Police Pension Fund Board Minutes 2006 12-12-06 Yorkville Police Pension Fund Board
804 Game Farm Road APPROVED
Yorkville, I160560
(630)553-4340
Meeting Minutes for Dee 12, 2006
Attachments:
IDOI Valuation Balance Sheet dated 12/01/2006
TWS Actuary Study dated 12/08/2006
Treasurer Powell's Police Pension Contributions Trend Study dated 11/07/2006
Treasurer's Report dated Nov 31, 2006
Call to Order: President Debord called the meeting to order at 5:16 PM,
Members Present: President Debord, Officer Pleckham, and Chief Martin, Mr, Overmeyer was absent.
Also present were Treasurer Powell and Attorney Collins
Previous Meeting Minutes:
A motion was made by Mr. Debord (2"d Chief Martin) to approve the Aug 8, 2006 minutes.
Ayes: 3 Nays: 0
Minutes from Nov 14, 2005 will be held over until the next meeting.
Communications: Copies were handed out of the IDOI Valuation Balance Sheet dated 12/01/2006, TWS
Actuary study dated 12/08/2006, and Treasurer Powell's Police Pension Contributions Trend Study
dated 11/07/2006.
Treasurer Powell's Trend Report showed an approximate increase of 20 to $25,000 dollars per year with
a levy for 2006, to be collected in 2007, of$275,000,00. this amount has been budgeted by the city.
IDOI's study suggested a levy of$318,025.00 while TWS's study suggested between$322,514 to
$385,479.00. TWS's study cited seven more active members plus a somewhat greater than expected
increase in salaries since the last study in 2003, It also pointed out that the percent funded had increased
from 15.2%to 31.5% since the 2003 study.
Copies of this information will be submitted to Mayor Prochaska, John Crois, and Susan Mika for their
information for future tax levies.
Attorney Collins commented that the pension fund should be fully funded by the year 2041,
A motion was made by Chief Martin(2"d Officer Pleckham) to approve a 3-year contract starting in
2007 for TWS Actuary to update their study. Ayes: 3 Nays: 0
Treasurer Powell will follow up with TWS,
It was noted that Officer Andrew Jeleniewski would be transferring $14,922.00 plus interest into the
pension fund from the City of Chicago Heights pension fund.
A discussion was held on how to handle actual pension payouts. A program is available on the IDOI
web site which calculates individual monthly payments, Treasurer Powell will follow up to get this
program loaded on the police department PC's and work with Ron Diederich to evaluate its ease of use,
Also, Treasurer Powell will contact Susan Mika and Denise Kasper to determine the best way to set up
monthly retiree payments,
Treasurer's Report:
Letters were issued to the employees indicating their YTD and total contributions as well as total fund
balance as of Oct 31, 2006.
The Treasurer's Report as of Nov 31, 2006 indicated the following funds that include $90,025.58 of
YTD employee contributions.
Cash: 327,185.60
Fixed Securities: 1,497,502,86
Equities: 171,16798
Total Balance: $1,995,856,44
A motion was made by President Debord (2"d Chief Martin) to accept the Treasurer's Report as
submitted, Ayes: 3 Nays: 0
Bills for Payment:
Attorney Collins $600.00
William Powell: $420.00
Total Bills: $1020,00
A motion was made by Chief Martin (2"d Officer Pleckham) to approve bills for payment.
Ayes: 3 Nays 0
Outstanding unpaid expenses are TWS Actuarial study $1300.00
IDOI filing support services $ to be determined
Quarterly Portfolio Review:
The cash balance in Old Second bank is $304,000,71 as of Nov. 3151,
A motion was made by President Debord (2"d Chief Martin) to transfer $275,000.00 from Old Second to
the Charles Schwab & Co account. Ayes: 3 Nays: 0
A discussion was held as to the best way to transfer money between accounts, This had been looked at
before: and therefore, it was decided to write a check from the Old Second account a mail it, Treasurer
Powell will find out to whom the check should be addressed and where it should be mailed,
Attorney Collins and President Debord will follow up with MTV to request quarterly progress
summaries.
Unfinished Business:
Status of IDOI Fiscal year 2005 filing: The Fiscal year 2005 —2006 IDOI filing has been completed.
Status of Actuarial Study by Tim Sharp: A study was received from TWS Actuary indicating pension
levy projections for fiscal 2006.
Pension application for Kolowski, Goldsmith, and Bledsoe: All three officers have been accepted into
the pension plan,
New Business:
Minute Taker: A discussion on the need of a minute taker was held. It was mentioned that Treasurer
Powell could be used as a minute taker since no payment of time at the meeting would be required.
A motion was made by Officer Pleckham(2"d Chief Martin) to utilize Treasurer Powell as the minute
taker. Ayes: 3 Nays: 0
2007 Meeting Dates: A motion was made by Chief Martin(2"d President Debord) to establish the
following dates for 2007 to be held at 5:00 PM,
Feb 1.3°i, May 8"', Aug 10, and Nov 13"'.
Ayes: 3 Nays" 0
Preapproval of Transfer of Funds from Old Second Bank to Mitchell, Vaught and Taylor:
This was discussed however no preapproval was established at this time due to the impending payouts
for future retirees.
Additional Business: There was no additional business.
Next Meeting: The next meeting is scheduled for Feb 13, 2007 at S:OOPM in the police conference room,
Adjournment: The meeting was adjourned at 6:36 PM..
file:Police�agendaUninutes nov 14 2006..doc