Police Pension Fund Board

POLICE WHEATON POLICE PENSION F'UND ii,-tfffi 900 West Liberty Drive, Wheaton, Illinois | 630-260-2161 Brett Mathieson Don Wilson Angela Smith James Craig Tim Bayee President Vice President Assistant Secretary Secretary Trustee MINUTES OF'A REGULAR MEETING OF THE WHEATON POLICE PENSION FUND BOARD OF TRUSTEES AUGUST t5,2ot9 A regular meeting of the Wheaton Police Pension Fund Board of Trustees was held on Thursday, August 15,2019 at 5:00 p.m. at the Wheaton Police Department located at 900 W. Liberty Drive, Wheaton, Illinois 60187, pursuant to notice. CALL TO ORDER: Trustee Mathieson called the meeting to order at 5:00 p.m ROLL CALL: PRESENT: Trustees Brett Mathieson, James Craig, Don Wilson and Tim Bayee ABSENT: Trustee Angela Smith ALSO PRESENT: Mary Tomanek, Graystone Consulting; Kelley Murray and A.J. Weber, Lauterbach & Amen, LLP (L&A); Active Members Kimberly Loster-Rice, Kayte Witten and P.J. Youker, Wheaton Police Department PUBLICE COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: May 30, 2019 Regular Meeting:The Board reviewed the May 30, 2019 regtilar meeting minutes. A motion was made by Trustee Craig and seconded by Trustee Wilson to approve the May 30,2019 regular meeting minutes as wriffen. Motion carried unanimously by voice vote. Semi-Annual Review of Closed Session Meeting Minutes: There were no closed session meeting minutes for teview. Post Meeting Note: The Board does have closed session meeting minutes that will be discussed at the next regular meeting. INVESTMENT REPORT - GRAYSTONE CONSULTINGz Quarterly Performance Review:Ms. Tomanek presented the Quarterly Performance Review for the period ending June 30, 2019. As of June 30,2019, the quarter-to-date net return is 3.18o%, the year-to-date net return is 12.06%o and the ending market value is $55,460,504. The cunent asset allocation is as follows: fixed income at 38%o and equities at 62%o. Mary Tomanek reviewed the recent transactions and discussed cash flow needs for the upcoming quarter. Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. Ms. Tomanek left the meeting at 5:13 p.m. NEW BUSINESSz Non-Duty Disability Hearing - Kayte Witten: The Board held a non-duty disability hearing for Kayte Witten. A roll call was made to enter into the Disability Hearing of Kayte a roll call was made at 5:14 p.m. Wheaton Police Pension Fund Meeting Minutes - August 15,2019 Page2 of 4 PRESENT: Trustees Mathieson, Bayee, Craig and Wilson ABSENT: Trustee Smith ALSO PR.ESENT: Kelley Murray and A.J. Weber, Lauterbach & Amen, Lf,P 0,&A); Active Members Kimberly Loster-Rice, Kayte Witten and P.J. Youker, Wheaton Police Department The Board reviewed and discussed the admitted evidence (medical examinations) submitted for Kayte Witten. Kayte Witten answered all questions. A motion was made by Trustee Mathieson and seconded by Trustee Craig to award Kayte Witten a temporary non-duty disability benefit due to pregnancy pursuant to Section 3-114.2 of the Illinois Pension Code equal to 50Yo of the salary attached to their rank effective on the date of her suspension from police duty as a result of her pregnancy and terminating the earlier of Kayte Witten's retum to police duty or six weeks after the birth of her child. Motion carried by roll call vote. AYES: Trustees Mathieson, Bayee, Craig and Wilson NAYS: None ABSENT: Trustee Smith A motion was made by Trustee Craig and seconded by Trustee Wilson to adjourn the hearing at 5:24 p.m. Motion carried unanimously by voice vote. Non-Duty Disability Hearing - Kimberly Loster-Rice: The Board held a non-duty disability hearing for Kimberly Loster-Rice. A roll call was made at 5:27 p.m. PRESENT: Trustees Mathieson, Bayee, Craig and Wilson ABSENT: Trustee Smith ALSO PRESENT: Kelley Murray and A.J. Weber, Lauterbach & Amen, LLP (L&A); Active Members Kimberly Loster-Rice, Kayte Witten and P.J. Youker, Wheaton Police Department The Board reviewed the admitted evidence (medical examinations) submitted for Kimberly Loster-Rice. Kimberly Loster-Rice answered all questions. A motion was made by Trustee Mathieson and seconded by Trustee Craig to award Kimberly Loster-Rice a temporary non-duty disability benefit due to pregnancy pursuant to Section 3-114.2 of the Illinois Pension Code equal to 50%o of the salary attached to their rank ettbctive on the date ofher suspension tiom police duty as a result ofher pregnancy and terminating the earlier of Kimberly Loster-Rice's return to police duty or eight weeks after the birth of her child. Motion carried by roll call vote. AYES: Trustees Mathieson, Bayee, Craig and Wilson NAYS: None ABSENT: Trustee Smith A motion was made by Trustee Mathieson and seconded by Trustee Craig to adjourn the hearing at 5:35 p.m. Motion carried unanimously by voice vote. ACCOUNTANT'S REPORT - LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the seven- month period ending July 31,2019. As of July 31,2019, the net position held in trust for pension benefits is $58,778,982.52 with a change in position of $5,891,691.78. