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HomeMy WebLinkAboutMinutes 2001-2005INI IN UTES EVANSTON POLICE BOARD OF TRUSTTESS DISABILITY HEARINGS AND QUARTERLY MEETING 12JA,ANUARVOI I. Call to order 10:30 A.M. A) Trustees Present: I. Timothy Schoolmaster President 2. Larry Axelrod Trustee 3. Mark Weisberg Trustee 4. Harry Hynds Trustee 5. James Hutton Trustee B) Recess 10:45 A.M. C) Back in session 12:10 P.M. II. Disability Hearing -Officer Robert Dizura 12:15 P.M. A) Attorney for Officer Robert Dizum Herbert Abraham's B) Pension Board Attorney Richard Reimer and assisted by Thomas Radja C) Hearing turned over to Court Reporter 111. Break 1:40 P.M. to 2:00 P.M. Executive Session/ Confer with Evanston Police Pension Attorney IV. 2:00 P.M. Back in Public Session Vote on Officer Dizura Disability Court Reported Transcripts with result of vote. The vote was unanimous with the Evanston Police Pension Board of Trustees that Officer Dizura is granted a Duty Related Disability Pension. The vote was 5 to 0 in favor of this action V. 2:05 P.M. Disability Hearing for Officer Kent Kuhlman A) Attorney for Officer Kent Kuhlman is Herbert Abrahams B) Attorney for Pension Board is Richard Reimer and assisted by Thomas Radja V1. 2.12 P.M. Hearing begins and proceedings are recorded by court reporter A) Break 3:15 P.M. to 3:45 P.M. B) Back on the record 3,45 P.M. VIL Executive Session motion Schoolmaster seconded by Axelrod 4:10 P.Md Discuss future hearing dates N111. 4:15 back in session IX. 4.20 P.M. Motion to adjourn hearing for next meeting Motion made by Schoolmaster Second by pension Board X 4.25 P.M. Break XI. 4:35 A.M. Presentation of payroll and Bills A) October 2000 Payroll 5292,9I 1.87 B) November 2000 Payroll 5295,170.96 C) December 2000 Payroll S294,829.55 X1I_ Bills A) Great lakes advisories Inc., S-a,360.84 for professional asset management for the period of01JULY00 to 30SEPT0O B) Harley G Rubens NID., 51,100.00 for disability evaluation and report reference Robert Dizura C) Sklodo%vski, Puchalski and Reimer, 56,362.40 for legal services Invoice #3287 870H80841Dizura disabilityfKuhlman Disability Invoice #3364 Bednar-Keefe disability/Kuhlman disability/87CH8084 D) IPPFA(N''IU Trustee Certification Program. 5575.00 for New Trustee James Hutton E) Wall and Associates, 53,470.96 for financial consulting/advisory fees Fourth Quarter 2000 XIII. :Motion to accept the Payroll and the bills listed above made by Schoolmaster Seconded by Axelrood XIV. :Notion to adjourn Schoolmaster Second Hutton Meeting adjourned 5:00 P.M. MINUTES EVANSTON POLICE PENSION BOARD OF TRUSTEES SPECIAL MEETING 09.NIARCH01 This Special electing of the Board of Trustees was convened at 3:00 PM by President Schoolmaster. The Purpose of this Special 'Meeting was for further consideration of the petition for disability pension previously filed by (former) Officer Kent Kuhlman. Evidentiary hearings were previously held on February 8'k, 2000 and January 12°h, 2001. The petitioners Post Hearing Memorandum was received vin Board Attorney Richard Reimer and copies «ere sent to all Trustees for their consideration. Present at this hearing are Trustees Timothy Schoolmaster, James Hutton, Larry Axelrood, and Harry Hynds. Absent was Trustee ?Hark Weisburg. The board voted Unanimously to go into to Executive session at 3:05 P.M. to discuss this matter. At 3:25 P.1I the Trustees unanimously Voted to return to public session and the board reconvened on record. Schoolmaster made the following motion, which was seconded by Hynds: First «ve unanimously find that the petitioners request for disability is non -duty related. We find however, that the petitioner is not disabled and that his petition for pension is denied. The vote of the trustees was 4-0 in favor of denying his petition for disability pension. Trustee Weisberg was not present. Trustee Schoolmaster made a motion to make this the finding of the board. This was seconded by Hynds with no objections. A motion to adjourn the meeting was made at 3:35 P.M. by Hutton and seconded by Axelrood 4 % ' V L'{. �' , ell %r L-g T t*e� EVANSTON POLICE PENSION BOARD OF TRUSTTESS SPECIAL HEARING GA1L BEDNAR-KEEFE 01 JUNE01 Trustees present Timothy Schoolmaster- President Absent Larry Axelrood James A. Hutton —Secretary Harry Hyndes Mark Weisberg This special meeting um set to convene at 10:00 A.M. It Kos decided by his. Bednar-Keefe and her attorney that this Special Hearing could be continued until such a time as all five trustees could be presenL The next special hearing date for this matter Has set for 07AUGO1 9:00 A.ML. The next quarterly meeting of the Evanston Board of Trustees is set for 25JULYO 19:00 A.M Motion to adjourn Schoolmaster Second Hutton EVANSTON POLICE PENSION BOARD OF TRUSTTESS SPECIAL HEARING GAIL BEDNAR-KEEFE 25JULYOI Trustees present Timothy Schoolmaster- President Absent Larry A.Wrood lames A. Hutton—Sccrctary HarmWndes �tark Weisberg This special meeting was set to convene at 10.00 A.M. It was decided by Ms. Bednar-Keefe and her attorney that this Special Hearing could be continued until such a ume as all five trustees could be present. The next special herring date for this matter was set for 07AUGO 19 00 A.M.. The next quarterly mceting of the Evansion Board of Trusters is set for 25JULYO 1 9:00 A.M. Motion to adjourn Schoolmaster Second Hutton MrNUTES FOR EVANSTON POLICE PENSION FUND 07AUG01 9:00 A.M. PRESENT: Timothy Schoolmaster James Hutton Mark Weisberg Larry Axelrood Call to order -Schoolmaster 9:30 A.M_ ABSENT: Hyndes It should be noted that this quarter meeting of the pension board is delayed by a month due to scheduling conflict and vacations. Presentation by Dave Wall of Wall and Associates Updates on funds and quarter and year to date investment returns Update on Labee Annuity at present time is an 586,000 loss to the fund Bill Stafford to provide paper work on the annuity and attempts will be made to recoup the losses that have incurred with this annuity fund. A recommendation was made by Wall and associates to sell a family of funds that the Pension is invested in and had been under performing. It is recommended that the sale of these funds be placed into a Schwab international brokerage account to purchaser funds. This account that should be better suited to the needs of the pension fund. And have no brokerage commissions. Dave Wall also recommended the sale of the FAM Value Fund. The fund is over weighted and the fund managers 1efl approximately one year ago. Da%e Wall suggested the opening of a DFA 6-10 Value Fund. This fund can also be transferred to the Pensions Schwab Account. 11was also recommended that the Board of Trustees consider holding the Vanguard Index Fund at Schwab to save fees. The information on this fund is as follows: an annuity will be sold that has approximately Based on this recommendation Schoolmaster made a motion to accept this change of funds. This was seconded by Axelrood The vote by the trustees was unanimous to place these funds into the Schwab account The public hearing was suspended at 4:40 A.M. Back in public hearing at 9:45 A.M. Trustee Hyndes in now present. Hearing for the disability of Officer Gale Bednar-Keefe Attorney for Bednar-Keefe is Steven J Kau Turned over to court reporter Lunch Break 12001oon Return 1:15 P.M. Hearing recorded by court reporter Off the record discussion in reference to out of order testimony of Mike Keefe with trustees at 2:00 P.M. Back in session at 2:15 P.M. Mike Keefe, husband of Officer Gail Bednar Keefe will testify out of order Back is session for Mike Keefe testimony 2:15 P.M. hearing is recorded by court reporter Off the record 2:45 P.M for break It is agreed by all parties to commence and continue on 02SBPT'01 Motion to adjourn made by Schoolmaster Second by Weisberg P ared by Secretary James A. Hutton EVANSTOti POLICE PENSION TRUSTTE QUARTERLY MEETING SPECIAL HEARING FOR GAIL BEDNAR-F:EEFE 02OCT01 TRUSTEES PRESENT TIMOTHY" SCHOOLMASTER PRESIDENT JAMES A_ HUITON SECRETARY HARRY HYNDES LARRY AXELROOD MARK WEISBERG Call to Order 9:00 AA%1. Bills From 14MAY01 TI-11tU 30SEPTOI 14MAYO l Legal Senices Sklodo%-Ii, Puchalski,. Reimer S 1420.04 19JUNEO l Legal Senices Skodowski Puchalski, and Reimer $754.68 28JUNEO1 J. Douglas Van Arsdaic ItiD History/c am/record review- Gail Bednar-Keefe $750.00 17JULY0I Wall and Associates Consulting and Ad%isory Fees 31MARCH01 thru 30RJNEOI $3,352.99 17JULY0I Skodow•ski. Puchalski and Reimer Quartcrly retainer 52,446.54 23JULY0I Rockwood Capital mviagcmcnt and advisory fees $8,648.62 06AUG01 Southwest Industrial Care, LTD DR James Ryan-Rccord Reference Gail Bodnar Keefe S 500.00 06AUGOI Northuestern Orthopedic Associates Dr Afilgram $154.00 06AUGO l IPPFA Annual Dues 5650.00 06AUG0I Skodonski. Puchalski and Reimer S1,492.50 30JULYOI Dr J Douglas Van Arsdale 5500.00 OBSEPTOI IPPFA Conference Fees for Schoolmaster. Hutton Stafford S450.00 30SEPTOI Linda J. Doering Transcripts Bednar-Keefe Hearing $1,180.00 1. Bednar-Keefe Spccial hearing Present E%wtston Police Trustees Attorney Richard Reimer Gail Bodnar-Keffe Attorney Katz Court reporter IL Hearing begins at 9:30 P.ht turned over to court reporter III. Off Record 10:20A.M.. IV. Back on n=rd 10:33 A.NL V. Off Record 12:30 P.M. VI. Lunch Break 12:35 PAL VII. Lunch Over back on record 1:42 P.M VIII. Break 2:50 NNE IX. Back an record 3:00 P.M x Adjourn Motion Schoolmaster Second H)tsdes 3:50 P.Itit NEXT QUARERLY SIEETING SET FOR 30OCF'2001 PREPARED BY SECRETARY JAMES A. HUI'TON q4 el-Y- 1. MIN11JTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR QUARTERLY MEETING 30OCT2001 I. CALL TO ORDER 4:05 P.M. 11. ROLL CALL TRUSTEES PRESENT TIM SCHOOLMASTER JIM HUTTON LARRY AXELROOD MARK WEISBERG TRUSTEES ABSENT HYNDiS III. Reading and Approval of minutes of Trustee Meeting from 26APRIL0I . Special Meeting O 1 JUNE200 i Special Meeting 07AUG2001 July Quarterly Trustees Meeting Canceled due to lack of quorum Special Meeting 020CT2001 Afotion to accepl:.Schoo+bnaster Seconded.