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HomeMy WebLinkAboutMinutes 2005MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 26 JANUARY2005 1. Call To Order 3:01 P.M. 1I. Roll Call of Trustees PRESENT ARIVENT Mark Weisberg Larry Axelrood Tim Schooimaster Jeff Jamraz James Hutton IN. Reading and approval of Minutes from Quarterly meeting October 29, 2004 Motion to Accept made by Weisberg Seconded by Jamraz Motion passed by a unanimous vote by the trustees W. Payroll October 2004 S 429,203.39 November 2004 S430,391.27 December 2004 S433,265.97 A motion was made by Axelrood to accept the payroll This Motion was seconded by Weisberg The motion passed by a unanimous vote of the board V. Application to membership of the fund A. Tosha Wilson was hired as a Police Officer 05January2005 B. Jonathan Kain was hired as a Police Officer 05January2005 C. Chelsea Brown was hired as a Police Officer 05January2005 A motion was made by Axelrood to accept these applications to the fund This motion was seconded by Weisberg This motion passed by a unanimous vote of the board V1. Expenses A. 13January2005 Wall and Associates 4`s quarter Consulting and advising fees $3,762.35 B. 13January2005 Richard J. Reimer and Associates LLC legal fees includes hearings for Solava, Glanz and Bednar-Keefe S4,650.12 C. 13January2045 Great Lakes Advisors 4`h quarter fixed income management fees S4,454.01 D. 13January2005 Janice Heinemann and Associates Tax ID 364006089 Glanz disability Court stenographer S330.00 E. 131anuary2005 Buffalo Grove Orthopedics Tax ID 36-33908298 Disability of Doug Glanz $700.00 F. 26November2004 Richard J. Reimer and Associates Legal Services rendered/Disability of Doug Glanz, Rc%iew hearing and Evanston Police Pension V City of Evanston G. 26November2004INSPE Associates LTD disability application of Officer Douglas Glanz $1,410.00 H. 26Novembei-2004 iNSPE Associates LTD Disability of Robert Solava $4,256.00 1. 26November2OG4 William C. Malik MD Disability of Douglas Glanz A motion was made by Jamraz to accept these Expenses This motion was seconded by Axelrood This motion passed with a unanimous vote of the board VII. Redrements/Disabilities/Death/Applications for memberships and Disabilities A. William B. Walls 81 was reported passed away on 14December2004 in Marshall Michigan. No eligible survivors. Oak Brook Bank made the electronic deposit before his death was known. Oak Brook bank was to debit the entire amount and redeposit the prorated amount for 14 days. The account is now closed. B. Sergeant Rickey Alan Voss retired on November2004 He was appointed to the police department on 14April 1980 and served for 24 years C. Patrol Officer William Jahnke retired on 16 January 2005 after over thirty years of service. His pension starts on 17 January 2005. Salary $67,595.00 X 75% of salary equals $50,696.25 per year S4,224.68 per month. Prorated for January $2,044.20. Taxed contributions $21,141.74 D. Retired Sergeant James Stonequist received his first 3% increase in August 2003, but did not make the January 2004 3% increase. He is owed one year of 3%. He was receiving S4,705.81 per month. Starting in January 2004 he should have been receiving $4,846.98 so he is owed $141.17 X 12 Months which is $$1,694.04.His 3% increase in January 2005 is $4.992.39 will be reflected in the January 2005 payroll. E. Retired police officer Archie Oliver received his first 3% increase in May 2003, but was omitted from the January 2004 increase. He was receiving $4,069.97 per month. Starting in January 2004 he should have been receiving $4,192.06 per month. He is owed $122.09 X 12 Months which equals $1, 465.18. His 3% increase to S4,317.83 will be reflected on the January payroll. A motion was made by Jamraz to accept these Retirements and corrections to payroll This motion was seconded by Axelrood This motion passed with a unanimous vote of the board VIU. Consultants report Wall And Associates: Mr. David