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CITY OF PARK RIDGE POLICE PENSION FUND |
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The meeting was called to order at 708 PM by President Kappler. A roll call of the trustees was taken. Present were Laura Kappler, Carl Brauweiler, Tom Ahlbeck, and Jon Moehrlin. Trustee Dick Paul was absent. Mary Tomanek from Smith Barney and board attorney Charles Atwell also were in attendance. Tom Ahlbeck made a motion to accept the minutes from the October 3lst, 2007 board meeting. Carl Braulweiler seconded the motion. All were in favor. Motion passed. Board attorney Atwell and the board went over Rules and Regulations for the board to adopt. After discussion, Carl Brauweiler motioned for the board to adopt the rules and regulations. Jon Moehrlin seconded the motion. All were in favor- motion passed. President Kappler shared with the board that we have to file letters with the state dealing with predatory lending. All financial institutions doing business with the fund need to sign a letter stating that they are not involved in any predatory lending practices. The board accounting firm, Lauterbach and Amen, and Smith Barney are taking care of getting the letters. Copies will be sent to the state as the board receives them. President Kappler presented to the board that a new officer had been hired, Andrew Houghton, on 0 1-07-08. Also officer Chiffon Harris was no longer employed as a police officer as of 12-12-07. President Kappler relayed that former officer Michael Puccilo's 10-99 had came back to the pension fund. A message was left on his cell phone voice mail. The 10-99 was placed in his file, pending his picking it up. President Kappler relayed to the board that officer Agnes Szpiganowicz had her paperwork in for a non-duty disability on 01/08/08. Two doctors signed off on the disability that would have started on 12/22/07. Carl Brauweiler made a motion to ratify officer Szpiganowicz's non-duty disability. Tom Ahlbeck seconded the motion. All were in favor-motion passed. Mary Tomanek from Smith Barney presented a financial report to the board. Smith Barney placed the money manager Alliance Bernstein (large growth) on their watch list. They had been underperforming and had recent manager changes. Smith Barney recommended that the board leave Alliance Bernstein and presented a new manager to consider. Mary Tomanek reviewed the manager Red Granite LCG with the board. After discussion, Carl Brauweiler made a motion to move funds from Alliance Bernstein to Red Granite. Tom Ahibeck seconded the motion. All were in favor- motion passed. Mary Tomanek also presented a projected cash flow analysis report on the Park Ridge Police Pension fund to the board. Mary recommended to invest not more than 1 million Jon Moehrlin made a motion to accept the finacial report. Tom Ahlbeck seconded the motion. All were in favor- motion passed. President Kappler presented old business to the board. Retired officer Lisa Smith's deferred pension calculations were done and correct. The quarterly dates for board meetings were set as the following: Jon Moebrlin made a motion to adjourn the meeting. Carl Brauweiler seconded the motion. A roll call was taken. Trustee's Moehrlin, Kappler, Brauweiler, and Ahlbeck all voted to adjourn the meeting. Minutes compiled by Board Secretary Jon Moehrlin
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