Meeting Minutes - June 8, 2010

A regular meeting of the Board of Trustees of THE DES PLAINES POLICE PENSION BOARD was held on Tuesday, June 8, 2010 at 10:30AM 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 10:40 AM.

ROLL CALL

Upon roll call the following answered:

Present:     President Nicholas Chiaro, Vice Pres. Robert Muehlenbeck, Trustee Daniel Niemann, Trustee Robert Neil

Absent:      Finance Director Dorothy Wisniewski, Secretary Larry Marks

Also Present:    Sgt. Jeff Rotkvich, Annuitant Wendall Whitted, Tom McShane of Graystone Consulting/MSSB, Attorney Joseph Perkoski and Camille Cribaro-Mello of RSNL&T, Becky Davis of Lauterbach and Amen and Andrew Bischel, CFA/CEO of SKBA Capital (arrived late)

APPROVAL OF MINUTES – April 13, 2010

The Board reviewed the April 13, 2010 minutes as presented in the board meeting packet.  A motion by Neil to approve the April 13, 2010 regular meeting minutes as presented, second by Niemann.  Motion unanimously carried. 

APPROVAL OF DISBURSEMENTS – Warrant List #21

The Board reviewed the disbursements on Warrant list #21 as presented in the board meeting packet.  A motion by Niemann to approve the disbursements as listed on the June 8, 2010 Warrant List #21 totaling $106,081.31, second by Muehlenbeck.  The Board noted that Malea Held’s contribution refund has been paid in the amount of $58,595.22 and is included on the Warrant List #21; taxes paid in the amount of $11,719.04, check to Malea Held in the amount of $46,876.18.  Roll Call Vote:  Chiaro – aye, Muehlenbeck – aye, Neil - aye, Niemann - aye.   Motion unanimously carried.  

Andy Bischel joined the meeting at 10:52 AM

BOARD ATTORNEY’S REPORT

• Officer J. Roszkowiak Disability Hearing Update:  Board Attorney Cribaro-Mello presented the minutes of the April 13, 2010 Disability Hearing and discussed the current status; noting:  date Roszkowiak last received compensation from City was 6/16/2009; still need Dr. Butler’s disability certification.

• Officer R. Niemann Disability Hearing Update:  Cribaro-Mello discussed Officer’s Niemann’s current status and underlying issues.

• Legal Update:  Cribaro-Mello discussed Trustee Training Certification for the Board; Chiaro has completed the FOIA/OMA training clocking a total of 8 hours training credit.  Also, discussed was the subpoena for documents for Lalowski.

• Review of New Court Decisions:  No new court decisions for Article 3, however, there is a case going to the Supreme Court regarding Article 4 and PSEBA benefits that may affect Article 3. 

A presentation by Bischel of SKBA Capital Management, LLC – Cash and Fixed Income.  Bischel distributed a packet of information to the Board and discussed the portfolio’s performance. 

Bischel was excused and left the meeting at 11:50 AM. 

The Board took a short break and reconvened at 11:55 AM.

APPROVAL OF LAUTERBACH AND AMEN BALANCE SHEETS – March and April 2010

The Board reviewed the March and April 2010 Monthly Financial Reports as presented at the meeting.  No questions or discussion.  A motion by Muehlenbeck to approve the Lauterbach and Amen (L&A) Monthly Financial Reports for March and April 2010, second by Neil.  Motion unanimously carried.

OLD BUSINESS - none

NEW BUSINESS

• Review of Annual Physician’s Certificate of Disabilities:  Cribaro-Mello discussed this topic with the Board.

• Report on Active & Annuitant Election Results:  The Board reviewed the elections results.  For the Active member – 2 year term position, there were 42 ballots tallied; Jeff Rotkvich received 28 votes which was the majority.  For the Retired member – 2 year term position, there were 84 ballots tallied; Nick Chiaro received 77 votes which was the majority.  A motion by Muehlenbeck to accept and approve the elections results as presented, recognizing Jeff Rotkvich (Active) 2 year term and Nick Chiaro (Retired) 2 year term, second by Neil.  Motion unanimously carried.

• Yearly Election of Board Officers:  The Board discussed candidates for Officers.  A motion by Niemann to elect a slate of Board Officers to be:  President – Nick Chiaro, Vice President – Robert Muehlenbeck, Secretary – Robert Neil, second by Rotkvich.  Motion unanimously carried.

FINANCIAL REPORT

• Review of Funds Portfolio / Asset Allocation:  Investment Advisor, McShane, presented and reviewed with the Board the Performance Review Report as of May 31, 2010.  McShane presented his recommendations.  A motion by Chiaro to follow Investment Advisor McShane’s recommendation to move from Fixed Income a total of $470,000 divided between McDonnell and SKBA and to invest $200,000 into Lazard Emerging Markets and $270,000 into Cohen Steers Realty Fund, second by Neil.  Roll Call Vote:  Chiaro – aye, Muehlenbeck – aye, Neil – aye, Rotkvich – aye, Niemann – aye.  Motion unanimously carried.

• Cash flow Analysis:  McShane reviewed the Asset Allocation Review with the Board. 

EXECUTIVE SESSION – none needed

ADJOURNMENT

A motion by Niemann to adjourn the meeting at 12:15 PM, second by Rotkvich.  Motion unanimously carried.

Respectfully submitted / Minutes prepared by PSA, Becky Davis, on June 18, 2010.

Approved by the Board of Trustees on _________.

Nicholas Chiaro, President      

City of Des Plaines Police Pension Fund

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