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HomeMy WebLinkAboutMinutes 2006-20081. MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 26 January 2006 Call To Order. This meeting was called to order at 4:10 PM Roll Call of Trustees: Trustees Present: Tim Schoolmaster Jim Hutton JefJamtaz Bob Costello Also present was Dave Wall of Wall and Associates and Ron Chatma of City of Evanston Finance Department Ill. Reading and approval of minutes from quarterly meting held on 31 October 2005 A motion was made by Schoolmaster to accept the minutes from 31 October 2005 This motion was seconded by Jamraz. The motion passed by a unanimous vote of the trustees 1V. payroll October 2005 S472,921.81 November 2005 S481.458A7 December 2005 S489,012.89 V. Applications to the fund A. Benjamin Yackley B. Josue Canchola C. Ronald Blunberg D. Jason Stanford E. David Chcrrey F. Grace Carmichael VI. Resignations A. Jarvis McClure resigned 25 November 2005. He %as sent a refund of$2,138.23 VII. Deaths A. Retired Police Officer Robert E. McCaull 83 years of age passed away. He married his widow aver his retirement. She is not entitled to his pension. Pension ceases. Vlll, Retirements A. Polite Commander Arturo Elam retired 04 November 2005 after 30 years of service. He was hired on 27 October 1975. Yearly salary of S91, 852.80 30 years of service X 75% equally a yearly pension of 68,889.60 per year/S5740.80 per month. 26 days of pension far November Is S4975.36. B. Police Sergeant Clarence Fulce retired on 17 November 2005 alter 30 years of service, tic was hired on 02 April 1973. Yearly salary of 581.369.60. 30 years of service X 75% equals a yearly pension of 561,027.20,'Monthly of 5085.60 per month 13 Days in November is S2,203.76 C. Police Ofricer Robert George retired on 27 November 2005 after over 30 years of service. He was hired on 01 April 1969. SalaryS69,960.45 X 75% equals 552,470.33 per ycar/Monthly 54372.52. 4 days of pension in November $583.00 IX. Expenses A. IO January2006 Wall and Associates 3"1 quarter fees 53,833.23 B. 20 January 2006 Davis Hamilton Jackson and Associates fixed income for 23 Days 08 December 2005 through 31 December 2005 S 1,410.56 D. 20 January 2006 Richard Reimer and Associates LLC 51,059.03 Legal Fees and Solava Disability E. 20 January 2006 INSPE Associates LTD Independent Medical Exam for Robert Solava Disability 55,325.00 F. 22 January 2006 Great lake Advisors INC 4e' quarter fixed income management fees 54,621.60 G. Rockwood Capital Quarterly Fels $5341.69 A motion was made to accept items IV. Through IX by Schoolmaster This motion was seconded by Hutton The motion passed by a unanimous vote of the board. X. Consultants Report from Wall And Associates: Mr. Dave Wall Mr. Wall presented his quarterly report of our investments for the 4m quarter ending 31 December 2005 It was further discussed if we should move all or part of our investments from the IPPFA collective trust. It was decided that 7.3 Million dollars would be removed From the collective trust contingent on SKBA Investments accept a 2.5% fee for their services. Schoolmaster made a motion at accept this investment transfer. The motion was seconded by Costello. The motion passed by a unanimous vote of the board. XI. Old and New Business A. .The Robert Solava Hearing has been set for 28 February 2006 B. Trustee Schoolmaster talked about the NCPERS legislative Conference he attended in Washington D.C. C. Trustee Hutton will be attending the annual NCPERS conference in Ft Lauderdale Florida 28 April 2006 through 04 May 2006 D. Formal Trustee Larry Axelroods' father passed away. X1I. Adjournment A motion was made at 5:50 Pm to adjourn this meeting by Hutton Costello seconded the motion. The motion to adjourn passes by a unanimous vote of the trustless. Jaynes A. Hutton Secretary Minutes EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 14 April 2006 I. This Quarterly Meeting was called to order at 3:35 P.M. U. Roll Call of Trustees Present Absent Timothy Schoolmaster Mark Weisberg Jams A. Hutton Jeff lamraz Bob Costello ill. Reading and approval orminutes from quarterly meeting held on 14 April 2006 Motion made by Jamraz to Accept 2°4 by Hutton The minutes were approved by a unanimous voter of the uusdess 1V. Payroll A. January 2006 5500,008.80 B. February 2006 $500,135.50 C. March 2006 5500, 825.62 V. Applications to the fund A. 05 April 2006 Brian Brandenburg was hired B.05 April 2006 Adam Nawotka Vl. Resignations A. Ryan Kendrick Resigned 05 April 2006 13. Christopher Moravac Resigned 09 April 2006 VU. Deaths A. There were no reported deaths V1i1. Retirements A. Commander Curt Kucmpel retired on 17 March 2006 aflcr 31 years 6 months and 1 I days of service. Yearly Salary 595, 305.91 X 75% equals 571,479.43/Monthly S5.956.61 prorated 17 days of March equals 52,6980.08 IX. Expenses A. 12 February 2006 Tim Schoolmaster Trustee Education NCPERS conference 06 Febntary through the 8' of February. Conference fee. air fare (coach) Cab fare, shuttle, and hotel. 5866.00 13. Dive Wall and Associates 1 st quarter investment fees 53859 C. Richard Reimer and Associates LLC Legal Fees and So lava Disability $3859.13 D. Great Lakes Advisors I" Quarter fixed income management fees. S 1364.13 E. David Hamilton Jackson and Associates I st quarter fixed Income 54650.02 A motion was made by trustee Schoolmaster to accept items IV. Through 1X This motion was seconded by Hutton The motion passed by a unanimous vote of the trustees_ X. Consultants Report from Wall And Associates: Mr. Dave Wall Dave Wall reported the results of the first quarter of 2006. The pension fund investments gained almost I Million dollars. X1. Old and New Business A. The Robert So lava Disability hearing was discussed B. A Ronald D Poturalski contacted Trustee Schoolmaster in reference to House Bill 373. He4 was a police officer in Evanston from December 1968 to14 June 1970. The following was calculated S 14,904.84 required by IMRF to establish service. Estimated amount from the Pension fund, 58,677.09. He then would be credited with I I months to IMRF and credited under the SLEP plan C. A motion was by Tim Schoolmaster to hire Tcpford Consulting since it appears the City of Evanston's Actuary did not use correct inforrrrttion for his report. This notion %%as seconded by Hutton This motion passed by a unanimous vote by the trustees. D. Trustees and Rom Charma of City of Evanston Finance discussed payroll and expected shortfalls in the future from our accounts. It was discussed how and when to transfer funds to cover payroll. XII. Adjournment A motion to adjourn this meeting was made by Jatmaz This motion was seconded by Hutton This motion passed by a unanimous vote by the trustees. This meeting was adjourned at 5:15 PM. James A. flutton Secretary ., - _ f-_ i - - - - '.Y. r.;.,c;q �: �.