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PARK RIDGE POLICE PENSION FUND
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Pursuant to public notice, a regular quarterly meeting of the Board of Trustees of the Park Ridge Police Pension Fund was held on Wednesday, January 25, 2012 at 10:00 a.m. at City Hall, 505 Butler Place, Park Ridge, Illinois. Call to Order: President Laura Kappler called the meeting to order at 10:07 a.m. Trustee Kappler took a roll call. Present were trustees Laura Kappler, Tom Ahlbeck, Carl Brauweiler, Robert Kristie and Duane Mellema. Also in attendance was Brian LeFevre from Sikich LLP, Mary Tomanek from Morgan Stanley Smith Barney and Charlie Atwell, the Board’s attorney and Allison Stutts the finance director from the City of Park Ridge. Investment Report: Mary Tomanek from Morgan Stanley Smith Barney presented the quarterly investment report. Ms. Tomanek reviewed the performance of the portfolio. She reviewed the current equity strategy. She discussed the current economic environment noting the status of the housing crisis and current interest rates. Ms. Tomanek also reviewed the cash flow of the fund and the amount to be invested. The Trustees discussed the need for annual expected cash flow projections over 5 to 30 years. This would be beneficial in the investment report. The Trustees discussed the funding formula and various alternatives with the actuary. The Trustees discussed requesting a copy of the ordinance on how much is levied by the city. A motion was made by Carl Brauweiler and seconded by Robert Kristie to ladder $300,000 at 60 days, 90 days and 120 days proportionally in equities based upon the target allocation. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the Red Granite fund by Ziegler Zatoff, a larger firm for investments. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Kappler and Mellema. “Nays” – none. The motion was unanimously approved. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the investment performance report for the quarter ended December 31, 2011. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Kappler and Mellema. “Nays” – none. The motion was unanimously approved. A motion was made by Carl Brauweiler and seconded by Duane Mellema to approve the financial report dated December 31, 2011 as presented. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler, Kristie and Mellema. “Nays” – none. The motion unanimously carried. Approval of Expenditures: A motion was made by Carl Brauweiler and seconded by Duane Mellema to approve the expenditures for the last quarter of 2011 as detailed in the attached report amounting Training/Conference: On March 14th, 2012 the Illinois Public Pension Fund Association will host training. The following Trustees will attend: Laura Kappler, Robert Kristie and Allison Stutts (City Finance Director). Any expenses for mileage or meals will be reimbursed. Allison Stutts left the meeting at 11:15. The Trustees are required to complete the “Open Meeting Act” training provided by the State of Illinois once as Board Members. Trustee Kappler and Trustee Ahlbeck have already completed the training. Officer Sean Dorsey has repaid the fund for his time of service as a Park Ridge Police Officer and is now able to participate in the old pension system. Officer Ruth Michalko passed away November 3, 2011. A death certificate has been received she was paid up until they day she passed away. Lt. Mellema and Robert Kristie are up for election. Other Business: Carl Brauweiler reviewed an Accounting and SEC Update seminar he attended sponsored by KPMG with the other Trustees. The next meeting is scheduled for April 24, 2012. Adjournment: A motion by Carl Brauweiler, seconded by Duane Mellema to adjourn the meeting at 11:40 a.m. unanimously carried. Respectfully submitted, _____________________ ___________________________ Approved by the Board of Trustees on April 24, 2012.
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