Police Pension Fund Board Minutes 2007 05-08-07 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, 11 60560
(630)553-4340
Meeting Minutes for May 8, 2007
Approved: June 12, 2007
Attachments:
Minutes: March 6, 2007
Treasurer's Report dated April 30, 2007
Annual Treasurer's Report for fiscal year 2006-07
Budget for fiscal year 2007-08
MVT performance report
Zabinski Consulting Services Inc IDOI proposal
IDOI retiree health insurance coverage letter dated 1/29/07
Illinois Municipal Magazine article on tax levy
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Call to Order: President Debord called the meeting to order at 5:03 PM.
Members Present: President Debord, Officer Pleckham, and Chief Martin, Todd Overmeyer.
Also present were Treasurer Powell, Susan Mika, Ron Diederich, Gregory Sibenaller, Kelly Zabinski
(Zabinski Consulting), and Attorney Collins (5:30PM)
Previous Meeting Minutes:
A motion was made by Chief Martin (2nd Officer Pleckham) to approve the March 6, 2007 minutes.
Ayes: 4 Nays: 0
Communications: None
Treasurer's Report:
The Treasurer's report dated April 30, 2007 was submitted indicating the following funds:
YNB Cash: 96,792.38
Schwab Cash: 49,438.79
Fixed Securities: 1,772,979.83
Equities: 219,120.19
Total Balance: 2,138,331.19
The Fiscal 2007-08 Budget was submitted. Increases in Fiscal 2007 over 2006 were reviewed.
The Annual Treasurer's Report was also submitted showing Fiscal 2006 results with revenue and expense
estimates for Fiscal 2007.
A motion was made by Chief Martin (2nd Mr. Overmeyer) to accept the April 30, 2007 Treasurer's
Report as submitted. Ayes: 4 Nays: 0
Letters were issued to the employees indicating their YTD and total contributions as well as total fund
balance as of April 30, 2007.
Bills for Payment:
William Powell: $ 330.00_for bookkeeping services and minutes.
Cary Collins: $ 1200.00 for legal services
Total Bills: $ 1500.00
A motion was made by Chief Martin (2nd Mr. Debord) to approve bills for payment.
Ayes: 4 Nays 0
Mr. Powell reported that no payments were presently due to TWS Actuarial Services or to the City for
Fiscal 2006 IDOI filing support services.
Portfolio Review and Investment Action:
The account balance as of 5/8/07 at YNB is $101,292.63. This is larger than normal due to a transfer of
$46,172.00 from Chicago Heights on behalf of Officer Jeleniewski.
A motion was made by Mr. Debord (2nd Chief Martin) to transfer $75,000.00 to Charles Schwab.
Ayes: 4 Nays: 0
Unfinished Business:
Transfer of IDOI funds for Officer Jeleniewski: The transfer of$46,172.00 from Chicago Heights on
behalf of Officer Jeleniewski must be divided between employer vs. employee contributions (taxed and
untaxed funds). Attorney Cary Collins will send a letter to Chicago Heights requesting this information
and send it to Chief Martin.
New Business:
Zabinski Consulting Services Inc. presented a proposal to complete the IDOI internet filing for Fiscal
year 2006 for the amount of$1200.00. See two letters dated April 2, 2007 defining the proposal.
• motion was made by Chief Martin (2nd Mr. Overmeyer) to approve the proposal. Ayes: 4 Nays 0
• motion was also made by Mr. Debord(2nd Chief Martin) to have Ms Zabinski forward the completed
IDOI results to Tim Sharp for the 2007 actuarial study. Ayes: 4 Nays: 0
New Retirees: Ron Diederich and Greg Sibenaller will be retiring in May of 2007. Greg's last workday is
May 16th and Ron's is May 25th. They submitted applications for retirement.
A motion was made by Mr. Debord (2nd Officer Pleckham) to accept the applications. Ayes: 4 Nays: 0
Retirees can buy into City health insurance as a pre-tax payment up to $3000.00. This policy is called
"HELPS" and is available to public safety employees.
A motion was made by Chief Martin (2n Mr. Overmeyer) to accept this policy. Ayes: 4 Nays: 0
Pension calculations and pension check processing will be coordinated through the City's payroll system.
Denise Kasper will work with Ron and Greg to get the accomplished. It is estimated that this will
approximate $10,000.00 per month payout from the pension fund for Fiscal 2007. Bill Powell will get
together with Ron to input his pension information into the IDOI pension calculation program.
There was a discussion on making Board minutes available to all officers.
A motion was made by Mr. Overmeyer(2nd Mr. Debord) to place the approved minutes on the City web
page beginning with the May 8, 2007 minutes. Mr. Powell will email the approved minutes to Molly
Batterson for transfer.
Ayes: 4 Nays: 0
Mr. Debord accepted Mayor-elect Burd's request to renew his appointment to the board for another two
years starting May 8, 2007.
A motion was made by Officer Pleckham (2nd Mr. Debord) to accept Officers Matt Ketchmark and Andrew
Houghton into the police pension as of 3/26/07. Ayes: 4 Nays: 0
Next Meeting: A special meeting is scheduled for June 12, 2007 at 5:OOPM in the police conference room.
Adjournment: At 6:30 PM, a motion was made by Mr. Debord(2nd Mr. Overmeyer) to adjourn.
Ayes: 4 Nays: 0
Prepared by:W.Powell
file:Police\agenda\minutes may 8 2007.doc