.45 Investment Income Interest and Dividends Earned 192,497.41 Net Change in Fair Value 2,077,190.58 Total Investment Income 2,269,687.99 Less Investment Expense (57,300.39) Net Investment Income 2,212,387.60 Total Additions 2,393,088.05 Deductions Administration 1,090.00 Pension Benefits and Refunds Pension Benefits 585,457.25 Refunds 0.00 Total Deductions 586,547.25 Change in Position 1,806,540.80 Net Position Held in Trust for Pension Benefits Beginning of Year 59,527,769.71 End of Period 61,334,310.51 See Accountants'Compilation Report 14 of 45 2-2 Other Supplementary Information 15 of 45 LO v 0 cm N O N w w � � o i cv cl. cl� O O a ° '—' cr U ra VV w � IIIVIIj a � N m v W o xkc) U O r- �t o0 N M ^ N �E ^ O � �c O �o �t ON C0 1 00 V) ' M O� O �c o0 r t VO �� N O LO 01 V) V) M Vr M O� V V) O V) L) ^ O O kn M cn ^ O V) M V) V) \p 0 \O O \O oc V) O N O O r N M OA M M O,r1l If) In r r O N V) O V) AO o0 M o0 01 M M r- 01 M r V) r— V1 l0 Vf O V' M O, V) r O o0 ' r M ON 'n oc O N OQ O Vi r O �T oc M fn �D N ^" al M C1 00 V7 Cl) \D �O N 01 �O In oc CS o V) o rl O O � �t O en ) V1kr) V) � \D \D O h R kn r i V) V) N N V) �c 0 N 01 CC V) V) � N •�I �....II V'� oc O Vi O Ln 01 00 'ITQ. ICI �I M M ^ N V) O ,^ QW" r0 N M M Q oc �~ M O � m O oc O O O U LJ a+ r00O. 00 � r � �1 V) In o0 D1 r N M M L— 0 N N N r ON AD O M m O Vn ^ N N N O 01 �r _ �O N 01 al M OG V) 69 Ol oc M O O o0 M 42 r M OC V) l0 N CO ^ M 4$ t it it �$ It 4$ 4$ �I U U U U U U U U U U R7 S Un Un zn zn zn zn v v V� E^ O ' ' N cC l� OC \O \O M O N M 00 O l� 00 N l� O g--- N O O N oC 01 xLO 01 00 \O M M 00 Ic V N �O V'1 N 00 N N M O M V"1 V'1 O\ Vl M co O N oC O O a1 a1 M N h CCi ^ CCi N N N M ' ' O N OC M A �D M O o N N N " 'C r � � N � O� N �, N 'n N O cV N r O o oc kn M o0 00 N N kn � O �C rq N •-- M �M'r 00 •V� O � M N � � N N U �I N -T a1 v'� ONII. � •� cn N l N v'� nfn O a _ kn O Vl 01 O C Vr r` � �� O N O N U 10 O U C q Z �Y O O w N 77� 4 N N oG M In M In O N M rY O 00 'It T 00 M -- M 77� N of 0 O 01 AO kn O N 0.4 Qn O X n � � y O cd W ID > r o �7 o N a ° iz LO v 72 rn c/ Y w �^ C Y I y U �, O �I wo 19 /I 9 ° CIO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Buffalo Grove Police Pension Fund Revenue Report as of February 28, 2017 Received Received this Month this Year Contributions Contributions -Municipal 41-210-00-Current Tax $ 80,380.00 81,659.05 80,380.00 81,659.05 Contributions-Members 41-410-00-Contributions-Current Year 47,461.49 98,641.40 41-420-00-Contributions-Prior Year 61.88 123.76 41-440-00-Interest Received from Members 138.12 276.24 47,661.49 99,041.40 Total Contributions 128,041.49 180,700.45 Investment Income Interest and Dividends 43-252-06-Schwab-Fixed Income 95757-3550 9,299.72 48,213.27 43-252-10-Schwab-Fixed Income #7186-9454 52,190.17 70,910.03 43-450-01 -Schwab- Stock Equities #7636-6003 20,411.51 39,032.04 43-450-02-Schwab- Stock Equities #1943-2799 19,858.92 40,066.95 