Wall Dave Wall presented his Financial Consultant report for the forth quarter 2004 IX. Old and New Business A. Law Suit Funding update was discussed and was tabled until the next quarterly meeting B. Lead plaintiff in mutual fund law suit against Maryland American Family of Funds for market timing was also discussed and the law suit has been dropped as Maryland American Family of Funds has corroded and taken action against any representatives that engaged in market timing C. There was no date set for the Robert Solava disability hearing D. The application to the fund for Officer Tanya Nobel was also tabled until the next quarter XII. Adjournment A motion was made by Hutton to Adjourn This motion was seconded by Jamraz This motion passed by a unanimous vote of the board Meeting adjourned at 3:50 P.M. Q,ok,V3 James A. Hutton Secretary Evanston Police Pension Fund MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 27APRIL 2005 1. Call To Order —This quarterly meeting of Evanston Police Pension Fund was called to order at 3:05 P.M. It. Roll Call of Trustees Others Present Trustees Present: Dave Wall Tim Schoolmaster Wynn Nelson James Hutton Bill Stafford Jefi'Jaram Ron Charms Marie Weisberg Larry Axelrood Ill. Reading and approval of minutes from quarterly meeting held on 26 January 2005 A motion was made to accept the reading of the minutes by Weisberg. This motion was seconded by Jamraz. This motion passed by a unanimous vote of the board IV. Payroll January 2005 S440,573.89 February �005 S441,925.22 March 2005 S441,925.22 V .Application to membership to the fund The following Evanston Police Officers were hired on 07 April 2005 A. Jeffrey Appelt B. Nicholas Curran C. Matthew Malczewski D. Jarvis McClure VI Resignations, Retirements, Deaths A. On March 04, 2005 Police Officer Cam Zhu resigned from the Evanston Police Department B. On 14 March 2005 Police Officer John Martin Retired from the Evanston Police Department. Officer Martin had 24 years of creditable service. His salary was $69,960.45 per year X 60% equals S41976.27 per yearlS3498.22 per month. He will receive $2,397.93 pension payments for 17 days in March C. On 25 March 2005 Officer Steven Carter mined from the Evanston Police Department after over 30 years of creditable service. His yearly salary was S69,960AS per year X 75% equals S52,470.33 per year/S4,372.52 per month. His March pension was prorated for 5 days for S705 24 $14 l .049 per day. D. On 31 March 2005 Deputy Chief John Schroer retired from the Evanston Police Department after 34 years of creditable service. His annual salary was S 103. 170 per yw X 75% :.quals a pension of S77,377.50 per year/S6,448.12 per month E. On April 3, 2005 Police Officer Irene Nichole retired from the Evanston Police Department after 20 years of creditable service. Her salary was S69,960.45 X 5(rA equals a yearly pension of S34,980.22/52,915.01 per month F. On 04 Apri12005 Police Officer Frank Conklin retire from the Evanston Police Depamnew after over 30 years of creditable service. His yearly salary was S69,960.45 X 75% equals a pension of S52,470 per year/ S,172:52 per month. He received a pension for the first 26 days in April of S3,789.51 03wrx W G. On 29 April 2005 Sergeant Kenneth Kutella will retire from the Evanston Police Department after 24 % ears of creditable service. His pension has not yet been calculated. Vil. Expenses A. 27 ApriI 2005 Richard J. Reimer & Associates LLC Legal Services rendered i.e. January through March 2005 retainer, Disability application Robert Solava and Legal fees for disability of Bednar-Keefe. 