-• `'1�'"j :-�'7-: ,�. r•�. Tse"�tF-�Y!tt�'i MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 31 Jury 2006 1. Call To Order: This meeting was called to order at 4:06 PM if. Roll Call of Trustees: Present Absent President Tim Schoolmaster Weisberg Secretary James A. Hutton Trustee Jeff Januu Trustee Bob Costello Also present was Mary Rodino Rom Charma of the City of Evanston Finance Department. III. Reading and approval of minutes from quarterly meeting held on A motion was made by Schoolmaster to accept the reading of the ridnutes. This motion wits seconded by Jamraz. This motion passed by a unanimous vote of the trustees. IV. Payroll A April. S506,092.15 B. May $509,372.68 C. June SS 11,811.00 V. Applications to the fund A. Nathaniel Basner 05 July2006 B. Thomas Giese 05 July 2006 C. James Perrin 05 July 2006 D. Enjoh Daley 05 July 2006 E. Jay Scott 05 July 2006 F. Amanda Wilson 22 May 2006 VI. Resignations A. 25 July 2006 Benjamin Yackley B. 02 June 2006 AShoor Mesho V ll. Deaths A. There were no reported deaths Vlll. Retirements A. Police Officer Louis Boone retired on 16 May 2006 after 31 years of service to the Evanston Police Department Salary S69, 960.64 X 75% S52,470.48 per year, S4, 372.54 per month First months pension prorated is S2115.75 for 15 days. IX. X. XI. B. Commander Susan Trigurca retired on 13 June 2006 after 27 Years of Service. (some time towards retirement was bought back. She had previously been with another police department in Illinois. Salary 591,476.32 X 67'/: °o 561,746,55 per year/ $3,145.54 per month. She is eligible to start collecting her pension on 13 October 2006 when she reaches 50 years of age. First months prorated pension will be 53,153.72 C. Police Officer John Linley retired on 30 June 2006 after over 30 years of service to the Evanston Police Department. Salary 569,960.64 X 30 % 552.470.48 per year, $4, 372.54 per month. He is owed one day pension prorated at S 145.75 D per month. Police Chief Frank Kaminski retired on 28 July 2006 after over 32 years of service to the police department.. His yearly pension will be 5109.950 per year/ SS9,162.50. Expenses A. Dave Wall and Associates 2°d quarter investment fees B. Richard Reimer and Associates LLC Legal Fees and So lava Disability S 1,013.00 C. Great Lakes Advisors 1" Quarter fixed income management fees. D. Davis Hamilton Jackson and Associates 1 st and 2 quarter fixed Income fees $5,669.21 for first quarter 2"d quarter 55625.48 3rd quarter 55,624.56 E. SKBA Management fee first and second quarter of 2006 l" Quarter SI,561.10 2°d Quarter 54,540.25 F. Michele Marvin CSR Court reporter fart Solava Hearing 5216.00 A motion was made by Schoolmaster to accept items V. through IX. This motion was seconded by Hutton. This motion passed by a unanimous vote by the trustees. Consultants Report from Wall And Associates: Mr. Dave Wall Financial consultant Dave Wall highlighted our investments and our retums for the 2°d quarter. He also discussed future investments and directions the board may consider in the future. Old and New Business A. Cash Forecast. Rom Charma discussed Police pension and Tax availability and the future projections and shortfalls in our Oakbrook Bank account. It was discussed where and when to move monies into our general fund to pay our payroll. Nfr. Charms also provided trustees with a copy of these projections through February 2007 B. Tim Schoolmaster discussed the fact that we are have hired an actuary. Tepher and Associates and that we hope to have the results of his f inding by the October quarterly pension meeting C. Mary Rodino discussed that the City of Evanston that the city is Iooking to increase their funding to the pension fund and that this is "on the front burner." D. The Sudan lawsuit against the State of Illinois W-as also discussed. 'This is a law the state passed where pension funds cannot have stock or investment vehicles that do business in the Sudan. It was decided that the Evanston Police Pension would not join in this law suit. Currently Bloomington, Charleston, Crete. and Pains arc currently in this law suit. XII. Adjournment A motion was trade to adjourn by Bob Costello this was seconded by Hutton. This meeting was adjourned at 5:1 ii P.M... James A. Hutton Secretary .. - _ _-i ,_ i. i. •.5 = ..r '��; ;.�s:'.:"'r'+'s:iY.S ':t i'-�'^,—'�M'.:-'"yr MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 30 OCTOBER 2006 1. Call To Order: This meeting was called to order at 4:06 PM 11. Roll Call of Trustees: Trustees Present Tim Schoolmaster Jim Hutton Mark Weisberg Bob Costello Also Present Madxw Brady Ill City of Evanston Finance Director Rom Charms City Of Evanston Finance Arthur Tepfer from The Tepfer Consulting Group LTD Absent Jeff Jamrax ill. Reading and approval of minutes from quarterly nweting held on 31 July 2006 IV. Payroll A. July 5516,183.54 B. August 5526,495.08 C. September 5525,608.39 V. Applications to the fund A. 27 September 2006 Gerard Leeson B. 27 September 2006 Christopher Tortorello VI. Resignations A. Of August 2oo6 Josue Canchola Resigned from the Police Department B. 15 August 2006 Kevin Ilaran resigned from the Police Department VII. Deaths A. There were no reported deaths VIII. Retirements A. There were no retirements this quarter M X. Expenses A. 24 October 2006 Dave Wall and Associates 3rd quarter investment fees S3899.40 9. 24 October 2006 Richard Reimer and Associates LLC Legal Fees and So lava and Jackson Disability and 4'' quarter retainer S 1,251.36 C. 24 October 2006 Great Lakes Advisors P Quarter fixed income management fees. $4620.00 D. 24 October 2006 Davis Hamilton Jackson and Associates 41h quarter fixed income management fees October 01,2006 thru December 31.2006 S5,521.99 E. 24 October 2006SKBA %ianagement fees 3 rd quarter S4,706.34 F. 24 October 2006 Timothy Schoolmaster Expenses III Public pension Fund Association Annual Training Conference October 10-13 2006 hotel S334.43 Mileage S273.67 (613 miles round trip X 0.445 per miles: Total S614.57 G. 24 October 2006 Jeffery Jamraz Expenses III Public Pension Fund Association Annual Training Conference October 10-13 2006 Hotel S445.26 Mileage S273.67 (6)5 miles round trip X 0.445 per miles: Total S718.93 H. 24 October 2006 James Hutton Expenses III public Pension Fund Association Annual Training Conference October 10-13 2006 Hotel S445.26 Mileage S267.89 (602 miles round trip X 0.445 per miles: Total S713.15 I. 15 August 2006 IPPFA Annual Training Conference Registration Fees October 10-13, 2006. S200 for each Trustee. Total S600.00 .A motion was made by Trustee Costello to accept items I. through IX. This motion was seconded by Trustee Hutton This motion passed by a unanimous vote of the board Dave Wall our financial advisor presented our investment returns for the Yd quarter of 2006 Actuary report from Tcpfer Consulting Group LTD: Arthur Tepfer presented his Actuary report to the board. His conclusion is as follows: "The overall actuarial assumptions and methods used by Windsor when compared to those used by the DOI produce comparatively lower actuarial liabilities and ongoing contribution requirements. " "In every instance, whenever a choice was made regarding an actuarial assumption or methodology, Windsor has always chosen to use an assumption or method which will produce lower future liability and contribution than the DOI." "In our opinion these choices are not supported by the experience of the pension fund over the last 12 years in which Windsor has served as valuation actuary." "Furthermore, we believe that some of the assumptions, most notably the choice of the Disabled Life Annuity Table, are inappropriate for use in the valuation of the Downstate Police Pension System." Mr. Tepher also presented Trustees with copies of his actuary report. A copy of the report will be kept in the pension office. XI Old and New Business A. Trustee Schoolmaster talked about the law suit about Mutual fund investments in the Sudan. The matter is suppose to be resolved by 21 January 2007 lmmw . .. - . -. �_ - ... _ �' S, ti`-.nra;.r�-. !Ft rc:at�,•a.