Police Pension Board

Minutes of the Niles Police Pension Fund Quarterly Meeting January 11th, 2017 1 p.m. -- 7000 W. Touhy Avenue, Niles, Illinois President Vince Genualdi called the January 11th, 2017 meeting of the Board of Trustees of the Niles Police Pension Fund to order at 1 p.m. Trustees Present: Vince Genualdi, Mike Boba, Jim Callero, Marimel Lim Non-members present: Carolyn Clifford, Attorney for the Fund; John Falduto and Tom Sawyer, investment advisor to the Fund; and Steve Earnhardt, Michelle Hawkins and Barb Utterback from Lauterbach and Amen There were no public comments. I. Jim Callero made a motion to approve the minutes of the October 18th, 2016 meeting. Second by Marimel Lim. Motion carried by voice vote. II. Investment manager report by Sawyer and Falduto. The Fund market value is $28,702,684. The Fund’s investment return for the 4th quarter was $261,688. The investment return for the quarter was .90% vs the benchmark of .83%. The Fund asset allocation is as follows: 56.5% in equities, 42.4% in fixed income and 1.1 % in cash equivalent. Jim Callero made a motion to approve the investment report. Second by Vince Genualdi. Motion carried, all in favor. Callero -- yes, Genualdi -- yes, Lim -- yes, Boba -- yes, Fucarino – Yes. III. Steve Earnhardt presented the financial report on behalf of Lauterbach and Amen. The Board had expenditures for the year of $2,723,609.13. This includes payment to pensioners of $2,668,691.73 and total revenue of $3,359,853.77. The Fund paid $19,425 in administrative services for the year which includes actuarial services, accounting and bookkeeping services, legal services and court reporter services. The Fund paid $22,543.00 in investment fees for the year. The Fund paid $12,949.40 in other expenses for the year including conferences and seminars, association dues, travel expenses, IDOI filing fee expenses, and other expenses. Vince Genualdi made a motion to approve the financial report. Second by Jim Callero. Motion carried by the following roll call vote: Genualdi -- yes, Callero -- yes, Lim – yes; Boba – yes; Fucarino -- Yes. IV. Vince Genualdi made a motion to approve the annual 3% COLA raise for eligible pensioners. Second by Marimel Lim. Motion carried, all in favor. Genualdi -- yes, Lim – yes, Boba --yes, Callero -- yes; Fucarino -- Yes V. Vince Genualdi made a motion to approve the application for military service buyback submitted by Officer David Harris. The interest rate has not yet been  determined however Vince Genualdi has been in contact with the DOI to determine the interest rate. The money needs to be paid within five years. Second by Jim Callero. Motion carried, all in favor. Genualdi -- yes, Lim -- yes, Boba -- yes, Fucarino – yes. VI. Barb Utterback from Lauterbach and Amen made a presentation to the board about the services offered by the Professional Services Administrative staff. Jim Callero made a motion to enter into a 3 year agreement for the Professional Services Administrative services. The cost will be $14,340 per year. This price will be fixed for 3 years. The initial set up fee will be $2000.00. Second by Vince Genualdi. Motion carried, all in favor. Callero -- yes, Genualdi--yes, Boba -- yes, Lim -- yes; Fucarino -- yes. VII. Vince Genualdi made a motion to approve the newest edition of the board rules and froms. Second by Marimel Lim. Motion carried, all in favor. Genualdi-Yes, Lim-Yes, Boba-Yes, fucarino-Yes, Callero-Yes VIII. Vince Genualdi made a motion to adjourn at 3:02 p.m. Second by Marimel Lim. Motion carried by voice vote. Respectfully Submitted, __________________ Michael Boba, Secretary Niles Police Pension Fund Prepared by Helen Boba, Recording Secretary. Minutes approved by the Board of Trustees at its _________ meeting. 2