Loading...
HomeMy WebLinkAboutMinutes 1995 - 19964...�. „r. .,nYn • IIilYli u �IbIyYW�YYYiiWiliA..a., �i9iYtli Ni+ .0 „y.i i�.m ., � � , Minutes Evanston Police Pension Fund Board of Trustees Regular Meeting of 10/31/96 This meeting was called to order in the Evanston Police Conference Room at 3:40 PM by President Schoolmaster. Present were trustees Schoolmaster, Axelrood, Weisberg and Heytow. Also present was the Fund's financial consultant, Dave Wall. Heytow moved to mad and approve the minutes of the regular meeting of 7/30/96 and the special meeting of 8/20/96. The motion was seconded by Axelrood and carried unanimously. Heytow presented the following Secretary's report. The payrolls for July was $203,740.74, August was $206,921.15 and September was $212,206.89. The fund reimbursed Schoolmaster for out of packet expenses related to the IPPFA training conference in the amount of$295.82. Retired Officer Angelo Tinton died on 814/96 leaving a widow, Mae, who will continue to receive his pension of $850.17 per month. Bernice Mountain, wbo was receiving a widow"s pension, died on 10/17/96 leaving no beneficiaries. Marjorie Caldcrwood, who was receiving a widow's pension, died on 7128/96 leaving no beneficiaries. Her estate will refund $601.57 sent to her after her death but before notification was made to the Fund Off. Craig Stevens has submitted an application for retirement pension effective 11/15/96 after 30 years of service. His pension will be $2,859.58 per month. Heytow moved to apMve the following bills for payment. To Schuyler, Roche and Zwirner, $15.609,88 for professional legal services regarding the case of the Fund v. City of Evanston To Wail and Associates, 51,000 for professional financial consulting services in the 3rd quarter of 1996. To Sklodzwski, Franklin, Puchalski & Reimer, 681.25 for professional legal services in the disability pension proceedings of Off. Gail Bednar-Keefe. To Michelle IL Marvin, CSI; , $65 for certified sbortband reporting of the disability pension hearing of Off. Gail Bodnar -Keefe. Dave Wall discussed our financial assets. There is approximately S382,000 excess in our sweep account. Both financial managers hired by the Board are doing well. Schoolmaster reported that the Alinois Supreme Court has rejected the Fund's request to hear the case of the Fund v. The City of Evanston That case will now be mmianded back to the Circuit Court for disposition. The meeting was adjourned at 4:55 PM by President Schoolmaster. •i� ---;� � � � � a� � �`—t� -�-" �, ti ice,., r t ��a -€� _ _ _ �.- - tillr r�I� iiw, iair3 L "srlL'Ary�1 ""a..... fl:i.�i... Minutes Evanston Police Pension Fund Board of Trustees Special Meeting of 8/20/96 This meeting was called to order at 4PM in the police conference room to consider the disability pension application of Off. Gail Bednar-Keefe. Present were trustees Schoolmaster, Hynds and Heytow. Also present were the Fund's attorney, Mr. R. Reimer and a certified shorthand reporter, Michelle N. Marvin. Off. Bednar-Keefe was present with her attorney, J. Reed Millsaps. A copy of the transcript of this hearing will be made part of these minutes. Schoolmaster moved to approve a non duty related disability pension, based on pregnancy only, retroactive to June 29th, 1996 to continue for a reasonable period of up to 60 days beyond the delivery date. The motion was seconded by Hey -tow and carried unanimously. Off. Bednar- Keefe's pension will be $1,735.00 per month. —1 a A" Minutes Evanston Police Pension Fund Board of Trustees Regular Meeting of 7/30/96 This meeting was called to order at 4:05PM in the Police Department conference room. Present were trustees Schoolmaster, Axelrood, Weisberg and Heytow. Also present was Mr. Wall, the Board's financial consultant. Heytow moved to read and approve the minutes of the regular meeting of 4130/96 and the special meeting of 6/13/96. Schoolmaster seconded the motion which carried unanimously. Heytow gave the following Secretary's report. Payroll for April was $205,206.09, for May it was $203,774.20 and for June it was $203,740.74. Heytow moved to pay the following bills. To Schuyler, Roche and Z%virner, $7,301.67, for professional legal services; to Wall and Associates, $1,000 for professional financial consulting serves for the 2nd quarter of 1996; to the IPPFA, $600 for annual dues. Weisberg seconded the motion which carried unanimously. Heytow moved to accept the application for membership from Off. Brian Firth who was appointed on 6/7196. The motion was seconded by Weisberg and carried unanimously. Off; Charles Perry - Kelly retired on 6/28/96 after 20 years of service and will receive a pension of $1,964.04 per month. Off. Edward Davis resigned after 6 years of service. H received a refund of his contributions in the amount of $20,754.40. Off. William Janzen resigned on 7/17/96 after 1 year and 3 months of service. He received a refund of his contributions in the amount of $4,754.80. Retired Off. Francis Flood died on 6/16196 leaving no beneficiaries. An application for disability pension was received from Off. Gail Bednar and is pending a special meeting. Mr. Shonk, the Fund's Treasurer, was not present but sent a narrative summary of the Fund's financial condition. A copy of that summary is made a part of these minutes. Mr. Wall discussed the Fund's financial condition. A Petition for Leave to Appeal was sent to the Illinois Supreme Court in the case of the Fund v. The City of Evanston. The meeting was adjourned at 5:00PM CITY OF EVANSTON, ILLINOIS July 26, 1996 To: Timothy Schoolmaster, President Police Pension Board . VRobert Heytow, Vice President Police Pension Board From: Robert A. Shonk, Finance Director ga-A4g4X Subject: Police Pension Fund Cash Status Your request of 7126/96 The cash In the band account as of 7/25/961s $47,238.43. The cash In the bank account at 6/30/96 was $529,162.43. Recently I reminded Larry Richey at Bank One that It Is their responsibility to monitor this account and maintain It at a zero balance. The account Is used for the automatic deposit of property tax receipts by the County. The account Is also the depository for the bl-weekly omployee contributions. The Bank One trust officials need to transfer this cash within a few stays to your Bank One money market account. They have not been doing this on a timely basis. The monthly pension payment Is averaging $200,000. The monthly withholding amount, paid to the fund by active employees, Is approximately $48,000. The investment income Is now being credited directly to the trust accounts. The monthly pension payment of approximately $200,000 Is being paid directly from the Bank One trust account. The monthly withholding amount is credited to the checking account. The Bank One money market account balance at 6130/96 was $1,576,880.62. The first installment of the 1996 property tax levy has been collected and the amount collected Included In the money market account. We are sending you ten copies of our listing of the portfolio on hand as of June 30,1996. I hope you find this Information helpful. Lot me know If you require other Information. Please remember that we require one week notice in advance of your board meeting for this report. I - 9 DATE PRINTED 07126M INVESTPP.W" MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES SPECIAL MNET IN© OF 6/13/96 This meeting was called to order at 4:10PM in the Police Department conference room to consider the disability pension application from Off. Charles Moran. Present were Trustees Weisberg, Heytow and Schoolmaster. Also present were Mr. Reimer, the Board's attorney, off. [loran and Sherry L. Jones, a Certified Shorthand Reporter from R.C.Kerr and Associates, Inc. The Board heard evidence of Off. Moran's disability. After hearing the evidence, the Board went into executive session to discuss the evidence. After discussion, the board went back into the regular session to vote. The finding of the Board was that Off. Moran was entitled to a non duty related disability with payments to be retroactive to June loth, 1996. He will receive 50% of his salary which is $1,887.50 per month. The transcript of the