Police Pension Fund Board

POLICE WHEATON POLICE PENSION FUND 900 West Liberty Drive, Wheaton, Illinois | 630-260-2161 ';tffn Brett Mathieson Don Wilson Angela Smith James Craig Tim Bayee President Vice President Assistant Secretary Secretary Trustee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES NOVEMBER2I,2OI9 A regular meeting of the Wheaton Police Pension Fund Board of Trustees was held on Thursday, November 21,2019 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 Wilson called the meeting to order at 5:01 p.m. ROLL CALL: PRESENT: Trustees Don Wilson, Angela Smith and Tim Bayee ABSENT: Trustees Brett Mathieson and James Craig ALSO PRESENT: Mary Tomanek, Graystone Consulting; Kelley Murray, Lauterbach & Amen, LLP (L&A); Members of the Public PUBLICE COMMENT: There was no public comment. APPROVAL OF MEETING MINUTESz August 15, 2019 regular meeting and February 13, 2019 and October 29, 2019 Special Meetings: The Board reviewed the August 15,2019 regular meeting minutes and the February 13,2019 and October 29,2079 special meeting minutes. A motion was made by Trustee Wilson and seconded by Trustee Smith to approve August 15,2019 regular meeting minutes and the February 13,2019 and the October 29,2019 special meeting minutes as written. Motion carried unanimously by voice vote. May 10, 2019 Special Meeting.' The Board noted that there was no special meeting on May 10, 2019. Closed Session Meeting Minutes: The Board did not discuss closed session meeting minutes. INVESTMENT REPORT - GRAYSTONE CONSULTING: Quarterly Performance Review: Ms. Tomanek presented the Quarterly Performance Review for the period ending September 30, 201 9. As of Septemb er 30,2019, the quarter-to-date net return is 0.60Yo, the year-to-date net return is 13.22Yo and the ending market value is 557,798,606. The current asset allocation is as follows: fixed income at 38Yo and equities at 6loh. 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 5:21 p.m. ACCOUNTANT'S REPORT - LAUTERBACH & AMEN, LLP: Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the ten-month period ending October 31,2019. As of October 31, 2019,the net position held in trust Wheaton Police Pension Fund Meeting Minutes - November 21,2019 Page2 of 4 for pension benefits is $60,798,882.14 with a change in position of $7,91 1,591.40. 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 August 7,2019 through October 31,2019 for total disbursements of $211,951.64. A motion was made by Trustee Wilson and seconded by Trustee Smith to accept the Monthly Financial Report and to approve the disbursements shown on the Vendor Check Report in the amount of $2 1 | ,951 .64. Motion carried unanimously by voice vote. Additional Bills, if any: There were no additional bills presented for approval. COMMUNICATIONS OR REPORTS: There were no communications or reports presented. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership - Tara Cannella: The Board reviewed the Application for Membership submitted by Tara Cannella. A motion was made by Trustee Wilson and seconded by Trustee Bayee to accept Tara Cannella into the Wheaton Police Pension Fund effective September 3, 2019, as a Tier II participant. Motion carried unanimously by voice vote. APPLICATIONS F'OR RETIREMENT/DISABILITY BENEFITS: Approve Non-Duty Disability Benefit - Kimberly Loster-Rice: The Board reviewed the non-duty disability benefit calculation for Kimberly Loster-Rice prepared by L&A. Patrolman Loster Rice had an entry date of December 17,2007, disability date of October l, 2079, effective date of pension of October 2, 2019, 35 years of age at date of disability, 11 years of creditable service, applicable salary of S106,390.54, applicable pension percentage of 50%o, amount of originally granted monthly pension of $4,432.94 and amount of originally granted annual pension of $53,195.28. Approve Non-Duty Disability Benefit * Kayte lVitten: The Board reviewed the non-duty disability benefit calculation for Kayte Witten prepared by L&A. Police Officer Witten had an entry date of June 20,2014, disability date of September 2, 2019, effective date of pension of September 3, 2019, 36 years of age at date of disability, 5 years of creditable service, applicable salary of $95,158.91, applicable pension percentage of 50o/o, amount of originally granted monthly