43-550-06-Schwab-Mutual Funds #5757-3550 1,587.12 1,587.12 43-550-09-Schwab-Mutual Funds #8885-8061 2.92 5.41 43-550-1 1 -Schwab-Mutual Funds #7386-5381 4.20 4.20 103,354.56 199,819.02 Gains and Losses 44-252-06-Schwab-Fixed Income 95757-3550 22,817.56 41,572.70 44-252-10-Schwab-Fixed Income #7186-9454 53,191.75 45,880.29 44-450-01 -Schwab- Stock Equities #7636-6003 526,886.53 806,554.77 44-450-02-Schwab- Stock Equities #1943-2799 611,074.01 894,494.43 44-550-03 -Schwab-Mutual Funds #1655-8809 23,329.06 110,116.57 44-550-04-Schwab-Mutual Funds #8770-1624 40,034.68 37,818.23 44-550-06-Schwab-Mutual Funds #5757-3550 4,835.00 7,150.00 44-550-07-Schwab-Mutual Funds #6217-3165 (1,789.25) 3,578.50 44-550-08 -Schwab-Mutual Funds #2467-8480 52,304.89 86,199.84 44-550-11 -Schwab-Mutual Funds #7386-5381 43,825.25 43,825.25 1,376,509.48 2,077,190.58 Other Income 45-200-00-Accrued Interest (62,762.60) (7,321.61) (62,762.60) (7,321.61) Total Investment Income 1,417,101.44 2,269,687.99 Total Revenue 1,545,142.93 2,450,388.44 See Accountants'Compilation Report 20 of 45 6-1 LO 2 0 Cn oc (r) 1 rl� C) Buffalo Grove Police Pension Fund Expense Report as of February 28, 2017 Expended Expended this Month this Year Pensions and Benefits 51-020-00- Service Pensions $ 271,236.81 542,092.27 51-040-00-Duty Disability Pensions 3,548.30 7,096.60 51-060-00- Surviving Spouse Pensions 18,134.19 36,268.38 Total Pensions and Benefits 292,919.30 585,457.25 Administrative Professional Services 52-170-03 -Accounting&Booldweping Services 0.00 1,090.00 0.00 1,090.00 Investment 52-190-01 -Investment Manager/Advisor Fees 7,084.02 57,250.39 52-190-04-Safe Deposit and Bank Fees 25.00 50.00 7,109.02 57,300.39 Total Administrative 7,109.02 58,390.39 Total Expenses 300,028.32 643,847.64 See Accountants'Compilation Report 22 of 45 8-1 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended February 28, 2017 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Adams,Falon-Jocquet $ 28,993.99 1,243.28 0.00 0.00 30,237.27 Anderson, Tara E. 118,213.44 1,710.76 0.00 0.00 119,924.20 Baker,Malcolm E. 145,489.86 1,473.04 0.00 0.00 146,962.90 Baron, Danielle M. 129,460.87 1,546.68 0.00 0.00 131,007.55 Bethge,Roy H. 187,476.54 2,109.40 0.00 0.00 189,585.94 Bock, Cynthia 73,631.05 1,583.51 0.00 0.00 75,214.56 Bowen, Crystal 78,436.96 1,701.42 0.00 0.00 80,138.38 Broussard,Robert D. 82,771.44 1,627.52 0.00 0.00 84,398.96 Carlson,Michael D. 33,379.54 1,282.92 0.00 0.00 34,662.46 Casstevens, Steven R. 79,472.12 2,462.16 0.00 0.00 81,934.28 Cholewa,Amy L. 12,125.84 1,133.68 0.00 0.00 13,259.52 Dattilo, Thomas J. 183,573.32 1,546.68 0.00 0.00 185,120.00 De La Paz,Hector 101,537.90 1,567.73 0.00 0.00 103,105.63 Derken, Thomas P. 157,984.03 1,473.04 0.00 0.00 159,457.07 Dimeler, Daniel D. 81,941.59 1,583.51 0.00 0.00 83,525.10 Eisenmenger, Scott D. 162,762.28 1,994.66 0.00 0.00 164,756.94 Freeman, Janet 1. 