[r.ry �ti �..�„�.., _'.r;i'".a;,;t. � !C x.N�� B. Ron Cbs= spoke about projected payroll and money that would be needed to cover payroll in the future C. Mathew Brady III spoke about funding issues and ,%caking with the pension board. X11. Adjournment: The meeting was adjourned at 5:20 Q.M. James A. Hutton Secretary i MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 29 January 2007 I. Call To Order: This meeting was called to order at 3:58 P.M. U. Roll Call of Trustees: Trustees Present Tim Schoolmaster James Hutton Jeff Jamw Bob Costello Absent Mark Weisberg Also Presew Dave Wall of Wall and Associates and Rom Charma from the City of Evanston Futance Department III. Reading and approval of minutes from quarterly meeting held on 31 July 2006 IV. Payroll A. October S530,428.42 B. November S 533,040.10 C December $533, 686.56 V. Applications to the fund A. On 03 January Anthony Beckman was hired as a Police Officer B. On 03 January 2006 Brian Hicks mas hired as a Police Officer C. On 22January 22007 Officer Jason Nelson was hired as a police officer Vl. Resignations A. On 10 November 2006 Sergeant Charles Bames resigned from the police department Application for a refund of S52,584.32 has been made. We do not have a copy of the check yet. VIi. Deaths A Retired Sergeant Jaynes Allen Passed away 13 Dec2006. He served 1945-1971 Monthly benefit of S1,I59.26 will terminatr He re -married after he retired. The pension will stag. Prorated December check for S336.56 sent to Estate. Death certificate received and in file. B. Retired Officer Thomas Friend died 21 January 2007 Benefit of S1,852.38 will go to surviving spouse Martha Friend. Death certificate pending. V11I. Retirements A. There were no retirements this quarter IX. Expenses A. 05 January 2007 Dave Wall and Associates 34th quarter investment fees S3, 907.21 B. Richard Reimer and Associates LLC Legal Fees and So lava and Jackson Disability C. 05 January 2007 Great Lakes Advisors 4th Quarter fixed income management fees. S4778.15 D. Davis Hamilton Jackson and Associates E. SKBA Management fees 3 rd quarter S F. 05 January 2007 INSPE Associated LTD Medical Exam Disability application Linda Jackson Dr. Atluri Linda Jackson G. 05 January 2007 1NSPE Associated LTD Medical Exam Disability application Linda Jackson Dr Eliades S3,096,00 H. 10 December 2006 Tepfer Consulting Group LTD Actuarial Study/ Consulting S7,800.00 I. 11 December 2006 NCPERS National Conference on Public Employee Retirement annual Dues S 150.00 J. I December 2006 Registration Fee For NAPO Conference Las Vegas Nevada January 21- 24, 2007 S550.00 K. 1 I December 2006 James Hutton Reimburserrmcnt for round trip air lines tickets for NAPO Conference O'Hare to Las Vegas S238.60 1— 29 January 2007 James Hutton Reimbursement for Hotel for NAPO conference Las Vegas S388.04 M. 29 January 2007 Mileage reimbursement DIET Annual Meeting Oak Brook 60 miles 25 January 2007/ IPPFA Seminar Des Plaines 26 Miles 26 January 2007 Total Mileage 86 Miles S41.72/ N. 29 January 2007 IPPFA Seminar Des Plaines 26 Miles 26 January 2007 Total Mileage 97 Miles S47.04 O. 29 January 2007 Davis, Hamilton, Jackson and Associates 1" Quarter 2007 fixed income management fees S $5, 574.88 P. 29 January 2007 SKBA Capital Management LLC 4`s Quarter fixed income management fees S4,701.91 A motion was made to accept items 1, through IX by Schoolmaster. This motion was seconded by Costello. This motion passed with a unanimous vote by the trustees. X. Dave Wall our financial advisor presents our investment returns for the 4th quarter of 2006 Xl Old and New Business A. City funding issues were discussed at length B. The Sudan Law suit was also discussed C. Linda Jackson Disability request was discussed D. 2007 Projections of police pension funds and tax availability of pension funds and tax availability was discussed by Rom Charma . fir. Charma also indicated that our fund would be low by August 2007. XIL Adjournment: A motion was made by Hutton to adjourn this meeting,. This motion -A-is seconded by Costello and passed by a unanimous cote of the trustees. MINUTES EVANSTON POLICE PENSION FUND REGULAR +QUARTERIL YMEETING 30 APRIL 2007 I. Call To Order: Meeting was called to order at4: 15 PM it. Roll Call of Trustees: Trustees Present Absent Tim Schoolmaster Jeff Jant az James Hutton Bob Costello Mark Weisberg Also Present Mathew Grady City of Evanston Finance Department Rom Charma City of Evanston Finance Department Dave Wall from Wall and associates Evanston Police Finance Advisor III. Reading and approval of minutes from quarterly meeting held on 31 July 2006 A motion was made by Schoolmaster to approve the minutes. This was seconded by Weisberg This motion passed by a unanimous vote from the board IV. Payroll A. January 2007 $546,066.52 B. February 2007 $546,066,52 C. March 2007 S549,51.58 D. April 2007 S553,367.08 V. Applications to the fund There were no applications to the fund VI. Resignations A. 28 February 2007 Jay Scott resigned as it Police Officer. Paperwork has been forwarded. He has a refund of contributions coming in the amount of S3,325.08 B. 09 March 2007 James Perrin has resigned from the Police Officer. Paperwork has not been forwarded. VII. Deaths There were no deaths reported Vlll. Rettrrmemu A. Deputy Chief Dennis L- Nilsson 7922 N. Nora, Nilm 11. 60714 (dob 61l1146 ss#334-36-6713) Retires \larch I6;D after 37 + years of service. Salary attached to rank: 5113,950.00 x 75%- 585,462 i0 per y ear/$7,121.87 per month. Prorated for 15 days of Aiarch S3.446.0& Return to regular amount in Apn7. Spouses age 59. Amount of contributions already taxed 520,489 :6. IX. Expenses A. Dune Wall and Associates Ist quarter investment fees 53961.70 (was this paid???) B. Richard Reimer and Associates LLC Legal Fees NONE NOTED C. 10 Apri12007 Great Lakes Advisors I" Quarter fixed income management fen. S4805.31 D. 10 April 2007 Davis Hamilton Jackson and Associates Ist quarter fixed income management fees 01 January 2007 through 31 Much 2007 $5,574.88 E SKBA Management fees l" quarter S NONE NOTED F. 10 April 2007 Tim Schoolmaster Trustee Educational Reimbursement Washington D.C. Hotel Tax and meal 5428.97 parking 550.00 Shuttle Cab 535.00. CTA fare for the CTA to J.P. Morgan Seminar 105 S. Dearborn Chicago, Illinois 08 February 2007SS17.97 A motion was trnde by Schoolmaster to approve IV, V. VI. V11. Vill, and IX. This motion was seconded