Lake County Gazette

City of Highland Park Police Pension Board met October 16.

Here is the minutes as provided by the board:

Call to Order

Mark Romo called the meeting to order at 6:32 pm.

Roll Call

Members Present: Mark Romo, Julie Logan, Scott Fishman, Eric Breitenbach

Member Absent:     John Karecki

Others Present:      Cary Collins, Collins & Radja

                                Thomas Sawyer, Sawyer Falduto Asset Management, LLC

Review and Approval of the July 17, 2018 Meeting Minutes

A motion to approve the minutes was offered by Ms. Logan, seconded by Mr. Breitenbach, and approved unanimously.

Treasurer’s Report

Ms. Logan reported that the Fund’s fiscal standing continues to strengthen in light of strong investment gains and committed municipal contributions. The Fund’s annualized valuation remains almost $3 million higher, as investment income grew by $1.6 million. The City has also contributed $234,000 more than in the prior year-to-date, and municipal contributions now account for 61% of this year’s fund growth, up from 45% in the prior year. But benefit payouts are also greater (about $175,000) due to higher pensions and more retirements.

Review of Current Investments

The Fund enjoyed strong third-quarter gains in line with continued positive market fundamentals. Mr. Sawyer’s report highlighted the net 2.63% quarterly gain—the strongest growth thus far in 2018—and the even larger 4.42% gain in equities. Though these advances slightly trail the established benchmarks, Mr. Sawyer stated that he is satisfied with the overall trend in light of the Fund’s investment parameters. Recent portfolio changes have produced notable gains, and he sees no need for any further changes. The continued strong macroeconomic environment should continue to boost the Fund, and interest rate hikes, occasional market volatility, and ongoing disputes about trade policy should do little to dent strong fundamentals.

Ms. Logan offered a motion to approve all second-quarter trades and transactions, Mr. Breitenbach seconded, and the motion was adopted unanimously.

Request for Benefits

None

Request for Refunds / Portability

Officer Matt Korzen requested a refund of his pension contributions in the amount of $2716.67 after working his last day on August 26, 2017. Ms. Logan offered a motion to approve the request, Mr. Romo seconded, and the motion was adopted unanimously.

Request for Admission to the Fund

Ms. Logan offered a motion to admit Officer Jacob Lanahan, hired on October 1, 2018, to the Fund as a Tier II member. Mr. Breitenbach seconded the motion, which was approved unanimously.

Payment of Bills

Ms. Logan offered a motion to authorize payment to the following:

Lauterbach & Amen for professional services in the amount of $1305 for the month of June 2018

Lauterbach & Amen for professional services in the amount of $1305 for the month of July 2018

Lauterbach & Amen for professional services in the amount of $1305 for the month of August 2018

Lauterbach & Amen, in the amount of $2180, for professional services rendered in connection with the preparation of the fiscal year 2017 Illinois Department of Insurance report

Illinois Public Pension Advisory Committee (IPPAC), in the amount of $300, for continuing education and ethics training for trustee John Karecki

Petrucci Orthopedics, in the amount of $2700, for a medical examination of Rodney Carbajal related to his duty disability application

Barrington Orthopedics Specialists, in the amount of $1395, for a medical examination of Rodney Carbajal related to his duty disability application

Barrington Orthopedics Specialists, in the amount of $1200, for the annual duty disability examination of Phillip DeLaurentis

Theodore J. Suchy (Occupational Orthopaedic Surgical Services), in the amount of $1000, for a medical examination of Rodney Carbajal related to his duty disability application

Cary Collins for a Quarterly Retainer Fee, in the amount of $1250, for the fourth quarter of 2018

Linda Greco, in the amount of $225, for serving as recording secretary for the fourth quarter of 2018

Eric Breitenbach, in the amount of $45.09, for Pension Meeting meal reimbursement

Mr. Breitenbach seconded the motion, which was adopted unanimously.

Old Business

Officer Rodney Carbajal has undergone a series of medical examinations to determine his eligibility for a duty-related disability pension. The Board awaits the pending report from his third examination and will discuss the matter at the next meeting. Ms. Logan offered a motion to consider Officer Carbajal’s application at that time, Mr. Fishman seconded, and the motion was adopted unanimously.

New Business

Jeanette Russo, who was receiving a surviving spouse pension, passed away on September 15, 2018. Her mid-month death resulted in an overpayment of $2858.38. Mr. Collins will contact Lauterbach and Amen to determine the status of the firm’s efforts to recover this sum.

Dates have been established for the Highland Park Police Pension Board’s quarterly meetings in 2018:

January 15, 2019

April 16, 2019

July 16, 2019

October 15, 2019

All meetings will take place at 6:30 P.M. on Tuesday evenings. Mr. Romo offered a motion to approve the dates, Mr. Breitenbach and Ms. Logan seconded, and the motion was adopted unanimously.

Mr. Karecki and Mr. Breitenbach signed the Municipal Compliance Report. Ms. Logan offered a motion to approve the report, Mr. Fishman seconded, and the motion was adopted unanimously.

Meeting Adjournment

Mr. Romo motioned to adjourn the meeting, Mr. Fishman seconded, and the meeting was adjourned at 7:00 pm.

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