meeting will be a part of these minutes. �7 �1 MINUTES EVANSTON POLICE PENSION FUN BOARD OF TRGSTRBS REGULAR KMXNa OF 4 /3 0 / 9 6 This meeting was called to order at 4:10PM in the Evanston Police Department conference room. Present were all trustees and Mr. Wall, the Board's financial consultant. Heytow moved to read and approve the minutes of the Regular Meeting of 1/23/96. The motion was seconded by Mr. Welch and carried unanimously. Heytow gave the following Secretary's Report. The payroll for January was $200,049.50, for February it was $200,049.50 and for March it was $200,049.50. A bill was recpivel from Wall and Associates for January, February and March for $1,000 for professional services and was paid per contract. Applications for retirement were received from the following people. Lt. Daniel Moses who retired on 3/22/96 after 24 years of service. His pension will be $2,905.32 per month starting on his 50th birthday on 11/30/97. Lt. Ronald Pryor retired on 3/22/96 after 28 years of service. His monthly pension is $3,306.05 and began on the date of his retirement, Off. Henry Krakowski died on 4/4/96 leaving a wife, Eleanor, who will begin receiving a widow's pension as of that date. Heytow moved to approve all three pensions. The motion was seconded by Mr. Welch and carried unanimously. There was an election held on 4/15/96 to fill the vacancy left by the expiring term of Off. Schoolmaster. Off. Schoolmaster ran unopposed for reelection and received 42 votes of the 42 votes cast. Schoolmaster reported that the Hind had approximately $3,000,000 to invest of a total $3,406,474.19 in the sweep account. Cigna and Nationwide holdings were sold and approximately $1,000,000 was added to the Fund's sweep account. Mr. Welch moved to transfer funds, approximately $504,934, from the New York Multi Asset Fund to the New York Life Index Equity Account. Heytow seconded the motion which carried unanimously. Heytow moved to put $2,000,000 into the IPPFA Investment Trust managed by Sank of America. Welch seconded the motion. Schoolmaster abstained and all other trustees approved. The motion carried. There was no new business discussed. The meeting was adjourned at 5:20PM. f. RE 31 MINUTES EVANSTON POLICE PENSION FUND BOARD OF TRUSTEES REGULAR MFMIN4 OF 1/23/96 This meeting was called to order at 4:05 PM in the Police Department conference room. Present were Trustees Weisberg, Schoolmaster, Hynds, Welch and Heytow. Also present were Dave Wall of Wall and Associates and Dale Bradley and Kevin Mott of Edward D. Jones. Heytow moved to read and approve the minutes of the regular meeting of 10/26/95. The motion was seconded by Welch and carried unanimously. Heytow reported the payroll for November was $196,009.36 and for December it was $196,009.36. Heytow presented an application for membership in the Fund by Off. Michael Hackett who was appointed on 12/20/95. Heytow's motion to approve the application was seconded by Welch and'carried unanimously. Heytow presented a bill from Wall and Associates for professional services for the months of October, November and December. Heytow's motion to approve payment was seconded by Welch and carried unanimously. Welch moved to close the Fund's IPTIP account and move the money along with all but $10,000 from the Fund's checking account to the Bank One sweep account. The imotion was seconded by Heytow and carried unanimously. The Board voted to liquidate the following holdings: Confederation Life contract #61320, Cigna account #IN- 15731 and the Nationwide Money Market account, and to have the proceeds placed in the Fund's account at Bank One. The Treasurer reported that the Fund had approximately $1,000,000 y cash in the bank to invest, and Welch moved to put approximately $300,000 each into Treasuries maturing 2003, 2004 and 2005 at the best rate available. Heytow seconded the motion which carried unanimously. The meeting was adjourned at 5:20 PM. ^� ("ik 1 �e II NEW Ir •r +. rr dJ1 .ILu i1.04 WI a ru , . W-0�0� MINUTES EVANSTON POLICE PENSION FUN BOARD OF TRUSTEES REGULAR MMING OF 10/26/95 