MINUTES OF THE COUNTRYSIDE POLICE PENSION BOARD

MEETING HELD AT CITY HALL

Thursday, January 29, 2015 at 4:30PM

President Lou Moravecek called the meeting to order at 4:36PM.

Present: Lou Moravecek President

Ken Goluszka Assistant Secretary

Allen Arneson Trustee

Dick Barrett Wells Fargo Wachovia Securities

Dan Davis Morgan Stanley Wealth Management

Tom Radja Board Attorney

Cathy Rothbard Clerk

Don McGoorty Countryside resident, 5602 Ashland Ave.

Absent: John Mikel Secretary

Steve Drazner Vice-President

INVESTMENT UPDATES

Dick Barrett of Wells Fargo Wachovia Securities went over the investments of the fund. Dan Davis of Morgan Stanley Wealth Management went over the investments of the fund. Dan Davis recommended adding an additional $500,000.00 into the Lord Abbett investment. The board will wait until the April meeting to discuss it further.

Lou Moravecek made a motion to transfer $144,000.00 from Wells Fargo Wachovia annuity and $50,000.00 from the Morgan Stanley Money Market Account to Countryside Bank to cover retiree pensions and federal tax withholding, and Ken Goluszka seconded. Roll Call taken: Lou Moravecek, yes, Ken Goluszka, yes, Allen Arneson, yes. 3 yes, 2 absent, motion carried.

APPROVAL OF MINUTES

Lou Moravecek, President made a motion to waive the reading of the minutes from the October 30, 2014 meeting, and to also approve the minutes. Allen Arneson seconded, all ayes, no nayes, 2 absent, motion carried.

RECEIPTS AND DISBURSEMENTS

Ken Goluszka read the receipts and disbursements for October, November and December of 2014. Lou Moravecek made a motion to accept the receipts and disbursements and Allen Arneson seconded. Roll Call taken: Lou Moravecek yes, Ken Goluszka yes, Allen Arneson yes.

3 yes, 2 absent, motion carried.

BILLS

1. Lauterbach & Amen audit & IDOI report ck#4406 $6,450.00
2. Lauterbach & Amen actuarial fee for fy ending 4/14 ck#4415 2,050.00
3. Lauterbach & Amen House Bill 5088 fee ck#4416 550.00
4. USPS – mail certified letter to IDOI for annual reportdebit card 6.49
5. Training/Conference fees for Lou Moravecek debit card 93.29
6. NIU Outreach training for Allen Arneson debit card 800.00
7. Staples – new computer monitor for clerk’s computerdebit card 159.36
8. Staples – typewriter and ribbon debit card 139.40

RESOLUTIONS

2014-004-R Morgan Stanley GNMA due 7/20/2044 at 4.50% $142,537.09

Lou made a motion to ratify the above resolution and Allen Arneson seconded. Roll Call taken: Lou Moravecek yes, Ken Goluszka yes, Allen Arneson yes. 3 yes, 2 absent, motion carried.

ELECTIONS

Pursuant to Illinois Pension Law an election was held to select participants for the board.

Below are the results of the ballot/election:

Active Participants:

Ken Golsuzka 16 votes

Karl Rodey 8 votes

Ryan Jakubowski 4 votes

Agostino Alonzo 2 votes

John Andree 2 votes

Paul Klimek 2 votes

Paul Lanzi 2 votes

Robert Sodt 2 votes

Brendan Gleespen 1 vote

Timothy Wherry 1 vote

Lou Moravecek made a motion to approve the election results, Allen Arneson seconded. Roll Call taken: 3 ayes, no nayes, 2 absent, motion carried.

NEW BUSINESS

Todd Schroeder of Lauterbach and Amen was present at the meeting and gave a presentation on the actuarial report and answered any questions the board had. There was a question regarding an amount of increase of $24,000.00 in the report possibly due to the qildro. Todd will look into it and advise the board of his findings. The total amount of tax levy recommended by Lauterbach and Amen’s actuarial is $980,123.00. The total amount of tax levy recommended by Illinois

Department of Insurance actuarial is $1,113,411.00 and the total amount recommended by Goldstein’s actuarial is $837,391.00.

Lou Moravecek made a motion to submit to the City of Countryside a tax levy contribution request for $980,123.00 upon receiving clarification regarding the $24,000.00, Ken Goluszka seconded. Roll Call taken: Lou Moravecek, yes, Ken Goluszka, yes, Allen Arneson, yes.

3 yes, 2 absent, motion carried.

The Municipal Compliance report prepared by Lauterbach and Amen was completed and given to the City of Countryside.

Clerk Rothbard’s computer is Windows XP which is not supported by Windows any longer.

Lou Moravecek made a motion to have the City’s IT employee Troy Carrigan upgrade the clerk’s computer to Windows 7 but not to exceed the cost of $250.00, and Allen Arneson seconded. Roll Call Taken: Lou Moravecek yes, Ken Goluszka yes, Allen Arneson yes. 3 yes, 2 absent, motion carried.

John Mikel has advised the board members that he is resigning from the pension board effective January 31, 2015.

LITIGATION UPDATE

Tom Radja, board attorney advised the board members that the next status date is February 2, 2015, and they may possibly start with arrangements for depositions. The case was transferred in December to a new Judge, and he is Judge Neil Cohen. Judge Cohen ruled in favor of the City of Countryside to dismiss individual defendant’s counter claim, they have the right to appeal if they choose to.

Retired Countryside Police Chief Timothy Swanson entered a federal guilty plea. Tom Radja advised the board members this matter should be put on the agenda for the next meeting or a special meeting be held. The board will decide on a hearing date to discuss his retirement pension and give notice for Timothy Swanson to attend. Swanson’s sentencing date is sometime in May, 2015.

Lou Moravecek made a motion to adjourn the meeting and Ken Goluszka seconded. The meeting was adjourned at 6:28PM.

Lou Moravecek Kenneth Goluszka

President Assistant Secretary