153,694.00 1,473.04 0.00 0.00 155,167.04 Gaborek,Nicole L. 1,746.99 1,023.24 0.00 0.00 2,770.23 Goldstein,Anthony M. 144,131.10 1,832.50 0.00 0.00 145,963.60 Gretz, Timothy J. 177,150.90 1,899.68 0.00 0.00 179,050.58 Halverson,David W. 178,820.52 1,645.78 0.00 0.00 180,466.30 Hamelberg, Rollin S. 176,095.98 1,583.51 0.00 0.00 177,679.49 Hansen,Brian R. 46,141.97 1,473.04 0.00 0.00 47,615.01 Hansen,Meghan C. 63,595.99 1,473.04 0.00 0.00 65,069.03 Harris, James A. 175,667.30 1,583.51 0.00 0.00 177,250.81 Hawkins, Derek T. 71,878.94 1,583.51 0.00 0.00 73,462.45 Hill, Gregory R. 84,984.61 1,642.97 0.00 0.00 86,627.58 Horbus,Frank S. 129,414.49 1,546.68 0.00 0.00 130,961.17 Hyland, Richard J. Jr. 148,334.51 1,671.96 0.00 0.00 150,006.47 Jamil,Paul M. 147,049.83 1,710.76 400.00 0.00 149,160.59 Jigalov,Adrian G. 37,356.07 1,313.40 0.00 0.00 38,669.47 Kondrat,Michelle M. 145,307.09 1,676.96 0.00 0.00 146,984.05 Krozel,Ashley E. 69,499.55 1,473.04 0.00 0.00 70,972.59 Kupsak, Staci M. 149,633.33 1,583.51 0.00 0.00 151,216.84 Lamb, Kevin J. 15,581.38 1,239.74 0.00 0.00 16,821.12 Lowenberg,Kurt D. 154,088.64 1,546.68 0.00 0.00 155,635.32 Martin,Michael M. 134,410.06 1,583.51 0.00 0.00 135,993.57 McMillon, Shannon T. 15,580.74 1,169.78 0.00 0.00 16,750.52 Mills,Matthew C. 117,249.69 1,546.68 0.00 0.00 118,796.37 See Accountants'Compilation Report 23 of 45 9-1 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended February 28, 2017 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Montiel,Amador A. 135,582.79 1,473.04 0.00 0.00 137,055.83 Moran,Anthony M. 138,513.61 1,662.79 0.00 0.00 140,176.40 Newton, James E. 234,792.30 1,996.80 0.00 0.00 236,789.10 Nugent, Thomas P. 192,924.57 1,899.68 0.00 0.00 194,824.25 Parker,Ryan S. 31,585.48 1,336.52 0.00 0.00 32,922.00 Paul, Cliffton A. 108,952.66 1,473.04 0.00 0.00 110,425.70 Positano,Vincent J. 157,001.03 1,710.76 0.00 0.00 158,711.79 Reed, Thomas G. 199,716.01 2,095.90 0.00 0.00 201,811.91 Rodriguez,Michael A. 150,553.50 1,890.24 0.00 0.00 152,443.74 Rossi,Marc D. 78,619.38 1,583.51 0.00 0.00 80,202.89 Rudnick, Joel A. 16,160.69 1,169.78 0.00 0.00 17,330.47 Rygiel,Andrew T. 1,746.99 1,048.20 0.00 0.00 2,795.19 Schulz,Dean R. 184,903.42 1,727.92 0.00 0.00 186,631.34 Schwall, Gregory R. 186,155.43 1,583.51 0.00 0.00 187,738.94 Sepot, John F. 171,132.79 1,583.51 0.00 0.00 172,716.30 Shipman,Douglas S. 88,544.24 1,473.04 0.00 0.00 90,017.28 Smith, Randall A. 148,234.92 1,583.51 0.00 0.00 149,818.43 Spolar, Brian A. 144,052.38 1,876.13 0.00 0.00 145,928.51 Szos, Michael R. 177,255.08 2,130.56 0.00 0.00 179,385.64 Tijerina,Brian A. 5,180.46 1,197.63 0.00 0.00 6,378.09 Turano,Anthony R. 85,415.95 1,546.68 0.00 0.00 86,962.63 Valstyn, Ross B. 32,473.03 1,305.44 0.00 0.00 33,778.47 Verduzco,Jaime A. 85,380.97 1,642.97 0.00 0.00 87,023.94 6,949,542.13 98,307.67 400.00 0.00 7,048,249.80 Inactive/Terminated Members Nelson, James A. 173,084.95 333.73 