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CITY OF 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, April 28, 2010 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 10:15 a.m. Present were trustees Tom Ahlbeck, Carl Brauweiler, Richard Paul and Robert Kristie. Also in attendance were Park Ridge City Manager James Hock, Mary Tomanek from Morgan Stanley, Brian Lefevre and Debbie Crabtree from Sikich LLP and Laura Hurley and Debbie Ittner from Ahlbeck & Company. Approval of Minutes: Upon a motion made by Robert Kristie, seconded by Richard Paul, and unanimously approved, the minutes of the January 25, 2010 quarterly meeting as presented were approved. Investment Report: Mary Tomanek reviewed the investment performance report for the quarter ended March 31, 2010. Both fixed income and common stock investments performed well during the first quarter. Based on market expectations, she recommended that $500,000 be moved from the Fayez Sarofim Large Cap to the Madison Mid Cap fund. Based on this recommendation, a motion was made by Carl Brauweiler and seconded by Tom Ahlbeck to move $500,000 from the Fayez Sarofim Large Cap to the Madison Mid Cap fund. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Paul and Kappler. “Nays” – none. The motion was unanimously approved. The projected cash flow analysis in the investment performance report noted above was also reviewed regarding annual payouts in relation to annual maturities. The actuary is up-to-date on the changes in retirees including layoffs. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the investment performance report for the quarter ended March 31, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Paul and Kappler. “Nays” – none. The motion was unanimously approved. Laura Kappler also distributed the Actuarial Valuation Report (5/1/09 – 4/30/10) to all trustees. Accounting Firm: The engagement letter to retain the accounting services of Sikich LLP was presented, noting that the letter confirmed the services outlined in the proposal presented at the January 25, 2010 meeting. The appropriate information requested by Sikich from the prior accountants had been received. Sikich also agreed that their accounting responsibility will begin with May 2010 and they will attend regular quarterly meetings. Sikich will send an explanatory letter to retirees regarding the change in accountants. A motion made by Carl Brauweiler and seconded by Richard Paul to authorize Laura Kappler to sign the engagement letter on behalf of the Board to retain the accounting services of Sikich LLP. The motion unanimously carried. The next regular quarterly meetings are scheduled for July 21, 2010 and October 26, 2010 at 10:00 a.m. Approval of Expenditures: A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the disbursements totaling $215,844.93 as reported for the month in the Expense Report as of January 31, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Paul and Kappler. “Nays” – none. The motion was unanimously carried. A motion was made by Carl Brauweiler and seconded by Richard Paul to approve the disbursements totaling $217,701.32 as reported for the month in the Expense Report as of February 28, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Paul and Kappler. “Nays” – none. The motion unanimously carried. A motion was made by Carl Brauweiler and seconded by Richard Paul to approve the disbursements totaling $207,604.65 as reported for the month in the Expense Report as of March 31, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Paul and Kappler. “Nays” – none. The motion unanimously carried. Patrick Duggan Matter: The Patrick Duggan matter was further discussed regarding the timing of holding a hearing before or after referring the matter to the city. In addition, the trustees also discussed whether or not Board attorney Charles Atwell should contact Patrick Dugan. It was decided to discuss this first with Mr. Atwell before any formal board authorization. Attorney Followup: A matter was brought up regarding a potential violation of the pension law. Board attorney Charles Atwell will be directed to followup on this matter. Trustee Tom Ahlbeck left the meeting at 11:00 a.m. Training/Conference: Laura Kappler reported that she and Carl Brauweiler attended training (which included ethics, fiduciary, and freedom of information) on February 12, 2010 for which they received 8 hours of continuing education credit. In addition, she and Tom Ahlbeck are scheduled to attend the Spring IPPFA Conference in St. Charles, Illinois on May 13-14. Update on Contribution Rollover, Death and Disability: The following was reported by Laura Kappler: - Former officer James Gould (hired April 3, 1997 and resigned November 10, 1999) rolled over $*,***.** of contributions into an IRA at Wells Fargo. - Widow Collette Albert passed away January 20, 2010 and a death certificate was received from the family on her behalf.
Service Certificate: Laura Kappler presented a certificate, signed by her and City Manager James Hock, to Richard Paul in recognition of 4 years of service to the Park Ridge Police Pension Board. Election Results: The election votes were tallied by Richard Paul. Retired officer Robert Kristie was elected with 23 votes and active officer Lt. Duane Mellema was elected with 22 votes. Both will serve a two year term until April 30, 2012. Adjournment: A motion by Robert Kristie and seconded by Richard Paul to adjourn the meeting at 11:52 a.m. was unanimously carried. The next regular quarterly meeting is scheduled for July 21, 2010 at 10:00 a.m. Respectfully submitted, ________/s/_____________ ______________/s/_____________ Approved by the Board of Trustees on July 21, 2010 These minutes were prepared by Tom Ahlbeck and Laura Kappler.
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