• Axelrood Trustee rote in favor 4-0. Alotion passed IV. Reading of Payroll May 2001 5323,632.94 DUNE 2001 $327,571.89 JULY2001 $327,693,34 AUGUST 2001 $327,801.89 SEPTEMBER 2001 $327,801.89 Afotion accept: Axelrood Seconded: I1, sbereg Trustee fate in faror 4-0, V. Bills List A. Skodowski, Puchalski, and Reimer $1420.04 Invoice "4442 Legal Services (disability Hearines-Bednar-Keefe, Kuhlman 14MAY2001 B. Skodowski, Puchalski, and Reimer $754.69 Invoice 1,4538 Lcual Services Disability-Bednar-Keefe copy services 19JUNE2001 C. J. Douglas Van Arsdale, MD 5750.00 exam/history (Bednar-Keefe disability Application. D. Wail and Assocaites 53,352.99 third quarter consulting/advising fees 17JULY2001 E. Skodowski, Puchalski, and Reimer, 52,446.54, invoice 4682 quarterly retainer And Bednar-Keefe disability/Kuhlman V. PPB/Ortho Sport 17JULY01 F. Rockwood Capital Advisors 58,648.62 Management/advisory fees 23JULY2001 G. Southwest Industrial Care. LTD Dr James Ryan $500.00 (Bednar-Keefe Disability) 06AUG20001 H. IPPFA (Illinois Public Pension Funds Association) 5650.00 annual dues 06A1✓G2001 1. Skodowski, Puchalski, and Reimer, 51,492.50 Invoice #4772 Bednar-Keefe Disability, Grossman Vs PPB, Kuhlman Disability 06AUG2001 J. J. Douglas Van Arsdale, AiD 5500.00 (Medical Opinion Bednar-Keefe) 09AUG2001 K. IPPFA (S450.00) Conference Fees for Schoolmaster, Hutton and Stafford. 08SEPT2001 L Linda J. Doering (certified Shorthand reporting) S $1180; transcript and five Copies h1.Wall and associates 53,510.18 2"a quarter advisory fees 070CT2001 N. Skodowski. Puchalski, and Reimer $2,818.75 legal services Invoice "912 Quarterly retainer O. Rockwood Capital Advisors- $8,868.46 3" quarter fees 180CT2001 P. Timothy Schoolmaster -reimbursement for lodging and fees IPPFA conference 5498.56 Q. James Hutton -reimbursement for lodging and fees IPPFA conference 5521.95 jllotion to approve 13ills4clroobnaster Seconded- Iluttan Trustee rote -all infavor 4-0 VI. Application for membership in the fund A. Timothy Vandyke appointed 02SLAY2001 A Lorena Butler, appointed 02MAY2001 C Heidie Bernhardt, appointed 03JULY2001 D. Dennis Davis, appointed 03JULN'2001 F_ Linda Jacob, appointed 03JULY2001 F. Kyle Benoit appointed 20AUG2001 G. Daniel Kooi appointed OSSEPT2001 H. Mario Miller appointed 05SEPT2001 L Jodie hart. appointed 05SEPT2001 J. Michael Triche 12SEPT2001 ""****Discussion between the trustees to accept applications for pension for A. through 1. In reference to the application for J-1fichael Triche, would be left pending further discussion. This is due to the of Off cer Triche and possible violations by the City Of Evanston in his hiring. This will be left pending until such a time as a hearing can be set to discuss this matter. ,llotion to accept:-ALelrood .Second -Schoolmaster. Trustee mute -all in favor 4-0 VII. Resignations A Michael Oracion B. Joseph O'Connell C.Joy Christopher D. Ericka Mercer E. Jose Malave 21MAY2001 S2,846.02 Refunded 05JULY2001 $38,503.51 Refunded 23JLTLY2001 S1,301.45 Refunded 25AUG2001 S4,597.77 Refunded 28AUG2001 Motion to accept resignation figures -Weisberg Second -Hutton Trustee Vote -all in favor 4-0. VIII. Retirements A. Officer Edward Fuhl OIMAY2001 after 26 years of service_ (60,500 X65%9,325 per year/53,277.08 per month. B. Commander Charles Wernick, 02MAY2001, after 29 years of service (86,425 X 72.5 %= $62,658.12 year/ S5,221.51 per month C. Sergeant Robert McCarthy, after 29 years of service S70,459 X 62.5 % + S44,036.87 Year/S3,669.73 per month D. Officer Robert Dziura (duty disability approved 12Jan2001) salary S54,610.74 X 65 %=S35,496.98 per year/ S2,958.08 per month E. Lieutenant Linda Black. to retire effective 06November2001 after 21 years of service 576,950 X52.5%= 540,398.75 per year/53,366.56 per month ;Notion to accept retirement figures -Schoolmaster Seconded -'Weisberg Trustee Vote -all in favor 4-0 IX. Deaths A. Retired Sgt James Colleran died 02JUNE2001 52,441.25 per month goes to widow Donna Colleran B. CIareen Branstrom widow of deceased retired Officer Roger Branstrom died 03OCT2001 S1,000 per month, account now closed. X Financial Report Rockwood Capital Discussion of the current market conditions and the belief that the current down Turn in the market with make a "Y' shaped recovery. X. Financial Report Wall and Associates Dave Wall discussed the current economic conditions and went over the quarter reports of for the investments and returns for The Evanston Police Department Pension investments. Further discussion was made concerning the termination of a Bond and the purchase of another bond that would be suited for pension board. y Ii t o N L (_. is lllotion to accept-Sc11oolnruster .Seconded -Hutton Trustee Vote 4-0 aH in favor Xl. Old Business Discussion of the Labee Annuity this will be tabled for further discussion XII New Business There was no new business XIV. Motion to adjournment --Schoolmaster Seconded -Hutton Trustee Vote all in Favor 4-0. Meeting adjourned 5:I0 P.M. q —.Lprepared by Pension secretary James A. Hutton M INUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR QUARTERLY MEETING 23J ANUARY2002 1. Call to order 4:05 P.M. It. Roll Call: Trustees Present Tim Schoolmaster Jim Hutton Larry Axelrood Mark Weisberg ABSENT Harry Hynds Also Present Bill Stafford from the City Of Evanston and Dave Wall from Wall and Associates III. Reading and approval of Minutes from Meeting 30OCTOBER2001 Motion to accept Schoolmaster Second: Weisberg Reading and approval of minutes voted unanimous by pension trustees IV. Payroll October2001 $343,194.41 November 2001 5331,290.65 December 2001 $331,851.75 January 2001 $Total not yet received from Oak Brook Bank Motion to accept: Axelrood Second: Weisberg Motion passed unanimous by board V. Applications for membership in the fund A. Mario Miller appointed 03October 2001 B. Mario Ayub appointed 03Octobcr 2001 C. Patrick San Roman appointed 1213ccember 2001 D. Jody Wright appointed O;January 2001 E. Eric Trest appointed 09January 2002 F. David Schmitt appointed 09January 2002 Motion to accept: Schoolmaster Second: Axelrood Motion passed: unanimous by board The motion was passed by a unanimous vote by the pension board. Schoolmaster also provided members of the pension board with packets of information from Heil and Heil to review. X. Old Business The on going dispute involving the Labee annuity was discussed and further action will be initiated by Reimer and Associates in an attempt to resolve this issue. XI. New business Schoolmaster discussed the IPPFA Trust account that was held with Bank of America as trustee. They have been terminated at this position. The IPPFA Board of directors voted on. and approved the following change in the management of this account, subject to approval of the shareholders. First Mercantile Trust is the new trustee State Street Bank as the new Asset custodian Sovereign Advisors as the new Investment Manager of the IPPFA Collective Trust account. XII. Adjournment A motion to adjourn was made by Schoolmaster Hutton seconded this motion Motion to adjourn passed unanimously by the board Meeting adjourned at 5:I0 P.M. q,�. James A. Hutton MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR QUARTERLY MEETING 25APR1L2002 I. CALL TO ORDER 4:03 P.M. It. Roll Call Trustees Present: Timothy Schoolmaster President James A. Hutton Secretary Larry Axelrood Harry Hinds Mark Weisberg Ill. Reading and Approval of minutes from Quarterly meeting of 233anuary 2002 Approve as written: ,Motion Schoolmaster Second: Axelrood Vote: Unanimous 1V. Payroll January 2002- $336.505.92 February 2002 5338,269.57 March 2002 S341,800.55 V. Applications for membership in the fund Officer Samuel Bunville appointed 041anuary 2002 Officer Haschi Jaco appointed I8hiarch2002 appointed 18Mareh2002 VI. Resignations Dennis Davis -resigned IOJAN2002 due refund 52,273.42. As of today he has not returned the necessary papemvork for the refund VII. Bills List A. Great Lakes Advisors 1 OMARCH2002 4`s quarter investment advisor fee B. Allegm Printing and Imaging I9NIARCH2002 5139.00(setup and printing costs- 1000pensioner certification cards C. Wall and Associates 19APRIL02 S3,511.37 I" quarter fixed income management fees D. Rockwood Capital Advisors 23ApriC002 511,194,68 1" quarter fixed income management fees VHI. Deaths, Retirements. Etc A. Louis Runge, widow of retired sergeant Herb Runge died 01February2002. $35.71 paid to the estate. Account closed B. Edward Claussen died 18March2002. Surviving spouse Annabelle Claussen will receive S 1,611.82 benefit per month. C. Lieutenant Daniel Mangas retired effective 16February2002 Pension after 31 years of service: 557,712.50 per year, 54,809.37 per month (576,950 x 75%) D. Officer Archicl Oliver III retired effective I6February 2002. 