AGENDA FOR COUNTRYSIDE POLICE PENSION MEETING
Held at City Hall in Chambers Room
Wednesday, October 17, 2012 6:00PM

Meeting called to order

Roll Call: Lou Moravecek – President, Tom Radja – Board Attorney, Steve Drazner — Vice President, Cathy Rothbard — Clerk, John Mikel –Secretary, Dan Davis – Morgan Stanley Smith Barney, Ken Goluszka –Assistant Secretary, Dick Barrett – Wells Fargo Wachovia, Jesse & Dick Barrett – Wells Fargo Wachovia, Gail Paul–Trustee, Jesse Barrett– Wells Fargo Wachovia

Investment Updates

Investment Updates and recommendations from Dan Davis of Morgan Stanley-Smith Barney and Dick Barrett and Jesse Barrett of Wells Fargo-Wachovia.

Approval of Minutes

July 18, 2012 meeting

August 22, 2012 special meeting

Receipts and Disbursements for July, and August, 2012

Bills

Collins & Radja – attorney fees, 437.50

Reimbursement to board members who attended the IPPFA Conference in Lake Geneva, WI.

Applications for Membership

Two newly hired police officers.

Resolutions

2012-003-R Smith Barney GNMA Pool#MA0147 due 06/20/2042 at 3.00% 367,665.51

Old Business

New Business

  1. Morgan Stanley Smith Barney name change to Morgan Stanley Wealth Management.
  2. Lauterbach & Amen to complete House Bill 588.
  3. IL Dept of Insurance will resume actuarial for suggested tax levy contributions.
  4. Discuss member’s questionnaires/information sheets.
  5. Department of Insurance Annual Report

Questions/Comments from the Public

Adjourn to Executive Session

To discuss litigation and personnel

Adjournment

MINUTES OF THE COUNTRYSIDE POLICE PENSION BOARD

MEETING HELD AT CITY HALL

Wednesday, October 17, 2012 6:00PM

President Lou Moravecek called the meeting to order at 6:15PM.

Present:

Lou Moravecek President

Steve Drazner Vice-President

John Mikel Secretary

Ken Goluszka Assistant Secretary

Gail Paul Trustee/at 7:15PM

Steve Jaskinski City Treasurer/at 7:15PM

Cathy Rothbard Pension Clerk

Dan Davis Morgan Stanley Wealth Management

Dick Barrett Wells Fargo Wachovia Securities

Tom Radja Board Attorney

INVESTMENT UPDATES

Dan Davis stated Morgan Stanley Smith Barney had a name change; the new name is Morgan Stanley Wealth Management. Dan Davis of Morgan Stanley Wealth Management went over the fund’s investments. Dan recommended to invest $245,000.00 into a certificate of deposit (CD) for four years at a rate of 1.30%, and also to transfer $125,000.00 to the State Bank of Countryside account for retiree’s pensions.

Lou Moravecek made a motion for Dan Davis to transfer $125,000.00 from the Morgan Stanley Money Market account to the State Bank of Countryside account, Steve Drazner seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka all ayes, no nayes, 1 absent, motion carried.

Lou Moravecek made a motion to purchase a certificate of deposit (CD) in the amount of $245,000.00 at the rate of 1.30% for four years, Steve Drazner seconded. Roll call taken:

Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka all ayes, no nayes, 1 absent, motion carried.

Dick Barrett of Wells Fargo Wachovia Securities went over the fund’s investments.

Dick recommended the board hire a Money Manager, if the fund invests in corporate bonds, a Money Manager is required. Dick brought some new investment presentations which will be discussed at the January meeting. Dick Barrett can transfer over $100,000.00 to the State Bank of Countryside Money Market account to cover retiree’s pensions.

Lou Moravecek made a motion for Dick Barrett to transfer $100,000.00 from the Wells Fargo Wachovia Money Market account to the State Bank of Countryside Money Market account, Steve Drazner seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka all ayes, no nayes, 1 absent, motion carried.

APPROVAL OF MINUTES

Lou Moravecek made a motion to accept the July 18, 2012 minutes, John Mikel seconded, all ayes, no nayes, 1 absent, motion carried.

