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Police Pension Minutes 2011 11-08-11 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553-4340 5:00PM on Nov 08, 2011 Police Department Conference Room Minutes Attachments: Meeting Minutes for Aug 10, 2011 Monthly Treasurer’s Report as of October 31, 2011 Actuarial Valuation Results Bills for Payment --------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: By Vice President Hart at 5:15 p.m. Roll Call: Present: Mr. Sibenaller, Mr. Mikolasek, Mr. DuSell, Chief Hart, Mr. Overmyer (by teleconference), Treasurer Powell Guests: Atty. Collins, Bill Yocius of Mitchell,Vaught and Taylor, Larry DeBord Previous Meeting Minutes: Aug 10, 2011 Corrections/Approval: None nd Motion to Approve: Mr. DuSell 2 Mr. Sibenaller Ayes: 5, Nays: 0 President and Secretary signatures are required on the minutes. Communications: $200,000.00 was transferred from Old Second Bank to Schwab. Monthly Treasurer’s Report: as of October 31, 2011 Motion to Approve: Mr. DuSell 2nd Mr. Sibenaller Ayes: 5, Nays: 0 Purchase of Pension Code Book: Cost $49.50 per book: Atty: Collins will provide our Fund with a book at no cost. Bills for Payment: Cary Collins: Attorney $ 750.00 MVT Management Fee: (Oct – Dec 2011) $ 4,409.00 From Schwab Acct: 3137-9036 William Powell $ 212.50 Tim Sharp (Actuarial Study) $ 1,700.00 2011 Audit Fee (Wolfe & Co) $ 2,300.00 (Paid to City via interfund transfer) Greg Sibenaller reimbursement for mileage $ 126.00 (IPPAC training conference May 2011) ____________________________________________________ Total Bills for Payment: $ 9,497.50 Motion to Approve: Mr. Sibenaller, 2nd Mr. Mikolasek Ayes: 5, 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 Mr. Yocius reported a net investment loss for the qtr of ($ 239,656) or (5.83 %). Value of fund is $3,908,882, down from $4,150,666 from prior qtr. He reported our bond position was good, but equities suffered and positions in Selected American were trimmed. MVT added to positions in Lg Cap dividend equities and will add to Fixed Income also. Unfinished Business: Clerical support: Candidate declined Appointment notification letters to county clerk: Secretary Mikolasek reported to both City and County Clerks. FOIA Officer: Chief Hart, Security Administrator: Greg Sibenaller, Open Meetings Administrator: Ray Mikolasek. Response to IDOI audit: Trustee signatures required: Attached responses were discussed by Atty: Collins Approval of updated Rules and Regulations: Motion Mr. DuSell 2nd Mr. Mikolasek Ayes: 5, Nays: 0 New Business: Actuarial Study Assumptions: City intends to exceed levy request per Treasurer Powell IDOI pension reform powerpoint presentation. SB 512 applies to Public Employees other than Police and Fire. nd Required Trustee training: A motion was made by Chief Hart (2 Mr. Sibenaller) to preapproved tuition for required training not to exceed $150 each. Personnel Changes and Additions: Letter to Retirees regarding 1099-R’s: Letters will be included with the retirees’ 1099-R’s explaining treatment of employee taxed pension contributions in Box 5. New Hires: Zackery Rundlett - Date of Hire: 09/06/11 Roman Soebbing - Date of Hire: 11/03/11 Both are Tier 2 Fund employees. Personnel files with Dates of hire, birth, family info, and rank will be created. nd Motion to accept into Fund 2 by Mr. DuSell 2 Mr. Mikolasek Ayes: 5, Nays: 0 Funds Received: Deputy Chief Schwartzkopf submitted a check in the amount of $33,665.72 to buy back 2 years of military service making his new effective service date as 9/10/1990. Funds Refunded: Letter sent to former Officer Lizmarie Davila was returned to sender. Officer Cernekee no response. Atty: Collins advised the Fund’s duty has been satisfied. The funds will remain in the Pension Fund until they request action. Additional Business: Set 2012 meeting dates: Feb 14, May 08, Aug 14, and Nov 13 starting at 5 p.m. Next meeting: February 14, 2012 Motion to Adjourn: Mr. DuSell 2nd Mr. Overmyer Aye 5 Nay 0 Adjourned at 6:30 p.m. ______________________ ________ ______________________ __________ President: Todd Overmyer Date Secretary: Ray Mikolasek Date