Police Pension Fund Board

WHEATON POLICE PENSION FUND 900 West Liberty Drive, Wheaton, Illinois | 630-260-2161 Brett Mathieson Don Wilson Angela Smith Jerry Hampel Tim Bayee President Vice President Secretary Assistant Secretary Trustee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES AUGUST 18,2022 A regular meeting of the Wheaton Police Pension Fund Board of Trustees was held on Thursday, August 18, 202iat5:00 p.m.1n 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 5:07 p.m. ROLL CALL: PRESENT: Trustees Brett Mathieson, Angela Smith, Don wilson, Tim Bayee and Jerry Hampel ABSENT: None ALSO PRESENT: Mary Tomanek (arrived at 5:51 p.m., via teleconference), Graystone Consulting; Elizabeth Adelmann, Lauterbach & Amen, LLP (L&A); PUBLIC COMMENT: There was no public comment' APPROVAL OF MEETING MINUTES: May 26, 2022 Regular Meeting;The Board reviewed theMay 26, Wilson to 2022 regular meeting minutes. A motion was made by Trustee Mathieson and seconded by Trustee written. Motion carried unanimously by voice vote' upprou.ith" lttay ZA,ZOZZ regular meeting minutes as ACCOUNTANT'S REPORT _ LAUTERBACH & AMEN, LLP MONIhIY FiNANCiAI REPOTI ANd presentation and Approvat of Bills: The Board reviewed the Monthly Financial Report for the seven-month for pension period ending July ii, 2022 prepared by L&A. As of July 31,2022,,the net position held in-trust also reviewed the cash Analysis tenefits is $g t ,go-q,gg 2.2a foi u ihung. in position of $9,0i4,550.4. The Board and tlre Vendor Check Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Journal 2022 for total disbursements of $273,33 I '30. A motion was Report-for the period fvfay f , 2022 rhrough July 31, trusiee Hampel to accept the Monthly Financial Report as presented made by Trustee Smith and seconded by shown on the Vendor Check Report in the amount of $273,331'30. Motion and to approve the disbursements carried by roll call vote. AYES: Trustees Mathieson, Smith, Wilson, Bayee and Hampel NAYS: None ABSENT: None Additionat Bills, tf any: There were no additional bills presented for approval' COMMUNICATIONS AND REPORTSz Active Member File Maintenance: The Board noted that L&A will any additional prepare Active Member File Maintenance letters for distribution to all active members requesting pension file documents. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: APPI\CAIiONfOT MCMbCTShiP' Steven Larson. A motion Steven Larson: The Board reviewed the Application for Membership submitted by was made by Trustee Smith and seconded by t*rte" Hampel to accept Steven Larson into the Wheaton Police pension Fund effective June 20, 2022, as a Tier II participant. Motion carried unanimously by voice vote' BCNCfit _ APPLICATIONS FOR RETIREMENT/DISABILITY BENEFITS APPTOVC NON-DUIY DiSAbiIitY prepared by Kayte lqitten: The Board reviewed the non-duty disability 9:t:11 calculation for Kayte Witten of Juni 30,2014, disability date of May 26,2022,effective date of L&A. Officer Witten had an entry date pension of May 2i,2022,2022,38 years of age at date of disability, 7 years of creditable service, applicable granted monthly pension of salary of $ I lg p;l .10, applicabie pension percintage of 50Yo, amount of originally Wheaton Police Pension Fund Meeting Minutes - August 18,2022 Page 2 of 3 $4,968.80 and amount of originally granted annual pension of $59,625.60 A motion was made by Trustee Mathieson and seconded by Trustee Smith to approve Kayte Witten's non-duty disability benefit calculated by L&A. Motion carried by roll call vote. AYES: Trustees Mathieson, Smith, Wilson, Bayee and Hampel NAYS: None ABSENT: None 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 tegittration fees or reimbursable expenses presented for approval. IpOpIF: Discussion/possible Action - Interim Cash Management Policy; The Board discussed their interim Cash Management Policy and noted that further discussion will be held at the next regular meeting. next Discussion/possible Action - eCFM Access Form: The Board noted that this item will be discussed at the regular meeting. Discussion/possible Action to be Taken on All IP)PIF Requests Pertaining to Consolidation: The Board noted that there was no discussion or action to be taken pertaining to consolidation' oLD BUSINESS; IDOI Annual stqtement: The Board noted that the IDoI Annual statement is in process and the final report will be sent to the Board for review upon completion' Military purchase - Jorge Sanchez: The Board noted that Jorge Sanchez has submitted