33 years of service pension 547,417.25. E. Officer Douglas Glanz retired effective 16APRIL2002 afler 35 years of service. Pension 547,417.25 per year S3,951.43 per month. (563, 223 X 751,16) F. Officer Donald Pflaumer will retire effective 30APRIL2002. 26 years of service. Pension S3.451.33 per month. (S63 223 X 65 °.c) Eligible to receive pension payments on his 50" birhday, 301UNE2003. A motion was made by Schoolmaster to accept items IV. Thru V11I. Hutton seconded this motion The motion passed by an unanimous vote by the pension board. IX. Financial Report A. David Fall and Associates Dave Wall provided handout on the Evanston Police Pension fund portfolios and summarized the resuhs as of the first quarter of 2002. The following Investment areas were covered by Mr. Wall 1. The total portfolio 2. IPPFAAMET account 3. Bank One 4. Great Lakes 5. Rockwood Capital 6. Large Cap Stocks Small Cap stocks 7. Small Caps stocks and International Stocks Mr. Wall stated that the Evanston Police Pension at this time is overweighed in Small Caps and recommended getting investigating into the international market. After discussion and recommendation on funds a Motion was made by Schoolmaster to invest 5250,000 into Liberty Acorn International Z Fund which has a four star Morningstar Rating and S250.000 into Twccdy Brown Global Value Fund which has a five star rating. Axelrood seconded this motion. This motion passed by a unanimous vote from the board. X. Old Business A. Schoolmaster advised that the on going against the City Of Evanston for funding to the pension board is still in court Judge Jaffee is hearing arguments and a hearing dale has been set for 15JULY2002. B. Still waiting for an administrative hearing on accepting Officer Michael Triche into the pension fund. Xl. New Business A. There will be an upcoming audit by the Illinois Department of Insurance scheduled for dune 2002. B. Timothy schoolmaster has been elected for a I 1 term as President of The Evanston Pension Board. XII. Adjournment A motion to adjourn was made by Hutton alxelrood seconded this Motion This motion was passed unanimously by the Pension Board. At 4.31 P.M. the quarterly meeting by the Eimnston Police Pension board was adjourned. Respectively Submitted, James A. Hutton Secretary Evanston Police Pension Fund Special Meeting Reference Disability Hearing OF - Gail Bednar-Keefe 29MAY2002 Trustees Present: Timothy Schoolmaster President James A. Hutton Secretary Harry Hyndes Attorneys: Rick Reimer Evanston Police Pension Attorney Katz for Gail Bednar-Keefe This special meeting was called to order at 1115. A court stenographer recorded these proceedings The proceeding went off record for a break at 1235 P.M. The proceedings were back on the record at 1245 P.M. At 1:15 P.M. Trustee Axelrood arrived at the hearing. At 1:20 P.M. a motion was made to adjourn by Hutton This motion was seconded by Schoolmaster This motion passed unanimously by the Board Of Trustees Respectively Submitted, J es A. Hutton Secretary EVA,1 STON POLICE PENSION BOARD OF TRUSTI'ESS QUARTERLYAYEETING 29JCL 1'03 L This meviing was called to order at 4:04 P.Nl. by Tim Schoolmaster IL Roll Call: Present: Absent: Tim Schoolmaster Larry AxcbDod James Hutton dark Weisberg Harry Hyrids III. Reading and approval of minutes from meeting held on 25APPJL2002 Motion to accept the minutes: Schoolmaster. Second H} ides Unanimous vote to accept the nunutes IV. Payroll April 2002 $347,563.45 May 2002 5350.890.51 June 2002 5349,599.24 V. Applications for the pension fund'new police officers Kenrieth Carter hired 02JULY2002 Robert Trohcr hired 02JULY2002 .-lotion to accept new applicant by Schoolmaster. Second by Hutton. Unanimous vote to accept nee- members into the pe-tsion fund Vl. Margaret Aranoµski resigned 28APRIL2002 N1itchcll 1laciszak resigned 29APRIL2002 Haschi la:o resigned 19J[; LY2002 VIL Rctrrements A. Michael Shep Retired 16JULY2002 30 years of service with the Evanston Police Department Yearly salary 547-,477.25 X .75= $3,951.43 per month 4r; 3'1 z z B. Sergeant James Stonequist retired 24JULY2002 after 34 Years of Service with the Evanston Police Department salary 573,100 X .75= 554,525 Pension per yearl 54568.75 per month Vlll. Bills List A. Sklodoµ•ski, Puchalski and Reimer Quarterly retainer and Bednar-Keefe disability, video reproduction and transcripts paid 171uly2002 $631.60 B. Wall and Associates Second Quarter consulting and advisory fees 53,507.99 paid 03Ji: LN'2002 C. Sklodoµski, Puchalski, and Reimer legal services rendered, Board of Trustees V. Bednar Keefe disability video tape reproduction SI,422.25 paid 20JU\E2002 D. Great Lakes Advisors, Inc fixed income managem_-nt fees 53,739.29 paid 06JUNE2002 E. FY 2003 annual compliance fee Illinois Department of Insurance paid 53,298.95 F. Rockwood Capital Advisors Fixed Income and Management Fees S 11,546.31 Motion to accept the bills as presented made by Schoolmaster Second by Schoolmaster Second by Hutton Unanimous vote to accept by board. IX. Financial Report A. Dane Wall and Associates Dave Wall of Wall and .Associates presented the quarterly report on the Evanston Police Pension Fund and the returns on our current investments. lit. Wall also prosidcd detailed reports to the trustees on these investments. X. Old Business A. Bednw-Keefe disability pension- We arc awaiting closing arguments at this time from Bednar-Keefe's attorney. When this is done the board can convene and render a decision in reference to this disability hcanng. B. Department of Insurance- Trustee Schoolmaster advised board members that the Department of Insurance had audited the pension fund its retirement payroll and other related items. There were only minor problems detected during the audit and these concerns will be addressed in the near future. C. Trustee Schoolmaster also discussed the Funding Suit that the pension board has brought against the city of Evanston. Trustee Schoolmaster is scheduled for a deposition in this mater and it is hoped that this suit will go to trail in the near future. Xf. New Business: A. 'Mere was no new business XII. Adjournment A motion to adjourn was trade by Trustee Schoolmaster. Second by Trustee Hutton. Unanimous vote by the board to adjourn was made. Meeting adjourned at 4:35 P.M. L tary James A. Hutton :�HNUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR QUARTERLY MEETLNG 300ctober2002 1. Call to order 4:05 P.M. II. Roll Call: Trustees Present Tim Schoolmaster Jim Hutton Mark Weisberg III. Reading and approval of Minutes from Meeting 29July2002 Motion to accept. Weisberg Second: Schoolmaster IV. PayTell July-S351,665.11 August: S358,557.30 September S357,686.68 October S360,886.24 Motion to accept: Axelrood Second: Weisberg V. Application for membership in the fund A. Mario Miller 030ctober 2001 B. Mario Ayub 030ctober 2001 C. Patrick San Roman 12December 2001 D. Jody Wright 03January 2001 E. Eric Trest 09January 2002 F, David Schmitt 09January 2002 Motion to accept: Schoolmaster Second: Hutton VI. Expenses: ABSENT Harry Hynds Larry Axelrood A. Timothy Schoolmaster S472.92. 210ctober 2002 mileage and expenses - Illinois Public Pension Fund Assn. Annual Training conference B. Richard J. Reimer and Associates S1,347.35 070ctober2002 Legal Semices (Bednar-Keefe disability funding suit.) C. Rockwood Capital Advisors S11,963.92 21October2002 fixed income management D. Wall and Associates $3,523.68 070ctober third quarter consulting/ advisory fees E. Tepfer Consulting Group S 1,960.50 01 October2002 actuarial services. Invoice # 12084 F. IPPFAIATC S450.00 13September2002 registration fees, Schoolmaster/Hutton/Stafford-annual training conference G. Richard J. Reimer and associates S 1,143.75 legal services 4`s quarter retainerBednar-Keefe Disability hearinwboard of trustees Vs Evanston H. Great Lakes Advisory $167.90 13SEPT2002 Quarter Fixed Income Manager I. Skodowski Puchalski and Reimer S587.50. 