by Hutton and passed by a unanimous vote of the board I. X. Dave Wall our financial advisor presented the board investment returns for the Ist quarter of 2007. Dave Wall also made several suggestions for movement in accounts to insure better returns. These n111 be listed on the Yd quarter minutes as Mr. Wall will discusses these transfers and new accounts in detail at that time. This will insure that these transfers arc complete and accurate..A motion was made by Schoolmaster to accept these investment transfers and new accounts. This was seconded by Hutton with a unanimous Byte by the board. XI. Old 3rA :`ew Business A. City funding issues a motion was [Wade Schoolmaster to Hire Tepher Consulting group to review if necessary the City of Evanston audit on the Evanston Police Pension Fund. This was seconded by Hutton. This passed with a unanimous vote by the trustees B. The Sudan Law suit- found unconstitutional the appeal deadline is up today. C. Linda Jackson Disability — a motion was nude by Schoolmaster to approve a duty related injury by the hearing and infornallon contained in the court reporters transcript. This was seconded by Hutton and passed by a unanimous vote by the trustees. WE will advise Reimer and associates to prepare the wrUten documentation so Linda Jackson can start to receive her disability pension D. Pension funding issues Ron Charrm ad, tsed that the pension fund for payroll will be low in July and Negative in August. Exact money transfers will be discussed in detail at the 3`s quarterly meeting. These exact transfers will be listed on the Yd quarter Evanston Police Minutes. E. SO 1166 is now on the back burner for article 3 and 4 pension funds must make timely reports or had in excess of40°'u in equities management could be taken over by the state. F. SB 1169passcd the Senate for Chicago Police to have dividends re -invested A Motion was made by Schoolmaster to accept the items in XI this w-as seconded by Hutton. This motion passed by a unanimous vote of the board. d�� sG" �_ �.-. , . -. _.-., '. _. _... - :•s: - :n";�:� '+.f� .' a+ 'u-: _ _ ".y;:,.7 1'}lt1�i-f.yya," y<' 'i?liF i�. ""�:=•�,t..tt'•�� 1 XII. Adjournment: A Motion was trade by Hutton to adjourn this meeting. This meeting was seconded by Weisberg. This motion passed by a unanimous vote of the trusters. This meeting was adjourned at 5:30 P.M. r MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 30 July 2007 1. Call To Order: This quarterly meeting of the Evanston Police Pension fund was called to order at 4A5 PM IT. Roll Call of Trustees: Trustees Present Absent Schoolmaster None Hutton Jantraz Weisberg Costello 4:20 PM Also Present Dave Wall of Wall and Associates, Steve Dmzner Assistant Finance Director and Rom Chamta of The City of Evanston Finance department III. Reading and approval of minutes from quarterly meeting held on 30 April 2007 IV. Payroll A. May 2007 S553, 909.83 B. June 2007 S553,367.08 C. July 2007 V. Police Officer Applications to the Evanston Police Pension Fund A. Adam Pack Hired 03 July 2007 B. Michael Pratt Hired 03 July 2007 C. Zachary nomas Hired 03 July 2007 D. Aaron DeCicco Hired 03 July 2007 VI. Resignations z A. 14 May 2007 Bernard Campbell resigned from the Evanston Police Department. He made an application of his pension contribution refunds and received a check in the amount of 556, 455.32 Campbell served as an Evanston Police Officer from 31 August 96 until his resignation on 14 .Nfay 07. B. 09 March 2007 James T. Perrin resigned from the Evanston Police Department. He started on 05 July 06. His pension contribution was S3,486.46. Have not received copy of check C. 28 February 2007 Jay Scott resigned from the E,.nnston Police Department. fie was hired on 05 July 2007. He is entitled to refund of 53325.08 which he has received. VII. Deaths A. Linda Curtis passed away on 19 July 20071uly 2007 She is survived by her husband John M Linowiecki. Site served on the Evanston Police Department from 17 January 1977 until 10 May 1992. She retired on a duty disability. VIII. Retirements 03 May 2007 Officer Vandell Catron retired on 03 May 2007 after 33 years 7 months and 5 days of service. His salary at retirement is 575,479.27. He is entitles to a 75% pension Yearly Pension is $56,609.43. Monthly Salary $4,717AS IX. Expenses A. 30 July 2007 Dave Nall and Associates I st quarter 53.961.70 and 21 quarter advisement fees 53981.13 total of 57,942.83 B. 30 July 2007 Richard Reimer and Associates LLC Legal Fees Jackson Disability 54438.68 C. 30 July 2007 Great Lakes Advisors 2°d Quarter fixed income management fees. 54882.82 D. 30 July 20071PPFA Annual dues 5750.00 E. 30 July 2007 Reimer and Associates Lind Jackson Disability Solava Disability 54,438.68 F. 06 June 2007 Registration for annual IPPFA Training conference for Schoolmaster, Hutton, and Jammz G. 06 June 2007 Cheryl Brabee Transcript and stenographer fees for Disability Hearing $528.50 H. 10 May 2007 Annual pension fund compliance fee 58000.00 I. 10 May 2007 Davis Hamilton Jackson and Associates 2nd quarter fixed income management fees 01 January 2007 through 31 March 2007 55,669.19 J. 10 May07 SKBA Management fees Ist quarter 54809.02 A motion to accept items III through IX was made by Hutton this was seconded by Jamraz. This motion passed with a unanimous vote of the trustless I. X. Report on quarterly result, and fund transfers from Mr. Dave Wall of Wall and Associates Mr. Wall recommended that 1 million dollars be liquidated from the Harbor fund and a millions dollars from the Vanguard 500 fund. The money then would be placed into an account for Premier financial account. AS motion to stake this transaction was made by Costello this was seconded by Hutton. This motion passed with a unanimous vote of the trustees It was also discussed to close our IMST Fund and place the funds in the IMET Conveiance fund to combine both funds. A motion %as made by Schoolmaster to accept this proposal. This was seconded by Weisberg. This motion passed by a unanimous vote of the trustees. Mr. Wall also updated trustees on State house and senate bills that can affect Illinois police and fur pensions. XI. Old and New Business A. City funding issues was discussed. Trustee Schoolmaster has spoken to the city counsel about our concerns and the lack of proper funding that has been occurring for numerous years. B. The Sudan Law suit was discussed C. Linda Jackson Disability status: She was given a duty related disability pension on 30 April 2007. Schoolmaster has noted on seversi occasions that we are having problems with our legal counsel Rich Reimer and associates. They have failed to prepare paperwork in a timely fashion; they do not return phone calls. Schoolmaster made a motion to terminate the service of Reimer and Associates and hire legal counsel of Ottson, Britz, Kelly Cooper & Gilbert L.T.D. This motion was seconded by Hutton and passed by a unanimous vote of the trustees. D. Rom Charma discussed cash flow Shortages for the pension payroll. It was discussed and determined to place funds in our payroll account to cover these shortages. XII. Adjournment: