2005-01-11 - Police Pension Board - Minutes Board or Commission: ❑ Police Pension Board
Document Type: 0 A e
g nda 0 Minutes
Meeting ate: 01/11/2005
Type of Meeting: ❑ Regular Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
Regular Meeting
January 11, 2005
I. Call to Order— 6:30PM
II. Attendance
Kristiansen—present Anderson—present Tenerelli - absent
Eisenmenger—present Feld—present
Greenberg—absent Voigt—present
III. Minutes
❑ October 12, 2004 minutes read before the board
❑ Motion to accept the minutes (with revisions)by Trustee Voigt
■ Seconded by Trustee Eisenmenger Vote: 4 ayes 0 nayes
IV. General Business
❑ Invoice paid to Mesirow Financial on 11/08/04 in the amount of$1822.02
❑ Invoice paid to Stratford Investment Advisory Group on 12/22/04 in the amount of$9214.33
❑ Trustee Kristiansen reported that Ofc. Shreeves is receiving his retirement benefits
❑ Stratford Investment Advisory Group
■ Forecast—Market is growing, interest rates will increase
■ Recommendation—
1. Purchase U.S. T-Strips due 11/15/12
2. Purchase U.S. T-Strips due 11/15/14
3. Purchase U.S. T-Strips due 11/15/20
4. Purchase S&P 500 Index Receipts
5. Purchase S&P 500 Index Receipts
6. Purchase NASDAQ 100 Trust
7. Purchase NASDAQ 100 Trust
❖ Motion to accept recommendation (none)
❖ Seconded by (none) Vote: 0 ayes 0 nays
■ Mr. Busby produced a year-end report which revealed that the Fixed Income Portfolio was up
2.5% (U.S. Treasury Composite Index 4.1%) and the Equity Portfolio was up 5.7% (S&P 500 Stock
9.0%)
❑ Mesirow Financial
■ Forecast—Market is doing better, watch interest rates rise
■ Recommendation—
1. Purchase equities, spread out among funds
2. Sell Lord Abbett Dev Growth fund
3. Purchase Third Ave. Value fund (TAVFX)
❖ Motion to accept the recommendation by Trustee Voigt (excluding purchase of equities)
❖ Seconded by Trustee Feld Vote: 4 ayes 0 nayes
■ Mr. Ackerman produced a year-end report which revealed a 14.53% return on all investments
❑ Next regular meeting scheduled for April 12, 2005
V. New Business
❑ Trustee Kristiansen tendered a copy of a letter sent to him from Mr. Malinowski representing the
Village of Buffalo Grove's interests reference legal counsel for the Police Pension Board
❑ Mr. Balling and Mr. Malinowski presented the village's position regarding the police pension
board's legal counsel (Reimer& Associates). Mr. Balling and Mr. Malinowski stated that the Village of
Buffalo Grove Board of Trustees believes there is a conflict of interest as a result of Mr. Reimer being
retained by two firemen. Mr. Balling stated that Mr. Reimer is representing the two firemen in legal
action against the fire pension board. Mr. Balling and Mr. Malinowski could not provide any legal,
procedural, or ethical basis to substantiate this concern. Mr. Balling did argue, however, that the Village
of Buffalo Grove should be considered a party of interest in regards to action taken by the police
pension board.
❑ Trustee Kristiansen stated that the board will take Mr. Balling's and Mr. Malinowski's concerns
under advisement
❑ Trustee Kristiansen requested that the board hold a special meeting to discuss the above matter
further
❑ Trustee Eisenmenger reported that Cpl. Heiderscheidt is requesting the board to research
whether the board can increase an officer's pension to reflect top patrolmen's pay on the officer's last
day of service (even though some officer's may not retire at top patrolmen's pay due to a poor
performance evaluation). Discussion among all board members revealed that the board cannot deviate
from the state statute which only allows retirement benefits to be computed based on the officer's pay on
his/her last day of service.
VL Old Business
❑ None
VIL Adjournment — 8:30PM