09September2OO2 Legal Services Bednar-Keefe Disability/Board of Trustees V. Evanston Invoice 46445 Motion to Accept Schoolmaster Seconded: Weisberg Motion to accept passed by a unanimous vote from the Board VII. Retirement s/DisabiIities/Death/Applications for Membership and resignations A. Retired Captain Albert Breitzman died 24JULY2002. No survivorslaccount closed.($1,030.00) B. Retired Officer Charles Bartlett died 15September2002. (S1,030.00 per month. Surviving spouse Rosmary Bartlett will receive benefits. C. Sergeant Robert Reid retired 060ctober2002 after 26 years of service. Sergeants salary per appropriation ordinance: 73,257.00 X 65%=S47,617.05 per year/S3,968.08 per month D. Officer Reyna Michael-Trapaga resigned 25SEPTEMBER2002 (hired O1May2002. Contribution refund is being calculated. VM Consultants report Wall and Associates Mr. Dave Wall presented a detailed written and oral report concerning third quarter and year to date returns on the Evanston Police Pension Investments. It was also discussed amongst the trustees to re -balance the money between all fixed income managers to approximately 7 million to 8 million per fixed income manager. A motion to re -balance the money between the fixed income managers was made by Schoolmaster. This was seconded by Weisberg. This motion passed by a unanimous vote from the Board of Trustees. IX. Department of insurance audit discussion. Trustee Schoolmaster discussed the audit that was done by the Illinois Department of Insurance. X.Old/New Business Trustee Schoolmaster discussed the pending funding suit against the City Of Evanston. The last court date was canceled because there was a shortage of court reporters. It has been rescheduled to 14April 2003. X. Adjournment. A motion to adjourn was made by Hutton This was =seconded by Schoolmaster. The Board of Trustees voted unanimously to adjourn. This meeting was adjourned at 4:58 P.M. Vames . Hutton Secretary MINUTES EVANSTON POLICE PENSION BOARD DISABILITY GAiL BEDNAR-KEEPE 11 DEC2002 Call to order by Timothy Schoolmaster 4:10 P.M Trustees Present. Trustees Absent: Timothy Schoolmaster Harry Hinds James A. Hutton Lary Axelrood Mark Weisberg Motion to adjoum to executive session to deliberate over evidence In the Gail Bednar-Keefe disability made by Schoolmaster. Second to the motion made by Weisberg Rog call of votes in favor of motion made by Schoolmaster.- Schoolmaster- aye Axelrood- aye Weisberg -aye Hutton —aye Motion passed unanimous vote of the board Board went into executive session at 4:15 P.M. The Evanston Police Pension Board came out of Executive Session at 4.40 P.M. A motion was made by Hutton to instruct board attorney Richard Reimer to prepare decision and order by the trustees. Weisberg seconded this motion. The motion was then put to a vote: Hutton yes Schoolmaster -yes Axelrood yes Weisberg -yes This motion opposed by a unanimous vote from the board of trustees. Timothy Schoolmaster advised the board of some upcoming issues that the board will be addressing in the future: Funding Suit against the City of Evanston is scheduled for trial on 14Apri12003 Sergeant Jan Sowa is being paid through the City of Evanston and not yet eligible for a disability hearing or pension. This status will last for approximately ten more months. At that time it is assumed that Sergeant Jan Sowa will be seeking an on the job disability. The Evanston Police Department has terminated Bob Solava. He has applied for a disability pension. The board will need to set up a date for a hearing in reference to Officer Mike Triche to determine whether he is eligible to be a member of the Evanston Police Pension Board. Trustee Schoolmaster is also researching the fact that retirees are paying more for medical insurance than they should through the City Of Evanston. There will be future updates on this matter. Motion to Adjourn was made by Hutton. This motion was seconded by Schoolmaster. This meeting was adjourned at 5:15 P.M. James A. Hutton Secretary EXECUTIVE SESSION MINUTES EVANSTON POLICE PENSION BOARD DISABILITY GAIL BEDNAR-KEEFE 11 DEC2002 At 4:15 P.M. the Executive Board of the Evanston Police Pension fund went into executive session. The board discussed evidence that trustees had previously reviewed individually. The board Attorney Richard Reimer was instructed to prepare decision and order by the trustees. The Executive Board went out of Executive session at 4:40 P.M. d'a/mes A. Hutton Secretary MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR QUARTERLY MEETING 30JAINUARY2003 I. Call to order 4:10 P.M. II. Roll Call: Trustees Present Tim Schoolmaster Jim Hutton Larry Axelrood Harry Hinds Also present was Dave Wall From Wall and Associates ABSENT Mark Weisberg III. Reading and approval of Minutes from Meeting 300ctober2002 Motion to accept Schoolmaster Second: Axelrood Motion passed unanimously by the Board Of Trustees IV. Reading and approval of minutes from Special Meeting for disability of Gail Bodnar -Keefe. Motion to accept Schoolmaster Second: Axelrood Motion passed unanimously by the Board Of Trustees V. Payroll October 2002 S360,886.75 November 2002 S364,506.64 December 2002 S367.205.86 January 2003 S380,577.82 Motion to accept Hutton Second Schoolmaster Motion passed unanimously by the Board Of Trustees VI. Application to membership of the fund A. Officer Gil Le,-y 21August2002 B. Officer Maurice Po«ell 21 Aueust2002 C. Officer Correy McCray 31 December2002 D. Officer John Haase 31 Dember2002 E. Michael Cameron 31 December2002 F. Thomas Cortaine 31 Decber2002 Motion to accept Schoolmaster Second: Axelrood Motion passed unanimously by the Board Of Trustees VII, Expenses A. 143anuary2002 Midwest Center for Environmental Medicine WE Report Officer Mark Shydlowski $495.00 B. 14January2002 William C. Malik MD, Independent Medical Exam for Mark Shydlowski, S590.00 C. 07January2002 Wall and Associates 4'h quarter Consulting and advising fees $3,521.43 D. 03January2002 Richard J. Reimer and Associates LLC Legal services file 2091Bednar-Keefe disability, Solava Disability/Shvdlowski Disability/Sowa disability/Moran Disability $1062.15 E. 19December2002 Richard J. Reimer and Associates. LLC/Professional Legal Services 87CH8084 9 (pre -trail preparation) Sowa disability/Shydlowski disability/quarter retainer January March2003, invoice 6796 S7,277.50 F. I9December2002 Great Lakes Advisors/Fixed Income Advisory Fees P quarter 2002 S3,900.49 G. 19December20021Tepfer Consulting Group, LTD Professional Services/Evanston Police Pension Fund v. City Of Evanston invoice #12187, $1,548.00 H. 19December2002 Richard J. Reimer and Associates/Professional Legal Services 87CH8084/Sowa Disability/Shydlowski disability Invoice '"6729 $909.53 1. 04November2002 Trustee James A. Hutton. Reimbursement hotel and mileage Annual Training Conference -Illinois Public Pension Fund Association October 15-18 2002 S358.09 Motion to accept Schoolmaster Second: Axelrood Motion passed unanimously by the Board Of Trustees VIII. Retirements�Disabilities/Death/Applications for memberships and Disabilities A. Leonard Helsema Retired after 36 Years Of Service, 08November2002 Salary S62,223 x 75 % = S46,667. 25 per year, $3,888.93 per month B. John Woodward retire after 27 Years of Service Yearly salary S63,223 X 67.5= S42,67552 per year/ S3,556.29 per month Motion to accept: Schoolmaster Second: Hutton Motion passed unanimously by the Board Of Trustees M. Consultants report Wall And Associates: Mr. David Wall MI. Department of Insurance- Payroll correction: A. Retired Police Officer Ron Grinnell is owed back payments of $69,913. He has elected to take these payments spread out over the next two years. 