pension of $3,964.96 and amount of originally granted annual pension of 547,579.52. Approve Regular Retirement Benefits - Neil Waldschmidt: The Board reviewed the regular retirement benefit calculation for Neil Waldschmidt prepared by L&A. Police Officer Waldschmidt had an entry date of September 6, 1994, retirement date of September 6, 2019, effective date of pension of September 7,2019,50 years of age atdate of retirement,25 years of creditable service, applicable salary of $107,938.86, applicable pension percentage of 62.50Yo, amount of originally granted monthly pension of $5,621 .82 and amount of originally granted annual pension of 567,461.84. Deceased Surviving Spouse - Edna Doyle: The Board noted that surviving spouse Edna Doyle passed away September l, 2019 and her pension benefit has ceased. Deceased Surviving Spouse - Jean Sullivan: The Board noted that surviving spouse Jean Sullivan passed away October 21,2019 and her pension benefit has ceased. Wheaton Police Pension Fund Meeting Minutes - November 21,2019 Page 3 of4 A motion was made by Trustee Wilson and seconded by Trustee Smith to approve Kimberly Loster-Rice and Kayte Witten's non-duty disability benefits and Neil Waldschmidt's regular retirement benefits calculated by L&A. Motion carried unanimously by voice vote. TRUSTEE TRAINING UPDATES: The Board reviewed the Trustee Training Summary and discussed upcoming training opportunities. Trustees were reminded to submit any certificates of completion to L&A for recordkeeping. 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 BUSINESSz Review/Adopt - Municipal Compliance Report (MCR): The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Wilson and seconded by Trustee Bayee to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried unanimously by voice vote. Establish 2020 Board Meeting Dates: The Board established the 2020 Board meeting dates as February 20, 2020; May 27, 2020; August 20, 2020; and November 72, 2020 at 5:00 p.m. in the Training Room ofthe Police Station located at 900 W. Liberty Drive, Wheaton,Illinois 60187. Portability Update - Jaroslaw Hampel: The Board discussed Jaroslaw Hampel's transfer of creditable service. A motion was made by Trustee Wilson and seconded by Trustee Smith to accept Jaroslaw Hampel's transfer as paid in full in the amount of $258,21 1.60 from the Glen Ellyn Police Pension Fund to the Wheaton Police Pension Fund and to revise Jaroslaw Hampel's hire date from September 11, 2018 to October 7,2006. Motion carried unanimously by voice vote. Service Purchase - Kimberly Loster-Rice and Kayte Witten: The Board noted that Kimberly Loster-Rice completed her service purchase for the period October 22,2074 through December 5, 2014 and was approved at the August 15, 2019 regular meeting. The Board discussed Kayte Witten's disability benefit break in service. A motion was made by Trustee Bayee and seconded by Trustee Smith to waive the interest for Kayte Witten's break in service for the period March 8, 2017 through April 18,2017 due to a clerical error. Motion carried unanimously by voice vote. Repurchase Creditable Service - Bradley Csliendo: The Board tabled the repurchase creditable service for Bradley Caliendo until 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. Review/Approve Decision & Orderfor Kimberly Loster-Rice and Kayte Witten: The Board tabled the Decision and Order for Kimberly Loster-Rice until the next regular meeting. The Board reviewed the Decision and Order for Kayte Witten prepared by Attorney Reimer. A motion was made by Trustee Wilson and seconded by Trustee Smith to approve the Decision and Order for Kayte Witten as presented. Motion carried unanimously by voice vote. Wheaton Police Pension Fund Meeting Minutes - November 21, 2019 Page 4 of 4 Annual Independent Medical Examination * Bradley Mann: The Board tabled this item until the next regular meeting. cLosED sEssIoN,IF NEEDED: There was no need for closed session. ADJOURNMENT: A motion was made by Trustee Wilson and seconded by Trustee Smith to adjourn the meeting at 5:38 p.m. Motion carried unanimously by voice vote. The next meeting is scheduled for February 20,2020 at 5:00 p.m. or Secretary approved by the Board of Trustees on 2 -Ao-'A olo --; Minutes prepared by Kelley Murray, Pension Services Administrator, Lauterbach & Amen, LLP