2016-10-12 - Police Pension Board - Minutes BUFFALO GROVE POLICE PENSION FUND
Police Pension Board Regular Meeting Minutes—Tuesday October 12th, 2016
I. Call to Order—6:30PM
Attendance — Trustees Scott Eisenmenger, Arthur Voigt, Ken Fox, Jeff Feld, Scott
Anderson—Village Finance Director, Rick Reimer—RDK LLC. (board attorney), Dave
Wall—Wall&Associates (board consultant), Steve Earnhardt—Lauterbach&Amen
(board accountant), Barbara Utterback—Lauterbach&Amen (L&A), Jessica Doogan—
L&A (Actuary department)
II. Public Comments -None
III. Minutes — July 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
IV. L&A Professional Service Administration (PSA) Presentation
■ Ms. Utterback gave the board a presentation on the administrative services
L&A provides. This presentation covered digitizing the board's files we
maintain for our current and retired members.
■ Motion made by Trustee Feld to hire L&A for PSA services, with portal
access, subject to price discussion between Trustee Eisenmenger and Barb
Utterback
■ Seconded by Trustee Fox Vote: 5 ayes /0 nays
■ Discussion: Mr. Earnhardt will have Mr. Weber(L&A board accountant)
send Trustee Eisenmenger itemized details of their fees
■ Motion carried
V. General Business
■ Approval of invoices totaling S 172,934.92 between July 1, 2016 and
September 301h 2016:
■ Motion made by Trustee Eisenmenger to approve and pay the bills as
presented.
■ Seconded by Trustee Montiel Vote: 0 ayes / 0 nays
■ Discussion: None
■ Motion carried
■ Mr. Wall reported on the performance of the fund (fees included):
■ 3rd Qtr. 2016: Garcia Fixed Income (-0.35%), Stratford Equity 0.45%,
Commodities (-4.83%), International 13.57%, Passive Small Cap 6.12%,
Real Estate (-1.50%), Oakbrook 4.84%, Zacks 1.21%
■ 3rd Qtr. Overall performance: 2.01%
■ YTD performance: 4.55%
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■ Value on 03/30/16: $59,485,379.11
■ Mr. Wall advised the board that our equities holdings were around 55% and
our target was 60-65%. Mr. Wall will run a hypothetical experiment to
increase our equities holdings and will present the board with those findings
at the January, 2017 meeting. Mr. Wall also advised that our Garcia
Hamilton fixed income account was active.
■ Legal—Mr. Reimer gave the board a legal update
■ Training—Trustees Eisenmenger, Voigt and Montiel attended the IPPFA
conference last week. Next year's conferences will be held in Itasca (mid-
year) in May and the fall conference will be held in St. Louis in October.
VI. Old Business
■ Hamilton Partners / Stratford Investments Transaction
■ Motion made by Trustee Eisenmenger to approve the adopted investment
policy which includes Garcia Hamilton
■ Seconded by Trustee Fox Vote: 5 ayes /0 nays
■ Discussion: none
■ Motion carried
VII. New Business
■ New Officers Andrew Rygiel and Nicole Gaborek
■ Motion made by Trustee Eisenmenger to admit Officers Rygiel and Gaborek
into the police pension fund. Both Officers were sworn in on 09/19/16 and
both Officers are tier 2 employees
■ Seconded by Trustee Montiel Vote: 5 ayes / 0 nays
■ Discussion: none
■ Motion carried
■ Ms. Doogan presented the board with the actuarial report from L&A
■ Motion made by Trustee Eisenmenger to adopt the recommended tax levy of
$2,538,183
■ Seconded by Trustee Feld Vote: 5 ayes /0 nays
■ Discussion: none
■ Motion carried
■ Mr. Earnhardt presented the board with the Municipal Compliance Report
■ Motion made by Trustee Eisenmenger to adopt the Municipal Compliance
Report for fiscal year ending on December 31, 2015
■ Seconded by Trustee Montiel Vote: 5 ayes / 0 nays
■ Discussion: Trustee Fox asked why the Department of Insurance rate was
different than the L&A rate. Mr. Earnhardt advised different funding
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assumptions were used. Mr. Reimer will complete the legal process for
adopting the report and he will send it to Mr. Anderson at Village Hall.
■ Motion carried
VIILAdjournment—The meeting was adjourned at 8:40 PM.
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