58,513.11 B. 27 April 2005Great Lakes Advisors Investment Advisor Fees Fixed Income Fee for the first quarter of 2005 $4,502.68 C. 27 April 2005 Dave Wall and Associates 53.808.19 Consulting and Advisory Fees 31 December 2004 through 31 March 2005 D. Registration fee for James Hutton and Jeff Jamraz for the IPPFA annual training conference. SI75.00 per person total 5350.00 A motion was made to accept items IV, V. VI, and VII by Schoolmaster this motion was seconded by Hutton. This motion passed by a unanimous vote by the trustees Vill. Consultants Report from Wall and Associates: Mr. Dave Wall outlined our investments, returns, and investment philosophy for the first quarter of 2005. IX. Old and New Business A. Funding Law suit shall we proceed with an appeal. A motion was made by Hutton to proceed with the appeal on the funding lawsuit against the City of Evanston at an approximate cost of S 1500, 52000. This motion was seconded by Weisberg and passed by a unanimous vote by the pension trustees. B. Trustee election results. Trustee Hutton received 39 Votes for trustee. There were no opposition votes. Schoolmaster received 18 votes and there were no opposition votes. C. Application of Tanja Nobel. Tanja Nobels application to the pension fund has been put on hold for some time because the board was exercising its due diligence because of her age. After a short discussion Hutton made a motion to accept Nobel application to the fund seconded by Schoolmaster. This motion passed by a unanimous vote of pension trustees. D. Dates for Solava disability were discussed but no dates were picked yet. E. Funding of pension fund future expenses: Bill Stafford and Ron CHrama discussed expenses for the monthly pension pa}7oll and projected shortfall starting in June 2005. It was discussed that funds would have to be moved so the pension fund could meet its monthly pension payroll obligation for the remainder of the year. F. Wynn Nelson presented to the pension trustees his investment strategies, past performance and excepted future performance of the IPPFA/IMET investments for the Evanston Police Pension Fund X. Adjoummern. A motion was made by Hutton to adjourn this meeting. This motion was seconded by Axchwd. This motion passed with a unanimous vote of the pension trustees. This meeting was adjourned at 4:45 P.M. C� t J A. Hutton Secretary MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES JULY QUARTERLY MEETING I l JULY 2005 I. This Quarterly Meeting was called to order on I I July 2005 at 4:10 PM H. Trustees Present: Timothy Schoolmaster, Jeff Jamraz, and Mark Weisberg. Trustee James Hutton arrived at 4:30 PM he was late because he was attending a Management school at Northwestern University. III. The minutes from the quarterly meeting were read. A motion was made by Trustee Schoolmaster to accept the minutes. This motion was seconded by Jamraz. The motion passed with a unanimous vote by the board. IV. Payrolls April 2005 5464.010.96 May 2005 $471,902.96 June 2005 $471,509.21 V. Applications for membership in the fund Appointed on 06 July 2005 Officer William Arzuaga Officer LaShawn Cook Officer Matthew Hyatt Officer Jacob McClain Officer Rebecca Niziolek Officer Margaret Schell VI. Resignations, Retirements, Deaths A. Resigned 12 July 2005 Officer Matthew Malczewski Appointed 07 April 2005 B. Addendum to Irene Nichole retired 03 April 2005 deferred annuitant until 25 January 2005 C. Sergeant Kenneth Kutella retired 28 April 2005 after 24 years of service. Salary $81, 370.00 X 60 % = $48,822.00 per year/54,372.52 per month D. Michael Jettner (on Duty disability since 17 December 1983 elected to convert to a regular pension under the provisions of section 3-114 (since repealed) based on 50% of the officers salary of the officers salary in effect on 01 May 2005. (From $1,506.70 non -taxed to $2,915.01 Taxed. Original appointment 02 April 2005 A motion was made by Schoolmaster to accept items IV. Payrolls V. Applications for membership, and VI. And Resignations, retirements. This motion was seconded by Weisberg. The motion passed by a unanimous vote by the trustees. VII. Financial Report by Dave Wall. Dave Wall presented the financial results For the second quarter of 2005. In addition he presented a list of potential Financial companies that will be