Lou Moravecek made a motion to accept the special meeting of August 22, 2012 minutes, Ken Goluszka seconded, all ayes, no nayes, 1 absent, motion carried.

RECEIPTS AND DISBURSEMENTS

John Mikel read the receipts and disbursements from July and August of 2012. Lou Moravecek made a motion to accept the receipts and disbursements, Steve Drazner seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka all ayes, no nayes, 1 absent, motion carried.

Rick Porcaro Police Pension Contributions Refund Ck#4111 $4,145.33

Gross was 5181.73 and 1036.40 taken out in federal taxes

BILLS

Thomas Radja – attorney fees Ck#4132 $437.50

Ken Goluszka – training reimbursement for IPPFA conference Ck#4133 153.32 in Lake Geneva WI for mileage and meals

Lou Moravecek-training reimbursement for IPPFA conference In Lake Geneva WI for mileage and meals Ck#4134 181.74

John Mikel -training reimbursement for IPPFA conference in Lake Geneva WI for hotel rooms, mileage and meals Ck#4135 1,113.73

Lou Moravecek made a motion to accept the above bills, Steve Drazner seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka all ayes, no nayes, 1 absent, motion carried.

APPLICATIONS FOR MEMBERSHIP

The board received an application for membership into the police pension fund from two newly hired police officers. Paul Lanzi was appointed to the police department on October 1, 2012.

Ryan Jakubowski was appointed to the police department on September 28, 2012.

Lou Moravecek made a motion to accept Paul Lanzi and Ryan Jakubowski into the police pension fund, Steve Drazner seconded, all ayes, no nayes, motion carried.

Paul Lanzi may transfer his pension contributions from his prior employer, Brookfield Police Department, he will need to make an application to Brookfield Police to transfer them over.

Lou Moravecek made a motion to hire actuarial, Timothy Sharpe to complete a study of Paul Lanzi’s pension benefit once he makes the application to Brookfield, with Sharpe’s fee not to exceed $500.00, Ken Goluszka seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nayes, motion carried.

RESOLUTIONS

2012-003-R Smith Barney GNMA Pool#MA0147 due 06/20/2042 at 3.00% $367,665.51

Lou Moravecek made a motion to ratify the above resolution, Ken Goluszka seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nays, motion carried.

NEW BUSINESS

Correspondence received from Lauterbach and Amen to complete the House Bill 588 for a fee of $525.00. Lou Moravecek made a motion for Lauterbach and Amen to complete the House Bill 588, John Mikel seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nayes, motion carried.

Correspondence was received from Illinois Department of Insurance and they will resume completing the actuarial for suggested tax levy contribution amounts.

The IDOI annual report has been completed by Lauterbach and Amen. Lou Moravecek made a motion to accept the IDOI report with the correction of Wally Camis’s retirement date, Steve Drazner seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nayes, motion carried.

Gail Paul stated that the petty cash in the amount of $28.78 that is in the pension file cabinet should be deposited into the State Bank of Countryside account. Lou Moravecek made a motion to deposit the petty cash into the State Bank of Countryside account, Ken Goluszka seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nayes, motion carried.

Lou Moravecek stated that the police officers’ information sheets will be updated.

Mesirow Insurance stated the amount for the annual renewal policy for fiduciary insurance is $7,150.00. Lou Moravecek made a motion to accept the proposal for renewal for fiduciary insurance in the above amount, John Mikel seconded. Roll call taken: Lou Moravecek, Steve Drazner, John Mikel, Ken Goluszka, Gail Paul all ayes, no nayes, motion carried.

Lou Moravecek made a motion to adjourn into executive session to discuss litigation and personnel, Gail Paul seconded, all ayes, no nayes, motion carried. The meeting was adjourned into executive session at 07:54PM. The board members reconvened into the open meeting at 08:40PM, and with nothing further to discuss, Lou Moravecek made a motion to adjourn the meeting, and John Mikel seconded, the meeting was adjourned at 08:45PM.

____________________________ _______________________________

Louis Moravecek John Mikel

President Secretary