0.00 0.00 173,418.68 Totals 7,122,627.08 98,641.40 400.00 0.00 7,221,668.48 See Accountants'Compilation Report 24 of 45 9-2 Buffalo Grove Police Pension Fund Member Contribution Report As of Month Ended February 28, 2017 Thru Current Prior Fiscal Fiscal Service Total Name Year Year Purchase Refunds Contributions Service Purchases 41-420-00 41-440-00 41-450-00 Prior Year Interest from Other Member Name-Type of Purchase Contributions Members Revenue Total Jamil,Paul M. - Military-Principal 123.76 0.00 0.00 123.76 Jamil,Paul M. - Military-Interest 0.00 276.24 0.00 276.24 Totals 123.76 276.24 0.00 400.00 See Accountants'Compilation Report 25 of 45 9-3 o LO N � 00_ o O o m m m OZ) w w m o 0 0 �p K O O LO Lo Lq co co Cfl t0 O O CD N d O O O �_ to to O to O O N 'ka } LO Lr) LL �}CD EA E1 V} 6r3 N N y v} v} f6 O O C) O O O O O O O O O U -a O O C, O O Cl O O O O O O N J ka 64 EA EA ka 64 EA EA EA EA U d O O o O O o O O O O O O Q v O O O O O O O O O O J R 6 O C, O O Cl O O O O O O LL i Efl 64 U> EA Efl 64 Uf EA fA Efl Q � N C N O O OO O O 00 O O O O O O R V O O O O O O O O O O O O QR Uf l 64 3 ff} EA U3 3 64 4A Efl ff} Ef} 3 N C t d O O 00 CD CD CD V V CD CD CD CD+' t) O O O CD CDO Cl) co CD CD CD CD O O C, O O 51 7 V O O O O = i FFy 69 fA FA C'V N 7 $ N � � C EA Efl 3 LL O^ c C O O NNN N O) 6) V V O d N co coO OJ coC) C) I� Q LL co 00 1- Co E Lr U') rn rn V V F m m } O O d 16} U) EA ff) 16 U> — U> E!) ff) V 4 3 Cl? 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C\l 't 0 C\l 64 C\l E 0 LU U) CD 't 0 in (D CY) 0 E Ep a- CN m LL cn 0 (DLL (D z Buffalo Grove Police Pension Fund Quarterly Vendor Check Report All Bank Accounts December 1,2016-February 28,2017 Check Invoice Check Date Number Vendor Name Amount Amount 12/12/16 30118 Lauterbach &Amen,LLP 52-170-03 418778 10/16 Accounting Service 760.00 52-170-03 #18778 10/16 Payroll Service 330.00 52-170-03 #19173 FYE15 MCR 555.00 ACH Amount(Direct Deposit) 1,645.00 12/19/16 50117 Charles Schwab & Co Inc 52-190-04 Wire Fee 25.00 Check Amount 25.00 12/30/16 30119 Internal Revenue Service 20-230-00 Internal Revenue Service 42,082.96 ACH Amount(Direct Deposit) 42,082.96 12/30/16 30120 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance- 12/16 9,773.09 20-220-00 Dental Insurance 1,083.38 20-220-00 AFLAC 0.00 ACH Amount(Direct Deposit) 10,856.47 O1/04/17 30121 Lauterbach &Amen,LLP 52-170-03 419495 11/16 Accounting Services 760.00 52-170-03 #19495 11/16Payroll Services 330.00 ACH Amount(Direct Deposit) 1,090.00 O1/09/17 50121 Zacks Investment Management,Inc. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 23,801.00 CheckAmount 23,801.00 O1/20/17 50122 Charles Schwab & Co Inc 52-190-04 Wire Fee 25.00 CheckAmount 25.00 O1/23/17 50118 Oak Brook Investments,LLC 52-190-01 Investment Manager/Advisor Fee 2016/Q4 11,800.43 CheckAmount 11,800.43 O1/26/17 50120 Garcia Hamilton&Associates L.P. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 6,109.90 CheckAmount 6,109.90 O1/31/17 30123 Internal Revenue Service 20-230-00 Internal Revenue Service 43,955.72 ACH Amount(Direct Deposit) 43,955.72 See Accountants'Compilation Report 35 of 45 1 1-1 Buffalo Grove Police Pension Fund Quarterly Vendor Check Report All Bank Accounts December 1,2016-February 28,2017 Check Invoice Check Date Number Vendor Name Amount Amount 01/31/17 30124 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-01/17 7,623.14 20-220-00 Dental Insurance 1,083.38 20-220-00 AFLAC 0.00 ACH Amount(Direct Deposit) 8,706.52 01/31/17 50119 Stratford Invest Advisor Group,Inc. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 8,455.04 Check Amount 8,455.04 02/13/17 50124 Schwab (Wall&Associates) 52-190-01 Investment Manager/Advisor Fee 7,084.02 Check Amount 7,084.02 02/22/17 50123 Charles Schwab & Co Inc 52-190-04 Wire Fee 25.00 Check Amount 25.00 02/28/17 30125 Internal Revenue Service 20-230-00 Internal Revenue Service 44,051.06 ACH Amount(Direct Deposit) 44,051.06 02/28/17 30126 Village of Buffalo Grove-Insurance 20-220-00 Medical Insurance-02/17 7,623.14 20-220-00 Dental Insurance 1,083.38 20-220-00 AFLAC 0.00 ACH Amount(Direct Deposit) 8,706.52 Total Payments 218,419.64 See Accountants'Compilation Report 36 of 45 l l-2 Buffalo Grove Police Pension Fund Quarterly Vendor Check Report All Bank Accounts January 1,2017-March 31,2017 Check Invoice Check Date Number Vendor Name Amount Amount 01/04/17 30121 Lauterbach & Amen,LLP 52-170-03 #19495 11/16 Accounting Services 760.00 52-170-03 #19495 11/16 Payroll Services 330.00 ACH Amount(Direct Deposit) 1,090.00 01/09/17 50121 Zacks Investment Management,Inc. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 23,801.00 Check Amount 23,801.00 01/20/17 50122 Charles Schwab & Co Inc 52-190-04 Wire Fee 25.00 Check Amount 25.00 01/23/17 50118 Oak Brook Investments, LLC 52-190-01 Investment Manager/Advisor Fee 2016/Q4 11,800.43 Check Amount 11,800.43 01/26/17 50120 Garcia Hamilton & Associates L.P. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 6,109.90 Check Amount 6,109.90 01/31/17 30123 Internal Revenue Service 20-230-00 Internal Revenue Service 43,955.72 ACH Amount(Direct Deposit) 43,955.72 01/31/17 30124 Village of Buffalo Grove- Insurance 20-220-00 Medical Insurance- 01/17 7,623.14 20-220-00 Dental Insurance 1,083.38 20-220-00 AFLAC 0.00 ACH Amount(Direct Deposit) 8,706.52 01/31/17 50119 Stratford Invest Advisor Group, Inc. 52-190-01 Investment Manager/Advisor Fee 2016/Q4 8,455.04 Check Amount 8,455.04 02/13/17 50124 Schwab (Wall& Associates) 52-190-01 Investment Manager/Advisor Fee 7,084.02 Check Amount 7,084.02 02/22/17 50123 Charles Schwab & Co Inc 52-190-04 Wire Fee 25.00 Check Amount 25.00 02/28/17 30125 Internal Revenue Service 20-230-00 Internal Revenue Service 44,051.06 ACH Amount(Direct Deposit) 44,051.06 See Accountants'Compilation Report 37 of 45 11-1 