interviewed to possible replace Rockwood Capital. Rockwood Capital has not been performing up to the expectations of Evanston Police Pension Board of Trustees. VIM Bills List a. IPPFA Annual Dues 5750.00 b. Richard J. Reimer and Associates Legal Matters (8814,8894) Quarterly Retainer and Bednar-Keefe, now in the Appellate Court $2,263.50 c. Taper Consulting Group LTD Actuarial report evaluation d. Wall and Associates consulting advisory 2"d quarter 2005 53,807.87 e. Great Lakes Ad%isors fixed Income Fees 54,491.00 A motion was made by Schoolmaster to accept the bills for the second quarter. This was seconded by Weisberg and this motion passed by a unanimous vote by the board of trustees. IX. Old and New business. Tim Schoolmaster discussed the Tax Assumptions that the City of Evanston is using and how this Tax assumption for the funding of the pension fund is less than he expected. It was fii Cher discussed of what action the pension board may take in the future and the implications. Funding Suit against the city for previous under funding was discussed and the board had previously decided to appeal the earlier courts decision that sided in the city's favor. X. A motion was made by Hutton to adjourn this meeting at 4:50 PM This was Seconded by Schoolmaster and this motion passed by a unanimous vote by the trustees. . ._ .• �- ... �.{... .. �� 7i h,' YY_r.X'� "5i. ., �.., yyP; . �i: a,"a:^4:=1ser�, r r MINUTES EVANSTON POLICE PENSION FUND REGULAR QUARTERLY MEETING 31 October 2005 I. CallTo Order. This quarterly meeting was called to order at 10:00 A.M. Present Absent Il. Roll Call of Trustees: Tim Schoolmaster Mark Weisberg James Hutton Jeff Jamraz Dave Wall of Wall and Associates was also present. Prior to the start of the Regular Quarterly Meeting pension trustees interviewed potential Investment firms as a p[possible alternative to Rockwood Capital. The purpose of interviewing new investment firths is that the pension trustees believe that investments with Rockwood Capital have not performed at acceptable levels including fees charged by Rockwood Capital. The following investment companies were interviewed by the trustees of the Evanston Police Pension Board.: Oak Brook Bank 10:00 AM Total Portfolio Management LLC 11:00 A.M. Lunch 12:00 Noon- 1:00 P.M. Davis Hamilton Jackson and Associates 1:00 P.M. SKBA Capital Management 2:00 P.M. After discussing each of the investment companies Trustee Schoolmaster made a motion to Terminate our investments with Rockwood Capital and accept Davis Hamilton Jackson and Associates proposal if they would manage our account at .25% basis points. This motion was seconded by Trustee Hutton and the motion passed by a unanimous vote by the trustees. The regular meeting was then started at 3:00 P.M. Bill Stafford was now in attendance at the me'eting M. Reading and approval of minutes from quarterly meeting held on l l July 2005 IV. Payroll July 2005 S"9.869.89 August 2005 S469,869.89 September 2005 $469. 869.89 V. Applications to the fund VI. A. Willie Hunt Appointed on 28 September 2005 B. Raven Cashaw Appointed on 28 September 2005 C. Mattbew• George Appointed on 28 September 2005 D. Jeflxey Faison Appointed on 28 September 2005 E. Aaron Wernick Appointed on 15 September 2005 F. Anthony Sosa Appointed on 15 September 2005 Resignations A. 12 July 2005 Matthew Malczewski Resigned from the Police Department/Forms sent for refund. Refund never requested, B 14 July 2003 Jonathon Kain resigned from the Police Depattment/Refund check dated 23September2005 in the amount of S2,496A2. Copy of Check in his pension file. C. 01 September 2005 Sarni I Bunville resigned from the Police DepartmentIlefund check sent in the amount of S 15,049.64. Check is dated 01 November 2005 D. 13 September Margaret Schell resigned from the Police Department/Letter and forms sent on 23 September 2005. No request for refuel has been made. E. 19 September 2005 Nancy Philips resigned from the