This meeting was called to order at 4:05PM in the Police Department conference room. Present were trustees Schoolmaster, Welch, Hyndo and Heytow. Also present were Kevin Mott and Dale Bradley of Edward D. Jones. Heytow moved to read and approve the minutes of the Regular Meeting of 7/27/95. The motion was seconded by Welch and carried unanimously. Heytow gave the following Secretary's report. The payroll for July was $198,410.34, August $196,11.9.35, September $196,009.36 and for October $196,009.36. The following new officers applied for membership into the Fund. Dianne Elam, appointed 7/29/94, Eugene Fimbianti, appointed 11/7/94, Adam Orlov, appointed 2/2/95, Gary Anderson, appointed 3/9/95, William Janzen, appointed 4/21/95, Edward Donovan, appointed 5/4/95 and Stanley Samson, appointed 8/17/95. Heytow moved to accept all of the applicants into the fund. The motion was seconded by Welch and carried unanimously. The following bills were presented for payment. From Schuyler, Roche and Zwirner, dated October 11, 1995, for $7,383.14 for professional legal services. From Wall and Associates, $1,000 for professional financial consulting services for the months July, August and September, 1995. From Timothy Schoolmaster, $243.09 for reimbursement for out of pocket expenses for the IPPFA Training Conference in Collinsville, 11. After discussion, it was decided to hold the bill from Schuyler, Roche and Zwirner until Schoolmaster talked to Ralph Brown about the amount due. Heytow moved to pay the bills from Schoolmaster and Wall and Associates. The motion was seconded by Welch and carried unanimously. Kevin Mott introduced himself and said that he has replaced Mitch Inskeep as a member of Edward D. Jones. Dale Bradley, also of Edward D. Jones sated that both he and Kevin would be servicing the Fund's account. There was no Treasurer's report presented. The meeting was adjourned at 4:55PM.8 - -- Soh _ •: - - }- ; _ w - i .i■ .pia .i• III 5 � r •. .iM •. l6 mein#�tn y. 't nJv u]LYaV=9 EVANSTON POLYCE PSNS10N FUND BOARD OF TRUSTEES RZOULAR MSRTING OF 7/27/95 This meeting was called to order in the police conference room at 4:05PM. Present were trustees, Hynds, Schoolmster and Heytow. Also present was the Fund's financial advisor, Dave Wall. Heytow moved to read and approve the minutes of the Regular Meeting of 4/28/95. The motion was seconded by Schoolmaster and carried unanimously. Heytow reported that the payroll for April was $179,397.98, May was $179,360.85 and for June was $179,300.85. Heytow reported the following applications for pensions. Cmdr. Vern Larson, Affective June 20, 1995 after 31 years and 7 months of service will receive $3,661.83 per month. Lt. Ambrose Moore, effective June 20, 1995 after 29 years and 6 months of service will receive $3,286.38 per month. Sgt. Frank Pascher, effective June 20, 1995 after 29 years and 2 months of service will receive $3,040.96 per month. Lt. George Scharm, effective June 27, 1995 after 25 years and 2 months will receive $2,889.75 per month beginning on October 16, 1997. Sgt. Richard Ayers, effective June 27, 1995 after 29 years of service will receive $3,040.96 per month. Heytow moved to approve all of the pension requests. The motion was seconded by Schoolmaster and carried unanimously. ' A bill for invoices dated 02/20/95 for $1,679.50, 03/29/95 for $218.50 and 04/24/95 for $4, 872.78 from Schuyler, Roche and Zwirner was presented for payment by Heytow. This bill included fees for the development of an Investment Policy which was not requested of them. the Board decided to withhold payment until Schoolmaster could talk to Ralph Brown about a downward adjustment of this bill. Ad Heytow moved to pay a bill from Wall and Associates for $500 for professional services for the months of April, May and June, 1995, The motion was seconded by Schoolmaster and carried unanimously. The suggested tax levy from the Department of Insurance was presented. It included the following items. Normal costs of $966,959.00, and an amount necessary to amortize the accrued =y liability was $1,325,539 for a total of $2,322,496 required in total. Schoolmaster reminded the Board that a recent court ruling changed the formula used to determine this amount. The Board decided not to certify this amount to the City Council pending the possible recalculation by the Department of Insurance. - Dave Wall reported that the Fund was currently invested 35!k in cash, 52% in fixed income instruments and 13V in equities. 