A motion was made by Schoolmaster to adjourn this meeting. This was seconded by Hutton. This motion passed by a unanimous vote of the trustees. This meeting was adjourned at 5:40 P.M. James A. Hutton Secretary a-� MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 01 OCTOBER 2007 I. Call to Order: This quarterly meeting of The Evanston Police Department was called to order at 4:05 P.M. 11. Roll Call of Trustees: Trustees Present Absent Timothy Schoolmaster Bob Costello James Hutton Jeff Jamraz Marls Weisberg Also Present: Rom Cltmara III. Reading and approval of minutes from quarterly meeting held on 31 July 2006 IV. Payroll A. July 2007 $556, 045.10 B. August 2007 $559,646.94 C. September 2007 $560, 496.38 V. Applications to the fund A. Jeffery Hicks Hired 25 September 2007 B. Mikhail Geyer Hired 26 September 2007 V1. Resignations lone.Noted Vll. Deaths Commander Art Ersler passed away on 25 September 2007. His widow will continue to receive a widows pension. He served on the Evanston Police Department from 1966-1995. His widow is Margaret Ersler. Vlll. Retirements A. There were no retirements this quarter 1X. Expenses A. 30 July 2007 Dave Wall and Associates I" and second quarter investment fees S7,942.83 B. 30 July 2007 Richard Reimer and Associates LLC Legal Fees S4,438.68 C. 04 October 2007 Great Lakes Advisors P Quarter fixed income management fees. S4,864.40 D. 04 October 2007 Davis Hamilton Jackson and Associates 3rd quarter fixed income management fees 01 July 2007 through 30 September 2007 S5,640?9 E. 04 October 2007 SKBA Management fees 2n° quarter S7,536.14 F. 20 Aug 2007 Onosen, Britz, Kelly, Cooper & Gilbert, LTD Legal Services review/ analysis investment mgr agreement S 162.00 G. 04 October 2007 Ottosen, Britz, Kelly, Cooper g Gilbert, LTD Legal Services Erica Floyd disability and miscellaneous. Trustee Schoolmaster made a motion to accept items III through 1X. This motion was seconded by Jamraz. This motion passed by a unanimous vote of the trustees present. X. Dave Wall our financial will provide an overview and investment returns for 3re quarter 2007 Dave Wall was unavailable for this meeting. XI. Old and New Business A. City funding issues were discussed and there is a meeting scheduled on 05 September 2007 concerning funding issues B. Rom Chmara updated the board on pension payroll and that S300,000 was needed because of low projection of funds. XII. Adjournment: A motion was made by trustee Hutton to adjourn the meeting. This motion was seconded by Jamraz This motion passed by a unanimous vote of the trustees. This meeting was adjourned at 4:45 P.N. James A. Hutton Secretary tMliuutes EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 29 January 2008 I. Call To Order. This quarterly meeting of the Evanston Police Pension Fund was called to Order at 3:55 PM by President Schoolmaster If. Roll Call orl-rustees: Trustees Present Timothy Schoolmaster Mark Weisberg JefJamraz James Hutton Absent Bob Costello Also Present: Rom Chmara and Steven Drasner of the City of Evanston Finance Department Dave Wall of Wall and Associates, Evanston Police Financial Advisor, Carolyn Clifford, Evanston Police Pension Attorney, ofOttosen Britz Kelly Cooper & Gilbert LTD III. Reading and approval of minutes from quarterly meeting held on 01 October 2007. Trustee Schoolmaster made a motion to accept the reading of the minutes. This motion was seconded by Jamraz. A vote on this motion was made. Schoolmaster -AYE Weisberg -Aye Jamraz-Ayc Hutton Aye This motion passed with a unanimous vote by the pension trustees present. 1V. Payroll A. October 2007 S560.542.20 B. November 2007 $560,519.29 C. December 2007 S564,792.29 D. January 2008 $594.146.11 Trustee Schoolmaster made a motion to accept the police pension payroll for October 2007, November 2007, December 2007, and January 2008. Ills motion was seconded by I Iutton A vote an this motion was made. Schoolmaster -AYE Weisberg -Aye Jamraz-Aye Hutton Aye This motion passed with a unanimous .rote by the pension trustees present. V. Applications to the fund A. 03 January 2008 Timothy Malnor B. 03 January 2008 Daniel Keeler Trustee Schoolmaster trade a motion to accept the above applications to the fund by Police Officers Timothy Malnor and Daniel Keeler. This motion was seconded by Hutton A vote on this motion was trade. Schoolmaster -AYE Weisberg -Aye Jamraz-Aye Hutton Aye This motion passed with a unanimous vote by the pension trustees present. Vl. Resignations: No Resignations V1I. Disability Hearing of Erica Floyd was held on 03 December 2007. The Evanston Police Pension fund Attorney Carolyn Welch Clifford prepared the Finding and Decision on this disability which was granted by the pension fund on 03 December 2007. Trustee Schoolmaster made a motion to accept this finding and decision for the trustees to sign. This motion was seconded by 1 iunon A vote on this motion was made. Schoolmaster -AYE Weisberg -Aye Jamraz Aye Hutton Aye This motion passed with a unanimous vote by the pension trustees present. VIII. Deaths No: Deaths Noted IX. Retirements ,h A. Deputy Chief Joseph Bellino Retired on 14 December 2007 after over 35 )eats of service to the City of Evanston. Salary S111,49632 X 75% = S83,62214 per year/6,968.52 per month. December prorated for 17 days-S3,821.44 X Expenses A. 15 January 2008 County Court Reporters, Inc Court Reporter for )erica Floyd disability hearing held on 03 December 2007 S397.99 B. 15 January 2008 Great Lakes Advisors Inc. 4" quarter fixed income management fee S5,014.81 C. 15 January 2008 Illinois Police Pension Fund Association 2008 membership dues (prorated change from August renewal date to calendar )-ear) S312.50 D. 15 January 2008 ENf i Omega ln.''cpcndent ltcdical exam for Erica Floyd Disability $180.00 E. 15 January 2008 Wail and Associates 46 quarter financial consulting/adrisor fees S4,030.85 F. 15 January 2008 Ottosen, Britt. Kelly, Cooper and Gilbert LTD Legal services for City tax levy and Erica Floyd disability hearing $3,037.15 G. SKBA Capital Management LLC 2" t quarter 2007 Fixed income n-urtsgement fees $5,036.14 H. 15 October 2007 Timothy Schoolmaster reimbursement for Illinois Public Pension Fund Association annual Training conference Springfield, Illinois. Hotel and Mileage S593.871442 miles three nights at hotel I. 15 October 2007 Timothy Schoolmaster reimbursement Midwest Public Pension Forum August 1-2 2007 Hotel and Mileage S327,03 J. 13 November 2007 National Conference on Public Employee Retirement Systems (NCPERS) 2008 annual dues Member number 25451 $150,00 K. 13 November 2008 SKBA Capital Management LLC 3`4 quarter fixed income management fees S55, 236.37 L. 13 November 2007 Davis Hamilton and Jackson and Associates L.P. 44, quarter fixed income management fees S5,211.75 M. 13 November 2007 2008 Onosen. Britz, Kelly, Cooper and Gilbert LTD Legal services for City tax levy and Erica Floyd disability hearing and JP Morgan Chase IMC policy investment revisions S 1206.00 N. 15 October 2007 Jeff Jamraz reimbursement for Illinois Public Pension Fund Association annual Training conference