The Police Pension Board meets tomorrow at 7:30 AM. A copy of their agenda can be viewed here.
As the name implies, this independent board oversees all aspects of the police pension funds, including who manages the investments. Elected officials can attend meetings, but they have no say in the agendas, nor can they vote. However they have voiced their opinions, particularly as it relates the fund management firm chosen by the board, Wall & Associates.
Unfortunately, this investment firm has been “underperforming” in financial markets compared to industry benchmarks for some time now, and this has been a regular topic of discussion at Board of Trustees meetings. Regrettably, the underperformance of the investment decisions has resulted of millions of dollars of “undue burden” that will fall on the taxpayers of our community.
The recording of the Police Pension Board report discussion from the September Village Board meeting can be heard here. We strongly encourage readers listen to the recording and attend Monday’s meeting if their schedules permit.
How did the Pension Board pick this pension fund manager. I think the documents and data used it the Pension Board’s deliberations should be made public without having members of our Village forced to make Freedom of Information requests to see you the Pension Board goes about its’ business. We may want to go to a non managed index fund for the Equity portion of the Police Pension Fund. How did the Down State Police Pension Fund do during the same Period ? Was it a bigger mistake then I thought for our little Village to take over the Police Pension Fund; all to the detriment of the Village Taxpayer.