MINUTES OF THE COUNTRYSIDE POLICE PENSION BOARD
MEETING HELD AT CITY HALL
Wednesday, July 18, 2012 6:00PM

President Lou Moravecek called the meeting to order at 6:07PM.

Present:

Lou Moravecek President

Steve Drazner Vice-President

John Mikel Secretary

Ken Goluszka Assistant Secretary

Gail Paul Trustee

Dan Davis Morgan Stanley Smith-Barney

Dick Barrett Wells Fargo Wachovia Securities

Jesse Barrett Wells Fargo Wachovia Securities

Tom Radja Board Attorney

Cathy Rothbard Clerk

Lou Moravecek made a motion to waive the reading of the minutes from the April 16, 2012 meeting. Gail Paul pointed out clerical errors to be corrected. Ken Goluszka seconded to accept the minutes with the clerical errors to be corrected, all ayes no nayes, motion carried.

RECEIPTS AND DISBURSEMENTS

John Mikel read the receipts and disbursements for March through June of 2012. Gail Paul stated the meeting date under the clerk salary should be April 16^th not January 18^th. Lou Moravecek made a motion to accept the receipts and disbursements with the correction of the date, and Steve Drazner seconded, all ayes, no nayes, motion carried.

BILLS

State Treasurer Dept Ins Annual Compliance Fee Ck#4090 3,174.97

NIU Training – IPPFA Conference for Moravecek, Mikel, Goluszka Ck#4100 855.00

Collins & Radja – Attorney fees Ck#4110 800.00

Clerk Rothbard advised the check printer is obsolete and you can no longer purchase ink cartridges for it. Lou Moravecek made a motion to purchase a new printer and ink cartridges not to exceed $200.00. John Mikel seconded, roll call was taken all ayes, no nayes, motion carried.

Lou Moravecek made a motion to accept the bills, and Gail Paul seconded. Roll call was taken, all ayes, no nayes, motion carried.

INVESTMENT UPDATES

Dick Barrett and Jesse Barrett of Wells Fargo Wachovia Securities gave the board members an update on the investments. Jesse Barrett made a recommendation to invest an additional $170,000.00 into the DISIP Fund. Lou Moravecek made a motion to take $170,000.00 from the Wells Fargo Money Market account and invest it into the DISIP Fund, and Gail Paul seconded. Roll Call was taken, all ayes, no nayes, motion carried.

Dan Davis of Morgan Stanley Smith-Barney gave the board members an update on the investments. Dan Davis made a recommendation to sell the Treasury Strip valued at $366,660.00 and purchase a GNMA for $367,500.00. He also recommended investing $100,000.00 into each of the five American Funds accounts. Lou Moravecek made a motion to sell the Treasury Strip and purchase a GNMA per Dan’s recommendation. Steve Drazner seconded, roll call was taken, all ayes, no nayes, motion carried.

Lou Moravecek made a motion to invest $500,000.00 into the five American Funds accounts, adding $100,000.00 to each account. John Mikel seconded, roll call was taken, all ayes, no nayes, motion carried.

It was agreed by board members to request Dick and Jesse Barrett and Dan Davis to bring other investment options, fees associated and their performance to date for the next board meeting.

CONSIDER APPLICATIONS FOR BENEFITS

Patrolman Richard Porcaro has submitted his application for benefits. He is leaving the Countryside Police Department and is requesting a refund of his contributions through July 18, 2012. The final contribution is not available yet, but through June the total is $4,819.96. Lou Moravecek made a motion to approve the refund of his pension contributions but not to exceed $6,000.00. Steve Drazner seconded, roll call was taken, all ayes, no nayes, motion carried. The dollar amount of the refund will be included in the next meeting’s minutes.

Patrolman Ernest Millsap has submitted his application for retirement benefits. He is retiring from the police department on August 18, 2012 with 24 years, 9 months, and 2 days of service.

A discussion was held, and Tom Radja advised the board pursuant to section 3-141.1 of the pension code that the board must submit their calculations to the City Treasurer for his review. If the City Treasurer is not in agreement with the calculations, then it goes back to the board to determine the pension amount. Lou Moravecek made a motion to accept his application for benefits with the final amount of his pension to be determined after submission of calculations to the City Treasurer. Ken Goluszka seconded, roll call was taken, all ayes, no nayes, motion carried.

The board will hold a special meeting on Monday, August 20, 2012 at 5:00PM regarding Ernest Millsap’s retirement pension, pending a response from the City Treasurer.

LEGAL UPDATE

Board Attorney Tom Radja stated Ulico Insurance is paying for his attorney fees for litigation.

There is a hearing set for August 27, 2012 at 2PM at the Daley Center for litigation arguments.

BUSINESSS

The board reviewed the draft of the audit. The board members found some clerical errors and also had several questions. Clerk Rothbard will forward this information to the auditors.

It was noted that 32 hours of training is needed for new trustees, and some of the training can be done through online classes.

Gail Paul would like included in the minutes that she has requested all information for upcoming meetings, such as minutes, investments reports, etc. to be given to each board member one week in advance of the scheduled meeting.

ADJOURNMENT

Lou Moravecek made a motion to adjourn the meeting, Steve Drazner seconded, all ayes, no nayes,motion carried, the meeting was adjourned at 8:12PM.

_____________________________ ________________________________

Lou Moravecek, President John Mikel, Secretary