Police Department. Refund chock in the amount of $21,088.70 on 21 October 2005. Copy of check in her file. F. 20 October 2005 Jarvis McClure resigned from the Police Departarnt/Refund check dated 25 November 2005 was sent in the amount of S2,138.23 VII. Deaths A. Retired Police Officer Sharon Warren Passed away 10 Sept 2005. Her husband Steven Warren will continue to receive her pension. She was disability Pension Since 1983. B. Retired Police Officer Donald Pflaumer 52 YOA, passed away on 05 September 2005. He has no surviving family members eligible for his pension. VIII. Retirements A. Officer Robert Hendricks retired on 12 September 2005 after 26 Years of service. Yearly salary S69,960.45 X 654/6- S45,474.29 pension per year/ S3,789.52 per month. First months pension prorated from IS days is S2,273.71 B. Mark Vail retired on 28 Sept 2005 after 21 years of service. He is 48 years old and tums 50 on 12 Nov 2006, at which time he will start collecting his pension. On that date. S69,960AS X 52.5 % = S336729.23 per year/ S3060.76 per month. C. Carlos Mitchem retired on 21 October 2005 after over 37 years of service. 69.960.45 X 75% - S52,470.33 per year/ S43372.50 per month. First moths pension prorated for 10 days in October S 1,410.49 DC. Expeases A. 31 October 2005 Rockwood Capital fixed income managemcnt/advisory fees S8,006A I 00 B. 31 October 2005 James A. Hutton Lodging and travel expenses fro the IPPFA training conference Lodging and one meal 385.85. Travel mileage 110 Miles X .485 = 53.85. C. 3I October 2005 Jeff Jamraz travel expenses fro the IPPFA training conference Lodging 372.30. Travel mileage 216 Miles X .485 = S 104.76. D. 31 October 2005 Timothy Schoolmaster Lodging and travel expenses fro the IPPFA training conference. 5388.02 Travel mileage Miles X .485 = 67.41 Total 5455.43 E. 31 October 2005 Wall and Associates 3rd quarter fees 53,824.05 A motion was made by Weisberg to accept the following items on the agenda: III. Reading and approval of minutes from quarterly meeting held on I l July 2005 IV. Payroll, V. Applications to the fund Resignations VI. Deaths VII. Retirements and IX. Expenses This was seconded by Hutton and passed unanimously by a vote of the board. X. Update from Trustee Schoolmaster on the funding law suit against the City Of Evanston Trustee Schoolmaster stated that the Supreme Court refused to hear our appeal on the funding suit against the City Of Evanston for under funding the pension fund. XI. Consultants Report from Wall And Associates: Mr. Dave Wall presented the results of our investments from the Third Quarter of 2005. Mr. WaU also discussed several investment options for the trustees to consider. Mr. Wall suggested that the board consider Mr. Wall also suggested that we open a Schwab account placing S 125,000 in Phoenix, Duff and Phillips Mutual Fund and S 125,000 to the IPPFA Collective Real Estate Fund managed by State Street Global. Schoolmaster made a motion to terminate our Tweed Brown Mutual Fund and invest that coney in DFA International Mutual Fund. In addition Schoolmaster motioned that we open a Schwab account placing 5125,000 in Phoenix, Duff and Phillips Mutual Fund and 5125,000 to the IPPFA Collective Real Estate Fund managed by State Street Global. This motion was seconded by Trustee Jamraz and passed by a unanimous vote by the trustees. XII. Old and New Business A. Officer Patrick Sam Roman has returned to the Evanston Police Department after leaving. His new starting date for pension purposes is 12 Dezember 2001 B. Yearly medical exams for disability pensioners was discussed C. Jan Sowa pension onset per workman's compensation was discussed and funkier discussion with our attorney is needed. XIII. Adjournment: A motion was made by Trustee Hutton to adjourn this meeting. This motion was seconded by Schoolmaster. This motion passed by a unanimous vote by the trustees. The meeting was adjourned at 4:17 P.M. James A. Hutton Secretary