Buffalo Grove Police Pension Fund Quarterly Vendor Check Report All Bank Accounts January 1,2017-March 31,2017 Check Invoice Check Date Number Vendor Name Amount Amount 02/28/17 30126 Village of Buffalo Grove- Insurance 20-220-00 Medical Insurance- 02/17 7,623.14 20-220-00 Dental Insurance 1,083.38 20-220-00 AFLAC 0.00 ACH Amount(Direct Deposit) 8,706.52 03/08/17 30127 Reimer Dobrovolny& Karlson, LLC 52-170-05 C2045 F22077 Legal Service 487.50 52-170-05 Previous Balance 786.17 Check Amount 1,273.67 03/13/17 30128 Lauterbach& Amen,LLP 52-170-03 #19935 12/16 Accounting Service 760.00 52-170-03 #19935 12/16 Payroll Service 330.00 52-170-03 #20286 01/17 Accounting&Benefits 1,125.00 52-170-06 #20286 12/16-01/17 PSA 2,600.00 52-170-03 #20547 FYE 16 1099's 430.00 ACH Amount (Direct Deposit) 5,245.00 03/30/17 30131 Lauterbach & Amen,LLP 52-170-03 #20888 02/17 Accounting&Benefits 1,125.00 52-170-06 #20888 02/17 PSA 1,300.00 52-170-03 #21143 FYE16 Workpapers 925.00 ACH Amount(Direct Deposit) 3,350.00 03/30/17 30132 Lauterbach & Amen,LLP 52-170-03 #18286 09/16 Accounting Service 760.00 52-170-03 #18296 09/16 Payroll Service 330.00 ACH Amount(Direct Deposit) 1,090.00 03/31/17 30129 Internal Revenue Service 20-230-00 Internal Revenue Service 44,107.60 ACH Amount(Direct Deposit) 44,107.60 03/31/17 30130 Village of Buffalo Grove- Insurance 20-220-00 Medical Insurance- 03/17 7,813.99 20-220-00 Dental Insurance 1,129.18 20-220-00 AFLAC 0.00 ACH Amount (Direct Deposit) 8,943.17 Total Payments 227,819.65 See Accountants'Compilation Report 38 of 45 11-2 17W417 WARRENVULE RD,* WARRI NVILLE,II NOIS 611555 Lauterbach & Amen., LLP . ..... PHONIE630�393.1463-FAX630,3912516 ..........--""....... .......... www.lauterbachamenxorn CFRTIFIEI7 PUBLIC ACC;Ot.JNFANVS NEW HIRE-ACTIVE MEMBER INFORMATION SHEET In order to complete the Active Member Information for the Annual IDOI statement,please provide the following information: Pension Fund Name: 3LA rgALz> ete.D,svc ?c)L-^cq, Member Legal Name(include middle initial): >,X�) T Street Address: 1?2"- �Q'L— City: State: k zip: Social Security Date of Birth: N Date of Hire(Entry Date): 0'2— Tier Classification(check one): With the new changes in state statutes,all members must be classified as Tier I or Tier H. A Tier 11 employee is anyone hired on or AFTER January 1,2011 that DOES NOT have prior service time with another Article 3 or 4 fund. All other members are considered Tier I. Tier I(must have service time prior to Dec 31,20 10) Name of Prior Fund: Can (Previous Tier I service) _nTier 11(hired on or after Jan 1, 2011 with NO PRIOR SERVICE) By signing bel certify that the information above is accurate to the best of my knowledge: Signature: Date: Q'3- 0 ........... ... . Print Name: Phone Number: 39 of 45 Certified Trustee Training Organization: I Buffalo Grove Police Pension Fund Year: I2017 Scott Eisenmen er Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 