2016-01-12 - Police Pension Board - Minutes BUFFALO GROVE POLICE PENSION FUND
Police Pension Board Regular Meeting Minutes—Tuesday January 121h, 2016
Call to Order—6:30PM
Attendance — Trustees Scott Eisenmenger, Tony Montiel, Arthur Voigt, Ken Fox, Scott
Anderson—Village Finance Director, Brian LaBardi—Reimer& Karlson (board
attorney), Dave Wall—Wall& Associates (board consultant), A.J. Weber—Lauterbach
&Amen (board accountant), Mr. John Fremgen and Mr. Ray Caprio—National
Investment Services (NIS)
III. Public Comments -None
IV. Minutes — October 14t", 2015 meeting minutes
■ Motion to approve minutes made by Trustee Eisenmenger
■ Seconded by Trustee Voigt Vote: 4 ayes /0 nays
■ Discussion: None
■ Motion carried
General Business
■ Approval of invoices totaling $73,124.24 between October 1, 2015 and
December 31st, 2015:
o Motion made by Trustee Eisenmenger to approve and pay the bills as
presented.
o Seconded by Trustee Voigt Vote: 4 ayes/0 nays
o Discussion: None
o Motion carried
■ Mr. Fremgen and Mr. Caprio gave the board a presentation on NIS and the
services they provide. This was a fixed income presentation.
o Mr. Wall was asked to have Garcia Hamilton and Assoc. come to our
next board meeting to give the board a presentation on their fixed
income strategy.
■ Mr. Wall reported on the performance of the fund(fees included):
0 4th Qtr. 2015: Fixed: Stratford Equity -.42%, Commodities -4.87%,
International 6.17%, Passive Small Cap 4.00%, Real Estate
7.00%,Oakbrook 7.52%, Zacks 4.01%
0 4th Qtr. Overall performance: 2.84%
0 2015 YTD performance: 0.64%
o Value on 12/31/2015: $56,427,388.38
■ Review and approval of Benefit Adjustment (COLA)
o Motion made by Trustee Eisenmenger to approve the COLA benefit
adjustment to the retired members effective January 01, 2016
o Seconded by Trustee Fox Vote: 4 ayes/0 nays
o Discussion: None
o Motion passed
■ Investment Policy review and/or modification
o No changes are needed at this time
■ Semi annual review of closed executive sessions & confidentiality need
o The board had no closed sessions in 2015
■ Elections and appointments
o 2016 is an election year for the elected board members
■ Predatory lending certificate forms
o The board uses national banks and this is not needed unless it's an
Illinois bank
■ Annual examination for disabled officers
o Officer Senese passed away in 2015 and Officer L. Stopper turned 50
years of age in 2015
■ Annual verification of eligibility for beneficiaries
o The board received all forms
■ Legal—Mr. LaBardi gave the board a legal update
■ Training—Trustees Eisenmenger, Montiel, and Voigt attended the 2015
Midwest Pension Conference held in Lake Geneva, WI
Old Business
■ None
New Business
■ Officer Sepot Service Transfer
o Motion made by Trustee Eisenmenger to accept payment of
$31,784.28 for the service transfer and to recognize the transfer as
payment in full. Officer Sepot's revised date of hire is now
11/24/1990
0 2"d by Trustee Voigt
o No discussion
o Motion passed 4 ayes 0 nays
■ Lauren Greenwood Contribution Refund
o Motion made by Trustee Eisenmenger to refund former Officer
Greenwood's pension contributions of$22,517.81
0 2"a by Trustee Montiel
o No discussion
o Motion passed 4 ayes 0 nays
■ Fixed Income Manager Interview
o Mr. Wall will have another fixed income manager attend our next
meeting (Garcia Hamilton)
■ Next quarterly meeting is scheduled for April 12t', 2016
Adjournment—Motion made by Trustee Eisenmenger to adjourn the meeting
Seconded by: Trustee Voigt Vote: 4 ayes/0 nayes
Discussion: None
Motion carried