Alton Police Pension Fund Board accepts financial report

By Jenie Mallari-Torres

Jan 1, 2017

The city of Alton Police Pension Fund Board met Oct. 25 to accept financial report for audit.

Here are the meeting's minutes, as provided by the board:

BOARD OF TRUSTEES OF THE POLICE PENSION FUND OF THE CITY OF ALTON, LLINOIS

October 25, 2016

A regular meeting of the Board of Trustees of the Police Pension Fund of the City of Alton, Illinois was held on the above date in the Council Chambers, Alton City Hall at the hour of 10:00 a.m.

Vice President Stinnett called the meeting to order and on call of the roll the following were present or absent:

Present: Stinnett, Brakeville, Roth and Boulds - 4 Absent: Beaber - 1

Pension Board Attorney Dennis Orsey was present

Ms. Roth made a motion, seconded by Mr. Brakeville that the minutes of the special meeting on September 12, 2016 be approved as recorded by the clerk. Carried by unanimous vote.

Correspondence received from Wolf Popper stating no losses detected during June and July 2016 based upon the portfolio data provided. Ms. Roth made a motion, seconded by Ms. Boulds that the Correspondence from Wolf Popper be placed on fife. Carried by unanimous vote.

The following bills were presented for payment:

1. Dennis Orsey, S794.70, legal

2. City of Alton, $84.00, e-mail fee for one year

3. IPPFA, S795.00, 2017 membership fee

4. Lowery Asset Consufting, S3500.00, Q3, 2016, Consulting service

5. Sharon Cooke, $1300.00, clerk for October 2016

6. Sharon Cooke, $1300.00, clerk for November 2016

7. Sharon Cooke, $1300.00, clerk for December 2016

Mr. Brakeville made a motion, seconded by Ms. Roth to pay the bills as presented. The motion passed by the following vote.

AYES: Stinnett, Brakeville, Roth and Boulds - 4 NAYES: None - O

Ms. Boulds made a motion, seconded by Mr. Brakeville that the financial report for September 2016 be accepted for audit. The motion carried by the following vote.

AYES: Stinnett, Brakeville, Roth and Boulds - 4 NAYES: None in O

Mr. Orsey stated that Sean Robinson has a doctor appointment scheduled for next month in reference to his on-duty disability annual examination.

Ms. Roth made a motion, seconded by Mr. Stinnett that the Aiton Police Pension Fund and the Alton Fire Pension Fund have a joint meeting on November 22, 2016 at 9:00 a.m. for the annual actuarial presentation from AON Hewitt, Carried by unanimous vote.

Ms. Boulds made a motion, seconded by Mr. Stinnett to approve the following Schedule for 2017 meetings: January 24, 2017, April 25, 2017, July 25, 2017 and October 24, 2017, Carried by unanimous vote.

Mr. Stinnett made a motion, seconded by Ms. Boulds to approve the written decision as presented for the continuing on duty disability pension for Tracy Winka. Carried by unanimous vote.

Application for refund of contributions was received from Jason Weirich in the amount of $96,919.57. Ms. Roth made a motion, seconded by Ms. Boulds that Jason Weirich be refunded his contributions in the amount of $96,919.57 (direct rollower). The motion passed by the following vote.

AYES: Stinnett, Brakeville, Roth and Boulds - 4 NAYES: NOne - 0

Mr. Jeff Kowalczyk of Lowery Asset Consulting presented the Third Quarter 2016 Performance Review.

Ms. Roth made a motion, seconded by Mr. Brakevifle that the changes in the allocations suggested by Mr. Kowalczyk be accepted as follows

Fixed income 38.00%

Cash 2.00%

Foreign Equity 16.00%

Global Fixed income 0.00%

REIT Equities 4,00%

Large Cap Equities 21.00%

Small & Mid Cap Equities 10.00%

Energy/Commodities 5.00%

Emerging Markets 4.00%