GOV, Maywood Police Pension Fund reviewed [M]

From the Foreword:

The examination of this pesion fund covers the period beginning May 1, 1999 and ending April 30, 2001. This examination dated May 29, 2002, was performed by qualified examiners of the Department of Insurance, State of Illinois, as authorized under 40 ILCS 6/1A-104.

The annual statements for the same period, as submitted to the Department of Insurance, could not be verified by comparison to the annual audit of the fund.

And the Summary of Findings:

The findings of the examiners, based upon the financial statement and supporting information contained in this report of examination, are summarized as follows:

1. The board is not holding annual elections for President and Secretary.
2. The expiration dates of office of the elected trustees cannot be determined.
3. The expiration dates of the appointed Trustees are not known.
4. The treasurer is not a required signer on accounts of the fund.
5. The treasurer is not acting in his capacity as custodian of the pension fund.
6. The board did not furnish CPA Audits for review for years FY 2000 and FY 2001.
7. Fund members convicted of crimes are in receipt of a pension.
8. Taxes are not being levied in an amount sufficient to meet the annual actuarial requirements of the fund.
9. The board has not adopted a written Investment Policy.
10. The fund's FY 2001 investment holdings in a variable annuity contract exceeds teh 45% limit set under the Pension Code.
11. Minutes of board meetings should be expanded to include those items listed in the "Corporate Records" section of this report.

How bad is this? What questions should I be asking? Whom should I ask?