Springfield, Illinois. Hotel and Mileage S5S4.701 370 Miles three nights at hotel O. 15 October 2007 James Hutton reimbursement for Illinois Public Pension Fund Association annual Training conference Springfield, Illinois, Hotel and Mileage 5717.23 Mileage 431 miles/ 4 nights hotel P. 27 November 2007 NAPO GO Financial Research Associates LLC for the NAPO conference Las Vegas Nevada. For 13 January-17 January 2008. Trip canceled on 12 January 2008 because of a death in Trustee Hutton family. Financial Research and Associates have returned a full refund in the amount of S550.00 for the conference that has been tendered to the city to place back in the polite pension fund... Copy of check is with the bills folder Q. 27 November 2007 America West airfare roundtrip from Chicago O'llare to Las Vegas S296.80 payable To James Ifuttan. Due to a death in the family an insurance claim with the carrier has been made and we are 3waitine a refund. R. 28 January 2008 Northwestern Mtrnorial Corporate Healthcare Dr. Sam for Erica Floyd Disability $600.00 S. 28 January 2008 Trustee reimbursement to Timothy Schoolmaster, NCPERS Legislative Conference Washington D.C. February 4-6 2008 Coach airfare S 184.00. Conference Registration S200.00. Total S384.00 A motion was made by Hutton to accept item 1X on the agenda, Deputy Chief Bellino Retirement, and item X. Expenses on the agenda. This motion was seconded by Weisberg A vote on this motion was made. Schoolmaster -AYE Weisberg -Aye Jamraz-Aye Hutton Aye This motion passed with a unanimous vote by the pension trustees present. 1. XI. Dave Wall our financial advisor presented our investment returns for the 4th quarter of 2007 and suggested investment funds that pension board may look into. After discussing these investments a motion was by Schoolmaster to liquidate the Harbor Fund, that the pension fund is invested in. and place the sales proceeds into the Premiere Fund. In addition, on this motion was to also liquidate the Bjurman Fund, in which the pension fund is invested in, and place the proceeds into Barron Small Cap fund. This motion was seconded by Janusz. A vote on this motion was made. Schoolmaster -AYE Weisberg -Aye Jamraz-Aye Hutton Aye This motion passed with a unanimous vote by the pension trustees present. Trustees took a break from 5:30 PM-5:40 PM Xll. Rom Charma presented the Police Pension and Tax availability projections for the current calendar year though November 2008. He noted each month's projections and months when balances will be below estimated outputs. Trustees too a break from 5:30 PNI to 5:40 Phi This quarterly meeting was resumed at 5:40 P,%J XIII. OId and New Business A. City funding issues B. City Tax levy City funding issues and the recent tax levy was discussed by the members of the police pension fund and future ramifications on funding for the Evanston Police Pension Fund. C. Trustees discussed that trustee Hutton will be attending the upcoming NCPERS training conference New Orleans May 17-22 2008 a - - ... .. _., .s._ :T �s ' a,., •..ftt. ., fY7"!4 - - .1:>t r... '.T"-+s �;=!'_-aw — . _ 1 D. NCEPERS legislative Conference Washington D.C. February Y4 -6h 2008 - Schoolmaster %ill be ancndcd by Trustee Schoolmaster Xll. Adjoumment: A motion was made by Hutton to adjourn this quarterly meeting of the Evanston Police Pension Fund. This motion was seconded by Jamraz A vote on this motion was ma&. Schoolmaster -AYE Wcisberg-Aye Jamraz-Aye Hutton Aye This motion passed with a unanimous rote by the pension trustees present This meeting was adjourned at 6:10 PM James A. Hutton Secretary Evanston Police Pension Fund MINUTES EVANSTON POLICE PENSION FUND .REGULAR Q'UARTERLYMEETING 29 April 2008 I. Call To Order: Call To Order. This meeting of the Evanston Police Department Pension Fund was called to order at 4:02 P.M. U. Roll Call of Trustees: Trustees Present Absent Trustees Present Absent Schoolmaster Costello Weisberg Jamraz Hutton (arrived at 4:20 P.M.) Also Present Rom Chmara City of Evanston Finance Dcpartment Steve Draner City or Evanston Finance Deparmtent Dave Wall of Wall & Associates Police Pension financial advisor Rom Chama presented police pension and tax availability as of 29 April 2009 [II. Reading and approval of minutes from quarterly meeting held on January 28, 2008 A motion to accept the minutes from the quarterly meeting held on 29 January 2008 was made by Weisberg This motion was seconded by Jam= A vote orthe trustees present was then made: Jamraz•AYE Schoolmaster -Aye Weisberg -AYE This motion passed by a unanimous vote of the police pension trustees IV. New Business A. Hiring of Evette Hobson s a pension clerk for 10-20 hours a month was discussed. She would sign a confidentiality agreemen4 be an independent contract hire, receive pay of 520,00 per hour, and receive a 1099 at the end of the year. A motion was made by Schoolmaster to hire Nis. Hobson. This motion was seconded by Jam= 1=d A vote of the trustees present w-as then trade: Jamraz-AYE Schoolmaster -Aye Weisberg -AYE This motion passed by a unanimous vote of the police pension trustees Trustee Hutton arrived at 4:20 P.M. B. It was discussed to hire Scott and Scott LLP Iaw firm to monitor the investments of the Evanston Police Pension Fund. The sample agreement was reviewed by the pension attorney Carolyn Clifford. There is no cost to the pension fund for this service unless funds are recovered. A motion was made by Schoolmaster to retain Scott & Scott This motion was seconded by Jamraz A vote of the trustees present was then made: Jammz-AYE Schoolmaster -Aye Weisberg -AYE Hutton -Aye This motion passed by a unanimous vote of the police pension trustees V. Payroll A. February 2008- $594.612.98 B. March 2008- 5584,753.13 VI. Applications to the fund A. 21 April 2008 Phillip Lang has been hired as a Police Officer for the Evanston Police Department. VII. Application for disability pension A. On 16 April 2008 La Shawn Cook has made an application for a disability pension requesting to be placed on a disability pension from 22 March 2008. She was appointed to the police department on 05 July 2205. Vlll. Resignations/Terminations A. 21 March 2008 Officer Gus Horemis has been terminated from the Evanston Police Department. Trustee Schoolmaster has sent a letter to Mr. Horemis about obtaining a refund for his contributions to the Evanston Police Pension Fund. IX. Deaths No: Deaths \oted X. Retirements A. Deputy Chief Samuel Pettinco (02/24151) retired March 28", 2008 after 31+years of service. Spouse's age: 54 Contributions already taxed 513,334.91. Pension starts 3129/08. Salary $111 i02.56 x 75%a 583,626.92 per vearl 56,968.91 per month. This month's payment (56,968.91) prorated for full month of April plus three days of March (5674.41) - 57,643.32 Return to 56,968.91 In May. First 3% increase: 511109 B. Officer Ervin Ricks (01115/54) retired April 2, 2008 after 27+ years of service. Spouse's age: NIA Contributions already taxed: 56,030.15. Pension starts 413108. Salary $7&496.95 07.5%-S52,985,44 per veartS4.415.45 tper month, Prorated for 28 days In April-S4,121.09. Return