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal and the Vendor Check Report for the period May 1 , 201 9 through July 31 ,2019 for total disbursements of $224,720.49. A motion was made by Trustee Mathieson and seconded by Trustee Craig to accept the Monthly Financial Report and to approve the disbursements shown on the Vendor Check Report in the amount of $224,120.49. Motion carried unanimously by voice vote. Wheaton Police Pension Fund Meeting Minutes - August 15,2019 Page 3 of4 Additional Bills, if any; There were no additional bills presented for approval. COMMUNICATIONS AND REPORTSz Affidavits of Continued Eligibility: The Board noted that all2019 Affidavits of Continued Eligibility have been received by L&A and the originals were given to the Board for their recordkeeping. Active Member File Maintenance: L&Aprovided the Board with the Active Member File Maintenance letters for distribution. APPLICATIONS F.OR MEMBERSHIP/WITHDRAWALS FROM FUND: TheTe weTe NO applications for membership or withdrawals from the Fund. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits: There were no applications for retirement or disability benefits. TRUSTEE TRAINING UPDATES: There were no trustee training updates. Approval of Trustee Training Registration Fees and Reimbursable Expenses.' There were no trustee training registrations or reimbursable expenses presented for approval. OLD BUSINESS: There was no old business to discuss. NEW BUSINESS (CONTINUED)z Board Officer Elections - President, Vice President, Secretary & Assistant Secretary: The Board discussed Board Officer Elections and nominated the slate of Officers as follows: Trustee Mathieson as President, Trustee Wilson as Vice President, Trustee Craig as Secretary and Trustee Smith as Assistant Secretary. A motion was made by Trustee Craig and seconded by Trustee Bayee to elect the slate of Officers as stated. Motion canied unanimously by voice vote. FOIA & OMA Designee: The Board designated Trustee Craig as the FOIA Officer and OMA Designee. Review/Approve - Actuarial Valuation & Tax Levy Requesr: The Board noted that the Actuarial Report prepared by Foster & Foster and the MCR Report prepared by L&A are completed, however the Board has not reviewed the reports. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to approve the Actuarial Report upon the Board's review and to request a tax levy from the Mayor of the City of Wheaton based on the recommended amount stated in the Actuarial Valuation prepared by Foster & Foster. Motion canied unanimously by voice vote. Review/Adopt - Municipal Compliance Report (MCR): This item will be further discussed at the next regular meeting. Portability Update - Jaroslaw Hampel: The Board noted that Jaroslaw Hampel has requested to transfer creditable service from Glen Ellyn Police Pension Fund to Wheaton Police Pension Fund. L&A mailed correspondence to the Glen Ellyn Police Pension Fund with the calculation and balance due to the Wheaton Police Pension Fund to transfer Mr. Hampel's creditable service. The Board confirmed that payment from Glen Ellyn Police has not been received. An update will be provided at the next regular meeting. Portability Update - Dennis Hess: The Board noted that L&A mailed correspondence to Dennis Hess regarding his request to calculate the transfer ofcreditable service of4 years, 8 months and 0 days from the Wheaton Police Pension Fund Meeting Minutes - August 75,2019 Page 4 of 4 Wheaton Police Pension Fund to the Bolingbrook Police Pension Fund and no response has been received to date. No further action is needed at this time. Service Purchase - Kimberly Loster-Rice; The Board noted that Kimberly Loster-Rice completed her payment to the Wheaton Police Pension Fund for a break in service in the amount of $1,016.39 for the period of October 22,2014 through December 5,2014. Further discussion will be held at the next regular meeting. ATTORNEY'S REPORT - REIMER & DOBROVOLNY PC: The Board was presented with Legal and Legislative Update newsletter quarterly provided by Reimer & Dobrovolny PC. Annual Independent Medical Examination - Bradley Mann: The Board noted that Bradley Mann attended his annual independent medical examination and it was determined that he remains disabled at this time. No further action is needed at this time. CLOSED SESSION,IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Mathieson and seconded by Trustee Craig to adjourn the meeting at 5:59 p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for November 21,2019 at 5:00 p.m. or Secretary approved by the Board ofTrustees on Minutes prepared by Kelley Murray, Pension Sewices Administrator, Lauterbach & Amen, LLP : il. I