MINUTES OF THE COUNTRYSIDE POLICE PENSION BOARD

MEETING HELD AT CITY HALL CHAMBER ROOM

5550 S. East Avenue Countryside IL 60525

Thursday, April 25, 2019 at 4:30PM

 

 

 

President Paul Klimek called the meeting to order at 4:37PM.

 

Present:                      Paul Klimek                                President

Allen Arneson                             Vice President

Brendan Gleespen                       Secretary

Lou Moravecek                           Assistant Secretary

Dave Schutter                            Trustee                                                                                           Dan Davis                                   Morgan Stanley Wealth Management

Richard Barrett                          Wells Fargo Wachovia

Tom Radja                                   Board Attorney

Cathy Rothbard                          Pension Clerk

 

Absent:                         Jessie Barrett                              Wells Fargo Wachovia

 

PUBLIC COMMENTS

None

 

INVESTMENT UPDATES

Davis of Morgan Stanley Wealth Management gave an update on the pension fund’s investments. Dan Davis also gave board members a copy of an investment proposal for the board‘s review.   It would go from transaction approach to fee based approach.   Dan Davis also recommended he wire transfer $250,000.00 on July 1, 2019 to Countryside Bank Money Market account to cover retiree pensions. Paul Klimek made a motion to transfer monies to Countryside Bank and Brendan Gleespen seconded. Roll Call taken: Paul Klimek yes, Al Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes. 5 yes, 0 no, motion carried. Dan Davis recommended purchasing a GNMA in the amount of $250,000.00 for average life of 4.9 years, with a yield of 3.60%. Dave Schutter made a motion to purchase GNMA and Lou Moravecek seconded. Roll Call taken: Paul Klimek yes, Al Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes. 5 yes, 0 no, motion carried.

 

Dick Barrett of Wells Fargo Wachovia gave an update on the pension fund’s investments.

McDonnell investments will no longer handle Il State Statutes. The board must have a new investment manager by June 30, 2019. Dick Barrett advised the board of several different

Investment managers. Paul Klimek made a motion to accept Mesirow to replace McDonnell and to transfer accounts in kind to Mesirow, and Brendan Gleespen seconded. Roll Call taken: Paul

Klimek yes, Al Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes.

5 yes, 0 no, motion carried.

 

 

APPROVAL OF MINUTES

 

Lou Moravecek made a motion to waive the reading of the minutes and to accept the minutes of January 25, 2019 with the correction of the spelling of Al’s name and Paul Klimek seconded. Roll Call taken: Paul Klimek yes, Al Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes. 5 yes, 0 no, motion carried.

 

RECEIPTS AND DISBURSEMENTS

 

Brendan Gleespen read the receipts and disbursements for January, February, and March 2019. Lou Moravecek made a motion to accept the receipts and disbursements, and Paul Klimek seconded. Roll Call taken: Paul Klimek yes, Allen Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes. 5 yes, 0 no, motion carried.

 

OLD BUSINESS

 

Brendan Gleespen still has to complete his ethics training, all other board members have completed.

ELECTIONS

 

The Illinois Pension Law requires that an election be held every two years to select to active participants and and one retiree to be members of the board of trustees of the Police Pension Fund. The results of the elections are as follows:

Active Participants

 

Alonzo Agostino   10 votes

April Bisignani         1 vote

Brendan Gleespen 10 votes

Paul Klimek             7 votes

James Stern             6 votes

 

Retired Participants

 

Bernard Duffy        1 vote

Lee Fugett              1 vote

Paul Mallon            1 vote

Ernest Millsap         2 votes

Louis Moravecek   11 votes

Karl Rodey               1 vote

Gary Schwab           1 vote

 

Alonzo Agostino and Brendan Gleespen were elected to the board to represent the active members, with their term expiring April 30, 2021. Louis Moravecek was elected to the board to represent the retired members with his term expiring April 30, 2021. Paul Klimek made a motion to accept election results and Lou Moravecek seconded. All ayes, no nayes, motion carried.

 

NEW BUSINESS

 

Information only, Sgt. Anthony Boyd owes the $5,787.79 into the pension fund contributions.

This is due to contributions not deducted from his pay while on military duty. Sgt. Boyd is deducting $100.00 per paycheck until the amount due is paid.

 

Regarding a motion to retain the law firm Ancel Glink, PC to serve as legal counsel for the Pension Board effective immediately was discussed, and determined to go into executive session for further discussion. Lou Moravecek made a motion to go into executive session and Al Arneson seconded. Roll Call taken: Paul Klimek yes, Al Arneson yes, Brendan Gleespen yes,

Lou Moravecek yes, Dave Schutter no. 4 yes, 1 no, motion carried.

 

EXECUTIVE SESSION

 

Executive session began at 5:45PM to discuss legal consul. Present: all board members.

Al Arneson made a motion to adjourn executive session at 6:15PM and Paul Klimek seconded.

Roll Call taken: Paul Klimek yes, Al Arneson yes, Brendan Gleespen yes, Lou Moravecek yes, and Dave Schutter yes. 5 yes, 0 no, motion carried.

 

Lou Moravecek made a motion to reconvene into regular session and Brendan seconded, all ayes, no nays, motion carried and regular session reconvened at 6:16PM.   Paul Klimek made a motion to retain Ancel Glink for the board’s attorney and Dave Schutter seconded. Roll Call taken: Paul Klimek yes, Brendan Gleespen no, Al Arneson no, Lou Moravecek no. 2 yes, 3 no, motion not carried.

 

ATTORNEY REPORT

 

Tom Radja, board attorney advised the board his firm has a new website and podcast, PoliceFireLaw.com. He also stated he prevailed in the case law Pradzik VS Homer Glen on psychological disability case.

 

Paul Klimek made a motion to adjourn the meeting and Brendan Gleespen seconded, all ayes, no nays, motion carried. The meeting was adjourned at 6:24PM.

 

 

 

 

 

 

______________                                                                   _________________

Brendan Gleespen                                                                   Louis Moravecek

Secretary                                                                                 Assistant Secretary

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