to $4,415.45 in May. I"IrAt 3% Increase 5/1109. XI. Expenses A. II February 2008 Timothy Schoolmaster Trustee reimbursement NCPERS Legislative Conference Washington D.0 February 4-6. Misc. Meals S6.75, LEnfant Hotel $432.82, airport shuttle S28,00, Parking S50.00, intcmet/phone S 10.95. Mileage for IPPFA Seminar 01 February 2008 Des Plaines, Illinois 26 Miles C.48 per mile= S 12AS Total amount S541.00 B. 18 February 2008 Ottosen., Rritz, Kelly, Cooper and Gilbert LTD Legal services outstanding Floyd Disability file statement #29243 S7,015.30 C. 18 February 2008 Davis Hamilton and Jackson and Associates LA I" quarter 2008 fixed income management fees S5,422.31 D. 07 March 2008 reimbursement for Round Trip Airline tickets on American Airlines purchased on James Hutton's credit card for the NCPERS Annual Chicago O'Hara Airport to New Orleans Louisiana, arrive 17 March 2008 depart 22 March 2008 $293.00 E. 07 March 2008 Conference Registration for the 2008 NCPERS annual Training Conference Now Orleans, Louisiana, march 18-22, 2008 S650.00 F. Wail and Associates 1st quarter 2008financial consulting/ad,.isor fees S(No figure yet) G. 21 April 2008 Ottosen, Gritz, Kelly, Cooper and Gilbert LTD Legal services Floyd Disability S 1,797.83 H. 21 April 2008 SKBA Capital Management LLC I" Quarter 2008 and 4th quarter 2007(Underpayment) Fixed income management fees S5,320.82 (First Quarter 2008) S55.32 (4 h Quarter underpayment) A motion was made by Schoolmaster to accept items V. thm X1. This motion was seconded by Hutton A vote of the trustees present %as then conducted Jamraz-AYE Schoolmaster -Aye Weisberg -AYE Hutton -Aye This motion passed by a unanimous vote of the police pension trustees XII. Old and New Business A. City funding issues B. City Tax Levy C. Actuarial Issues utilized by the City of Evanston to fund the pension fund D. NCEERS Conference New Orleans May 17-22 2008- Trustee Hutton will be attending E. NCEPERS Legislative Conference Washington D.C. February P -60s 2008 —Trustee Schoolmaster attended and updated pension board on conference XII. Dave Wall of Wall R Associates presented I" quarter 2008 results from the police pension Investments. Mr. Wall also advised the board that he is moving his business to Phoenix Arizona but he will still attend our quarterly meetings and be in contact with the trustees. Mr. Wall also discussed the possibility of the pension board hiring a Bond Manager. X111, Legislation Housc Bill 4905 was discussed. Provisions in this hill are as fullows: Compliance feet to be paid every year Rcquiremcnt the department of Insurance conduct an audit every three years pile pension board to file a report every year with the city on rctircnxnts, disabilities, disability application- active and members. The municipality would then post this report on their web site. The pension funds would be required to re -bid their financial consultants every fire ycan XII. Adjournment: A motion was made to adjourn this meeting by Trustee Hutton This motion Was seconded by Trustee larrui z lamraz-AYE Schoolmaster -Aye Weisberg -AYE Hutton -Aye This motion passed by a unanimous vote of the police pension trustees This quarterly meeting of the Evanston Police Pension fund was adjoumed at 5:I2 P.K J Minutes EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 29 A UGUST 2008 I. Call to Order: This meeting was called to order at 4:03 P.M. This quarterly meeting of The Evanston Police Pension fund was held in the first floor conference mom of the police station 1454 Elmwood, Evanston, Illinois if. Roll Call of Trustees: Trustees Present Absent Timothy Schoolmaster Mark %Veisbcrg James Hutton Jeffery Jamraz Bob Costello III, Reading and approval of minutes from quarterly meeting held on 31 July 2006 A motion was made by trustee Schoolmaster to accept the minutes from the last quarterly meeting that was held on 29 April 2008. This motion was seconded by Jamraz. A toll call vote on this motion was then conducted. Schoolmaster voted Aye Jamraz voted Aye Costello voted Aye Hutton voted Aye The motion to accept the minutes from the April 2008 quarterly meeting passed by a unanimous vote of the trustees. IV. Payroll A. April 2008 S596,731.18 B. May 2008 S596, 351.14 C. June 2008 S596, 492.66 D. July 2008 S596, 492.66 V. Applications to the fund There were no applications to the fund VI. Resignations A. Zachary Thomas resigned from the police department on 17 July 08. He served on the Evanston Police Department from 03 July 2007-till 17 July 2008. Be received a refund of $5656.69 VI1. Deaths There were no deaths reported Vill. Retirements A. Commander Robert Mayer DOB 5/22/60 ss#338-51-8395 8157 Susan Ct. Niles, IL 60714 (847)825-3401) retires August 4`° after 24 years of service (60% of salary attached to rank). Spouses age: 48 Contributions already tazed: None Salary attached to rank S102,7I0.90 z 60` - Pension S61,626.54 per fear/S5,135.54 per month. Prorated for ten days of ,*.1ay 2010: S1,656.62 deferred annuitants until his 50t° birthday on 5/22/2010. ix. Expenses A. 26 May 2008 Dave Wall and Associates 1" quarter consulting /Advisor/Fees S4,055.49 B. 26 May 2008 Davis Hamilton. Jackson and Associates 2nd quarter fixed income and management fees S5,605.24 C. 26 May 2008 Ottosoen, Britz, Kelly, Cooper R Gilbert LTD. Floyd Disabilities. Lashawm Cook Disability S City tax levy issues S3.793.83 D. 28 July 2008 Davis Hamilton Jackson and Associates 3rd quarter fixed income management fees S5.533.37 E. 28 July 2008SKBA Capital Management LLC 2d quarter fixed income management fee S5,225.32 F. Illinois Public Pension Fund Association Training conference registration fee October 14.17 Schoolmaster, Hutton, and Jamraz. G. 26 May 2008 Dave Wall and Associates 2°d quarter consulting /advising fees SS4,025.83 H. 26 May 2008 Annual Compliance Fee Illinois State Treasurer Department of Professional Regulations S8.000. THIS WAS PAID UNDER PROTEST 1. 26 May 2008 J.P. Morgan Asset Management l" quarter fixed Income S6,233.67 J. 23 June 2008 NCPERS Conference New Orleans Lodging and one meal S 1,252.68 K. 02 July 2008 Timothy Schoolmaster Trustee Education Reimbursement Great Lakes Trustee forum 1 night lodging, S210.83 168 miles travel r _505= S84.84 Total paid S295.30 L. 02 July 2008 Great Lakes Advisors Inc 2"d quarter fixed income management fees S5,349.13 M. 02 July 2008 Ottosoen, Britz, Kelly, Cooper & Gilbert LTD J.P. Morgan, tax levy shortfall, Floyd disability, Lashawn Cook Disability S3,226.66 N. 29 June 2008 Ottosoen, Britz, Kelly, Cooper R Gilbert LTD Client Communication S71.99 O. 29 June 2008 J.P. Morgan Asset Management 2nd quarter fixed Income S6,1 I7.71 A motion was made by schoolmaster to accept items IV through IX. This motion was seconded by Hutton. A roll call vote was then taken on this motion Schoolmaster voted Ave Jamraz voted Aye Costello voted Aye Hutton voted Aye This motion to accept items IV through IX passed by a unanimous vote of the trustees i X. Dave Wall our financial advisor presented our investment retums for the Znd quarter or2008. The trustees discussed shifting some of