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CITY OF PARK RIDGE POLICE PENSION FUND |
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President Kappler called the meeting to order at 7:00 pm. A roll call of the trustee’s was taken. Present were Laura Kappler, Robert Kristie, Richard Paul and Carl Brauweiler. Trustee Tom Ahlbeck was not in attendance at the meeting. Mary Tomanek from Smith Barney and board attorney Charles Atwell were also in attendance. Robert Kristie made a motion to accept the minutes from the April 30th, 2009 quarterly meeting. Carl Brauweiler seconded the motion. All were in favor-motion passed. Mary Tomanek from Smith Barney presented a financial report to the board through April 30, 2009. We had talked about adding more money to the equities portfolio. A motion was made by Trustee Kristie to add $500,000 thousand dollars into three managers. They would be distributed as follows: Cambair 50% or $250,000 Atalanta 25% or $125,000 Voyageur 25% or $125,000 Trustee Paul seconded the motion and a roll call vote was taken. President Kappler, Trustee Paul, Treasurer Brauweiler, and Secretary Kristie all voted yes. Motion passed. President Kappler acknowledged that a five-year agency for a million dollars was purchased in June. She made a motion to accept the purchase that was made through Wells Fargo. Robert Kristie seconded it. A roll call vote was taken of the board and all were in favor all board members were present for the vote. Motion passed. President Kappler made the board aware of the pending QUILDRO had finally been entered into the court. Attorney Atwell was contacted and gave his ok to go ahead and start paying Nanci Kuhn. She received her first payment in June. Attorney Atwell then reviewed Pat Duggan’s file with the board and would update us at a later date. He also reviewed the new law that requires trustees to attend 8 hours of ethics and investment education each year. It will be the board’s responsibility to make sure the training is done and noted in each of their files. There is also another bill that provides 16 hours of training is needed for new trustees. Training is to be offered by the IPPFA on line and at numerous training that they hold through out the year. The board has five members and all but Tom Ahlbeck were present. A motion was made by President Kappler to leave the board the same as it was last year. Trustee Paul seconded it and all board members were in favor. Board will be as follows: President Laura Kappler Vice-President Tom Ahlbeck Treasurer Carl Brauweiler Secretary Robert Kristie Asst Sec Richard Paul A motion was made to adjourn at 8:07 pm by Trustee Paul and seconded by President Kappler. All were in favor-motion passed. Next meeting is Monday October 26th 2009 Minutes complied by President Kappler |