Police Pension Fund Board

WHEATON POLICE PENSION FUND 900 West Liberty Drive, Wheaton, Illinois | 630-260-2161 Brett Mathieson Don Wilson James Craig Angela Smith Tim Bayee President Vice President Secretary Assistant Secretary Trustee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES NOVEMBER 12, 2020 A regular meeting of the Wheaton Police Pension Fund Board of Trustees was held on Thursday, November 12, 2020 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 5:06 p.m. ROLL CALL: PRESENT: Trustees Brett Mathieson, James Craig, Tim Bayee and Angela Smith ABSENT: Trustee Don Wilson ALSO PRESENT: Mary Tomanek, Graystone Consulting (via teleconference); A.J. Weber and Kelley Murray, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: August 27, 2020 Regular Meeting: The Board reviewed the August 27, 2020 regular meeting minutes. A motion was made by Trustee Craig and seconded by Trustee Smith to approve the August 27, 2020 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORT – GRAYSTONE CONSULTING: Quarterly Performance Review: Ms. Tomanek presented the Quarterly Performance Review for the period ending September 30, 2020. As of September 30, 2020, the quarter-to-date net return is 4.95%, the year-to-date net return is 0.94% and the ending market value is $59,764,658. The current asset allocation is as follows: fixed income at 41% and equities at 59%. Ms. Tomanek reviewed the recent transactions and discussed cash flow needs for the upcoming quarter. The Board discussed rebalancing the portfolio. A motion was made by Trustee Mathieson and seconded by Trustee Bayee to reallocate $1,000,000 from Ryan Labs fixed income fund to FAM Value total equity fund. Motion carried by roll call vote. AYES: Trustees Mathieson, Craig, Bayee and Smith NAYS: None ABSENT: Trustee Wilson Review/Update Investment Policy: The Board discussed the Investment Policy and determined that no changes are required at this time. NEW BUSINESS: Establish 2021 Board Meeting Dates: The Board established the 2021 Board meeting dates as February 18, 2021; May 20, 2021; August 26, 2021; and November 18, 2021 at 5:00 p.m. in the Training Room of the Wheaton Police Station located at 900 W. Liberty Drive, Wheaton, Illinois 60187. Wheaton Police Pension Fund Meeting Minutes – November 12, 2020 Page 2 of 3 Ms. Tomanek left the meeting at 5:35 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 nine-month period ending September 30, 2020. As of September 30, 2020, the net position held in trust for pension benefits is $63,266,723.11 with a change in position of $792,463.46. 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 July 1, 2020 through September 30, 2020 for total disbursements of $211,333.21. A motion was made by Trustee Smith and seconded by Trustee Mathieson to accept the Monthly Financial Report and to approve the disbursements shown on the Vendor Check Report in the amount of $211,333.21. Motion carried by roll call vote. AYES: Trustees Mathieson, Craig, Bayee and Smith NAYS: None ABSENT: Trustee Wilson Additional Bills, if any: There were no additional bills presented for approval. COMMUNICATIONS AND REPORTS: Affidavits of Continued Eligibility: The Board noted that L&A will mail Affidavits of Continued Eligibility to all pensioners with the December payroll cycle. A status update will be provided at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Application for Membership – Seth Berlin: The Board reviewed the Application for Membership submitted by Seth Berlin. A motion was made by Trustee Craig and seconded by Trustee Bayee to accept Seth Berlin into the Wheaton Police Pension Fund effective August 24, 2020, as a Tier II participant. Motion carried unanimously by voice vote. APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS: Approve Regular Retirement Benefits – Robert Lewis: The Board reviewed the regular retirement benefit calculation for Robert Lewis prepared by L&A. Sergeant Lewis had an entry date of September 6 1994, retirement date of November 6, 2020, effective date of pension of November 7, 2020, 53 years of age at date of retirement, 26 years of creditable service, applicable salary of $148,627.26, applicable pension percentage of 65%, amount of originally granted monthly pension of $8,050.64 and amount of originally granted annual pension of $96,607.68. A motion was made by Trustee Craig and seconded by Trustee Mathieson to approve Robert Lewis’s regular retirement benefit calculated by L&A. Motion carried unanimously by voice vote. Approve Regular Retirement Benefits – Rodney Stringer: The Board provided L&A with an updated application for regular retirement benefits. L&A will prepare an updated calculation for the Board’s review and approval at the next regular meeting. TRUSTEE TRAINING UPDATES: The Board 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. Wheaton Police Pension Fund Meeting Minutes – November 12, 2020 Page 3 of 3 OLD BUSINESS: There was no old business to discuss. ATTORNEY’S REPORT – REIMER DOBROVOLNY & LABARDI PC: Legal Updates: The Board was presented with the Legal and Legislative Update newsletter provided by Reimer Dobrovolny & LABardi PC. 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 5:58 p.m. Motion carried unanimously by voice vote. The next regular meeting is scheduled for February 18, 2021 at 5:00 p.m. __________________________________ Board President or Secretary Minutes approved by the Board of Trustees on __________________________ Minutes prepared by Kelley Murray, Pension Services Administrator, Lauterbach & Amen, LLP