2008-01-08 - Police Pension Board - Minutes Board or Commission: ❑ Police Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 01/08/2008
Type of Meeting: ❑ Regular Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
Regular Meeting—January 8, 2008
I. Call to Order- 6:30PM
I. Attendance
Kristiansen—absent Feld—present Fox -present
Tenerelli - absent
Eisenmenger—present Voigt—present Anderson—present
I. Minutes
October 16, 2007 regular meeting minutes
Motion to accept the minutes by Trustee Feld
Seconded by Trustee Voigt Vote: 4 ayes 0 nayes
November 14, 2007 special meeting minutes
Motion to accept the minutes by Trustee Voigt
Seconded by Trustee Fox Vote: 4 ayes 0 nayes
I. General Business
Invoice paid to Mesirow Financial $3,449.53 (2007 4'Qtr. fees)
Invoice paid to Stratford Investment Advisory Group, Inc. $9,241.15 (2007 1St& 2nd Qtr.
fees)
Invoice paid to Trustee Eisenmenger for hotel fees incurred at the 2007 IPPFA
Conference $793.20
Motion to ratify above payments by Trustee Eisenmenger
Seconded by TrusteeVoigt Vote: 4 ayes 0 nayes
Stratford Investment Advisory Group
Market Value on December 31, 2007: Fixed $16,316,633 Equities $3,251,309
Past Performance:
Fixed Income: 4f Qtr. 4.0% YTD 9.6% Trailing 12 month
9.6%
Equities: 4d'Qtr. -1.9% YTD 4.1% Trailing 12
month 4.1%
Forecast —poor growth potential, slowing, inflation increasing
Recommendation— Purchase Gov. Agency Bonds due in 2014, 2020, and various
equities when value presents itself
Motion to accept recommendation (fixed income only): Trustee Feld
Seconded by: Trustee Fox Vote: 4 ayes 0 nays
Mesirow Financial
Market Value on December 31, 2007:
Cash $96,873.39 Fixed $498,955.00 Equities $2,627,819.63
Past performance (Equities): 4t'Qtr.-4.59% YTD: 2.38% Trailing 12 month:
N/A
Forecast—poor growth potential for next several quarters
Recommendation—None
Motion to accept recommendation: N/A
Seconded by: N/A Vote: 0 ayes 0 nays
I. New Business
Mr. David Wall from Wall& Associates attended his first meeting with the board. A
signed copy of the agreement between Wall & Associates and the Buffalo Grove
Police Pension Fund was tendered to Mr. Wall.
Mr. Reimer also attended his first meeting with the board. Mr. Reimer is being retained
by the board as its attorney for legal matters involving the board.
Mr. Wall asked Mr. Busby of Stratford Investment Advisory Group, Inc. if he would be
willing to assume discretion over his managed assets. Mr. Busby stated he would
assume discretion and would keep his fee ratio of 10 basis points as is. Mr. Busby
stated that he values his 18 year relationship with the board and wishes to continue
this relationship.
Mr. Wall suggested the board appoint Mr. Busby with Stratford Investment Advisory
Group, Inc. as the fund's fixed income manager and give full discretionary authority
over current assets pending attorney approval of the agreement.
Motion to appoint Mr. Busby as the fund's fixed income manager pending
attorney approval
Motion made by Trustee Feld
Seconded by Trustee Fox Vote: 4 ayes 0 nayes
Mr. Wall stated he would work with Mr. Busby to obtain an agreement and forward it to
the board.
Mr. Wall recommended that the board open another Downstate Illinois Funds account for
excess funds managed by Stratford Investment Advisory Inc. Mr. Anderson stated he
would research how to open another account and report to the board...
Motion to open another Downstate Illinois Funds account and transfer excess
funds managed by Stratford into this account
Motion made by Trustee Eisenmenger
Seconded by Trustee Feld Vote: 4 ayes 0 nayes
The board received an application for spouse/dependent benefits from Lynn Gozdecki,
surviving spouse of Ronald Gozdecki. Attached was a certified copy of the death
certificate for Ronald Gozdecki. The board approved a monthly benefit of$5852.06
for Lynn Gozdecki.
Motion to approve application: Trustee Eisenmenger
Seconded by Trustee Voigt Vote: 4 ayes 0 nayes
The board received correspondence from Reimer and Associates dated November 14,
2007 indicating that its investment policy and statement are in compliance state
statute and regulations.
Next regular meeting scheduled for April 8, 2008 @ 6:30PM
Additional regular meeting dates were scheduled for July 8, 2008 and October 7, 2008
I. Old Business
Additional discussion regarding an annuity held by the board in the custody of UBS. Mr.
Wall suggested the board continue with its original plan to liquidate the annuity. Mr.
Wall recommended that the funds remaining from the liquidation be transferred to the
Downstate Illinois Funds account.
Motion to liquidate annuity and transfer funds to the Downstate Illinois Funds
account
Motion made by Trustee Fox
Seconded by Trustee Voigt Vote: 4 ayes 0 nayes
I. Adjournment — 9:o0PM