Police Pension Fund Board Minutes 2007 11-13-07 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560
(630)553-4340
Meeting Minutes for Nov 13, 2007
Approved: Feb 26, 2007
Attachments:
Minutes: Aug 14, 2007
Treasurer's Report dated Oct 31, 2007
Revised Annual Police Pension Fund Activity Report for Fiscal Year May 1, 2006 to April 30, 2007
Reflecting Oct 16, 2007 audit results.
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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.
Also present were Treasurer Powell, Glen Calvert, Shirley Kubicz, Attorney Collins,
William Yocius Jr. (MVT)
Absent: Todd Overmeyer, Greg Sibenaller
Previous Meeting Minutes:
A motion was made by Mr. Debord (2"d Chief Martin) to approve the Aug 14, 2007 minutes.
Ayes: 3 Nays: 0
Communications:
A motion was made by Chief Martin (2"d Officer Pleckham)to approve payment to Shirley Kubicz in
the amount of$ 3690.68 as reimbursement of her contributions to the pension fund,
Ayes: 3 Nays: 0
Treasurer's Report:
The Treasurer's report dated Oct 31, 2007 was submitted indicating the following funds:
YNB Cash: 112,748.44
Schwab Cash: 35,531.81
Fixed Securities: 1,918,828.86
Equities: 232,779.56
Total Balance: 2,299,888.67
A check for 152,551.62 is expected from the City for R E.tax levy proceeds tonight.
A motion was made by Mr. Debord(2"d Officer Pleckham) to accept the Aug 14, 2007 Treasurer's
Report as submitted, Ayes: 3 Nays: 0
A motion was made by Mr. Debord(2nd Officer Pleckhanr) to transfer $230,000.00 to the Schwab
account 3137-9036 upon receiving the R. E. tax levy check from the City. Ayes: 3 Nays: 0
Letters were issued to the employees indicating their YTD and total contributions as well as total fund
balance as of Oct 31,2007.
Bills for Payment:
MVT management fees: $2686.00 (from Schwab account#3137-9036)
Cary Collins: $ 600.00 for Oct,Nov, Dec legal services
William Powell: $ 475.00 for bookkeeping services and minutes through 11/13/07.
Total Bills: $ 3,761.00
A motion was made by Chief Martin(2°d Officer Pleckham) to approve bills for payment.
Ayes: 3 Nays 0
Portfolio Review and Investment Action:
William Yocius handed out a Quarterly Report date Oct 13,2007 and reviewed the results as listed
below.
Portfolio Allocation as of 9/30/07: Fixed Income: 89.7%Equities: 10.3%
Third quarter Investment gain: $61,164.00 or 5.07%. The state of the financial market was
discussed. It was mentioned that the pension find will exceed$2,500,000.00 at which time the percent
of funds that may be invested in equities will increase to 45%. Mr. Powell will watch this and issue a
letter when that figure is exceeded.
A motion was made by Mr. Debord(2nd Officer Pleckham) to authorize MVT to increase the equities
accordingly when the figure is reached.
Ayes: 3 Nays 0
Unfinished Business:
Glen Calvert's Adjusted Service Date: There was a discussion of how to calculate Officer Calvert's
adjusted service date. Attorney Collins will prepare a letter defining Officer Calvert's adjusted service
date.
Mr. Powell stated that the IDOI filing for fiscal 2006- 2007 is completed.
New Business:
Officer Pleckham mentioned that he intends to review the personnel record for completeness after the
first of the year.
A motion was made by Officer Pleckham(2nd Mr. Debord)to accept the application for admission to the
Yorkville Police Pension fund for Scott Fiandale and Tom Grimes starting 9/14/07. Ayes: 3 Nays 0
Meeting dates for 2008 were established as 2/12/08, 5/13/08, 8/12/08, 11/18/08.
Next Meeting: The next meeting is scheduled for Feb 12, 2008 at 5:OOPM in the police conference room.
Adjournment: The meeting was adjourned at 6:40 PM
Prepared by:W.Powell file:Police\agenda\minutes Nov 13 2007.doe