our investments. After discussing thew options a motion was made by Schoolmaster to terminate our agreement with J.A. Morgan and split the assets between Davis Hamilton and SKBA effective 30 September 2008 and have these asses wired the first week of October 2008. This motion was seconded by Hutton. A toll call vote was then conducted on this motion Schoolmaster — Voted Aye Hutton- Voted Aye Jam az- Voted Aye Costello -Voted Aye Trustees also discussed large cap index investments X1. Rom Charma gave his projections on pension payroll and amounts available each month to meet payroll. A break in the meeting occurred at 5:40 P.M. Trustees returned at 5:40 P.M. XII. Old and New Business A. City funding issues was discussed between the trustees B. Discussion of upcoming IPPFA Training Seminar C. Next meeting changed to 29 October 2008 4:00 P.M because of scheduling conflicts. XIII. Adjournment: A motion was trade to adjourn this meeting by Hutton. This was seconded by Schoolmaster. A roll call vote was then conducted on this motion. Schoolmaster voted -Aye Hutton voted -Aye Janusz-Voted-Ayc Costello voted -Aye This motion to adjourn carried by a unanimous vote of the trustees. This meeting was adjourned at 6:05 P.M. MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 29 October 2008 This quarterly meeting of the Evanston Police Pension fund was held at the first floor conference room in the lobby of The Evanston Police Department 1454 Elmwood. This meeting will start at 4:00 P.M. I. Call to Order: This meeting of The Evanston Police Pension Fund was called to order at 4:00. H. Roll Call of Trustees: Trustees Present Absent Timothy Schoolmaster No members absent James Hutton Jeffery Jamraz Mark Weisberg Bob Costello Also Present: Pension Attorney Carolyn Clifford Dave Wall of Wall and Associates Steve Drasncr City Finance Deparanent Rom Chmara City Finance Department Joe Seminetta Premier Asset Ill. Reading and approval of minutes from quarterly meeting held on 29 August 2008 A motion was made by Schoolmaster to accept the reading and the minutes from the pension meeting that was held on 29 August 2008. This motion was seconded by Weisberg. A vote was then held on this motion Timothy Schoolmaster Voted Aye James Hutton Voted Aye Jeffery Jamraz Voted Aye Mark Weisberg Voted Aye Bob Costello Voted Aye This motion passed by a unanimous vote of the pension trustees. IV. Payroll A. August S596.492.66 B. September 5600.018.63 C. October 5601,857.19 V. Applications to the fund A. Michael Jones was appointed on 02 October 2008 and submitted his paperwork for the pension fund on 28 October 2008 B. Sean O'Brien was hired on 24 September 2008 and submitted his paperwork for the pension C Howard Adam %as hired on 24 September 2008 and submitted his paperwork for the pension D. Marla Dukler was hired on 24 September 2008and submitted her paperwork for the pension VI. Deaths Geraldine Cooper Passed away on 12 September 2008. The pension board was notified by Andrew Cooper III on 25 September 2008. The pension will cease as her husband retired police officer Andrew Cooper passed away on 03 April 1998. Her estate received a final pension amount of 5400.00 for September .Contact information is 639 Togwate Pass, Hampton, GA 30228 (678)468-0525 cell or (770) 477.5441. V1I. Retirements A. Sergeant Eugene Morris retired from the Evanston Police Department on 12 September 2008 after over 33 years of service to the city. His salary at the time of his retirement was $94,026.00. He is entities to a 75% pension based on his salary. His pension will be 570, 519.50 per year. 55,876.62 per month. His September pension was 53,525.97 for 18 days. Vlll. Rom Chmara City of Evanston Finance Presented payroll projection update for the calendar year IX. Expenses A. 29 August 2008 JP Morgan Asset Management 24 Quarter fixed income fees 56,117.71 B. 29 August 2008 Ottosen Britz Kelly Cooper and Gilbert LTD Legal Services, Officer Cook Disability 571.99 C. 14 October 2008 Wall and Associates 3`' Quarter consulting and advisory fees 53,998.33 D. 14 October 2008 Ottosen Britz Kelly Cooper and Gilbert LTD Legal Services. Ofcer Cook Disability SS 1.097.99 E. 14 October 2008 National Conference on Public Employees Retirement System 2009 Dues S 150.00 F. Great Lakes :advisors Inc Y4 quarter fired income and management fees 55,298.91 G. 23 October 2008 Timothy Schoolmaster Trustee Educational Expense 1PPFA Conference Lake Geneva Wisconsin. Lodging $479. meals 563.76, Mileage (134 Miles X .585) 578.39. Total 5621.16 H. 23 October 2008 James Hutton Trustee Educational Expenses, IPPFA Conference Lake Geneva Wisconsin, Lodging and one Meal $489.68. Mileage (104 Miles X .585) 560.84. Total 5550.52 :t. 1. 23 October 2008 Jeffrey Jamraz Trustee Educational Expenses IPPFA Conference Lake Geneva Wisconsin Lodging 5315.11.One .Meal S8.35, Mileage (260 Miles X .585) S I52.10 A motion was made by Trustee Schoolmaster to accept items IV. Through 1X. This motion was seconded by Trustee Jamraz Timothy Schoolmaster Voted Aye James Hutton Voted Aye Jeffery Jamraz Voted Aye Mark Weisberg Voted Aye Bob Costello Voted Aye This motion passed by a unanimous vote of the pension trustees. Joe Seminctta from premier Asset discussed investment strategies in the current market conditions. X. Old and New Business A. City Funding Issues were discussed between the board members. Trustee Schoolmaster discussed the City of Evanston Blue Ribbon Comminee Report and spoke of suggestions for assumptions and that we will need to respond to this report. B. The upcoming NCPERS Legislative Conference in Washington D.C. Trustee Schoolmaster may attend this conference. This conference will be held in January 2009 C. The upcoming NCEPERS Trustee Education Conference Beverly Hills. California. This conference will be held in May 2009. Trustee Jamraz expressed interest in attending. D. Trustees discussed the recent iPPFA training conference that was held in October in Lake Geneva Wisconsin. E. Attorney Carolyn Clifford discussed a new provision for pensions that was passed on 29 August 2008. The new provision is interpreted that new statute limits the length of a contract for financial advisors and money managers to five years; however they - arc not prohibited from re -bidding or being retained by the Board for additional rive year periods. X1. Financial Returns update: Dave Wall from Wall and Associates discussed the last quarter results from our investments. lie also discussed the downturn in the overall stock market not only in the United States but abroad. Mr. Wall is also preparing a list of three or four fund managers for large cap funds that the board may hire for future investments Adjournment: A motion aas made to adjourn this meeting by Trustee Schoolmaster A second to this motion was made by Trustee Costello Timothy Schoolmaster Voted Aye James Hutton Voted Aye Jeffery Jamraz Voted Aye Mark Weisberg Voted Aye Bob Costello Voted Aye This motion passed by a unanimous vote of the pension trustees. a The quarterly meeting of "The Evanston Police Pension fund was adjourned at 5:50 P.M.