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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 Thursday, August 18, 2011 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, Charlie Atwell, the Board’s attorney and Allison Stutts the finance director from the City of Park Ridge. Investment Report: Laura Kappler presented the quarterly investment report. Mary Tomanek of Morgan Stanley Smith Barney was unable to attend the meeting. Ms. Tomanek sent a letter to the Trustees discussing the current economic conditions and reviewing the strategy and performance of the stock funds. New asset allocation targets have been added to the Portfolio Detail report. Ms. Tomanek also included a revised Investment Policy to be reviewed by the Trustees. Charlie Atwell reviewed the investment policy. It was noted the policy does not include asset allocation. The asset allocation will be addressed in the Board minutes. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the investment policy. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Kappler and Mellema. “Nays” – none. The motion was unanimously approved. Thomas Ahlbeck reviewed the cash flow requirements of the fund. There are excess funds available for investment. The investment options for the excess funds will be reviewed with Mary Tomanek. A motion was made by Carl Brauweiler and seconded by Robert Kristie to invest an additional amount of $500,000 into equities upon review of the cash flow with the investment manager. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Kappler and Mellema. “Nays” – none. The motion was unanimously approved. Allison Stutts the finance director from the City of Park Ridge should be added as a signer to the fund’s checking account. A motion was made by Carl Brauweiler and seconded by Robert Kristie to add Allison Stutts as a signer on the checking account at Smith Barney. 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 June 30, 2011. A roll call vote was taken: “Yeas” – Kristie, Brauweiler, Ahlbeck, Kappler and Mellema. “Nays” – none. The motion was unanimously approved. Accounting Firm: Brian LeFevre from Sikich LLP presented the financial statements for the year ending April 30, 2011 and the quarter ending July 31, 2011. Brian reviewed the reports with the Trustees. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the financial report dated April 30, 2011as presented. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler, Kristie and Mellema. “Nays” – none. The motion unanimously carried. A motion was made by Carl Brauweiler and seconded by Robert Kristie to approve the financial report dated July 31, 2011as 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 Robert Kristie and seconded by Duane Mellema to approve the expenditures for the prior three months as detailed in the attached report amounting to $901,390.60. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler, Kristie and Mellema. “Nays” – none. The motion was unanimously carried. Update of Ongoing Matters: The Trustees set a Special Meeting for September 21, 2011 to review the actuarial report and determine the proper amount of the tax levy. Brian LeFevre from Sikich LLP left the meeting at 11:30 after his presentation. The Trustees reviewed various legal issues that are of a general nature and could affect the Board. William Bacon Matter: No action to be taken Officer Duggan Matter: No action to be taken Allison Stutts the finance director from the city of Park Ridge left the meeting at 11:40. Training/Conference: Robert Kristie and Duane Mellema have completed training and are certified trustees. Update on Employment, Contribution Rollover, Death and Disability: Vicky Hanson started collecting her pension June 3rd after she turned 50 years old. She had 21 years of service. She will received $48,596.63 annually, based on salary of $92,565.00 at a 52.5% rate. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve the pension for Vicky Hanson. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler, Kristie and Mellema. “Nays” – none. The motion was unanimously carried. Other Business: The Trustees discussed adding Duane Mellema as a signer on the Smith Barney account. A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve Duane Mellema as a signer on the Smith Barney account. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler and Kristie. “Nays” – none. Trustee Mellema abstained from the vote. The motion was carried. The Trustees discussed the appointment of Trustees to positions on the Board as follows: A motion was made by Robert Kristie and seconded by Carl Brauweiler to approve Board appointments as listed above. A roll call vote was taken: “Yeas” – Brauweiler, Ahlbeck, Kappler, Mellema and Kristie. “Nays” – none. The motion was unanimously carried. The next meeting is scheduled for September 21, 2011. Adjournment: A motion by Robert Kristie, seconded by Thomas Ahlbeck to adjourn the meeting at 12:02 p.m. unanimously carried.
Respectfully submitted, Laura Kappler, President Approved by the Board of Trustees on September 21, 2011.
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