2003 payments- Monthly $5,425.17 (52,913.04 + 2412.13) 2004 payments S5,500.53 (2913+$2,587.49) 2005 payments will be reverted back to $2,665.11, which will include a 3% increase for January 2005 Motion to accept: Schoolmaster Second: Hutton Motion passed unanimously by the Board Of Trustees M. Old and New Business A. Michael Triche status of application for pension : Schoolmaster related that at this time he is awaiting for a response and a hearing to determine whether Officer Michael Triche was hired against current state laws B. Schoolmaster advised the Board of Trustees that the funding suit against the City Of Evanston by The Evanston Police Pension Board is set for trial on MApri12003. C. Mark Shydlowski disability hearing. A hearing was held in reference to the non -duty disability of Officer Mark Shydlowski Officer Shydlowski has waived his right to be present at this meeting. He has seen three doctors and the doctors have determined that Mark Shydlowski is disabled due to injuries sustained in a motorcycle accident. After reviewing doctor reports and the circumstances of this disability application a motion was made by schoolmaster to accept --this non -duty disability application at 501:o retroactive to 23January2003. Axelrood seconded this motion Motion passed unanimously by the Board Of Trustees XIV. A motion %vas made to adjourn this meeting by Hutton Schoolmaster seconded this motion. Motion passed unanimously by the Board Of Trustees This quarterly meeting was adjourned at 4;25 P.M. liammA. Hutton Secretary - MINUTES EVANSTON POLICE PENSION FUND REGULAR Q UA R TERL Y MEETING 23APRIL03 1. Call To Order 4:10 P.M. Il. Roil Call of Trustees Present: Absent: Timothy Schoolmaster Ham Hynds James Hutton Mark Weisberg Lam Axclmod III. Reading and approval of minutcs from quarterly meeting held on 301anuary2003 Motion to approval: Lam• Axelmod Second to the Motion -Schoolmaster Motion passed on a unanimoes vote 1V. Payroll January -Approved on the Januan• meeting Fcbruary 2003 - 5383.460.04 March 2003 - $383.301.84 April 2003 Not available for this meeting V Application to membership to the fund: The below applications were approtird during the January gi:artcnh meeting A. John Hamsc Hircd 31 December 2002 H. Michael Camcron Hired 31 December 2002 C. Thomas Curtain Hired 31 Dcccmber 2002 D. Corcy hicCray Hircd 31Dcccmbcr 2002 V. Resignations A. Enrique Motales resigned on I lMarch2003 after 15 ►•cars of ser%ice. Nforalcs is entitled to a pension ishen he reaches the age of (60) &xv. His pension wilt be computed as follows: 17 Years X .025 = 37.501% of his salan• at the time of his resignation. His salan• at that time was 563.220. This %►ill give .Morales an annual pension of 523,707.50. (Pcr Ycar) B. Sgi Allan Hollander resigned on 1 IMARCH2O03 after 17 }cars of scniec. He is entitled to The same pension as computed above for Morales. His figures for his pension Kill be as folio;%s ,Lt hcn he attains tht age of (60) sixty. 17Ycars X .025 = 42.5 % of his salan- of 573.280. This will give Hollander an annual pension of 531.144. (Per Year) C. Robert Troher is ho resigned on 27Novcmber 2002 has been sent a refund check for his Pension contributions. The refund was in the amount of SI,452.80 'Recheck was from Oak Brook bank. Check number 02173 dated 1917ebruarv2003 D. Rvan Lambeseder who resigned f 3December2002 has born sent a refund chock for his Contributions. The refund was in the amount of 516.668. The check is from Oak Brook Bank. The check number is 021074 dated 19 Februan•2002 V1. Deaths A. Terresa Dillo Miller wido%% of reared police Lieutenant William Miller passed away on On 02 February 2002. She was 90 Fears of Age. In addition her daughter sent a note to Trustee Hutton thanking the pension board for all the years that he mother received a pension cheek and how important the perston was to her mother. VII. Retirements A. Police Officer Ed%%ard Steinhoff retired. on NApri12002. alter 30 rears of scr►icc with the E%2nston Police Department . His pension will be as follows: E3c is entitled to 75°16 of his salary at retirement, which nus S6 :220.00. Officer Steinhoffs pension will be S42,675.52 per year. This comes out to S3556.29 per month. Officer Steinhoff will also retire a 14.49°/u increase to his pension w hen he reached 55 years of age. B, Sergeant Leon Mitchell retired from the E►•anston Police Department on 20Apri12003 after 23 Ycars of Scr%icc_ Sgt Mitchell's salary at the time of retirement is S75,767.00. His pension ►+ill be S43.566.02 per y ear. S3.630.50 per month. The prorated amount for his April pension ►+ill be Sl.21D.16. {ten days? VUL Expenses A. 04Fcbuar%-2003 Rockwood Capital Fixed Income and management Fecs S10,847.33 B. 04Fcbuarv2003 Chicago Orthopedic Associates S.C. IMMc%icw x-rays Mark Shy-dlowski disability application C. 25Ntarch03 Great Lakes Ad►isors Investment Ad►isor Fees Fixed Income 42' quarter 2002 S4,11671 D. I8h'farchW Doctor William 1►UU reference Janice So%%a disabilit►• $550.00 E. 3Apn12003 Rehabilitation Medical Clinic IMF Dr. C. Reger exam Janice Sowa S500.00 F. 3Apri103 Wall and Associates Consulting/Ad►isory Fees I" Quarter 2003 S3,571.53 G. 3ApriI03 Richard J. Reimer & Associates LLC Lcgal Services rendered ie, Bednar-Keefe Disability, rctaincr for Shydlowski disability/Solana Disability/So%►a Disability Charles Moran Disability $3715.40 H. 17ApriI2003 Rockwwod Capital fixed mcomc managcment/ad►isory fees $7,739.97. A motion was made to accept items V. «. V11 and VIII by Axelrood Schoolrnastcr seconded this motion The Motion passed by a unanimous rote of the board DC. Update from Trustee Schoolmaster on the funding law suit against the City Of E+wwon X Consultants Report from Wall And Associates: Mr. Dave Wall A discussion of investments ++cre made by the board of trusters and Dave Wall Schoolmaster made a motion to 1 MiIlion dollars from the IMEf Fund t Million from the IPPFA Group Trust. Thcsc funds ►+ould then be placed into the following funds at the listed percentages 80% in the Weighted Vanguard 500, 10 °o into the Harbor Fund and 1(& in both the GMO and Dodge and Cox Stock Fund Axelrood seconded This motion and the motion passed by the board. Another Motion was made by Schoolmaster to sell the Abbott fund and invest that money into the Bjurman. Barry NlicroCP Group M. Old and Ncv+- Hasincss A_ Mike Trichcs status of application for pension_ Officer Michael Tricks application to the pension fund %ias discussed. The City of Evanston hired him and thete were some questions by the board as to whether he it -as hired contrary to the age restriction set my the State Of Illinois. The board determined that in the best interest of the fund and to address the trustee's fiduciary responsibility a hearing will be held in this matter. A special court reported hcaring was subsequently held on 161USE2003. After hearing testimony Officer Michael Triche was accepted into the Evanston Police Pension by an unanimous votc from the board MI. Adjournment : A motion was made by Hutton to adjourn this meeting. This motion was seconded by Schoolmaster and passed by a unanimous voter of the board. This meeting was adjourned at 5:10 P.M. Q- James 4 Hutton Socretary. MINUTES EVANSTON POLICE DEPARTMENT PENSION FUND QUARTELERY MEETING 28JULY2003 I. This meeting was called to order at 8:10 A.M. II. ROLL CALLOF TRUSTTES Present: Tim Schoolmaster Absent: James Hutton Larry Axelrood Mark Weisberg Harry Hinds III. READING AND APPROVALOF MINUTES FROM MEETING 23APRIL2003 Motion was made by Schoolmaster to accept the minutes from the quarterly meeting from 23Aprii12003. A second was made by Weisberg. This motion passed by a unanimous vote of the trustees present. IV. PAYROLL A. APRIL PAYROLL S386,989.67 B. MAY PAYROLL S390,691.48 C. JUNE PAYROLL S388.493.41 V. Applications to the fund Anna Ostap 03June2003 Brian Bartz 03June2003 Michael Yorty 07May2003 Scott Sophier 07May2003 Paula Murphy 07May2003 A motion was made by Hutton to accept these police pension applicants. This motion was seconded by Schoolmaster. This motion passed by an unanimous vote by the present police trustees. VI. Retirements/deaths/ resignations A. Donald Pf]aumer %vho retired last year prior to reaching 50YOA turned 50 on 30JUNE03 His pension will be S3,424.57 B. Retired Police Officer Joseph Mullman passed away OIJune2003 the account is closed. His son is Ray Mullman 1251 Williamsburg Schaumberg, Illinois (847)-923-07I4 C. Officer Michael Hackett resigned from the Evanston Police Department after seven years of service. He has approximately $35,000 he contributed to the Evanston Police Pension fund. The necessary paper work for a refund has been sent to him. When the exact amount of the refund is determined this will be included during the next quarterly meeting. VII. BILLS A. 28MAY2003 PHEASEANT RUN REIMBURSMENT IPPFA SEMINAR for lodging and mileage SI14.89 PAYABLE TO Trustee James Hutton B. IOJULY2003 ROCKWOOD CAPITAL ADVISORS FIXED INCOME MANAGEMENT $7812. l 3 for the second quarter 2003 C. 27MAY2003 RICHARD REIMER AND ASSOCIATES LEGAL SERVICES DISABILITIES FOR SOLAVA, SOWA AND MORAN $2,087.56 D. 27MAY2003 NORTHWESTERN ORTHOPAEDIC ASSOCIATION/ REFEREMCE ROBERT SOLAVA BY DR. MILGRAM $926.00 E. 17 APRIL2003 ROCKWOOD CAPITAL ADVIORS FIXED INCOMEMANAGEMENT FEES S7,739.97 for the first quarter 2003 F. 17July2003 Richard Harris MD reference Robert Solava Disability S2,310 G. 17APRIL2003 RICHARD REIMER AD ASSOCIATES REFERENCE LEGAL EXPEMNESES FOR OFFICER MICAHEL TRICHE, ROBERT SOLAVA, DOUGLAS GLANZ, JAN SOWA AND THE Evanston police Board Of Trustees VS The city of Evanston, 87CH8084. For the second quarter 2003 $3,212.89 