Village of Crete Police Pension Fund Board of Trustees 524 W. Exchange Street Crete, IL 60417

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1 Village of Crete Police Pension Fund Board of Trustees 524 W. Exchange Street Crete, IL Regular Board Meeting Minutes January 14, 2015 CALL TO ORDER: The regular meeting of the Board of Trustees of the Village of Crete Police Pension Fund held at the municipal building located 524 W. Exchange Street was called to order at 4:04 p.m. on Wednesday, December 14, 2015 by Pension Board President David Wallace. ROLL CALL: The following members were present: David Wallace, Michael Buzan, Michael Rarity, Norbert Wilkening and Rebecca Nagle Others present: Bill Galgan of Wall & Associates, Allison Barrett and Barbara Utterback of Lauterbach & Amen, and Clerk Deborah Bachert. Absent: None CITIZENS SPEAK: Visitors are always welcome to all public meetings of the Police Pension Fund Board of the Village of Crete. Interested parties wishing to speak should identify their intent to speak, they then may give their name and where they reside if they so choose and then make their comment. Persons may also provide their address privately to the Clerk/Secretary if they so choose; persons are advised that addresses are considered private information under the Freedom of Information Act and thus are exempt from disclosure pursuant to any Freedom of Information Act request. However, in order to give proper consideration to all items on the agenda, the chair has the authority to limit participants in debates and will close repetitive or abusive remarks No one asked to speak to the board. APPROVAL OF MINUTES: A motion was made to approve the minutes of the October 8th, 2014 regular meeting as presented. Motion: Rebecca Nagle Second: Michael Rarity Roll Call Vote A motion was made to approve the minutes of the December 3 rd, 2014 special meeting as presented. Motion: Norbert Wilkening Second: Michael Rarity

2 Page 2 January 14, 2015 Police Pension Fund Minutes BILLS FOR APPROVAL: The bills for ratification and approval were read aloud by President Wallace. The total of the bills for ratification and approval was $69, A motion was made to approve the bills for ratification and approval. Motion: Michael Buzan Second: Norbert Wilkening Roll Call Vote CORRESPONDENCE: 1. Announcement of IPPFA December 5, 2014 Holiday Party forwarded via 10/28/14 2. IPPFA to honored mayors on December 5, ed 12/11/ Received the annual Predatory Lending Certification from BMO Harris Bank on 01/7/ Predatory Lending Letter - notification purposes only. No action was required or taken on the correspondence as listed. OLD BUSINESS: 1. Correction in appointment date for Norbert Wilkening to reflect expiration in the year Let the records reflect in the July 9, 2014 minutes the correct expiration date of Norbert Wilkening s term as The July 9 th records have been marked to reflect the year as Rebecca Nagle s appointment expiration date of 2016 was stated correctly. 2. Update on the Application of Robert J Hacek to the Crete Police Pension Fund that became effective 9/16/14 pending upon receiving a copy of his birth certificate. Michael Rarity will contact Officer Hacek to ask for a copy of his birth certificate for his pension fund files. 3. P.O. Box rental was completed. New address for the fund is P.O. Box 295, Crete, IL President Wallace and Vice President Buzan will be the key holders for the post office box and coordinate responsibilities of checking the box regularly. 4. Action to be taken on Gillespie s transfer of creditable service from Crete Police Pension Fund to Joliet Police Pension Fund in the amount of $128, Clerk Bachert will instruct the staff to write a check to the Joliet Police Pension Fund in the amount of $128, but to hold said check until a release form is received from Gillespie. Allison Barrett of Lauterbach & Amen will send the release form to Gillespie for his signature. Once the signed letter of release for funds in the amount of $128, has been received by the Village of Crete and/or the Crete Police Pension Fund the check will be released by the Village of Crete to the Joliet Police Pension Fund.

3 Page 3 January 14, 2015 Police Pension Fund Minutes Attorney Stanley Pagorek arrived at 4:27 p.m. NEW BUSINESS: From decisions that were made at the December 3, 2014 meeting by the Pension Board Members to hire Lauterbach & Amen, Inc. for professional services of the Pension Fund, some items required finalization that had been discussed on the transfer of record keeping and check writing from the Village of Crete to Lauterbach and Amen, Inc. A motion was made to request by letter the Village of Crete close the existing Crete Police Pension Fund checking account at Old Plank Trail Community Bank and write a check in the amount of the funds therein the said account to be made payable to the Crete Police Pension Fund. Motion: Michael Buzan Second: Michael Rarity A motion was made to authorize opening of a new checking account to be named Crete Police Pension Fund at Old Plank Trail Community Bank. Motion: Michael Buzan Second: Norbert Wilkening Note: By law, the municipal treasurer is required to be a signer on this account. A motion was made to authorize the deposit of proceeds from the existing account at Old Plank Trail Community Bank into the new account Crete Police Pension Fund checking account. Motion: Michael Buzan Second: Michael Rarity A motion was made to authorize the 5 (five) pension trustees, David Wallace, Michael Buzan, Michael Rarity, Rebecca Nagle and Norbert Wilkening, and the municipal treasurer to be named as signers on the new checking account known as Crete Police Pension Fund opened at Old Plank Trail Community Bank. Motion: Norbert Wilkening Second: Michael Rarity

