Police Pension Fund Board Minutes 2007 08-14-07 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560
(630)553-4340
Meeting Minutes for Aug 14, 2007
Approved: Nov 13, 2007
Attachments.
Minutes: June 12, 2007
Treasurer's Report dated .July 31, 2007
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Call to Order: President Debord called the meeting to order at 5.05 PM
Members Present: President Debord, Officer Pleckham, and Chief Martin, Todd Overmeyer.
Also present were Treasurer Powell, Attorney Collins, John Mitchell (MVT)
Previous Meetine Minutes:
A motion was made by Chief Martin (2"d Todd Overmeyer) to approve the June 12, 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. 36,047.42
Schwab Cash: 117,585 41
Fixed Securities: 1,789,891.86
Equities 215.722 87
Total Balance. 2,159,247,56
A motion was made by Chief Martin (2"d Mr. Overmeyer)to accept the July 31, 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 July 31, 2007.
Bills for Pavment:
IDOI Annual Fee. $ 316 60
Zabinski Consulting: $100000
Tim Sharp. $1300.00
Cary Collins. $ 600.00 for July, Aug. Sept legal services
William Powell. $ 330.00 for bookkeeping services and minutes.
Total Bills. $ 3,654 10
A motion was made by Mr Overmeyer (2"d Mr. Debord)to approve bills for payment
Ayes. 4 Nays 0
Portfolio Review and Investment Action:
John Mitchell handed out a Quarterly Report date Aug 14, 2007 and reviewed the results as listed below
Portfolio Allocation as of 6/30/07: Fixed Income: 89.5% Equities: 10 5%
Second quarter Investment gain. $5,479 00, The state of the financial market was discussed.
With the expectation of$275,000.00 in Real Estate taxes before the next board meeting in Nov a motion
was made by Chief Martin (2°6 Mr. Debord)to transfer up to $200,000.00 from Old Second Bank to
Schwab Ayes: 4 Nays: 0
It was mentioned that the present payout of funds to the 2 retirees exceeds the monthly employee
contributions by approximately $2000.00, The $200,000,00 figure will leave sufficient funds available to
pay the monthly pension checks for several months.
Unfinished Business:
Andrew Jeleniewski's EvvIRF dollar transfer from Chicago Heights has been determined to be all taxable
Glen Calvert's Adjusted Service Date: there was a discussion of how to calculate Officer Calvert's
adjusted service date. It was decided to send Attorney Collins all the documents for his review and to
move further discussion to the Nov 13"' meeting.
IDOI Filing: Bill Powell stated that Zabinski Consulting had completed a preliminary report for filing
with IDOI. It was decided to wait to E-file the report until after the City audit is completed. Then Bill
Powell will E-file the report, if it does not submit Kelly Zabinski will assist as needed..
New Business.
The Police department held an election of officers and Chief Martin and Officer Pleckham were re-
elected as of Tune 12, 2007
Greg Sibenaller was also elected to the board as the retired member.
A letter was received from Jeff Ackland requesting a pension fund refund of his contributions Bill
Powell will provide the final dollar figure to Chief Martin so a check may be mailed..
Pension applications were received from Officers Bledsoe, Poulos, and Carlyle. A motion was made by
Chief Martin (2nd Officer Pleckham)to approve their applications. Ayes—4 Nays - 0
Next Meeting: The next meeting is scheduled for Nov 13, 2007 at 5:OOPM in the police conference room
Adjournment: The meeting was adjourned at 6:30 PM
Prepared by:W Powell file:Police\agendaVninutes Aug 14 2007 doe