23 The Board was presented the final investment management contract provided by Schuyler, Roche and Zwirner, and Heytow moved to accept the contract as provided. The motion was seconded by Schoolmaster TW ., . m-.� - Tr---,�,.r. - ,. ,,. ., a v"4.;�.n,.s,.�;ir,..+b+.•r}="'4ai�-"�'M'�kl�';� r l .�I .. 1 ■. b� i, I. u i i x a t I i �iTl9dR and carried unanimously. An agreement signed by Boatman's Bank for asset management was presented to the Board by Dave Wall. After consideration and discussion, Heytow moved for Schoolmaster to sign the agreement for the Board. The motion was seconded by Hynds and carried unanimously. As a result of that agreement, $5,000,000 of the Fund's assets will be moved to a sweep account at Bank One for management by -Boatman's Bank. Dave Wall presented an updated investment policy dated July, 1995. Heytow's motion to adopt the policy was seconded by Schoolmaster and carried unanimously. The meeting was adjourned at 5PM. 3M _fM Rai'M •M�••��nn'ri 'i�n�r�s�--r;„CY•`"r i,� qnn� �T, , rfr°,,;,art. ,~. '. ,. - .�,• Apa .t ki4sw ias EVANSTON POLICE PENSION FOND BOARD OF TRUSTEES REGULAR MEETING OF 4/28/95 This meeting was called to order at 4:05PM in the Police Department conference room. All trustees and Mr. Wall, the Funds financial consultant, were present. Heytow moved to approve the minutes of the Regular Meeting of 1/25/95. The motion was seconded by Welch and carried unanimously. Heytow gave the following Secretary's report. The payrolls for January, February and March were all $179,717.16. An application for Regular Pensions was received from Cmdr. John Popadowski effective 5/16/95 after 27 years and 2 months of service. Ilia pension will start on 1/3/97 and will be $3,300 per month. An application for Regular Pension was received from Cmdr. Arthur Hrsler effective 3/1.0/95 after 28 years and 4 months of service. His pension will begin on 7/13/95 and will. be $3,403.95 per month. Heytow moved to approve both pensions. The motion was seconded by Welch and carried unanimously. Applications for membership to the Fund were received from Off. William Janzen, 4/13/95, Off. Adam Orlov, 2/2/95 and Gary Anderson, 3/10/95. Anna Gross, widow of deceased retired Officer Stanley Gross, passed away on 4/7/95 leaving no beneficiaries. An election was held on 4/17/95 to fill the expiring term of Robert Heytow. Heytow ran unopposed and was reelected by a vote of 46 of 46 votes cast. Ballots for the expiring tern of retired trustee Harry Hynds were mailed on 4/27/95. Hynds is running unopposed. A bill was received from Schuyler, Roche and Zwirner for $1.1, 987 .78 for legal work done including the work done on the Funds Investment Manager's Contract. Heytow reported that approximately $7,000 had already been paid to them for this contract work, and the contract was not completed after nearly a year. Schoolmaster moved to pay $5,217 as partial payment of the bill and withhold the amount billed for the investment contract work until the Board could determine the reason for the delay and the expense of this contract work. Heytow seconded the motion which carried unanimously. Heytow moved to pay Wall and Associates $500 for the first quarter of 1995 for professional financial consultation. Mr. Wall told the Board that his fee would increase to $1,000 per quarter beginning with the second quarter of 1995. After some discussion, Heytow moved to pay the $500 and approve the increased fee. The motion carried with Costello abstaining. Welch said that the Bank One monthly report was not useful because they carried the acquisition and marked costs of the GIC's as the same. Mr. wall's report and Bank One's reports do not agree. Welch moved to have Schoolmaster send a letter to Bank One to correct this problem. The motion was seconded by Hynds and carried unanimously. Mr. Wall will also contact Bank One to reconcile the n efr n„ r R, .,�r.'r ,r ", `fi �„ r+. F.r>,��.Fr,..r ri.