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Proviso Probe

Thursday, December 15, 2005

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?

4 Comments:

  • Carl you left out something important.
    Gene Moore is the pension fund investor and has been fleezing the funds dry for years! That crazed former trustee Washington) was in on the deal along with the Treasurer and paved the way for maximum $$ to go to Gene and herself. She didn't just get cozy with him, she and that hu.stler husband of hers have been licking their chops for years around village finances. The plan fell apart when didn't get elected Mayor. What a pity.

    Here's more...
    The poor policemen who maybe looking for pensions in coming years might want to get in line at Gene's door now. But, he'll be in jail!

    This could only happen in Maywood.

    By Anonymous village employee who knows, at 12:22 AM, December 16, 2005  

  • Actually, the practice of allowing commissions on public sector investments is a problem in other places.

    Isn't this what Kjellander is going down for?

    By Blogger Carl Nyberg, at 11:03 AM, December 16, 2005  

  • To the so-called-employee that knows you are off-base here. Washington was no where around when this gravy train started running for ol Geno. It was Sharp, Lightfoot, Freelon and others that gave Gene his contract. Freelon put people on the commission that would vote for Gene's contract and Lightfoot, Sharp gave the go signal. Alexander (Gene's cousin) was the village manager) at the time. Nepotism, cronyism and just plain greed has been going on here forever. The treasurer made off with mega bucks and the water dept. went belly-up with employees doing "one for me and two for you"
    Washington came later but no doubt saw the open door and helped herself when she was on finance.
    Get your facts straight cause they ain't.

    By Anonymous employee who really knows, at 10:38 PM, December 16, 2005  

  • The Maywood Police and Fire Pension Funds have been in complaince since 2000 and Gene is no longer involved in managing any of their investments. The problem with the funds is that it was not funded properly since 1997 and that is the fault of the Maywood Board and four of them are still trustees and three of them are still voting against keeping their responsabilities.

    Please get your facts together and stop playing politics.

    By Anonymous Anonymous, at 6:21 PM, January 06, 2006  

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