2018-04-10 - Police Pension Board - Minutes MINUTES OF REGULAR MEETING OF THE BOARD OF TRUSTEES
BUFFALO GROVE POLICE PENSION FUND
TUESDAY, APRIL 10, 2018
A regular meeting of the Board of Trustees of the Buffalo Grove Police Pension Fund was held on
Tuesday, April 10, 2018 at 6:30 pm at the Buffalo Grove Police Department located at 46 Raupp
Boulevard, Buffalo Grove, IL 60089 for the purpose of conducting regular business.
CALL TO ORDER: The meeting was called to order by Trustee Eisenmenger at 6:34 pm.
ROLL CALL:
PRESENT: Trustees Scott Eisenmenger, Art Voigt, and Jeff Feld
ABSENT: Trustees Tony Montiel and Kenneth Fox
ALSO PRESENT: Brian LaBardi, Reimer, Dobrovolny & Karlson; Dave Wall and Steven McLeon,
Wall Capital Group; Jessica Fain, Robina Amato, and Sam Meyer Lauterbach &
Amen, LLP (L&A); William Grayson, Principal Global Investors
PUBLIC COMMENT: There was no public comment.
APPROVAL OF MINUTES: January 9, 2018 Regular Meeting: The Board reviewed the minutes from
the January 9, 2018 regular meeting. A motion was made by Trustee Feld and seconded by Trustee Voigt
to approve the January 9, 2018 regular meeting minutes as written. Motion carried by roll call vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
TREASURER'S REPORT: There was no report at this time.
ACCOUNTANT'S REPORT — LAUTERBACH & AMEN, LLP: Monthly Financial Report and
Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the two-month
period ending February 28, 2018 prepared by L&A. As of February 28,2018,the net position held in trust
for pension benefits is$67,292,801.36 with a change in position of-$139,676.87. The Board also reviewed
the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll
Journal and Quarterly Vendor Check Report for the period January 1, 2018 through March 31, 2018 for
total disbursements of$234,427.52.A motion was made by Trustee Eisenmenger and seconded by Trustee
Voight to accept the Monthly Financial Report as presented and to approve the Vendor Checks Report
showing total disbursements of$234,427.52. Motion carried by roll call vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
Additional Bills, if any—Illinois Department of Insurance Compliance Fee: The Board noted that the
Illinois Department of Insurance Compliance Fee invoice will be issued and payment is due by June
30th. A motion was made by Trustee Voight and seconded by Trustee Eisenmenger to approve payment
of the IDOI Compliance Fee, upon receipt of the invoice. Motion carried by roll call vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
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Minutes of Meeting—April 10, 2018
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INVESTMENT REPORT —WALL CAPITAL GROUP: Mr. Wall informed the Board of the change
in the investment firm's name from Wall&Associates to Wall Capital Group.
William Grayson reviewed the Private Real Estate Investment presentation with the Board. The Board
has tabled this matter until the next regularly scheduled meeting.
Performance Summary: Mr. Wall presented the Performance Summary for the period ending March 31,
2018. As of March 31, 2018, the ending market value net of fees is $66,579,621.27 for a time weighted
return of-0.68%. The current asset allocation is as follows: 3.10% Cash; 60.31% US Stock; 3.42%Non-
US Stock; 32.87% Bonds; and 0.29% Other Investments. Mr. Wall reviewed the Fixed Annuities,
Government Fixed Income, Domestic Equity, International and Real Estate portfolios with the Board.
The Board discussed delegating authority to Trustee Eisenmenger to direct Wall Capital Group to sell part
of the Oakbrook Investment in order to fund the April and May benefit payments in an amount not to
exceed $600,000, contingent on a confirmation of funds from Scott Anderson. A motion was made by
Trustee Feld and seconded by Trustee Voigt to delegate authority to Trustee Eisenmenger as discussed.
Motion carried by roll call vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM THE FUND: Application for
Membership — Eric M. Sarat and Evan R. Woodward: The Board reviewed the Applications for
Membership submitted by Eric M. Sarat and Evan R. Woodward. A motion was made by Trustee
Eisenmenger and seconded by Trustee Voight to accept Eric M. Sarat and Evan R. Woodward into the
Buffalo Grove Police Pension Fund, effective 03/19/18, as Tier II participants. Motion carried by roll call
vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS APPLICATIONS: There were
no applications for retirement or disability benefits.
OLD BUSINESS: IDOI Annual Statement: The Board noted the IDOI Annual Statement is in process
and the final report will be sent to the Board for review upon completion.
NEW BUSINESS: Certify Board Election Results—Active and Retired Member Positions: L&A
conducted an election for the Active Member positions on the Buffalo Grove Police Pension Fund Board
of Trustees. Scott Eisenmenger and Tony Montiel were reelected for two-year terms expiring April 30,
2020. L&A also conducted an election for the Retired Member position on the Buffalo Grove Police
Pension Fund Board of Trustees. Art Voigt was reelected to a two-year term expiring April 30, 2020. A
motion was made by Trustee Feld and seconded by Trustee Voigt to certify the Active and Retired
Member election results. Motion carried by roll call vote.
AYES: Trustees Eisenmenger, Voigt and Feld
NAYS: None
ABSENT: Trustees Montiel and Fox
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Minutes of Meeting—April 10, 2018
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Review Preliminary Actuarial Valuation: The Board reviewed the preliminary Actuarial Valuation as of
January 1, 2018 prepared by L&A. All questions were answered by Ms. Fain.
TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed
upcoming training opportunities. The Board was reminded to submit all training certificates to L&A for
recordkeeping.
COMMUNICATION AND REPORTS: Statements of Economic Interest: The Board was reminded that
the Statements of Economic Interest are due by May 1st
Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility
to all pensioners with the June payroll cycle. A status update will be provided at the next scheduled
meeting.
ATTORNEY'S REPORT: Mr. LaBardi reviewed the April Legal and Legislative Update newsletter and
answered all questions.
CLOSED SESSION, IF NEEDED: There was no closed session needed at this time.
ADJOURNMENT: A motion was made by Trustee Feld and seconded by Trustee Eisenmenger to
adjourn the meeting at 8:21 pm. Motion carried unanimously by voice vote.
The next regular meeting of the Buffalo Grove Police Pension Fund will be held on July 10, 2018 at 6:30
pm.
Respectfully submitted,
Tony Montiel, Board Secretary
Minutes prepared by Robina Amato, Pension Services Administrator, Lauterbach &Amen
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