2008-07-08 - Police Pension Board - Minutes Board or Commission: ❑ Police Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 07/08/2008
Type of Meeting: ❑ Regular Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
Regular Meeting —July 8, 2008
I. Call to Order- 6:30PM
I. Attendance
Trustees Kristiansen, Eisenmenger, Voigt, Feld, and Fox
I. Minutes
April 8, 2008 regular meeting minutes approved
Vote: 5 ayes 0 nayes
May 13, 2008 special meeting minutes approved
Vote: 5 ayes 0 nayes
I. General Business
Wall & Associates reported on the performance of the overall fund:
2nd Qtr: -1.64%
Fixed: 53%, Equity: 24%, Cash: 23%
Ending value on 06/30/08: $32,360,931.71
Stratford Investment Advisory Group
Market Value on June 30, 2008: Fixed $17,025,289 Equities $6,917,697
Past Performance:
Fixed Income: 2nd Qtr. -2.13% YTD 2.32%
Equities: 2ndQtr. -.09% YTD -12.10%
Forecast —weak housing, rising unemployment, slow wage growth, higher
commodity prices, weak banking sector
Recommendation
Purchase $125,000 FNMA due 2019 @ 5.15 YTM
Mesirow Financial
Market Value on June 30, 2008:
Equities $2,298,616
Past performance: 2' Qtr. -2.20 YTD: -12.80%
Forecast—None
Recommendation—None
I. New Business
Invoice paid to Reimer& Associates for services rendered: $1025.00
Invoice paid to Illinois State Treasurer for compliance fee's: $6417.11
Invoice paid to Stratford Advisory Group for services rendered 4f quarter 2007:
$3983.13
Roll call vote; motion to accept payment of invoices by Trustee Kristiansen
Seconded by Trustee Feld Vote: 5 ayes 0 nayes
Mr. Karlson with Reimer& Associates reported on several court cases affecting public
pension boards including Senese v. Village of Buffalo Grove.
Trustee Kristiansen reported on the application of retirement benefits for Officer Bob
Sizer.
Motion to accept the application of retirement by Ofc. Sizer by Trustee
Kristiansen
Seconded by Trustee Fox Vote: 5 ayes 0 nayes
Discussion: Mr. Karlson from Reimer& Associates stated that the board was
within it's authority to grant the retirement benefit to Officer Sizer. Mr.
Karlson related that his office will draft an order stating that the board has
accepted his application and send certified mail to Officer Sizer.
Mr. Wall with Wall & Associates asked the board if members had selected investment
manager(s)to interview. The board instructed Mr. Wall to set-up interviews with
Oakbrook Investments, Roosevelt Investment Group, Zacks Investment Management,
and Locke Capital Management.
Mr. Wall stated that he would provide the board with correlations of the above mentioned
four firms as soon as possible.
I. Old Business
None
I. Adjournment — 8:30PM