2007-11-14 - Police Pension Board - Minutes Board or Commission: ❑ Police Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 11/14/2007
Type of Meeting: ❑ Special Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
SPECIAL MEETING—November 14, 2007
I. Call to Order- 6:30PM
I. Attendance
Kristiansen—present Feld—present Fox -present
Tenerelli -present
Eisenmenger—present Voigt—present Andersen - present
I. Minutes
N/A
I. General Business
Next regular meeting scheduled for January 8, 2008
I. New Business
Tim Sharpe with Sharpe& Associates (Actuary)presented the board with the Buffalo
Grove Police Pension Fund Actuarial Valuation report. Items discussed by Sharpe
included:
Sharpe rated the board's funding status as a B as compared to other boards he
reviews
Interest rate assumption relative to the board's investments is 7%
Pay rate assumption for full time employees of the police department is 5%
Recommends changing retirement age assumption from age 69 to age 65
Average sworn BGPD hire age = 27
Motion to accept actuarial study with a tax levy of$1,594,227
Motion: Trustee Kristiansen 2nd: Trustee Feld ayes 5
0 nayes
David Wall with Wall & Associates made a presentation to the board regarding his
consulting services.
Fees: 7 basis points on first 25 million in assets, 4 by on next 25 million, 1 by on
50 million +
Fees are 30 basis points for full discretion services
Wall provided the board with literature on his services and historical investment
information
Motion to hire Wall & Associates for non-discretionary consulting services
Motion: Trustee Kristiansen 2nd Trustee Eisenmenger ayes 5
0 nayes
Trustee Eisenmenger provided information to the board regarding research that was done
on retainer fees for Attorney Richard Reimer& Associates
2008 annual retainer fee: $2000 (includes four regular meetings & one special
meeting)
If no retainer, hourly rate will be $200/hr. for services in 2008
Motion to retain Reimer& Associates
Motion: Trustee Eisenmenger2nd Trustee Kristiansen ayes 5
0 nayes
I. Old Business
None
I. Adjournment — 8:50PM