A regular meeting of the Board of Trustees of THE DES PLAINES
POLICE PENSION BOARD was held on Tuesday, February 9, 2010 at
9:00AM at City Hall, 1420 Miner Street, in Room 101, pursuant to
notice, a copy of which is attached to their minutes.
CALL TO ORDER BY PRESIDING OFFICER
President Nicholas Chiaro called the meeting to order at 9:00AM.
ROLL CALL
Upon roll call the following answered:
Present: President Nicholas Chiaro, Secretary Larry Marks,
Trustee Daniel Niemann, Trustee Robert Neil
Absent: Vice Pres. Robert Muehlenbeck
Also Present: Finance Director Dorothy Wisniewski, Annuitant
Wendall Whitted, Pension Fund Clerk Tina Whitted, Annuitant
James Roel, Tom McShane of Graystone Consulting/MSSB, Attorney
Camille Cribaro-Mello of RSNL&T, Becky Davis of Lauterbach and
Amen
APPROVAL OF MINUTES
The Board reviewed the December 8, 2009 minutes as presented in
the board meeting packet. One correction was noted: page 2 in
the top paragraph Lazard was misspelled twice. A
motion by Neil, seconded by Marks, to approve as presented with
amendments to page 2, the minutes from the December 8, 2009
meeting. Motion unanimously carried.
APPROVAL OF DISBURSEMENTS
The Board reviewed the disbursements as presented on Warrant
list #19. A motion by Marks, seconded by Neil, to approve
the disbursements as identified in the February 10, 2010 Warrant
list #19 totaling $11,353.99. Roll Call Vote: Chiaro – aye,
Neil - aye, Marks - aye, Niemann - aye. Motion unanimously
carried (4-0).
BOARD ATTORNEY’S REPORT
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Officer J. Roszkowiak Disability Hearing Update:
Board Attorney Cribaro-Mello summarized Roszkowiak’s
status: medical records have been received, the doctor’s
opinions were discussed, and the possibility of attaching
the hearing to the next meeting. A point will be made to
send a formal letter to the City of Des Plaines to encourage
them to attend any and all Disability Hearings. The Board
discussed the importance of having them involved.
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Officer R. Niemann Disability Hearing Update:
Cribaro-Mello updated the Board on Niemann’s progress:
verifying completeness of his medical records and choice of
physicians. Cribaro-Mello stated the need to update certain
forms regarding Disability. Form #9 and #10 were presented
and reviewed with the Board to make them more compliant.
A motion by Neil to authorize the recommended changes by
Board Attorney Cribaro-Mello to update Form #9 and #10,
seconded by Marks. Motion unanimously carried.
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Legal Update on new Freedom of Information Act (FOIA) and
Open Meetings Act (OMA):
Cribaro-Mello reviewed the requirements set by the Attorney
General’s Office regarding FOIA and OMA. The Board
discussed the candidates to be designated as FOIA officer;
Chiaro accepted the designation and agreed to complete the
required web-based training before 6/30/10. OMA was also
discussed. Cribaro-Mello stated that all board members
would benefit from the training. The Board further
discussed Trustee Training: Trustee Neil attended a Public
Funds Summit seminar in Arizona and summarized the
training: Investments, Insurance and Green Energy and
submitted the proof of attendance – receiving 14 hours
continuing education credit. Neil also attended the IPPFA
Training at a Regional Seminar on 1/29/2010 which provided 8
hours credit. Trustee Neimann will be attending the same
training in Hoffman Estates on 2/12/10 for 8 hours of
credit.
A motion to designate Trustee Chiaro as FOIA officer, OMA
officer and Security Administrator, made by Neil, and seconded
by Marks. Motion unanimously carried.
Cribaro-Mello discussed the rules associated with FOIA and
recommendations for the Fund’s website.
OLD BUSINESS
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Progress in Responding to Department of Insurance Audit:
Cribaro-Mello has prepared the Summary Findings - Board
responses and is ready to go out to IDOI.
-
Progress in Updated Officers Pension Files:
the Pension Files have been reviewed and updated and will be
monitored on a regular basis.
NEW BUSINESS
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Retirement of Sergeant Larry Marks:
The Board recognized the retirement of Sergeant Larry Marks
with 30 years of service. Date of Entry: 12/31/1979, Date
of Retirement: 1/22/2010, monthly benefits of $6,269.91
-
Retirement of Sergeant Kevin Boyd:
The Board recognized the retirement of Sergeant Kevin Boyd
with 30 years of service. Date of Entry: 01/02/1979, Date
of Retirement: 1/29/2010, monthly benefits of $6,269.81
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Retirement of Detective James Ravesloot:
The Board recognized the retirement of Detective James
Ravesloot with 21 years of service. Date of Entry:
09/26/1988, Date of Retirement: 1/29/2010, monthly benefits
of $3,911.91
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Retirement of Officer John Ohlson:
The Board recognized the retirement of Officer John Ohlson
with 30 years of service. Date of Entry: 07/02/1979, Date
of Retirement: 1/29/2010, monthly benefits of $5,243.88
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Retirement of Officer Susan Ruth:
The Board recognized the retirement of Officer Susan Ruth
with 20 years of service. Date of Entry: 05/14/1989, Date
of Retirement: 1/29/2010, monthly benefits of $3,462.50
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Resignation of Detective Malea Held:
The Board recognized the resignation of Detective Malea
Held. Date of Entry: 08/21/2000, Date of Resignation:
01/15/2010. Contribution refund calculations to be
completed by Lauterbach and Amen.
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Application for Dependent Child Pension – Dylan Stephens:
Pension benefit payments are being paid out per statute.
Lauterbach and Amen will complete calculations until Dylan’s
age 18.
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Resignation of Officer Gregory Roszkowski:
The Board recognized the resignation of Officer Gregory
Roszkowski. Date of Entry: 06/29/2009, Date of
Resignation: 01/05/2010. Contribution refund calculations
to be completed by Lauterbach and Amen.
APPROVAL OF LAUTERBACH & AMEN BALANCE SHEETS FOR November &
October, 2009
The Board received and reviewed the Lauterbach and Amen monthly
financial reports for November and December, 2009. A motion
by Neil and seconded by Marks, to approve the Lauterbach and
Amen monthly financial reports for November and December, 2009.
Motion unanimously carried.
FINANCIAL REPORT
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Review of Funds Portfolio / Asset Allocation:
Investment Advisor, McShane, discussed with the Board a
securities litigation stating he is monitoring it and if
there is anything awarded to the Pension Fund he will
advise. McShane presented and reviewed with the Board the
Performance Review Report as follows: Total fund rate of
return for the 4th Quarter was up 5.15%; YTD was
16.57%. Total fund 2009 year end balance was $48,435,668.
(See attached Exhibit A.) McShane reviewed the Asset
Allocations with the Board – no action at this time.
-
Cash flow Analysis:
McShane reviewed the Estimated Annual Fees based on
12/31/90 reported Market Values with the Board.
Salary increase for Pension Fund Clerk, effective 2/1/10 –
TABLED until next meeting.
ADJOURNMENT
Motion by Chiaro and seconded by Neimann to adjourn the meeting
at 11:32 AM. Motion unanimously carried.
Respectfully submitted,
Nicholas Chiaro, President
Approved by the Board of Trustees on _________ (date).
Attachments:
Exhibit A
–12/31/02 to 12/31/09 Investment Policy Monitor (Dollar Weighted
IRR), Total Fund
Minutes prepared by PSA, Becky Davis, on 3/3/10.
