2016-04-12 - Police Pension Board - Minutes BUFFALO GROVE POLICE PENSION FUND
Police Pension Board Regular Meeting Minutes—Tuesday April 12th, 2016
Call to Order—6:3oPM
Attendance — Trustees Scott Eisenmenger, Tony Montiel, Arthur Voigt, Ken Fox, Jeff Feld,
Scott Anderson—Village Finance Director, Brian LaBardi—Reimer &Karlson (board
attorney), Dave Wall—Wall& Associates (board consultant), A.J. Weber—Lauterbach
&Amen (board accountant), Ms. Jessica Govic—Arthur J. Gallagher Risk Management,
Ms. Stephanie Roberts and Mr. Jeffrey Detwiler—Garcia Hamilton &Associates
III. Public Comments -None
IV. Minutes — January 121h, 2016 meeting minutes
■ Motion to approve minutes made by Trustee Eisenmenger
■ Seconded by Trustee Voigt Vote: 5 ayes /0 nays
■ Discussion: None
■ Motion carried
General Business
■ Approval of invoices totaling $86,761.64 between January 1, 2016 and March
31s' , 2016:
o Motion made by Trustee Eisenmenger to approve and pay the bills as
presented.
o Seconded by Trustee Voigt Vote: 5 ayes/0 nays
o Discussion: None
o Motion carried
■ Ms. Govic from Arthur J. Gallagher gave the board a presentation regarding
fiduciary liability insurance for the board. The board hired Arthur J.
Gallagher for coverage in 2015 and the policy will be expiring on 4/14/16.
o Motion made by Trustee Eisenmenger to approve fiduciary liability
insurance coverage for 2016 with instructions to extend to three (3)
years if the premium remains the same- $7,894 (per year)
o Seconded by Trustee Feld Vote: 5 ayes/0 nays
o Discussion: None
o Motion carried
■ Ms. Roberts and Mr. Detwiler from Garcia Hamilton gave the board a
presentation on their fixed income strategy and services
■ Mr. Wall reported on the performance of the fund (fees included):
0 1st Qtr. 2016: Fixed: Stratford Equity 2.05%, Commodities 0.97%,
International-0.88%, Passive Small Cap 1.05%, Real Estate 6.28%,
Oakbrook 0.15%, Zacks 0.52%
0 1 st Qtr. Overall performance: 1.19%
0 2016 YTD performance: 1.19%
o Value on 03/31/16: $56,550,268.57
o A discussion was brought up during Mr. Wall's portfolio performance
review regarding the cost Schwab charges to transfer funds into our
operating account
o Motion made by Trustee Eisenmenger to establish an ACH money
transfer/ link to our operating account
o Seconded by Trustee Voigt Vote: 5 ayes/0 nays
o Discussion: None
o Motion passed
■ Election of Active/Retired/Disabled Trustees
o Trustees Eisenmenger, Montiel (Active) and Voigt(Retired)were the
only names submitted for nomination
o Motion made by Trustee Eisenmenger to elect these members by
acclimation
o Seconded by Trustee Fox Vote: 5 ayes/0 nays
o Discussion: The new term will commence in May, 2016
■ Review/Modify the Board's Investment Policy
o No recommendation for adjustment or change
■ Preparation of Annual Department of Insurance Report
o Mr. Weber advised he will file the report in June, 2016
■ Rules and Regulations
o No Change
■ Annual Filing of Statement of Economic Interest for each
o All Trustees have filed their statement with the exception of Trustee
Feld
■ Legal—Mr. LaBardi gave the board a legal update
■ FOIA Officer
o Motion made by Trustee Eisenmenger to appoint our Board Treasurer,
Mr. Scott Anderson, as our Board FOIA Officer and Open Meetings
Act Officer
o Seconded by Trustee Montiel Vote: 5 ayes/0 nays
o Discussion: none
o Motion carried
Old Business
■ None
New Business
■ Officer Pakaski's Retirement Application
o Motion made by Trustee Eisenmenger to approve Officer Pakaski's
retirement application. Officer Pakaski has 29 years of service
completed. His final salary is $101,332.00. He will receive 72.5% of
his final salary. Officer Pakaski's retirement date was 04/04/16. He
will receive a prorated check of$50509.93 and then his monthly
benefit will be $6122.14
0 2nd by Trustee Voigt
o No discussion Vote: 5 ayes/0 nays
o Motion passed
Adjournment-The meeting was adjourned at 8:45 PM.