3 4 5 6 Art Voi t Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 3 4 5 6 Tony Montiel Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 3 4 5 6 Jeff Feld Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 3 4 5 6 Keneth Fox Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 IGFOA 8 9/30/2016 Yes 2 3 4 5 6 Hours Date Hours Required Type of Training Completed Completed Cert on File 1 16 2 3 4 5 6 Page 1 of 1 40 of 45 2017 IPPFA Trustee Training pportunities IPPFA ILLINOIS PENSION CONFERENCE (Spring 2017) • WHEN o Tuesday, May 2, 2017—Friday, May 5, 2017 8:00 AM— 12:00 PM • WHERE o Eaglewood Resort & Spa 1401 Nordic Road Itasca, IL 60143 630-773-1400 • COST o IPPFA MEMBER ■ $335.00 if registered by Sunday, February 26, 2017 ■ $415.00 if registered by Friday, April 7, 2017 ■ $465.00 if registered by Thursday, April 27, 2017 o IPPFA NON-MEMBER ■ $795.00 if registered by Sunday, February 26, 2017 ■ $830.00 if registered by Friday, April 7, 2017 ■ $930.00 if registered by Thursday, April 27, 2017 IPPFA 2017 REGIONAL SEMINARS LEWIS & CLARK COMMUNITY COLLEGE—EDWARDSVILLE • WHEN o Tuesday, June 20, 2017 7:00 AM—4:00 PM • WHERE o Lewis & Clark Community College—Edwardsville 600 Troy Road Edwardsville, IL 62025 618-656-8800 • COST o IPPFA MEMBER ■ $175.00 o IPPFA NON-MEMBER ■ $350.00 JOHN A. LOGAN COLLEGE— CARTERVILLE • WHEN o Wednesday, November 15, 2017 7:00 AM—4:00 PM 41 of 45 • WHERE o John A. Logan College— Carterville 700 Logan College Drive Carterville, IL 62918 618-985-2828 • COST o IPPFA MEMBER ■ $175.00 o IPPFA NON-MEMBER ■ $350.00 IPPFA MIDAMERICAN PENSION CONFERENCE (Fall 2017) • WHEN o Tuesday, October 3, 2017—Friday, October 6, 2017 • WHERE o St. Louis Union Station 1820 Market Street St. Louis, MO 63103 314-621-5262 • PARKING o $12.00 • ACCOMMODATIONS o ON-SITE $l 59.00 per night,plus taxes o OFF-SITE Drury in St. Louis at Union Station, 201 South 20'h Street, St. Louis, MO 63103 42 of 45 iILLINOIS PROFESSIONALFIREFIGHTERS ASSOCIATION 188 Industrial Drive, Suite 13 Elmhurst, IL 601 -108 V 63 -8 - 405 F 0-833-21 ina oLco .iaonline.or 2017 SPRING PENSION SEMINAR Friday, May 5t", Red Shift Exhibitors Continental Breakfast Breaks — Refreshments Lunch 50 / 50 Raffle Current Court Decisions Recent court decisions and other legal concerns having a potential impact to Article 3 and Article 4 Pension Boards throughout the state. Richard Reimer of Reimer, Dobrovolny& Karlson, LLC The Dating Game Board dates: agenda, annual audit, IDOI annual report, tax levy request, trustee election, and board officer election. When do trustees take office? Participant dates: vesting, retirements, survivor benefits, when do benefits begin, cost of living increases, dependents increases. Tier I & II — it does make a difference! IF YOU HAVE A QUESTION— WRITE US AND IT WILL BE COVERED! Allison Barrett, Principal, Barb Utterback, Principal;A.J. Weber, Principal