-•-i, �-7"uWP'i i :I'+�5`r�F.T• �F JI, q differences. Costello moved to Close the IPTIP account and transfer all funds to the One Group US Treasury Securities Money Market Fund at Dank One and to set this account up as the Fund,a sweep account and to move the cash portion of the Hartford GIC to their Aggressive Growth Fund. Welch seconded the motion which carried unanimously. Dissatisfaction was voiced by all Trustees over the delay in getting a completed Investment Contract from Schuyler, Roche and Zwirner. Costello moved to have Schoolmaster tell Ralph Brown that the Board wants a completed contract by the next meeting or the Board may retain another law firm to complete the work. The motion was seconded by Welch and carried unanimously. The meeting was adjourned at'5:50PM. �.�� (.��...�sisa��..wwiw�a�r�Ri' � .Yw4w I1wiC�.lw.tirit�whw-�6 - - _ •_ � •. - -- � -. LAM U'L AS K'IiANSTON POLICE PKWSIO r FUND BOARD OF TRUSTEES REGULAR KEUT3=0 OF 1/25/95 This meeting was called to order in the Police Department conference room at 4:05PM. Present were trustees Schoolmaster, Hynds, Welch, Costello and Heytow. Also present were Dave Wall, the Board's financial consultant and Robert Shank, the Fund's treasurer. Heytow moved to read and approve the minutes of the Regular Meeting of 10/26/94. The motion was seconded by Hynds and passed unanimously. Heytow gave the following Secretary's Report. The payroll for November was $176,937.37, December was $176,937.37 and January was $180,356.25. Retired Officer Daniel Drieske died on 12/20/94 leaving no beneficiaries. Off. Leonard Shaver died on 11/18/94 leaving no beneficiaries. His estate will be sent a refund of his contributions in the amount of approximately $55,000. Off. Victor Puscas, who resigned on 10/26/94, was sent a refund of his contributions in the amount of $13,469.89. An application to the Fund was received from new Officer Eugene A. Fimbianti who was appointed on 11/7/94. Heytow moved to approve the payment of the following bills. To Schuyler, Roche and Zwirner, $320 for the invoice dated 11/30/94. To Wall and Associates, $500 for financial consulting services for the months of October, November and December. The motion was seconded by Costello and carried unanimously. Schoolmaster presented the State's recommended tax levy in the amount of $2, 274, 202 . Schoolmaster moved to certify that amount to the City Council. Heytow seconded the motion which carried unanimously. The Board discussed the unauthorized transfer of $8,084,052 from the IPTIP account to FNMA securities maturing on 3/15/95 by the Fund's treasurer, Mr. Shonk. The Board was not advised of this transfer by Mr. Shank, but was told of it by the Fund's Financial Consultant. Mr. Shonk stated that he made the transfer because he had a concern about the security of IPTIP. He was reminded of his requirement to obtain authorization from the Board before he transferred any of the Fund's assets. He agreed to comply with those requirements in the future. Schoolmaster reported that John Welch was reappointed by the Mayor to a two year term expiring in May, 1996. Dave Wall reported to the Hoard that his fees would rise to $1,000 per quarter from $500 per quarter for his consulting services, but would be guaranteed not to rise again for at least two years. After some discussion, Schoolmaster moved to authorize the payment - of the new fee for a period of one year. Heytow neconded the 13, n motion. All voted in favor of the motion except Costello who abstained. ehonk gave the following Treasurer's Report. The Fund will. receive 08,200,000 from maturing securities on 3/15/95. The Fund has $500,00o in the checking account. Opening a money market account at Hank One was discussed an will be followed up. The meeting was adjourned at 5:40PM ..'n,�,, �'., ,t .