June 14, 2011 Meeting Minutes, Des Plaines Police Pension Fund


	Meeting Minutes - June 14, 2011 A regular meeting of the Board of Trustees of THE DES PLAINES POLICE PENSION BOARD was held on Tuesday, June 14, 2010 at 10:00AM at The Law Offices of Robbins Schwartz Nicholas located at 55 W. Monroe St., Suite 800, Chicago, IL 60603, 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 10:42 AM. ROLL CALL Upon roll call the following answered: Present: President Nicholas Chiaro, Vice President Robert Muehlenbeck, Secretary Robert Neil, Trustee Daniel Niemann, Trustee Jeff Rotkvich Absent: none Also Present: Annuitants Wendall Whitted, Board Attorney Camille Cribaro-Mello of RSNL&T, Tom McShane and Seema Kinra of Graystone Consulting-MSSB, Becky Davis of Lauterbach and Amen (L&A) APPROVAL OF PRIOR MEETING MINUTES The Board reviewed the April 19, 2011 minutes as presented in the board meeting packet. A motion by Muehlenbeck to approve the April 19, 2011 regular meeting minutes as presented, second by Rotkvich. Motion unanimously carried. APPROVAL OF DISBURSEMENTS The Board reviewed the disbursements on Warrant list #27 as presented in the board meeting packet. A motion by Neil to approve the disbursements as listed on Warrant List #27 totaling $59,110.86, second by Niemann. Roll Call Vote: Muehlenbeck – aye, Neil – aye, Chiaro – aye, Niemann – aye, Rotkvich – aye. Motion unanimously carried. The Board discussed the new services offered by L&A, a complete listing provided in the board meeting packet; electronic vendor payments; a one time prepayment of L&A scheduled accounting services. The Board discussed and reviewed the disabilities physician waivers submitted for the following: Robert Kujawa, Michael Aiardo, Dick Lalowski, Sharon Johnson/Langlotz, George Sarkis, Lori Jacobi, Jason Roszkowiak BOARD ATTORNEY’S REPORT Legal Update: Board Attorney Cribaro-Mello discussed several items of interest and pending bills to the Board, handouts were provided in the board meeting packet. Board discussion about (1) HB0144 – PEN CD-DISSOLUTION OF FUNDS has passed both houses and has been sent to the Governor; (2) HB1427- WORKERS COMP-MUNICIPALITY SIZE has been sent to the Governor; (3) HB1872- PEN CD-TRANSFER-ART 5 TO ART 3 has been sent to the Governor: for 60 days after the effective date, an individual can transfer up to 10 years of creditable services from Chicago police pension fund to a downstate police pension fund; (4) HB3591 – PEN CD-NEW HIRE-CONVICTION has passed both houses, still pending: applicable to new hires, an individual shall not be paid any of the benefits provided under the Code if he or she is convicted of a felony; (5) SB1831 – PEN CD passed both Houses, still pending, Amends Open Meetings Act for Downstate Police Article 3 and Fire Article 4 , authorizes each fund to transfer fund investment functions to the IMRF (irrevocable). Review of New Court Decisions: Cribaro-Mello reported that the two PSEBA cases are still pending - are on the docket for the summer session; discussion regarding the Civil Union law, effective 06/01/2011, states that wherever “spouse” is referred to will also mean “civil union partner” where a civil union has been established; members must have a certificate on file to receive this benefit; civil unions must be monogamous and can be dissolved. OLD BUSINESS Approval of Disability Decision for Officer Richard Niemann: The Board briefly discussed the approval decision during the April 19, 2011 disability hearing for Officer Richard Niemann: The Board approved the On Duty Disability of Officer Richard Niemann effective May 21, 2011. NEW BUSINESS Resignation of Officer Max Voots: The Board discussed and acknowledged the resignation of Max Voots, date of hire: 04/11/2011, date of resignation: 05/06/2011. Application for Disability from Sergeant Matt Hicks: The Board agreed to defer this discussion to Executive Session. QILDRO Request Update: The Board discussed the QILDRO requests received for Zettek and Konieczny. Request for Hearing from Eleanor Ventimigla/Claim for benefits: The Board discussed and scheduled an October 11, 2011 hearing date; Cribaro-Mello will communicate this information to Ventimigla’s attorney. The Board discussed trustee training – Niemann and Rotkvich plan to attend the IPPFA Fall conference in October 2011 and will request reimbursement for expenses and fees paid. APPROVAL OF LAUTERBACH AND AMEN BALANCE SHEETS – March & April 2011 The Board distributed and reviewed the March and April 2011 monthly financial reports from L&A. A motion by Rotkvich to approve the March and April 2011 monthly financial reports from L&A, second by Neil. Motion unanimously carried. FINANCIAL REPORT Corporate Bond Manager Comparisons: The Board discussed and reviewed the current bond managers and comparisons. Review of Fund’s Portfolio / Asset Allocation: Investment Advisor McShane distributed and reviewed with the Board the Portfolio Update for the period ending May 31, 2011, stating the Total Fund balance was $55,178,805 (see Exhibit A); up 1.69% for the QTD and up 4.58% YTD. Asset Allocations were discussed; Equities at 50.69% and Fixed Income/Cash at 49.31%; growth due to appreciation; recommending no changes at this time. Wells is still on the watch list; possible action to be discussed at the next meeting. Note: to update Target Allocation for next meeting. Cash flow Analysis: The Board discussed and reviewed the cash flow analysis; McShane indicated that he would adjust payout for pension payroll to reduce the amount of cash holdings. The Board discussed the changing the Fund’s email address and office phone number information. A motion by Neil to go out of Open Session, second by Rotkvich. Motion unanimously carried. A motion by Rotkvich to go into Executive Session citing Exception 11 of 5 ILCS 120/2(c) Exceptions to the Open Meetings Act, second by Niemann. Motion unanimously carried. Open Session closed at 11:42 AM EXECUTIVE SESSION Executive Session opened at 11:43 AM Executive Session closed at 12:10 PM ADJOURNMENT A motion by Neil to adjourn the meeting at 12:10 PM, second by Niemann. Motion unanimously carried.** Respectfully submitted and minutes prepared by Pension Services Administrator, Becky Davis. Nicholas Chiaro, President Exhibit A
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