City of Wood Dale Police Pension Board met Oct. 14.
Here are the minutes provided by the board:
Present: Jordan Anderson, Frank Biniewicz, Sandra Porch Andrea Wolinski, Dante De Julius
Absent: None
Also Present: Thomas McShane, Attorney Neal Smith, Derek Flessner Jim Ritchie, George Ellefsen
NOTE:
Mr. Anderson introduced Mr. Dante De Julius to the Board, explaining that he has been appointed by the Mayor to fill Mr. Ellefsen’s position. On behalf of the entire board, Mr. Biniewicz, thanked Mr. Ellefsen for his seventeen and one half years of service to the Board and advised him that an official recognition and thank you for that service will be forthcoming by the City. Mr. De Julius briefly explained his background and welcomed the opportunity to serve as a Board member.
The meeting was called to order at 12:10 P.M.
1. APPROVAL OF MINUTES
Ms. Porch made a motion, seconded by Ms. Wolinski to approve the minutes of the July 13 2021 meeting as presented. Motion carried.
2. TREASURER’S REPORTS
Following a review by Mr. Flesser of the Monthly Financial Report for the month of August, 2021 as prepared by Lauterbach & Amen, LLP, Mr. Biniewicz made a motion, seconded by Ms. Porch, to approve the Treasurer’s Reports for June, July and August of 2021 subject to audit. A roll call vote was taken with all members voting aye with the exception of Mr. De Julius who abstained. Motion carried.
3. INVESTMENTS
Possible Action Related To Investments and Distribution of Funds
For the benefit of Mr. De Julius, Mr. McShane briefly explained his firm’s (Morgan Stanley) role and the services provided in their capacity as the Board’s Investment Consultant. Following that, he reviewed the Performance Update for the Period ending September 30, 2021. Mr. McShane does not recommend any changes to current managers and recommends further that there be no changes made to asset allocations at this time. He views the Fund’s overall position as positive and well balanced.
4. BILLS PAYABLE
Ms. Porch made a motion, seconded by Ms. Wolinski, to approve payment of the following pre-paid and new bills:
• Konicek & Dillon, P.C. $104.24 paid on 7/31/21: Check #2306: Professional : Services Re Case: Pension-Wood Dale Police Pension Fund
• Robbins Schwartz: $1,015.73 paid on 7/16/21: Check #2304: Board Governance per Invoice dated 6/30/21 (Verified by M. Chiappetta 7/16/21)
• Lauterbach & Amen: $1,615.00 paid on 8/22/21: Check #2308: June 2021 Accounting and Benefits Administration Services
• IPPFA: $385.00 paid on 7/16/21: Check #2305: Sandra Porch Registration Fee September 29-October 1, 2021 Conference
• Konicek & Dillon, P.C.: $563.00 paid on 8/22/21: Check #2307: Professional Services Re Case: Pension-Wood Dale Police Pension Fund
• Robbins Schwartz: $1,009.97 paid on 10/22/21: Check #2309: Board Governance per Invoice dated August 17, 2021
• Frank Biniewicz: $485.00 paid on 10/22/21 Check #2310: Attendance at IPPFA Conference September 29-October 1, 2021
• IPPFA: $795.00 paid on 10/22/21 Check #2311 Membership Dues 01/01/22 - 12/31/22
• Konicek & Dillon: $2,116.13 paid on 10/22/21 Check #2312 Professional Services Re Case: Pension-Wood Dale Police Pension Fund
A roll call vote was taken with all members voting aye; motion carried.
4. SUSPENSIONS/RESIGNATIONS/NEW OFFICERS
Mr. Biniewicz made a motion, seconded by Ms. Wolinski, to accept the calculations as prepared by Lauterbach & Amen relative to retirement benefits due Officer Paul Wyse. Officer Wyse’s retirement date is October 22, 2021; retirement benefits will become effective as of October 23, 2021. A roll call vote was taken with all members voting aye. Motion carried.
Ms. Porch made a motion, seconded by Ms. Wolinski, to accept the calculations as prepared by Lauterbach & Amen, LLP for retirement benefits due former officer Jordan Anderson. A roll call vote was taken with all members voting aye. Motion carried. As noted in the minutes of the July 13, 2021 meeting, Mr. Anderson’s retirement became effective on 08/13/21.
The Board is in receipt of a letter from Officer Michael Raymond stating that he has resigned from the Wood Dale Police Department effective as of October 7, 2021.10.16
5. OLD BUSINESS
• Consolidation Report From Frank Biniewicz
The next report date will be October 15th for a rebuttal by the defense to the arguments made on September 14th. Additionally, several attorneys have been following the case via Zoom feeds and have observed from the activity that the judge was telegraphing his future decisions on questions which were asked by both plaintiff and defendants’ attorneys. They speculated that plaintiffs should expect a favorable ruling which would then be reviewed by the State Supreme Court on the constitutional questions. However, until the final decision is rendered by the trial judge, it is educated speculation. A decision can be expected in the immediate weeks ahead with trial court activity nearing completion.
• Posting of Pension Board Minutes and Agenda On City Website
In an effort to improve the flow of information regarding Pension Board business, in particular, to retirees, Ms. Porch made a motion, seconded by Mr. Biniewicz, to request that the City include Pension Board Minutes and meeting Agendas on the City”s website . Motion carried.
6. NEW BUSINESS
IMRF Portability To Article 3 of Pension Fund
The Board discussed the results of a recent request from Officer Christopher Banaszynski to IMRF regarding his eligibility to buy back forfeited IMRF service and to transfer it to Article 3 Police Pension Fund. IMRF’s decision to deny the request resulted in a discussion of the process required by officers making such a request. The process requires that a formal request be made to IMRF by the officer; that request is then forwarded to the Wood Dale Police Fund’s Board. Following their review, the Board can either deny or approve the request. If approved, calculations are then prepared and the matter is closed.
Tax Levy
Mr. James Ritchie, Actuarial Consultant representing Lauterbach & Amen, LLP, was present to describe the data, assumptions, methods and provisions used to determine the recommended contribution of the Pension Board to the City. Following this discussion, Ms. Porch made a motion, seconded by Ms. Wolinski, to accept the Tax Levy as recommended by Lauterbach & Amen, LLP in the amount of $1,885,801. A roll call vote was taken with all members voting aye. Motion carried.
7. ITEMS FOR ATTORNEY
No report.
8. ITEMS FOR ACCOUNTANT
Mr. Flessner distributed copies of the Municipal Compliance Report for the Wood Dale Police Pension Fund for the fiscal year ended April 30, 2021. The document will be signed as required.
9. PUBLIC COMMENTS
There were no members of the public in attendance.
10. ADJOURNMENT
The meeting adjourned at 3:00 P.M.
https://www.wooddale.com/home/showpublisheddocument/9356/637715286656630000
Alerts Sign-up