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Police Pension Minutes 2012 02-14-12 Yorkville Police Pension Fund Board 804 Game Farm Road Yorkville, IL 60560 (630) 553-4340 5:00PM on February 14, 2012 Police Department Conference Room Minutes Attachments: Meeting Minutes for November 08, 2011: President / Secretary to sign Monthly Treasurer’s Report as of January 31, 2012 Bills for Payment City Contributions to Pension Fund Retiree 1099-R Explanation Letter ---------------------------------------------------------------------------------------------------------------------------------- Meeting Call to Order: President Overmyer at 5:19 pm Roll Call: Present: Mr. Mikolasek, Mr. DuSell, Mr. Powell, Mr. Overmyer Guests: Bill Yocius and Dwight Ower of Mitchell Vaught and Taylor, Larry DeBord, Atty Cary Collins, Vince Geisler Previous Meeting Minutes: November 08, 2011 Corrections/Approval: None nd Motion to Approve: Mr. DuSell 2 Mr. Mikolasek Aye 3 Nay 0. Communications: Letter from Law Offices of Collins and Radja introducing new lawyer Vince Geisler, discussion on sending draft minutes during week following meetings. Monthly Treasurer’s Report: as of January 31, 2012 Treasurer Powell also informed the board that the city will not meet its funding obligation in 2012, but has vowed to increase funding as soon as possible in future. The City is aware of the funding requirement changes required starting in 2014. nd Motion to Approve: Mr. DuSell 2 Mr. Mikolasek 3 Aye 0 Nay. Transfer of Funds: Treasurer Powell asked to transfer $100,000 to Old Second Bank account to cover payments to Zackery Rundlett and Dave Delaney, as well as maintain $60,000 minimum balance. $50,000.00 will be transferred at this time and an additional $50,000.00 to be transferred upon request from Mr Delaney for refund of his contributions. nd Motion to Approve: Mr. DuSell 2 Mr. Mikolasek 3 Aye 0 Nay. Bills for Payment: Cary Collins: Attorney $ 750.00 MVT Management Fee: (Jan – Mar 2012) $ 4771.00 From Schwab Acct: 3137-9036 Zabinski Consulting Services $ 1200.00 William Powell $ 187.50 IL Public Pension Advisory Committee (IPPAC) $ 75.00 (Training for Ray, Fred, and Todd) IPPAC Online Ethics Training (Fred DuSell) $ 129.00 Zachary Rundlett Refund: $ 1198.45 Total Bills for Payment: $ 8310.95 Added $129 reimbursement to Fred DuSell for online ethics training. nd Motion to Approve: Mr. DuSell 2 Mr. Mikolasek 3 Aye 0 Nay. 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. Ower reported on last quarter investments: Value of fund last quarter - $3,908,826 Current value - $4,271,814 Annualized net return was 4.87% for a gain of $848,516 Strategy for 2012 will be to enhance domestic equities especially in Columbia Dividend. Unfinished Business: City Contributions to Pension Fund: Discussed during Treasurer’s report Retiree 1099-R Explanation Letter: Treasurer Powell sent out letter on tax reporting to Pension Board Retirees. New Business: None Personnel Changes and Additions: New Hires: Sara Gerlach: Date of Hire: 12-27-2011 Roman Soebbing Date of Hire: 11-03-11 Sara Gerlach and Roman Soebbing are in Tier 2 Pension Fund Resignation: Zachary Rundlett: Date of Resignation: 12-14-2011 Contributions: $1198.45 – can only receive cash refund Resignation: David Delaney: Date of Resignation: 11-21-2011 Contributions: $ 64,998.53 – eligible to receive funds in same manner as any employee who resigns. Motion to approve pension benefit calculation at age 60 for Dave Delaney should he request it: nd Mr. Mikolasek 2 Mr. DuSell 3 Aye 0 Nay. Funds Refunded: Lizmarie Davila: $1,425.02 – Paid 10/17/2011 Patricia Cernekee: $ $8,165.92 – Pending notice from Patricia Cernekee on how to disperse funds. Additional Business: None Next meeting: May 07, 2012 – All parties agreed to change meeting from Tuesday May 08 to Monday May 07. Board will still meet at 5:00 pm. nd Motion to Adjourn: Mr. DuSell 2 Mr. Mikolasek 3 Aye 0 Nay. Adjourned 6:22 pm. _____________________________ _____________________________ President Secretary