October 9, 2007 Meeting Minutes, Des Plaines Police Pension Fund


	Meeting Minutes - October 9, 2007 The meeting of the Des Plaines Police Pension Board was called to order by President Chiaro at 9:28 a.m. in Room 101 of City Hall. Roll Call. Present – Trustees Freeman, Muehlenbeck, Salas, Marks, Chiaro. Also present were recording secretary Tina Whitted, annuitant James Roel, and Board attorneys Joseph Perkoski and Sara Gadola. Approval of Minutes. Motion by Salas, seconded by Freeman, to approve the minutes of the August 14, 2007, meeting. Motion carried by unanimous voice vote. Disbursements. The Board reviewed the proposed disbursements. Motion by Marks, seconded by Salas, to pay the disbursements as listed, totaling $22,320.42. Ayes: Trustees Freeman, Muehlenbeck, Salas, Marks and President Chiaro (5). Nays: None. Motion carried, 5-0. Board Attorneys’ Report. Sarkis Appeal: No update on this matter. Officer Roszkowiak Withdrawal of Disability Pension Application: The attorneys discussed Officer Jason Roszkowiak’s withdrawal of an application for disability pension that alleged a back injury. Officer Lalowski Disability Hearing Update: The Board has voted unanimously to grant Officer Lalowski a 50%, non-duty related disability pension. Officer Schroeder Disability Hearing Update: The Board is awaiting the final IME from Dr. Carl Wahlstrom and directed the attorneys to keep the City informed of any new updates. Review of New Court Decisions: The attorneys advised that some updates for the Board would be forthcoming on new legislation that may affect police pension funds. Executive Session. Motion by Muehlenbeck, seconded by Freeman, to adjourn to executive session to discuss pending or imminent litigation. Motion carried by unanimous voice vote. The Board then convened in executive session. Motion by Salas, seconded by Marks, to reconvene in open session. Motion carried by unanimous voice vote. Old Business. The Board discussed what to do regarding $18,090 in outstanding fund contributions owed to Matthew Laprell, who cannot be contacted. It was decided to send a third registered letter to him, indicating that no interest was accumulating on his funds. If no response was forthcoming, the board indicated no further attempts would be made to reimburse his funds, until he contacted the staff for reimbursement. New Business. Increase in Hourly Rates for Legal Services: The Board noted that legal fees charged by Robbins Schwartz would be increasing by $10 per hour. Retirement of George Fortier: Information regarding the retirement of Sgt. Fortier was presented. George Fortier was awarded a retirement pension of $65,391.00/year based on an ending salary of $87,188.00. His starting date was April 11, 1977 and his retirement date was August 17, 2007. Approval of Surviving Spousal Pension for Mrs. Gladys Meese: Information regarding the death of Captain John Meese on August 28, 2007 was presented. John Meese was receiving a retirement pension of $70,286.52. Gladys Meese was awarded a Spousal Retirement of $70,286.52 with no annual increase. New Officers: The board accepted the applications of the following new officers. Name Starting Date Steven S. Dickson 09/21/2007 Matt M. Cerasa 09/21/2007 Kathryn E. Kozlowski 09/21/2007 Motion by Salas, seconded by Marks, to approve the membership applications of Officers Cerasa, Dickson and Kozlowski. Ayes: Trustees Freeman, Muehlenbeck, Salas, Marks and President Chiaro (5). Nays: None. Motion carried, 5-0. Resignation of Officer Justin Jones: The Board noted the resignations of Office Jones. His starting date was April 2, 2007 and his resignation date was September 17, 2007. He has been sent a refund letter. Approval of Lauterbach & Amen Balance Sheets. The board reviewed the monthly financial statements from Lauterbach & Amen for July & August 2007, subject to audit. Motion by Muehlenbeck, seconded by Freeman, to approve the quarterly balance sheets from Lauterbach & Amen. Ayes: Trustees Freeman, Muehlenbeck, Salas, Marks and President Chiaro (5). Nays: None. Motion carried, 5-0. Financial Report. President Chiaro is waiting to talk to the acting City Manager before sending out the Board’s letter regarding its funding levels. Chiaro would like the letter to go to the City’s new aldermen. Review of Funds Portfolio / Asset Allocation: Tom McShane was excused from attending the meeting. He submitted a written Financial Report which was furnished to all in attendance. The pension fund has grown to more than $49 million; however Annuitant Whitted indicated that the City funding level was declining based upon the use of earning assumptions that were set to high. This has caused funding level to drop from 87.1% in 1998 to 60.1% in 2006. President Chiaro indicated this problem would be covered in the funding letter to the Mayor and City Council. Adjournment. Motion by Muehlenbeck, seconded by Salas, to adjourn the meeting at 10:43 a.m. Approved: Nicholas Chiaro Nick Chiaro Chairman Date: , 2007
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