City Council Packet 2010 05-11-10REQUIRED REPORTING TO MUNICIPALITY BY PENSION BOARD
As of 4/30/2010 fiscal year end
(40 ILCS 5/3143) (from Ch. 108 1/2, par. 3143)
Sec. 3143. Report by pension board.
The pension board shall report annually to the city council or
board of trustees of the municipality on the condition of the
pension fund at the end of its most recently completed fiscal
year. The report shall be made prior to the council or board
meeting held for the levying of taxes for the year for which the
report is made.
1. Total Assets (cost): $2,759,119
Total Assets (market value): $2,759,119
2. Estimated receipts during the next succeeding fiscal year fro m:
Participant Contribut ions deducted fro m payroll $203,070
All other sources $297,328
3. Estimated amount required during the next succeeding fiscal year to:
(a) pay all pensio ns and other obligations provided in this Article $250,716
(b) meet the annual requirements of the fund as provided in
Sections 3125 and 3127; Funding Requirement $481,207
4. Total Net Income received fro m invest ment of net assets: ($225,010)
Assumed Invest ment Return: 7.50%
Actual Invest ment Return: 8.01%
Total Net Income received fro m invest ment of net assets (fye 4/30/2007): $181,427
Assumed Invest ment Return (fye 4/30/2007): 7.50%
Actual Invest ment Return (fye 4/30/2007): 7.88%
5. Total number of Active Emplo yees that are financially contribut ing to the fund: 30
6. Disbursements to:
(i) Annuitants in receipt of a regular retirement pensio n
Total number of annuitants: 2
Total amount that was disbursed in benefits: 113,881
(ii) Recipients being paid a disabilit y pensio n
Total number of annuitants 0
Total amount that was disbursed in benefits 0
(iii) Survivors and children in receipt of benefits
Total number of annuitants: 0
Total amount that was disbursed in benefits: 0
7. Funded ratio of the fund 33.4%
8. Unfunded Liabilit y $5,512,957
9. Invest ment Policy o f the pensio n board under the statutory investment
restrictions imposed on the fund. See attachment.
Certification
I, Todd Overmyer, President of the Police Pensio n Board, United Cit y of
Yorkville, Kendall Count y, Illino is, do hereby certify that this document is a true
and correct copy of: “Required Reporting to Municipalit y By Pensio n Board” as
outlined in 40 ILCS 5/3143.
Wit ness my hand this 10th day of May 2010.
__________________________________
Todd Overmyer
President of United Cit y o f Yorkville Police Pensio n Board
MEMO
Date: November 12, 2008
To: Mayor Burd and the Yorkville Cit y Council
From: William Powell, Treasurer
cc: Police Pensio n Board
Susan Mika, Finance Director
Subject: Required Reporting to Municipalit y By Pensio n Board
I have completed the attached “Required Report” which includes Larry Debord’s
certification. Below are two remaining clauses of this statute that are directed to
the municipalit y. My comments are included for your consideration.
40 ILCS 5/3143 (a) Report by pension board
Before the pensio n board makes its report, the municipalit y shall have the assets
of the fund and their current market value verified by an independent certified
public accountant of its choice.
Wo lf & Co mpany provides the audit ing services to both the Cit y and Pensio n
Board; therefore, it is not necessary to seek addit ional verificat ion by another
independent certified public accountant.
40 ILCS 5/3143 (b)
Publication:
The municipalit y is authorized to publish the report submitted under 40 ILCS 5/3
143. This publicat ion may be made, without limitation, by publication in a local
newspaper of general circulation in the municipalit y or by publicat ion on the
municipalit y’s internet website. If the municipalit y publishes the report, then that
publicat ion must include all o f the information submitted by the pensio n board
under 40 ILCS 5/3143 (a)19.
The Cit y reserves the right to publish; however, this is an unnecessary cost and I
recommend no report publicat ion at this time.