2024-04-15 - Police Pension Board - Minutes MINUTES OF A REGULAR MEETING OF THE
BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES
APRIL 15, 2024
A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held on
Monday,April 15, 2024 at 10:00 a.m. in the Buffalo Grove Police Department located at 46 Raupp
Boulevard, Buffalo Grove, Illinois 60089,pursuant to notice.
CALL TO ORDER: Trustee Montiel called the meeting to order at 10:00 a.m.
ROLL CALL:
PRESENT: Trustees Tony Montiel, Jim Yester and Jeff Feld
ABSENT: Trustees Tony Turano and Ken Fox
ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny&LaBardi PC; Molly Barker
and Anthony Gedvilas, Lauterbach&Amen, LLP (L&A); Finance Director
Chris Black and Denise Bocek, Village of Buffalo Grove; Officer Cody
Barker and Pensioner Scott Eisenmenger,Buffalo Grove Police Department
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MINUTES: January 16, 2024 Regular Meeting: The Board reviewed the
January 16, 2024 regular meeting minutes. A motion was made by Trustee Montiel and seconded
by Trustee Yester to approve the January 16, 2024 regular meeting minutes as written. Motion
carried unanimously by voice vote.
TREASURER'S REPORT: There was no Treasurer's Report presented.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report
and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the
two-month period ending February 29, 2024 prepared by L&A. As of February 29, 2024, the net
position held in trust for pension benefits is $95,691,856.86 with a change in position of
$1,043,654.21. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense
Report, Member Contribution Report, Payroll Journal, Quarterly Deduction Report, Quarterly
Transfer Report and Quarterly Disbursement Report for the period December 1, 2023 through
February 29, 2024 for total disbursements of$24,274.14. A motion was made by Trustee Montiel
and seconded by Trustee Feld to accept the Monthly Financial Report as presented and to approve
the disbursements shown on the Quarterly Disbursement Report in the amount of $24,274.14.
Motion carried unanimously by voice vote.
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action — Cash Management Policy: The Board reviewed the Cash
Management Policy and determined that no changes are needed at this time.
INVESTMENT REPORT: IPOPIF — Verus Advisory, Inc. and State Street Statements: The
Board reviewed the IPOPIF Investment Performance Review prepared by Verus Advisory, Inc.
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Meeting Minutes—April 15, 2024
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for the period ending February 29, 2024. As of February 29, 2024, the one-month total net return
is 2.2% for an ending market value of$10,157,016,823.
The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail
for the period ending February 29, 2024. The beginning value was $92,856,096.63 and the ending
value was $94,527,815.16. The month-to-date net return was 2.19%.
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for
Membership—Drew Stephans: The Board reviewed the Application for Membership submitted by
Drew Stephans. A motion was made by Trustee Montiel and seconded by Trustee Yester to accept
Drew Stephans into the Buffalo Grove Police Pension Fund effective March 11, 2024, as a Tier II
participant. Motion carried unanimously by voice vote.
Contribution Refund — Jacob Sjodin: The Board reviewed the contribution refund request
submitted by Jacob Sjodin. A motion was made by Trustee Montiel and seconded by Trustee
Yester to approve Jacob Sjodin's contribution refund in the amount of$11,382.31 paid in a direct
rollover issued on a date yet to be detennined. Motion carried by roll call vote.
AYES: Trustees Montiel, Yester and Feld
NAYS: None
ABSENT: Trustees Turano and Fox
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Temporary
Non-Duty Disability Benefit — Maegan Diaz: The Board reviewed the temporary non-duty
disability benefit calculation for Maegan Diaz prepared by L&A. Officer Diaz had an entry date
of December 18, 2020, disability date of April 30, 2023, effective date of pension of May 1, 2023,
35 years and 11 months of age at date of disability, 2 years of creditable service, applicable salary
of $87,882.08, applicable pension percentage of 50%, amount of originally granted monthly
pension of $3,661.75 and return to work date of June 1, 2023. A motion was made by Trustee
Montiel and seconded by Trustee Yester to approve Maegan Diaz's temporary non-duty disability
benefit calculated by L&A. Motion carried by roll call vote.
AYES: Trustees Montiel, Yester and Feld
NAYS: None
ABSENT: Trustees Turano and Fox
OLD BUSINESS: Review Updated Letter of Credit: The Board reviewed the Federal Home Loan
Bank of Chicago Letter of Credit for the Buffalo Grove Police Pension Fund. No further action is
needed at this time.
Military Buyback—Jaime Verduzco: The Board noted that L&A mailed correspondence to Jaime
Verduzco regarding his request to calculate the amount of money due to the Buffalo Grove Police
Pension Fund to purchase 24 months of military service time, but no response has been received
to date. The calculation is now expired, and the Board determined that the request is now void. No
further action is needed.
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NEW BUSINESS: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.
IDOL 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.
Certify Board Election Results — Active and Retired Member Positions: L&A conducted an
election for both of the active member positions on the Buffalo Grove Police Pension Fund Board
of Trustees. Anthony Turano and Cody Barker ran unopposed and were elected for two-year terms
expiring May 12, 2026. L&A also conducted an election for the retired member position on the
Buffalo Grove Police Pension Fund Board of Trustees. Tony Montiel ran unopposed and was
elected for a two-year term expiring May 12, 2026. A motion was made by Trustee Montiel and
seconded by Trustee Yester to certify the active and retired member election results. Motion
carried unanimously by voice vote.
Review Authorized Agents and Account Representatives: The Board noted that this item was tabled
until the next regular meeting.
TRUSTEE TRAINING UPDATES: The Board reviewed 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 registration fees or reimbursable expenses presented for approval.
COMMUNICATION AND REPORTS: Affidavits of Continued Eligibility: The Board noted
that all 2024 Affidavits of Continued Eligibility have been received by L&A and the originals were
given to the Board for their recordkeeping.
Statements of Economic Interest: The Board was reminded that the Statements of Economic
Interest are due by May 1, 2024.
ATTORNEY'S REPORT — REIMER DOBROVOLNY & LABARDI PC: QILDRO —
Timothy Gretz: The Board noted the QILDRO Order, Calculation Order, Consent to Issuance and
$50 processing fee for Timothy Gretz have been received and approved by the Board Attorney
with payments commencing with the February payroll cycle. A motion was made by Trustee
Montiel and seconded by Trustee Yester to approve payment to the alternate payee as discussed.
Motion carried unanimously by voice vote.
Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter.
Attorney LaBardi discussed pension fund consolidation, recent court cases and decisions, as well
as general pension matters with the Board.
CLOSED SESSION, IF NEEDED: There was no need for closed session.
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ADJOURNMENT: A motion was made by Trustee Montiel and seconded by Trustee Feld to
adjourn the meeting at 10:44 a.m. Motion carried unanimously by voice vote.
The next regular meeting is July 17, 2024 at 10:00 a.m.
Board President or Secretary
Minutes approved by the Board of Trustees on
Minutes prepared by Molly Barker, Professional Services Administrator, Lauterhach &Amen,
LLP
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