PARK RIDGE POLICE PENSION FUND
BOARD OF TRUSTEES
OCTOBER 26, 2011 REGULAR QUARTERLY MEETING
MINUTES

Pursuant to public notice, a regular quarterly meeting of the Board of Trustees of the Park Ridge Police Pension Fund was held on Wednesday, October 26, 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 10:05 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.

Approval of Minutes:  The minutes from the August 18, 2011 and September 21, 2011 meetings were reviewed by the Trustees.  Upon a motion made by Carl Brauweiler, seconded by Duane Mellema and unanimously approved, the minutes of the August 18, 2011 and September 21, 2011 meetings were approved. 

Investment Report:  Mary Tomanek from Morgan Stanley Smith Barney presented the quarterly investment report.  Ms. Tomanek gave an overview of the current economic environment, noting that every sector of the market was down over the past quarter.  Bonds with a longer duration held their return.  The Fed as stated it plans on keeping rates low for the next two years.  Ms. Tomanek also reviewed the cash flow of the fund and the amount to be invested.

A motion was made by Robert Kristie and seconded by Carl Brauweiler to invest, based upon the cash flow, the amount of $250,000 for the next three months and split it 50%/50% between the Red Granite and Cambiar funds. 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 September 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 5 months ended September 30, 2011.  Brian reviewed the balances in the account and the related income and expenses. 

A motion was made by Robert Kristie and seconded by Carl Brauweiler  to approve the financial report dated September 30, 2011 as presented.  A roll call vote was taken:  “Yeas” –  Brauweiler, Ahlbeck, Kappler, Kristie and Mellema.  “Nays” – none.  The motion unanimously carried.

Brian LeFevre reviewed with the Trustees the information required to be forwarded to the City of Park Ridge annually as part of the Municipal Compliance Report.

A motion was made by Carl Brauweiler and seconded by Duane Mellema to forward the Municipal Compliance Report and Investment Policy with cover letter including the levy amount payable to the City of Park Ridge.  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 Carl Brauweiler and seconded by Duane Mellema to approve the expenditures for the prior two months as detailed in the attached report amounting to $440,766.71.  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 Investment Policy has been sent to the Department of Insurance.

A “Public Comment” item should be included on the agenda going forward.

Juan Carlos Panizo filed an application for benefits and disability on October 21, 2011.  Our attorney will communicate with the claimant, review his claim and work with the Pension Board as required.  The attorney will also request the medical reports and other information the Board will need to review the case.

Training/Conference:  Laura Kappler attended the annual Illinois Public Pension Fund Association conference.

Update on Employment, Contribution Rollover, Death and Disability:  Officer Maibenco retired September 7, 2011.  He will be advised to submit an application to determine his benefit amount.

Officer Sean Dorsey has been rehired and paid back the amount refunded to him by the fund.  He is now able to participate in the pension system.

Other Business:  Carl Brauweiler reviewed an Accounting and SEC Update seminar he attended sponsored by KPMG with the other Trustees.

The next meeting is scheduled for January 25, 2012.

Adjournment: A motion by Carl Brauweiler , seconded by Robert Kristie to adjourn the meeting at 11:35 a.m. unanimously carried.

Respectfully submitted,

Approved by the Board of Trustees on January 25, 2012.
These minutes were prepared by Tom Ahlbeck and Laura Kappler.