2004-01-13 - Police Pension Board - Minutes Board orCommission: ❑ Police Pension Board
Document Type: ❑A e
g nda 0 Minutes
Meeting ate: 01/13/2004
Type of Meeting: ❑ Regular Meeting
BUFFALO GROVE POLICE
PENSION FUND
Police Pension Board Minutes
Regular Meeting
January 13,2004
I. Call to Order— 6:30PM
II. Attendance
Kristiansen—present Anderson—present Greenberg -present
Eisenmenger—present Feld—present Tenerelli -present
Greenberg—present Voigt—present
III. October 14, 2003 minutes read before board
■ Amend Mr. Kristiansen from being present to not present
■ Amend PITA payments to PIDA payments
IV. General Business
■ Stratford Investment Management Fee paid $9722.64 (yearly)
■ Completed Proficiency Training for sworn police personnel reference:
u Disability Process
u Credible Service
■ Mr. Kristiansen reported that Ofc. Poziwilko retired on January 2, 2004
❑ Motion to accept disbursement of retirement benefits to Ofc. Poziwilko by Mr. Kristiansen
Seconded by Mr. Voigt 4 ayes 0 nays
■ Mr. Kristiansen reported that two officers have "no pay" sick days,will be reimbursing fund
■ Mr. Kristiansen reported Ofc. De La Paz and Ofc. Menzelopoulos tendered applications to be
admitted into the Buffalo Grove Pension Fund
u Motion to accept by Mr. Kristiansen
Seconded by Eisenmenger
■ Mr. Kristiansen provide copies of the Hewitt Actuarial Report
u Motion to accept by Mr. Kristiansen
Seconded by Voigt 4 ayes 0 nayes
■ Stratford Investment Advisory Group
u Forecast—Economy is strengthening, interest rates will not increase until utilization and
unemployment increase. Do not buy equities at this time.
u Recommendation—
Purchase 2.5 million in U.S. Treasury Strips due in 2008 (@ 3.5%or better)
Purchase 2.0 million in U.S. Treasury Strips due in 2008 (@ 4.0%or better)
Hold projected 2.5 million balance in downstate fund for future equity purchases
❑ Motion to accept Stratford Investment recommendation by Mr. Greenberg
Seconded by Mr. Eisenmenger 4 ayes 0 nays
■ Mesirow Financial
❑ Forecast—"Bear"market is here for the long term
❑ Recommendation—
Replace Baron Fund with PIMCO Renaissance Fund (equal dollar value)
Purchase two (2) 250,000 "step-up"bonds predicated on no additional management fee's
❑ Motion to accept Mesirow recommendation by Mr. Kristiansen
Seconded by Mr. Greenberg 4 ayes 0 nays
■ Next regular meeting scheduled for April 13, 2004
V. Old Business
■ None
VL Adjournment— 8:20PM