CITY OF PARK RIDGE POLICE PENSION FUND
QUARTERLY MEETING October 26th, 2009

President Kappler called the meeting to order at 710pm.  A roll call of the trustee’s was taken.  Present were Laura Kappler, Robert Kristie, Richard Paul, Tom Ahlbeck, and Carl Brauweiler.  Mary Tomanek from Morgan Stanley and board attorney Charles Atwell were also in attendance.  A motion was made by Robert Kristie to accept the minutes, after the correction was made about Tom Ahlbeck and seconded by Richard Paul.  All were in favor motion passed.

1. Financial
 Mary Tomanek stated the money market was short $76,000 do to a shortfall on investment income.  She suggested we move money from our Fayez account to cover the shortage.  A motion was made by Laura Kappler to take $76,000 dollars out of the Fayez account and put it in the money market to cover payroll for the month.  Robert Kristie seconded this and a roll call vote was taken and all board members were in favor. All board members were present for the vote. 

Tom Ahlbeck and Laura Kappler met with Matt Doherty of Wells Fargo at the direction of the board to discuss the fixed assets part of the investment portfolio. We met with him and he came up with a plan to ladder our current investments as well as sell existing ones.  After much discussion on this Carl Brauweiler made a motion.  The motion authorized Tom Ahlbeck to rebalance our fixed income accounting to the schedule submitted with the exception to the year 2016 portion to be sold in order to ladder investments excluding years 2012, 2013, and 2014.  Richard Paul seconded the motion and a roll call vote was taken and all board members were in favor.  All board members were present for the vote. 

2. Actuary Report
Actuary Tim Sharpe prepared the report for the pension fund.  A letter needs to go the city manager requesting the amount of $1,542,337 for the May1, 09 – April 30, 2010 levy.  Carl Brauweiler made a motion that the board received and reviewed the report and that the board should accept the report.  Richard Paul seconded the motion the rest of the board was in favor.  Motion passed.  A letter did go to City Manager Jim Hock after the
meeting.   

3. Patrick Duggan Disability
Mr. Atwell reviewed his file and found Mr. Duggan needed to be sent for another evaluation as the other one took place January 5, 2009.  A letter will go out to him at the end of 2009 to have him seen once again by Dr Vender. 

Adjournment: 
Motion by Kappler and seconded by Kristie to adjourn the meeting at 920pm motion unanimously carried.
Our next board meeting is January 25th, 2010 7pm. 
The minutes were complied by Laura Kappler.

Note:  During the Dept of Insurance audit it was found that Laura Kappler re-election to the board was not put in the minutes.  The active members of the fund voted Laura Kappler on to the board unanimously as she ran unopposed.  Her term will be May 1, 2009 to April 30, 2011. All 59 active members were mailed a ballot and 31 were returned.  The results were 29 voted for Laura Kappler and two were spoiled, as they did not put in the signature card.  A board member and police officer on duty opened ballots at the time.