4 Page 4 January 14, 2015 Police Pension Fund Minutes A motion was made to authorize the opening of a new checking account with Harris, BMO by Lauterbach & Amen and to be used as a clearing account for writing pensioners and vendor checks for the Crete Police Pension Fund with the signers as Trustees David Wallace, Michael Buzan, Michael Rarity, Rebecca Nagle and Norbert Wilkening and Municipal Treasurer Raymond Paradiso. Motion: Michael Buzan Second: Michael Rarity Allison Barrett of Luaterbach & Amen explained the board needs to decide who will have access to view bank statements online. This decision will be made at a future pension board meeting after working with Lauterbach & Amen and learning their processes for working with the pension board. A motion was made to authorize the vendor direct deposit enrollment authorization forms be sent by Lauterbach & Amen to any vendors used by the Crete Police Pension Fund. Motion: Rebecca Nagle Second: Michael Rarity Return to the New Business as listed on the agenda. 1. Discussion and possible action on Resolution No : A resolution delegating the treasurer s signatory authority for the Crete Police Pension Fund. Allison Barrett will draft Resolution No to include the pension board members names. A motion was made to approve Resolution No listing the authorized signers as: David. Wallace, Michael Buzan, Michael Rarity, Rebecca Nagle and Norbert Wilkening. Motion: Norbert Wilkening Second: Dave Wallace Allison Barrett will supply the final draft for all board members to sign. 2. Discussion and possible action on 2015 COLA s which will have increases. A motion was made to approve the increases in COLA as presented beginning January 1, Motion: Rebecca Nagle Second: Michael Rarity

5 Page 5 January 14, 2015 Police Pension Fund Minutes 3. Discussion and possible action to be taken on PSA quote. Barbara Utterback, Lauterbach & Amen, presented information on the Professional Services Administration that was included in the pension board packet. A motion was made to approve the PSA as presented from Lauterbach & Amen at the price of $ per month without portals plus a one-time setup fee of $ Motion: Michael Rarity Second: Michael Buzan Before the roll call vote, a discussion was held on portals after Norbert Wilkening questioned whether it would be best to include the portals at this time. It was decided by the board members to wait until there is history through Lauterbach & Amen before paying for the portals. Prior to excusing himself from the meeting at 5:50 p.m., Attorney Stanley Pagorek thanked the board for retaining him as the Crete Police Pension Fund attorney. David Wallace asked to clarify the arrangement with Lauterbach & Amen. The Pension Board will have a new three year letter of engagement with Lauterbach & Amen as all paperwork has been initiated between the Fund and Lauterbach & Amen. As per action taken on the December 3, 2014 special pension board meeting, David Wallace will have the authority to sign the latest letter of engagement which will show the reduced rates that he was able to negotiate. Norbert Wilkening left the meeting at 6:02 p.m. Barbara Utterback and Allison Barrett left the meeting at 6:07 p.m. 4. Review of Investments - Schwab Institutional Bill Galgan presented the financial information from Wall and Associates, stating it was a good quarter overall, showing a rate gain of 2.35% A motion was made to accept the Wall and Associates / Schwab financial report as presented by Bill Galgan. Motion: Michael Rarity Second: Michael Buzan Vote: Ayes (4) Buzan, Nagle, Rarity, Wallace, Nays (0) None Absent (1) Wilkening Abstain (0) None Motion Carried.

6 Page 6 January 14, 2015 Police Pension Fund Minutes 5. Ratification of poll made by President David Wallace to ask the question: Are you in favor of Lauterbach & Amen, LLC beginning monthly accounting services with the month of May 2014? The rate for this service is $425/month ($ for seven months) The vote on the poll taken was: Ayes: Nagle, Rarity, Buzan, Wallace; Nays: none. Unable to be reached: Wilkening A motion was made to ratify the phone poll made by President David Wallace to ask the question: Are you in favor of Lauterbach & Amen, LLC beginning monthly accounting services with the month of May 2014? The rate for this service is $425/month ($ for seven months) Motion: Rebecca Nagle Second: Michael Rarity Vote: Ayes (4) Buzan, Nagle, Rarity, Wallace, Nays (0) None Absent (1) Wilkening Abstain (0) None Motion Carried. Additional New Business heard. 6. Request from Mike Buzan for training reimbursement Mike Buzan needs training hours and asked approval of reimbursement to attend an eight hour class in Hoffman Estates on February 11, 2015 in the amount of $ for IPPFA members. A motion was made to approve the reimbursement of $ for training class to Mike Buzan and to approve any ancillary expenses occurred when receipts are presented after attending class. Motion: Rebecca Nagle Second: Michael Rarity Vote: Ayes (3) Nagle, Rarity, Wallace, Nays (0) None Absent (1) Wilkening Abstain (1) Buzan Motion Carried EXECUTIVE SESSION: None was held. The next regularly scheduled meeting of the Pension Board will be held on April 8 th, 2015 at 4:00 p.m. in the board room of the Village Hall, 524 W. Exchange Street. ADJOURNMENT: A motion to adjourn the meeting was made at 6:35 pm. Motion: Michael Rarity Second: Rebecca Nagle Vote: Ayes (4) Buzan, Nagle, Rarity, Wallace Nays (0) None Absent (1) Wilkening Abstain (0) None Motion Carried Passed and approved this 8th day of April, Respectfully submitted: David L. Wallace, President Deborah S. Bachert, Clerk