H. Richard Reimer and associates 3rd quarter retainer and Exam of Chuck Moran and Robert Solava disabilities S1,160.84 I. 3July2003 JoAnn Hamann Daleo Court reporter for the Michael Trich Hearing $410.00 J. 7Ju1y2003 Tepfer Consulting Group LTD Expert witness consulting and actuarial services $2,287.10 K. 7July2003 Great Lakes Advisors INC 1' quarter fixed income management $5,164.46 L. 7july2003 Wall and Associates 2nd quarter S3,531.07 M. 27may2003 Department of Insurance state of Illinois annual compliance S3,298.95 A motion was made by Schoolmaster to accept these bills and expenses. A second to this motion was made Weisberg. This motion passed by an unanimous vote by the board of trustees VHI. Old and New Business a. Michael Triche has been accepted as a member of the police pension after a special hearing was held on 16JI.JNE2003. b. Funding suit up date by Trustee Schoolmaster. This funding suit against the City Of Evanston by the Evanston Police Pension Fund was heard in court on 30June2003. OlJu1N-2003 and 03Ju1y2003 in front of Judge Jaffe. A court decision is pending at this time c. Upcoming retirement. Sergeant Timothy Schoolmaster will be retiring from the Evanston Police Department after over 30 Years of service to the Evanston Police Department. In addition to his thirty years of service Sergeant Schoolmaster has dedicated himself and his time, as a trustee to the Evanston Police Pension Fund since 1982 IX. Financial Advisor Dave Wall of Wall and Associates outlined our total portfolio and performance of each of our investments. Mr. Wall also provided all trustees with packets containing all our investments and their performances. A. It was discussed to make additional investments as recommended by Mr. Wall. It was recommended that the pension board rebalance the DFA Small Cap fund to 50% weighted. The this amount would then be invested in Brown Capital Management small cap. Schoolmaster made a motion to make this recommended change in the Evanston Police pension investments. This motion was seconded by Hutton and this motion passed by an unanimous vote of the trustees X. A motion was made Schoolmaster to direct Dave Stafford to Instruct the City Actuary that he is a f ducian, of the Evanston Police Pension Fund. This motion was seconded b_v Hutton. This motion passed by an unanimous rote. XI. Trustee Schoolmaster also advised the board that Dequence Marbury who was terminated on NNovember1997 was given a refund of his pension contributions. This refund was sent on 04June2003 and the amount was S1,600.90. XH. A MOTION WAS MADE BY Schoolmaster to adjourn this quarterly meeting a second was made by Hutton. This motion passed by an unanimous vote of the trustees. This meeting was adjourned at 9:00 A.M. qJameA. Hutton Secretary MINUTES EVANSTON POLICE DEPARTMENT PENSION FUND QUARTELERY MEETING 290CTOBER2003 I. CALL TO ORDER -This meeting was called to order at 4:00 P.M. n. ROLL CALLOF TRUSTEES: Present: Absent: Timothy Schoolmaster Harry Hynds James A. Hutton Mark Weisberg Larry Axelrood Also present was Financial Advisor Dave Wall from Wall and Associates and III. READING AND APPROVAL OF MINUTES FROM MEETING 28JULY2003 A motion was made by Schoolmaster to accept these minutes. Axelrood seconded this motion and the motion passed by a unanimous vote by the board. IV. PAYROLL A. JULY PAYROLL B. AUGUST PAYROLL $395,439.01 C. SEPTEMBER PAYROLL S$395,59I.77 V. Applications to the fund A. Kevin Jacobs appointed 03 September 2003 B. Tim Messing appointed 03September2003 C. Cowie Svendsen appointed 03September2003 D. Robert Pickrell appointed 03September2003 E. Kevin Campbell appointed 03September2003 F. Cam Zhu 020ctober2003 G. G. Ted Scheinbein 020ctober2003 H. Melissa Sacluti 020ctober2003 I. Rosaura Piedra 020ctober2003 VI. Retirements/deaths/ resignations A. Sergeant Janice Sowa was granted a duty disability on 23September2003 retroactive to 03July2003. SaIarary:73,975.00 x 65°o equals a disability pension of 548,083.75 per year/54,006.97 per month. This pension may be subject to workers compensation offset at a later time. This payment may not be subject to Federal Income Tax withholding. Retroactive payment due from 03July2003 forward. 53,748.45 for 29 days in July, 54,006.97 for August, 54006.97 for September total owed is S 11,762.39 plus October's payment of 54,006.97. B. Sergeant Timothy Schoolmaster retired after 30 plus years of service on 01 August2003 Salary His salary is S75,770 X .75% (30 years) 556,827.50 per year; $4,735.62 per month. Prorated for 30days of August: S4582,86, return to S4,735.62 in September. C. Officer Patrick Lenart retired on 240ctober2003 after over 32 Years of service. His salary is 575,770 X .75% (30 years) 556,827.50 per year; $4,735.62 per month. He «71l also receive 7 days of pension for the month of October at a rate of S 152.76 per day, which equals S 1,069.32. D. Marie Rice died 25July2003. Account closed. Informant is daughter Linda Salter (630) 759-5558. E. 29August2003 Josephine Dolinski resigned was sent a check on 26Sept2003 for pension contributions of $28, 143.53 F. Officer Mitchell Maciszak who resigned from the Evanston Police Department on 02April2003 was sent a refund of his pension contributions on 26September2003 in the mount of 524,005.67 G. Officer John T. Hasse resigned from the police department on 30July2003. He was sent a refund of his pension contributions on 22August2003 in the amount of S2,535.54. VII. BILLS A. 120ctober2003 S423.04 payable to James Hutton Reimbursement/Expenses IPPFA training Conference October 7` ] O'h. Meal Lodging, mileage. B. Wall and Associates 120ctober2003 3"' quarter consulting/advisory fees. S3,674.50 C. Rockwood Capital Advisors, 3 d quarter fixed income management fees, S7,848.45 D. 22august2003 William C. Malik MD over due bill from 19September2000 for disability application of Robert Dzuira S450.00 E. 15August2003 Illinois Public Pension Fund Assn. (IPPFA) annual dues S750.00 F. 29August2003 IPPFA Fee for training; conference $150.00 G. Consulting Group LTD Expert witness consulting and actuarial services S2,287.10 H. 290ctober2003 Richard Reimer and Associates LLC Disability applications: Sgt Sowa/Officer Glanz Officer Solava $2,993.59 I. 28October2003 290ctober2003 Richard Reimer and Associates LLC 87CH8084 Board of City of Evanston quarterly retainer/Disability applications for Glanz/Solava/Bednar-Keefe S7,394.89 J. Great Lakes Advisors Inc 2" d quarter fixed income management fees S5,280.86 K. Bank One 3`d quarter fixed income management fee S6,052.19 A motion was made by Schoolmaster to accept items IV. Payroll, Item V. Applications to the fund and item VII. Bills. Hutton seconded this motion and this motion passed by an unanimous vote by the board. VIII. Financial Advisor Dave Wall of Wall and Associates Outlined our total portfolio and performance of each of our investments. Mr. Wall also provided all trustees with packets containing all our investments and their performance through the third quarter of this year. Dave Wall suggested that we sell $300,000 dollars of our GMO Mutual Fund and invest in the Dodge and Cox Mutual fund. It is Mr. Wall's expert opinion that the Dodge and Cox fund will be a better investment vehicle for this pension fund. Schoolmaster made a motion to approve this transfer of funds. This was seconded by Hutton and passed by an unanimous vote from the board. Mr. Wall also advised the trustees that it will be important to set a quantity of time at the next trustee meeting to go over and examine our investments so we are properly invested during the next calendar year. IX. Old and New Business a. Funding suit up date by Trustee Schoolmaster. Schoolmaster advised that we are still awaiting a decision by the court on our funding suit against the City Of Evanston b. Schoolmaster also advised that the trustees have been dropped as individuals on the Bednar-Keefe disability suit. X. Adjournment- this meeting was adjourned at 4:45 P.M. James A. Hutton Secretary .AGENDA EVANSTON POLICE PENSION FUND REGULAR QU.ARTERL Y MEETING 29JANUAR Y2004 I. Call To Carder --this meeting was called to order at 105 P.M. 11. Roll Cali of Truszccs Tim Schoolmaster James Hurton Larry A.eclrood Haan Hands Mark Wctsbcrc Also in attcndar= Aas Police Officer Jeff Jarnraz Sill Stafford i►rth Lh.- City Of Evanston Dane Wall fimn.