Police Pension Minutes 2011 02-08-11
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, IL 60560
(630) 553-4340
5:00PM on February
Police Department Conference Room
Minutes
Attachments:
Meeting Minutes for November 09, 2010
Monthly Treasurer’s Report as of January 31, 2011
Bills for Payment
Senate Bill 3538 Synopsis provided by Attorney Cary Collins
Actuarial Report April 30, 2010
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eting Call to Order:
MeBy Vice-President Hart 5:15 p.m.
Roll Call: Present: Mr. Mikolasek, Chief Hart, Mr. Sibenaller, Mr. Powell
Guests: Larry DeBord, Dwight Ower, Bill Yocius of MVT, Atty. Cary Collins,
Barry Groesch .
Previous Meeting Minutes:
November 09, 2010
Corrections/Approval: There were no corrections to the minutes.
nd
Motion to Approve: Mr. Sibenaller, 2. Mr. Mikolasek Ayes 3 Nays 0
Communications:
Transferrred $200,000.00 to MVT from YNB account on November 20,
2010.
Monthly Treasurer’s Report
: as of January 31, 2011
Total Assets as of Jan 31, 2011: $4,104,166.29
nd
Motion to Approve: Mr. Sibenaller 2 Mr. Mikolasek Ayes 3 Nays 0
Raise YNB minimum balance to $75,000 due to new retiree Barry Groesch
nd
Motion to Approve: Chief Hart 2 Mr. Sibenaller Ayes 3 Nays 0
Bills for Payment:
Cary Collins: Attorney $100.00
MVT Management Fee: (Jan – Mar 2011) $4520.00
From Schwab Acct: 3137-9036
IPPAC Membership Fee $250.00
Todd Overmyer Seminar Reimbursement $313.08
William Powell $125.00
Total Bills for Payment: $5308.08
Discussion of Memorandum from Law Offices of Cary Collins
Cary Collins requests 10-day notice of pension board meeting rescheduling and an
increase in fees from $650.00 to $750.00 beginning January 01, 2011.
nd
Motion to Approve: Mr. Sibenaller, 2. Mr. Mikolasek Ayes 3 Nays 0
Investments:
Progress Reports from Mitchell, Vaught, and Taylor
Money transfers from YNB to Charles Schwab & Co
Pay to: Charles Schwab & Co.
Mail to: Institutional Client Service Group
P. O. Box 628290
Orlando, Fl 32862-9906
Discussion on changing the Yorkville Police Pension Fund investment policy to reflect
changes in pension law.
Cary Collins suggested a change be made in the investment policy to allow MVT to
invest in corporate bonds that are domestic and rated A or higher up to 10% of the
portfolio value.
Resolution made to change investment policy to allow investment in corporate bonds
nd
Motion to Approve: Chief Hart 2 Mr. Sibenaller Ayes 3 Nays 0
nd
Motion to approve transactions and trades: Chief Hart 2 Mr. Sibenaller Ayes 3 Nays 0
Unfinished Business:
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Mikolasek completed.
All forms acquired from Law Offices of Cary Collins.
New Business:
Discussion of Sen. Franks bill to diminish current pensioners benefits.
Discussion of Senate Bill 3538 – Attorney Cary Collins
If any new police employees have prior government service, board may have to
determine whether new employee is under new or old pension system.
All new employees under new pension system will have to have files kept separate from
employees under old pension system.
City is not supposed to make direct payments to pension fund from tax monies.
Payments are supposed to be made through State Treasury.
Sergeant Barry Groesch retirement.
Motion to Approve monthly retirement payments of $4530.50 to Barry Groesch beginning
nd
February 16, 2011: Chief Hart 2 Mr. Sibenaller Ayes 3 Nays 0
Additional Business:
Discussion of the April 30, 2010 actuarial report.
Must be 90% funded by 2040.
Suggestion by Attorney Cary Collins that a letter be sent to United City of Yorkville
requesting that future contributions to pension fund be made in amount required in
actuarial report.
Request by Rich Hart, Don Schwartzkopf, Ray Mikolasek, Tom Grimes, and Dan Pleckham
for calculation of military service buyback.
Applications to be obtained from Cary Collins and calculations to be done by Tim Sharp.
Request by Don Shwartzkopf to add new spouse as pension beneficiary.
New spouse automaticllay added as beneficiary. Copy of marriage certificate to be added
employee file.
Next meeting: May 09, 2011 at 5:00PM
nd
Motion to Adjourn: Mr. Sibenaller 2. Mr Mikolasek Ayes 3 Nays 0
Adjournment at 6:15 p.m.