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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, July 21, 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 10:07 a.m. 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. Investment Report: Mary Tomanek reviewed the investment performance report for the quarter ended June 30, 2010. The fixed income sector of the market is strong. Currently there is confusion in the market that has a positive effect on the fixed income sector. Morgan Stanley does not forecast a double dip recession, but rather a slower recovery. The Trustees reviewed the cash flow of the pension fund and the fixed income portfolio. The Trustees agreed that a fixed income strategy will be discussed and recommended at the next meeting to determine how to invest the maturing funds. An illustration of fixed income investing was presented and the strategy of selling longer maturities and reinvesting to shorten the average life of the portfolio was discussed. Approval of Expenditures: A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the pension and benefits totaling $214,938.52 as reported for the month in the Expense Report as of April 30, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion was unanimously carried. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the pension and benefits totaling $205,270.31 as reported for the month in the Expense Report as of May 31, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the pension and benefits totaling $211,221.41 as reported for the month in the Expense Report as of June 30, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the general expenditures totaling $1,958.00 as reported for the month in the Expense Report as of April 30, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion was unanimously carried. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the general expenditures totaling $24,522.94 as reported for the month in the Expense Report as of May 31, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the general expenditures totaling $1,035.00 as reported for the month in the Expense Report as of June 30, 2010. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. Accounting Firm: Brian Lefevre from Sikich LLP presented the financial statements for the quarter ending June 30, 2010. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the financial report as presented. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. William Bacon Matter: The Officer Bacon matter was discussed regarding the Board’s request for him to obtain a physical exam. Officer Bacon has refused to obtain a physical exam. No formal board actions were taken in regards to the matter. Patrick Duggan Matter: The Patrick Duggan matter was further discussed, no formal board actions were taken in regards to the matter. Training/Conference: Robert Kristie and Duane Mellema reported that they will be attending training in January 2011. Carl Brauweiler attended training (which included legal and investment topics) for 1 hour of credit, and will be attending Municipal Treasurer’s training as well. Update on Employment, Contribution Rollover, Death and Disability: The following was reported by Laura Kappler: - Officer Trung Nguyen was laid off April 30, 2010. - Officer Sean Dorsey was laid off April 30, 2010. - Officer Jason Lavin was laid off April 30, 2010. - Officer Noel Rehana was laid off April 30, 2010. - Former officer James Gould (hired April 3, 1997 and resigned November 10, 1999) A motion was made by Tom Ahlbeck and seconded by Robert Kristie to approve the refund of contributions to former officer James Gould. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Mellema and Kappler. “Nays” – none. The motion unanimously carried. Election of Officers: The Trustees discussed the appointment of officers to the Park Ridge Police Pension Board. The following trustees were elected as follows: The Pension Board members approved all elected. Adjournment: A motion by Robert Kristie and seconded by Duane Mellema to adjourn the meeting at 12:25 p.m. was unanimously carried. The next regular quarterly meeting is scheduled for October 26, 2010 at 10:00 a.m. Respectfully submitted, Laura Kappler, President Robert Kristie, Secretary Approved by the Board of Trustees on October 26, 2010 |