-tal consultant. Ill. Reading and approval of minutes from quarterly meeting held on 300ctober2003 Motion to accept Schoolmaster Seconded by A\clrood Motion passed on a unanimous note by the trttstees 1V. Pavroll _ October 2003 S412.293.66 Novcmbcr2003 S405„650.73 December 2003 S 408,600.47 V Application to membership to the fund There were no applications VI Resignations A. Marco Agub resigned from the police Department on 150ct2003 µas sent a refund chock on 23 Dcccrr bcr2003 in the amount of S7,698.18 B. John Roe resigned from the Police Department on 06Novcmbcr2004 %ias sent a refund chock of his pension contributions on 21 Novembcr2003 in the amount of 519,023.77 VIl Deaths A. Retired Deputy Chief James Gillespie passed away on I IDccember2003. His account has ban closed. He married his current spouse after he retired. She is not entitled to any benefits.. B. Edna Gunnerson itifc of retired police officer Edward Gunnerson passed away on 18Januan-2004. She %vas recciv7ng a pension of S1000.00 a month. That comes out to S32.25 per day. Her estate was scru a cltcck for S580 fief. Account Closed Vlll. Retirements A. Police Officer Rcinaldo J. Rebollar retired 17Dcccmbcr2003. He had 24 %=rs and 4 months of service to the Evanston Police Deparirnent. His pension is cafculatcd as follows: Years of scnicc equals 6(r/a of his salary tthich etas $65,372 X 60%= S39.W-20 Annually and S3.268.60 monthly. B. IX. Expenses A. Richard J. Reimer & Associates LLC Legal Senices rendered i.e. January through March retainer. disability Robert Solava. disability of Peter Gonzalez Guerra and disability of D. Bradley Glantz S1.119.43 14December2003 B. Great Lakcs Adhisors In%cstment Advisor Fees Fixed Income 3rd quarter 2003S3,338.61 1 4December2003 X. A motion was made by Schoolmaster to accept items IV. Through LX. Hutton seconded the motion. This motion passed by an unanimous rote of the trustees Update from Trustee Schoolmaster on the funding lawsuit against the City Of Evanston. We arc still awaiting a ruling from the Judge in this case. M. Consultants Report from Wall And Associates: Mr. Dave Wall Dave' Wall discussed current market conditions and the performance of our portfolio. After much discussion a motion was made by Mdrood to sell the IMET fund and take One million dollars form the Bank One fund. The proceeds from this approximately- 2.2 Million dollars would then be divided equally bctw cen the Harbor !Mutual Fund and the Dodge and Cox Mutual Fund. Motion to accept was made by Axel rood Hutton seconded this motion This motion Passed by a unanimous vote by the board. Mi. Old and New Business A. Tax Levy there has been a 22% increase in the tax Ietiy B. Bank One marketing letter- Bank One requested that they use the Etianston Police Pension board as part of their advertising. The letter indicated that if they did not hear back from the board that they w ould "assume" that it was OK. Trustee Schoolmaster fond this wording disturbing as did the board. A letter was going to be sent to Bank One indicating our displeasure in this matter. C. Wolf Popper agrecmeni-this item was discussed in Iength. This +could be an authorization to look at three .cars of our mutual funds and monitor their actiity. The purpose of this is to have our funds securities portfolios monitored for potential l:pJ claims if arty wrongdoing is uncovered. A motion was made by Hutton to accept this agreement Hynds seconded this motion. This motion passed by a unanimous vote of the board. D. State Street Rcit. Schoolmaster indicated that there has been no movement at this time. E. Schoolmaster presented the board with several new stationary designs with a new seal. He indicated that this has not been done since the 1930's.. The board picked out a new stationary design. MI. Adjournment- this meeting was adjourned at 4:20 PM qez,;n,,3 ✓ cc" MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES APRIL QUARTERLY MEETING 29APRIL04 This quarterly meeting was called to order at 4:05 P.M. Trustees Present: Trustee Absent Tim Schoolmaster Larry Axelrood James Hutton Mark Weisberg Jeff Jamraz Also present were Financial Advisor Dave Wall of Wall and Associates Bill Stafford, Finance Director, and Ron Charma, Investment Analyst, of the City Of Evanston Trustee Hutton requested a motion that the reading of the minutes from the fast quarterly meeting be suspended until the Quarterly meeting in July. Trustee Hutton has been attending a Ten Week school at Northwestern University and the minutes were unavailable for today's meeting. This motion was seconded by Schoolmaster and the motion passed by a unanimous vote and dispense the reading of the minutes to the July Quarterly meeting. Discussion on a possible appeal for the funding law suit of the Evanston Police Pension Board of Trustees N' City Of Evanston et a] 87CH8485 was discussed. After much discussion a motion was made by Trustee Weisberg to appeal the ruling of this suit. This motion was seconded by Hutton. This motion passed by a unanimous vote by the trustees. Bill Stafford gave a treasury report on funding for the pension payroll. Stafford stated that funding for the payroll will run short in July or August. He stated the reason for this is that the county is not collecting the taxes owed to the cities pension until December. He suggested fixed income, I Millions Dollars from Great Lakes, be put into the General Fund by 31JULY04. Stafford stated that this will be needed to cover the 1.6 Million that will be required through December. Trustee Hutton made a motion to make this fund transfer and this was seconded by Weisberg. This motion passed by a unanimous vote by the trustless. President Schoolmaster advised the board that Richard A. Guess age 104, died I4JULY04. He started collecting his disability pension in 1930. There are no survivors. His account was $1,709.97 per month. The account has been closed and prorated for 14 days in April. The following are a list of new police officers that have filed applications to be members of the pension fund. Otha Brooks 07April04 Fernando Gomez 07Apri104 Francesca Henderson 07April04 Jeffrey Slabas 07Apri104 David Cepiel 14Apri104 Myesha Wright 14April04 A motion to accept these officers' applications to the pension fund was made by President Schoolmaster. This motion was seconded by Trustee Hutton and this motion passed by a unanimous vote of the board. The board was advised that Timothy Sullivan resigned as a police Officer on 02April04. He was sworn in on 04April0l . Trustee Hutton has sent his refund paperwork to his residence. The following is a list of retirements since the last quarterly meeting: Officer Fredrick Wharton, effective 08April04 after 20 years of service Salary 567, 600x 50%= $33, 800 per year/52,816.66 per month Officer William Bloomstrand effective April 14 2004 after 28 years of service Salary $67,600 X 70 % _ $47,320 per year/53,943.33 per month Sergeant Robert Stringer, effective 17Apri104 after 20 years of service Salary 78,416.00 X 50 % = $39,208 per year/ 53,267.33 per month The following is a lit of bills that were paid during the last quarter: A. ENH Omega $1,170.00 14ApriI04. Independent Medical Exam Peter Gonzalez Guerra Disability B. Richard J. Reimer and Associates 14Apri104 $2,313.11. Disability matters Glanz, Gonzalez -Guerra, City Manager Meeting. C. Great Lakes Advisors 14Apri104 $5,352,47 4 h quarter 2003 fixed income management D. Wall and Associates 14April04 53,769.75 14 quarter 2004 financial consulting/ advisory. E. Mary Ellen Kusibab Ltd. 31 March04 certified shorthand court reporting; Jan Sawa disability hearing S404.85 23September2003 F. Wall and Associates 01,%iarch04 53.6?.4 66 4" quarter 2003 consulting and ad,,7sorv. G. INSPE Associates 26Febuary2004 57.366 00 Medical Exam Dr. Obolskv; Solava Disability H. Arts and Letters, Ltd 18!✓ebruar}12004 5715 00 Design work -Pension Seal, letterhead, envelopes and printing I. Rockwood Capital Advisors I SFebruary2004 57,901.83 4 h Quarter 2003 Fixed Income Manaeement J. Richard J. Reimer and Associates I SFevruary2004 54,426.64. Disability files/legal matters, Bednar-Keefe disability/Glanz Disability/Solava Disability/Gonzaez-Guerra Disability Payroll February 2004 5410,964. IS March 2004 $420,307.45 A Motion was made by President Schoolmaster to accept the payment of these bills. And the February and March Payroll. This Motion was seconded by Weisberg and the motion passed on a unanimous vote by the board. Financial Report Dave Wall and Associates Please see quarterly financial report for performance of funds. The board discussed investing in REIT Funds. A motion was made Weisberg to set up accounts for future investing in The IPPFA Reit FUND and Tuckerman Fund. President Schoolmaster abstained from voting. Hutton Seconded the motion and the motion passed by a unanimous vote. In addition a motion was made to set up a Schwab account to invest in the Phonix fund. A motion was made by Trustee Hutton to set this account up seconded by Weisberg. The motion passed by a unanimous vote by the Trustees. Dave Wail also presented a Statement of Investment policy, Objectives and guidelines. It was read by the board and some changes were decided to be made. One of those changes was that a Money Manager -will be held to the prudent expert standard . In addition, Money Managers will be required to notify the board in writing, when there is any major changes in economic outlook, investment strategy, or other factors, which affect implementation of their investment process, or the investment objective of the Plan. These requested changes were noted by ,%Ir. Wall and will be incorporated in the Investment policy. A motion was made by Trustee Hutton to adjourn this meeting This motion was seconded by Schoolmaster. The motion to adjourn passed with a unanimous vote. The meeting was adjourned at 5:05 P.M. MINUTES EVANSTON POLICE PENSION FUND REGULAR Q UA R TERL Y MEETING 20JUL Y2004 I. Call To Order 4:15 Ptit H. Roll Call of Trustees Trustees Present: Also Present Sim Schoolmaster Bill Stafford lames Hutton Ron Charm Jeff Jamraz Ian• Axcimod Mark Weisberg 1II. Reading and approval of mnnwes from quancriy meeting held on Motion to accept made by Weisberg. This motion was seconded by Axelrood. The motion to accept the reading of the mutt ics passed with a unanimous vote. W. Payroll April 20t34 5418,253 95 Mm 2004 $421.695.W June 2004 S425,679.1i9 V. Applications to the fund Tama Nobel 20Ma%2044 A motion was made by ArriroW to defer the acceptance of Offtccr Nobcls application because of The age of the applicant io determine if the officer was lured in violation of any pension laws. Mis motion was made by A.clrood and seconded by Hutton. This motion passed with a unanimous tote from the trusices Vl. Resignations- -here ►►err no resignations V11. Rctimmcnis Officer John Mulholland DOB 26JUL.Y04 retired 13May04 after 24 years of senict. Pension starts on 26July2Oi14 his 50 [h birthday. Salary 567,600 X 62.5% = $42,250,00 per ytar/53,520.83 Pcr month Prorated 6 days in July $681.45. Rcturn to 53,520.83 in August Deputy Chief Michael Pem- retired IOJIJNE2004 after 32 years of sen7cc. Salary 595,616.00 X 73% = 571.712 per y carlS5.976 00 per month. Prorated for 20 days of June, 53.984.00 V111. Draft William [amberdin passed away 131uly2004 in Phoenix, Arizona No eligible sunnrors. Check for first 13 days sent to the orate, IX. Expanses a. 191u1+04 Richard J. Reimer and Associates Legal Seniccs Disability files: Glans Bednar- Keefe. Solava S2.082.85 13. 191uI%04 Great Lakes Adiisors Island 2'id qunricr fried income management rocs S10,848.26 C. Wall and Associates 2'' quaner consultinglfrnancial advisory fees S3.798.37 D. 19Jul%2004 IPPFA Annual Membership dues S750.00 E. 19July2004 Rockwood Capital Advisors I" and 2" quarter fixed income management fees, 15,9(�.72 F. 7July44 IPPFA Trustee Ccrdfication Program Tuition books for Trustee Jamraz S575.00 G. 21NlAY2004 William C. Malsk M D $450.00 Disability exam Peter GorvAcL-Gucrra H. 21Mav2004 Illinois Department of Insurance compliance fee S8,000 A motion was made by Schoolmaster to aucpt items IV. Expenses, item VII. Retirements, item VIII Deaths, and item IX ciperucs. This motion passed by a unanimous vote of the trustees. X. Update from Trustee Schoolmaster on the funding law suit against the City Of Evansion XI. Consultants Report from Wall and Associates: Mr. Davc Wall was unable to attend this quarterly meeting. However. Mr. Wall sent out copies of our investment portfolio and each trustee had the opportunity to vices the portfolio. XII. Old and New Business Disabilities still pending Gail Bodnar -Keefe is still pending in court Robert Solava is still awaiting a hearing date Doug Glary is still awaiting a hearing date XJII. Ron Chamta and Bill Stafford addressed money in the pension fund and expenses for retirement pension. Nit. CJtarrna stated that he expected 1.8 Million dollars from tares receipts will be put into the fund and projected a cash flow shortage over the year of 1.6 Million to 1.7 MiIlion dollars. The board discussed this matter and it was decided that S900.000 would be transferred from Great Lakes Fixed income to the general pension fund )III. Adjournment: A motion was made by Hutton to adjourn this meeting. This motion was seconded Weisberg. This motion passed by a unanimous vote of the t=ccs. This meeting -was adjourned at 5:00 PM MINUTES EVANSTON POLICE DEPARTMENT PENSION FUND QUARTELERY MEETING 29 October 2004 I. CALL TO ORDER: This quarterly meeting of the Evanston Police Pension board was called to order at 3.25 P.M. II. ROLL CALLOF TRUSTTES Trustees Present Tim Schoolmaster James Hutton Jeff Jamraz Mark Weisberg Trustees Absent Larry Axeirood Also in attendance was Dave Wall Financial Advisor of Wail and Associates. Andy Holtgrieve and Paul Rappomotti from Rockwood Capital were also in attendance. Ill. READING AND APPROVAL OF MINUTES FROM MEETING 20JULY2004 A motion was made by Trustee Schoolmaster to accept the minutes from 28July2004. This motion was seconded by Jarnraz. This motion passed by a unanimous vote of the board. IV. PAYROLL a. July Payroll S427,114.92 b. August Payroll $430,735.03 c. September Payroll $429,203.39 V. Applications to the fund a. Brian Rust Hired 29September2004 b. Brandon Diaz hired 29September2004 c. Michael Endre hired 29September2004 d. James Pillars III hired 040ctober2004 VI. Retirements/deaths/ resignations VU. BILLS a. Police Officer Vince Logan Resigned 18AUGUST2004 b. Police Officer Myesha Wright resigned 25August2004 was sent a refund check of her pension contributions of 51,362.78 c. Police Officer Marcus Pendelton resigned 07September2004 d. Police Officer Katherine Freeburg resigned from the police department 17September2004 e. Rosaura Piedra who was terminated on 02March2004 was sent a refund check from her pension contributions of S2,040.31. This was minus $510.08 in Federal Taxes f. Police Officer Michael Yorty was terminated from the police department on 21 Sptember2004 g. Police Officer Michael Yott resigned from the Police Department on 21 October2004 h. Retired Police Officer James Fitzsimmons passed away 06August2004. Wife Joan w l] receive his pension of S3,140.23 per month a. 17August2004 one Sony digital voice recorder now required for closed meetings 598.30 b. 29August2004 Chicago Orthopedic Association LTD $350.00 Doug Glanz Disability c. 090ctober2004 Richard J Reimer and Associates LLC Legal and disability fees Bednar-Keefe, Glanz, and Solava $3,345.00 d. 090ctober2004 Wall and Associates 3`d quarter consulting and advisory fees S3.786.27 e. 160ctober2004 Trustee Jeff Jamraz Hotel Accommodations IPPFA Conference S364.60 f. 280ctober200.3 Trustee James Hutton Hotel Accommodations IPPFA Conference $361.94, Mileage 575 miles at .350 per mile $215.62 total of S577.56 g. 290ctober2004 Rockwood Capital Investment fees S7,812.39 VIII. Old and New Business a. Law suit funding update: Attorney Dick Pitrosky has filed an appeal of Judge Jaffes' decision on the funding lawsuit against the City of Evanston b. Lead plaintiff's mutual fund suit against Maryland American Family of Funds for Market timing. This was uncovered by Wolff Popper, who was hired by the Evanston Police Pension Fund to investigate mutual fund %%Tongdoing and file suits on behalf of the pension fund to recover lost money c. Dates for disability hearings from Doug Glanz and Robert Solava: Dates will be set in December 2004. d. Application to fund by Tanja Nobel: This application is still on hold to review and ascertain if this board is following its fiduciary responsibility if this officer accepted into the Police Pension due to her age. IX. -Financial Update Rockwood Capital Andy Holtgrieve and Paul Rapponotti flew in from St Louis Missouri to attend this quarterly meeting and present their outlook on the investments that they manage for the pension board. The Trustees of the Evanston Police Pension Fund are concerned about the performance of Rockwood Capital investments and their strategies in investing compared to the benchmarks. Andy Holtgrieve and Paul Rapponotti left the meeting after their presentation and answering questions. X. Financial Update Dave Wall of Wall and Associates Dave Wall presented the results of the Evanston Police Pension Fund 3`d Quarter investments and made advisements about future investments and market trends. In addition Mr. Wall advised this board of his concerns with Rockwood Capital and their underperformance compared to benchmarks. It was decided that no action would be taken at this time. However, Rockwood Capital will be advised that this pension board is concerned about past and current performance and if their performance is not improved action will be taken by this board. This decision was made after a thorough discussion by the board. M. Adjournment A motion was made by Schoolmaster to adjourn this meeting. This motion was seconded by Hutton. This motion passed by a unanimous vote of the board. This meeting was adjourned at 5:10 P.M. 3 mes A. Hutton Secretary