an application for a meeting' military buyback and calJulations are in process. Further discussion will take place at the next regular NEW BUSINESS: Dlsczs sion/possible Action - Return of Excess Contributions to Hanover Park Police/Seth Berlin portability: The Board reviewed the memo prepared by_ L&A regarding Seth Berlin's transfer of Park Police Pension creditable service under portability and the retum of excess contributions to the Hanover Fund. A motion *u, 1nud" by Trustee Mathieson and seconded by Trustee Wilson to authorize L&A to issue a payment back to the Hanovei park police pension Fund for the excess contributions in the amount of $ 1,037.08. Motion carried unanimously by voice vote' portability Update - Steven Lqrson:The Board noted that the calculation to transfer Steven Larson's creditable meeting. service ;de; portability is in process, Further discussion will be held at the next regular Board reviewed Transfer of Creditable Service from IMRF Pursuant to PA 102-0857 - Timothy Kolzow: The to transfer creditable service from IMRF to the #mo"prepared by L&A regarding Timothy Kolzow's request police pension Fund. th" Soard noted that a 60/o inlerest rate should be used as part of the the Wheaton payment(s) due from them and the payment from IMRF to the calculation and the member needs to initiate the wheaton police pension Fund by November li, z0zz. Further discussion will be held at the next regular meeting. Valuation Review/Approve - Actuariql Valuation and Tax Levy Requesr; The Board reviewed the Actuarial prepared by. Foster and Foster. Based on data and assumptions, the recommended municipal contribution is Mathieson and seconded by Trustee Smith to accept the Actuarial il,lq1,Zli.A motion was made by Trustee Valuation as prepared. Motion carried by roll call vote' AYES: Trustees Mathieson, Smith, Wilson, Bayee and Hampel NAYS: None ABSENT: None The Board discussed requesting a tax levy in the amount of $1,043,23 I' A motion was made by Trustee 1 from the City of Mathieson and seconded ty r*itee Wilson to request a tax levy in the amount of $ I ,043,23 Wheaton Police Pension Fund Meeting Minutes - August 18, 2022 Page 3 of3 Wheaton, based on the recommended amount stated in the Actuarial Valuation prepared by Foster and Foster' Motion carried by roll call vote. AYES: Trustees Mathieson, Smith, Wilson, Bayee and Hampel NAYS: None ABSENT: None Review/Adopt - Municipal Compliance Report:The Board noted that the Municipal Compliance Report will be reviewed at the next regular meeting. Board Officer Elections - President, Vice President, Secretary and Assistant Secretary: The Board discussed Board Oificer Elections and nominated the following slate of Officers: Trustee Mathieson as President; Trustee Wilson as Vice president; Trustee Smith as Secretary; and Trustee Hampel as Assistant Secretary. A motion was made by Trustee Smith and seconded by Trustee Wilson to elect the slate of Officers as stated. Motion carried unanimously by voice vote. FOIA Officer and OMA Designee: The Board discussed designating City Clerk Andrea Rosedale as the FOI.A Officer and Trustee Hampel is the OMA Designee. A motion was made by Trustee Smith and seconded by by Trustee Wilson to designate the FOIA Officer ind OMA Designee as stated. Motion carried unanimously voice vote. ATTORNEY'S REPORT _ REIMER DOBROVOLNY & LABARDI PCZ LEgAI IIPdAICS: ThE BOATd reviewed the Legal and Legislative Update quarterly newsletter' Ms. Tomanekioined the meeting at 5:51 p'm. INVESTMENT REPORT - GRAYSTONE CONSULTING: Quarterly Performance Review: Mary Tomanek presented the Quarterly Performance Report for the period ending June 30, 2022. As of June 30,2022, (tO. tlX;, the year-to-date net return is (15.7s%) and the ending market value is the quartei+o-date net re,Lrn is is as follows: fixed income at 34.2%o, equities at 58Yo, and cash $g+,b3Z,SS:. The current asset allocation reviewed the recent transactions and answered all questions flom the Board' management ati .go6.Ms. Tomanek Trustee Smith left the meeting at 5:58 p,m' cLosED SESSION, IF NEEDED: There was no need for closed session. the ADJOURNMENT: A motion was made by Trustee Mathieson and seconded by Trustee Wilson to adjourn meeting at 6:01 p.m. Motion carried unanimously by voice vote' The next regular forNovember 17,2022 at 5:00 P.m. Board or Secretary Minutes approved by the Board of Trustees on II Minutes prepared by Etizabeth Adelmann, Pen:sion Services Administrqtor, Lautetbach & Amen, LLP