Laborers' & Retirement Board Employees' Annuity Benefit Fund of Chicago met April 17.
Here is the minutes provided by the Board:
Public Participation:
None.
Approval Of Minutes From Previous Meetings:
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the regular minutes of the Special Meeting held on March 7, 2018 be approved as submitted.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
It was moved by Trustee LoVerde, seconded by Trustee Hamburger, that the minutes of Executive Sessions 1, 2 and 3 of the Special Meeting held on March 7, 2018 be approved as submitted.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the regular minutes of Meeting No. 995 held on March 20, 2018 be approved as submitted.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
It was moved by Trustee LoVerde, seconded by Trustee Capasso, that the minutes of Executive Sessions 1 and 2 of Meeting No. 995 held on March 20, 2018 be approved as submitted.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
The Following Schedules A through I were taken out of order.
Schedule A – Applications For Refunds:
1. Refund of Contributions Due to Separation from Service
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the applications presented for Refunds of Contributions Due to Separation from Service be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against – None.
2. Miscellaneous Refunds
It was moved by Trustee LoVerde, seconded by Trustee Capasso, that the applications presented for Miscellaneous Refunds be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule B – Applications For Annuities:
1. Employee Annuities
Mr. Walsh recommended that the annuity application of Dedrick Moore be discussed in executive session.
Executive Session No. 1:
At 1:11 p.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(11) to discuss potential or current litigation of the Fund. Trustee Joiner seconded the motion.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
At 1:50 p.m., Trustee LoVerde made a motion, seconded by Trustee Hamburger, that the executive session be adjourned and that the Board return to open session.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the applications for Employee Annuities, with the exception of the Dedrick Moore application, be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the application for Employee Annuity of Dedrick Moore be approved and ordered paid.
Roll-call: For -- None.
Against -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
The motion failed to be passed.
It was moved by Trustee LoVerde, seconded by Trustee Hamburger, that the Widow’s Annuity of Debbie Holmon be retroactively terminated as of December 27, 1998.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
2. Spouse and Child
Annuities It was moved by Trustee Joiner, seconded by Trustee LoVerde, that the applications for Spouse and Child Annuities be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule C – Adjustment Refunds To New Annuitants:
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the Adjustment Refunds to New Annuitants be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule D – Applications For Duty Disability Benefits:
It was moved by Trustee LoVerde, seconded by Trustee Hamburger, that the applications for Duty Disability Benefits be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule E – Applications For Ordinary Disability Benefits:
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the applications for Ordinary Disability Benefits be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule F – Extension Of Duty Disability Benefits:
It was moved by Trustee LoVerde, seconded by Trustee Capasso that the applications for Extension of Duty Disability Benefits, be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule G – Extension Of Ordinary Disability Benefits:
It was moved by Trustee LoVerde, seconded by Trustee Joiner, that the applications for Extension of Ordinary Disability Benefits be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Schedule H – Payment Of Uncashed Checks Of Deceased Members:
None.
Schedule I – Payment Of Expenses:
It was moved by Trustee Joiner, seconded by Trustee LoVerde, that Administrative and Investment Invoices be approved and ordered paid.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
Investments Report:
Market Tracker and Quarterly Market Report-
Mr. Obed reviewed the monthly and quarterly market performance for the period ended March 31, 2018.
March 31, 2018 Preliminary Performance Report-
Mr. Obed reviewed the Fund’s March 31, 2018 Preliminary Performance Report.
Asset Allocation-
This topic was discussed in executive session.
Executive Session No. 2:
At 2:11 p.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(7) to discuss the sale or purchase of securities, investments or investment contracts. Trustee Capasso seconded the motion.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
At 2:28 p.m., Trustee LoVerde made a motion, seconded by Trustee Joiner, that the executive session be adjourned and that the Board return to open session.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
The Trustees took no action.
Annual Review of MWDBE Policies-
The Board reviewed and made no changes to the LABF’s current MWDBE Policies. See attached.
Administrative Report:
Legislative Matters-
Mr. Walsh reported that he had spoken with the Fund’s legislative liaison regarding the trailer bill to PA 100-0023 and mentioned that an amendment could be introduced very soon regarding this matter.
Miscellaneous-
Actuarial Valuation - Mr. Walsh informed the Board that the Fund’s actuary, Gabriel Roeder Smith & Company, will be making their annual presentation at the Regular Board Meeting scheduled for May 22, 2018.
Statements of Economic Interests – Mr. Carroll reminded the Board that the Economic Interests filings are due by May 1, 2018.
Legal Report:
Johnson Litigation-
This topic was discussed in executive session.
Executive Session No. 3:
At 2:40 p.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(11) to discuss current or potential litigation involving the Fund. Trustee Capasso seconded the motion.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
At 2:42 p.m., Trustee LoVerde made a motion, seconded by Trustee Joiner, that the executive session be adjourned and that the Board return to open session.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
The Trustees took no action.
Underwood Litigation This topic was discussed in executive session.
Executive Session No. 4:
At 2:42 p.m., Trustee LoVerde requested an executive session under 5 ILCS 120/2(c)(11) to discuss current or potential litigation involving the Fund. Trustee Joiner seconded the motion.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
At 2:47 p.m., Trustee LoVerde made a motion, seconded by Trustee Joiner, that the executive session be adjourned and that the Board return to open session.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
The Trustees took no action.
Adjournment:
With no further business, at 2:47 p.m., Trustee LoVerde made a motion to adjourn the meeting. Trustee Hamburger seconded the motion.
Roll-call: For -- Trustees Roa, Keane, LoVerde, Hamburger, Capasso and Joiner.
Against -- None.
http://www.labfchicago.org/assets/1/33/April_17_2018_LABF_Reg_minutes_Final_with_Attachments.pdf
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