all of Lauterbach &Amen, LLP Brian LaBardi of Reimer, Dobrovolny&Karlson, LLC Legislative & 2015 Fund Update What's been introduced in the 2017 session of the Illinois General Assembly. The 13 bill senate "grand compromise" package. Will it impact Article 3 and 4 funds? Analysis of 2015 rates of returns and expense data. A comparison of police and fire fund expenses to the other 16 state retirement systems. Updated 2015 data for your individual fund will be distributed. Mark Mifflin, IPFA Lobbyist Greg Knoll, IPFA Executive Director Illinois Department of Insurance Common desk and field audit findings. Update on data and information from 2015 and 2016 annual filings. The status of employer contribution intercepts. Mary Jane Adkins, Director, Public Pension Division, IL Dept. of Insurance A Finance Officer's Point of View Life expectancy of police and fire personnel — the Skokie study. Disabilities in Illinois versus other states. Bankruptcy to avoid pension obligations. Re- hire of retired employees. Dan Ryan, Municipal Finance Director(Retired) The 2017 Illinois The Minority Spokesperson for the House Personnel & Pensions Committee General Assembly will provide his view of pensions in the State of Illinois. State Representative Thomas Morrison, (R-57.) Interest Rate Changes The potential impact of the presidential election and interest rate changes on your fund's equity and fixed income investments. Jason Palmer, Senior Managing Consultant, PFM Asset Management, LLC. Matthew Hanigan, Senior Managing Consultant, PFM Asset Management, LLC IPFA Members: $135.00 Non-Members: $175.00 Walk-Ins: $185.00 (over for more information) YOUR PENSION T CT S 43 of 45 IPFA 2017 SPRING PENSION SEMINAR Friday, May 5 Empress Banquets 200 East Lake Street Addison, IL 630-279-5900 Registration: 07:00 to 08:00 vOFF .f rrr��n/// �i it 41F t /i ij�,,,,aM,, f /�� Al. Ake ii / ( .. ..,� 1 �/ 'Y ivU'd'I�Y I� rpS llk � � o/ h'"�vrnr ur d�M''ur,�vSyP �f�' i �U a ro li mre �m��iir�a'a� r a � reti rear vm Vi v�ddo;"„B' M°V JA"bw�'�tl IINr ' "` k 77 r i r i /o�0 � .us Y r w vv`uM1 ry,jil wb+"W"'A E N°dkw906Ave r re, a m/�I Rs exe l rmsi A o qua v v s; tt9+b� v''d�v'Du9;grvoo�_ ',�'GM'k:tP'vRr F�. � d'�� Empress Banquets is on the north side of Lake Street: North of North Avenue South of 1-290, Eisenhower Expressway East of Addison Road West of Route 83, Kingery Highway For those traveling, consider staying at: Hampton Inn & Suites 1685 West Lake Street Addison, IL 1-630-495-9511 IPFA maintains a database that compiles the funding and rate of return history of all Article 4 funds since 1964 and Article 3 funds since 2010. These reports now include the IDOI calculated tax levy for each fund. A copy of your fund's history, including new 2015 data, will be part of your seminar packet when you attend the IPFA 2017 Spring Pension Seminar. 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