2025-04-24 - Police Pension Board - MinutesMINUTES OF A REGULAR MEETING OF THE
BUFFALO GROVE POLICE PENSION FUND BOARD OF TRUSTEES
APRIL 24, 2025
A regular meeting of the Buffalo Grove Police Pension Fund Board of Trustees was held on Thursday,
April 24, 2025 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 Turano called the meeting to order at 10:03 a.m.
ROLL CALL:
PRESENT: Trustees Tony Turano, Cody Barker, Tony Montiel and Ken Fox
ABSENT: Trustees Jeff Feld
ALSO PRESENT: Attorney Brian LaBardi, Reimer Dobrovolny & LaBardi PC; Molly Barker and
Anthony Gedvilas, Lauterbach & Amen (L&A); Finance Director Chris Black
and Denise Bocek, Village of Buffalo Grove
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MINUTES: January 23, 2025 Regular Meeting: The Board reviewed the January 23, 2025
regular meeting minutes. A motion was made by Trustee Montiel and seconded by Trustee Fox to
approve the January 23, 2025 regular meeting minutes as written. Motion carried unanimously by
voice vote.
There was no
LAUTERBACH & AMEN: Monthly Financial Report and Presentation and
Approval of Bills: The Board reviewed the Monthly Financial Report for the three-month period ending
March 31, 2025 prepared by L&A. As of March 31, 2025, the net position held in trust for pension
benefits is $100,529,799.96 with a change in position of ($596,952.18). 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 January 1, 2025 through March 31, 2025 for total disbursements of $33,187.16. A motion
was made by Trustee Turano and seconded by Trustee Barker to accept the Monthly Financial Report
as presented and to approve the disbursements shown on the Quarterly Disbursement Report in the
amount of $33,187.16. Motion carried by roll call vote.
AYES: Trustees Turano, Barker, Montiel and Fox
NAYS: None
ABSENT: Trustee Feld
Additional Bills, if any: There were no additional bills presented for approval.
Discussion/Possible Action Cash Management Policy: The Board reviewed the current cash
management procedures and determined that no updates were 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. for the period ending
February 28, 2025. As of February 28, 2025, the one-month total net return is (0.1%) for an ending
market value of $12,934,630,123.
The Board also reviewed the IPOPIF Market Value Summary and Statement of Transaction Detail for
the period ending March 31, 2025. The beginning value was $101,338,884.09 and the ending value was
$99,173,680.73. The month-to-date net return was (1.93%).
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APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership
Christian Reyes: The Board reviewed the Application for Membership submitted by Christian Reyes. A
motion was made by Trustee Turano and seconded by Trustee Barker to accept Christian Reyes into
the Buffalo Grove Police Pension Fund effective January 21, 2025, as a Tier II participant. Motion
carried unanimously by voice vote.
Withdrawals from Fund Cassandra Arreola and Oliver Sorisho: The Board noted that Cassandra Arreola
separated service from the Buffalo Grove Police Department on January 8, 2025 and a contribution
refund request has not been received to date. The Board also noted that Oliver Sorisho separated
service from the Buffalo Grove Police Department on January 20, 2025 and a contribution refund
request has not been received to date. Further discussion will be held at the next regular meeting.
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits
Michelle Kondrat: The Board reviewed the regular retirement benefit calculation for Michelle Kondrat
prepared by L&A. Sergeant Kondrat had an entry date of September 11, 1996, retirement date of
December 2, 2020, effective date of pension of March 5, 2025, 50 years of age at date of retirement,
24 years of creditable service, applicable salary of $123,761.60, applicable pension percentage of
60%, amount of originally granted monthly pension of $6,188.08 and amount of originally granted
annual pension of $74,256.96. A motion was made by Trustee Montiel and seconded by Trustee
Barker to approve regular retirement benefit calculated by L&A. Motion carried
by roll call vote.
AYES: Trustees Turano, Barker, Montiel and Fox
NAYS: None
ABSENT: Trustee Feld
OLD BUSINESS: There was no old business to discuss.
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.
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.
Discussion/Possible Action Updated Board Rules and Regulations: The Board reviewed the updated
Board rules and regulations prepared by Attorney LaBardi. A motion was made by Trustee Turano and
seconded by Trustee Montiel to approve and adopt the updated Board rules and regulations as
presented. Motion carried by roll call vote.
AYES: Trustees Turano, Barker, Montiel and Fox
NAYS: None
ABSENT: Trustee Feld
TRUSTEE TRAINING UPDATES: 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 registration fees or reimbursable expenses presented for approval.
COMMUNICATION AND REPORTS: Affidavits of Continued Eligibility: The Board noted that all 2025
Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board
for their recordkeeping.
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Statements of Economic Interest: The Board was reminded that the Statements of Economic Interest
are due by May 1, 2025.
REIMER DOBROVOLNY & LABARDI PC: Disability Update Derek Hawkins:
Attorney LaBardi gave an update on the disability status of Derek Hawkins and noted that medical
records are in the process of being collected. Further discussion will be held at the next regular
meeting.
Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. Attorney
LaBardi discussed 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.
ADJOURNMENT: A motion was made by Trustee Montiel and seconded by Trustee Barker to adjourn
the meeting at 10:50 a.m. Motion carried unanimously by voice vote.
The next regular meeting is July 24, 2025 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, Lauterbach & Amen
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