Police Pension Fund Board

BOLICB WHEATON POLICE PENSION FUND serh, 900 West Liberty Drive, Wheaton, Illinois | 630-260-2161 Brett Mathieson Don Wilson Angela Smith Jeny Hampel Tim Bayee President Vice President Secretary Assistant Secretary Trustee MINUTES OF A REGULAR MEETING OF THE BOARD OF TRUSTEES NOVEMBER17,2022 A regular meeting of the Wheaton Police Pension Fund Board of Trustees was held on Thursday, November 17, 2022 at 5:00 p.m. in 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 5:09 p.m. ROLL CALL: PRESENT: Trustees Brett Mathieson, Don Wilson, Tim Bayee and Jerry Hampel ABSENT: Trustee Angela Smith ALSO PRESENT: Elizabeth Adelmann, Lauterbach & Amen, LLP (L&A) PUBLIC COMMENT: There was no public comment. APPROVAL OF MEETING MINUTES: August lB, 2022 Regular Meeting: The Board reviewed the August 18,2022 regular meeting minutes. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to approve the August 18,2022 regular meeting minutes as written. Motion carried unanimously by voice vote. INVESTMENT REPORT: Verus Advisory, Inc:The Board reviewed the Verus Advisory, Inc. monthly report for the period ending September 30,2022. State Street Statements: The Board reviewed the State Street Bank statement for the periods ending August 31, 2022 through September 30, 2022. ACCOUNTANT'S REPORT - LAUTERBACH & AMEN, LLP: Discussion/Possible Action - Cash Management Policy:The Board discussed the cash management policy. Further discussion will be held at the next regular meeting Monthly Financial Report and Presentation and Approval of Bills: The Board reviewed the Monthly Financial Report for the nine-month period ending September 30,2022 prepared by L&A. As of September 30, 2022, the net position held in trust for pension benefits is $90,514,121.10 for a change in position of $9,094,550.40. The Board also reviewed the Cash Analysis Report, Revenue Report, Expense Report, Member Contribution Report, Payroll Joumal and the Vendor Check Report for the period July 1, 2022 through September 30,2022 for total disbursements of $254,906.84. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to accept the Monthly Financial Report as presented and to approve the disbursements shown on the Vendor Check Report in the amount of $254,906.84. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith 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. Further discussion will be held at the next regular meeting. APPLICATIONS FOR MEMBERSHIP/WITHDRAWALS FROM FUND: Resignation of Officer'Jorge Sanchez: The Board noted that Jorge Sanchez separated service from the Wheaton Police Depafiment on Wheaton Police Pension Fund Meeting Minutes -November 17,2022 Page 2 of3 September 9,2022. To date, a contribution refund request has not been received. Updates will be provided as they become available. APPLICATIONS FOR RETIREMENTiDISABILITY BENEFITS: Approve Regular Retirement Benefits - Robert Miller and Donald Stelmar: The Board reviewed retirement benefit calculation for Robert Miller prepared by L&A. Deputy Chief Miller had an entry date of December 28,1992, retirement date of October 3, 2022, effective date of pension of October 4, 2022, 52 years of age at date of retirement, 29 years of creditable service, applicable salary of $160,282.72, applicable pension percentage of 72.5o/o, amount of originally granted monthly pension of $9,683.75 and amount of originally granted annual pension of $l16,205 The Board also reviewed the retirement benefit calculation for Donald Stelmar prepared by L&A. Detective Stelmar had an entry date of August 24,1992, retirement date of August24,2022, effective date of pension of August 25, 2022, 53 years of age at date of retirement, 30 years of creditable service, applicable salary of $121,259.30, applicable pension percentage of 75Yo, amount of originally granted monthly pension of $7,578.71 and amount of originally granted annual pension of $90,944.52. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to approve Robert Miller and Donald Stelmar's retirement benefits calculated by L&A. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith Deceased Surviving Spouse Laurene Compton: The Board noted that surviving spouse Laurene Compton - passed away on October 7,2022 and her pension benefit has ceased' 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 registration fees or reimbursable expenses presented for approval. IPOPIF: Discussion/Possible Action - eCFM Access Form: The Board discussed the eCFM Access form. A motion was made by Trustee Mathieson and seconded by Trustee Bayee to appoint Trustees Mathieson and Smith, Treasurer Robert Lehnhardt and L&A representative Susan Hill as account representatives. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith Discussion /Possible Action - eCFM Account Representatives Resolution: The Board reviewed Resolution 2022- 02. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to adopt Resolution 2022-02 authorizing Treasurer Robert Lehnhardt and L&A representative Susan Hill as account representatives for the eCFM Portal. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith Discussion/Possible Action to be Taken on All IPOPIF Requests Pertaining to Consolidation: The Board noted that there was no discussion or action to be taken pertaining to consolidation' OLD BUSINESS: Portability Updates - Justin Isaac and Steven Larson: The Board discussed Justin Isaac's transfer of creditable service. A motion was made by Trustee Hampel and seconded by Trustee Wilson to accept Justin Isaac's transfer as paid in full in the amount of $170,935.22 from the Elmhurst Police Pension Fund to the Wheaton Police Pension Fund and to revise Justin Isaac's hile date from February 28,2022 to November 7, 2015. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith Wheaton Police Pension Fund Meeting Minutes - November 17,2022 Page 3 of3 The Board discussed Steven Larson's request to transfer creditable service under portability and noted that Mr. Larson's election to pursue the transfer was received after the October 31, 2022 deadline that was provided to him in correspondence sent to him by L&A on October 5,2022. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to allow the October 5,2022 calculation to be used after the deadline and that an updated True Cost calculation is not needed. Motion carried unanimously by voice vote. Military Purchase - Jorge Sanchez; The Board noted that Jorge Sanchez separated service from the Wheaton Police Department on September 9,2022 and will no longer be pursuing a military service purchase. No further action is required. Transfer of Creditable Service from IMRF Pursuant to PA I 02-0857 - Timothy Kolzow: The Board noted that Timothy Kolzow submitted paperwork on September 30,2022 electing to pursue the transfer of creditable service from IMRF but to date, no payments have been received. Further discussion will be held at the next regular meeting. NEW BUSINESS: Transfer of Creditable Servicefrom IMRF Pursuant to PA 102-0857 - Patricia Potter:The Board noted that L&A mailed correspondence to Patricia Potter regarding her request to calculate the amount of money due to the Wheaton Police Pension Fund to combine service from IMRF, but no response has been received to date. Updates will be provided as they become available. Review/Approve - Actuarial Valuation and Tax Levy Request: The Board noted that the Actuarial Valuation was approved at the August 18,2022 regular meeting and a tax levy request was made in the amount of $ 1,043,231 to the City of Wheaton. No further action is required. Review/Adopt - Municipal Compliance Report:The Board reviewed the Municipal Compliance Report prepared by L&A. A motion was made by Trustee Mathieson and seconded by Trustee Wilson to adopt the MCR as prepared and to authorize signatures by the Board President and Secretary. Motion carried by roll call vote. AYES: Trustees Mathieson, Wilson, Bayee and Hampel NAYS: None ABSENT: Trustee Smith Establish 2023 Board Meeting Dates: The Board discussed establishing the 2023 Board meeting dates as February 16,2023; May I 1,2023; August 17,2023; and November 16,2023 at 5:00 p.m. in the Wheaton Police Department located at 900 W. Liberty Drive, Wheaton, Illinois 60187. A motion was made by Trustee Hampel and seconded by Trustee Wilson to establish the 2023Boardmeeting dates as stated. Motion carried unanimously by voice vote. ATTORNEY'S REPORT - REIMER DOBROVOLNY & LABARDI PCz Legal Updates: The Board reviewed the Legal and Legislative Update quarterly newsletter. CLOSED SESSION,IF NEEDED: There was no need for closed session' ADJOURNMENT: A motion was made by Trustee Wilson and seconded by Trustee Mathieson to adjoum the at6:19 p.m. otion carried unanimously by voice vote. The IS for February 16,2023 at 5:00 p.m. Minutes approved by the Board of Trustees on >3 Minutes prepared by Elizabeth Adelmann, Pension Services Administrator, Lauterbach & Amen, LLP