2004-04-13 - Police Pension Board - Minutes Board orCommission: ❑ Police Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 04/13/2004
Type of Meeting: ❑ Regular Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
Regular Meeting
April 13, 2004
I. Call to Order— 6:30PM
II. Attendance
Kristiansen—present Anderson—absent Tenerelli -present
Eisenmenger—present Feld—absent
Greenberg—present Voigt—present
III. January 13, 2003 minutes read before board
■ Trustee Kristiansen reported that the January 2003 minutes should read that Ofc. De La Paz and
Ofc. Menzelopoulos were accepted into the fund
IV. General Business
■ Trustee Kristiansen made a motion to add Mr. Brimm (Asst. Village Manager/Finance Director)
to the signature card for First Midwest Bank which would allow the board more flexibility when
conducting business requiring signatures from an authorized village representative
u Seconded by Mr. Voigt 4 ayes 0 nayes
■ Trustee Eisenmenger reported that the board attorney (Mr. Reimer)has requested signatures from
the full board to ratify the disability pension issued to Ofc. Lori Stopper
■ Trustee Kristiansen reported that Ofc. Baker began service with the police department on the
April 7, 2004.
u Motion to accept Ofc. Baker into the fund by Mr. Kristiansen
Seconded by Trustee Greenberg 4 ayes 0 nayes
■ Trustee Kristiansen reported that Ofc. Copper tendered a check to the board in the amount of
$75.24 to reimburse the fund for credible service. Trustee Kristiansen stated that the funds will be
deposited into the savings account at First Midwest Bank.
■ Trustee Kristiansen reported that Ofc. Shreeves met with Trustee Eisenmenger and himself
regarding clarification on credible service and reimbursing the fund. Ofc. Shreeves was given until April
15, 2004 to reimburse the fund in the amount of$142.09
■ Stratford Investment Advisory Group
❑ Forecast—Bullish on bonds
❑ Recommendation—
Purchase $2.5 million of U.S. Treasury Strips 0%due 11/15/09 3.50%
Purchase $2.0 million of U.S. Treasury Strips 0%due 11/15/11 5.00%
Purchase $6,500 in S&P 500 Index Receipts $682,500 (total cost)
Purchase $7,000 in S&P 500 Index Receipts $682,500 (total cost)
Purchase NASDAQ 100 Trust $201,000 (total cost)
Purchase NASDAQ 100 Trust $180,000 (total cost)
❑ Motion to accept Stratford Investment recommendation by Trustee Kristiansen
Seconded by Trustee Voigt 4 ayes 0 nays
■ Mesirow Financial(Bob Ackerman -absent)
❑ Forecast—Bullish on bonds (via e-mail)
❑ Recommendation—
Stay the course (via e-mail)
❑ Mr. Ackerman reported the fund's status via e-mail
■ Next regular meeting scheduled for July 13, 2004
V. Old Business
■ Trustee Kristiansen reported that Trustee Eisenmenger attempted to pay bills at First Midwest
Bank but could not due to updated information needed by the bank. New signature card was circulated to
board members to resolve this issue
VL Adjournment— 8:OOPM