Police Pension Packet 2010 02-09-10 Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560
(630) 553-4340
5:OOPM on February 9, 2010
Police Department Conference Room
AGENDA
Meeting Call to Order:
Roll Call:
Guests:
Harold Martin Board Resignation
Interim appointment of Chief Rich Hart to the position of Assistant Secretary from January 31 to May 2010.
Previous Meeting Minutes: November 10, 2009
Communications:
No funds were transferred from checking to the Schwab account since 11/10/2009.
Monthly Treasurer's Report: as of Jan 31 , 2009
Bills for Payment:
MVT management fees:
From Schwab #3137-9036 (Jan) $ 3,952.00
Cary Collins: Attorney (Oct -Dec 09) $ 650.00
Kelly Zabinski 2009 IDOI filing: Final Payment $ 650.00
William Powell $ 175 .00
Total Bills for Payment: $ 5,427.00
Investments:
Money transfers from YNB to Charles Schwab & Co
Pay to: Charles Schwab & Co.
Mail to: Institutional Client Service Group
P. O. Box 628290
Orlando, F132862-9906
Progress Reports from Mitchell, Vaught, and Taylor
Unfinished Business:
Improving the IDOI Filing Process:
Discussion with Kelly Zabinski
Electronic Transfer of Funds:
Actuarial Report as of may 31 , 2009.
SB 1974: Annual Training Documentation for Pension Board Trustees
New Trustee Documents
House Bill 4603: Creditable Service: Buyback Letters for file. Officer Pleckham to follow up.
Discussion of the Investment Policy and the Rules and Regulations
New Business:
Election of Trustees
RFP for Investment Manager
Increase in Old Second Minimum Balance
Police Pension Fund Board
February 9, 2010
Page 2
Additional Business:
Illinois Public Pension Advisory Committee Request
IPPFA Annual Spring Conference May 13°i & 14`x'.
Record Retention
FOIA Compliance
Next meeting: May 11 , 2010
Motion to Adjourn:
Year 2010 Meeting Dates: Feb 10, May 11 , Aug 10, Nov 9
Yorkville Police Pension Fund Board
804 Game Farm Road
Yorkville, I160560 �
(630) 553-4340 III( 1 1 I`I
S:OOPM on Nov 10, 2009
Police Department Conference Room
Minutes
Attachments:
Meeting Minutes for Aug 25, 2009
Monthly Treasurer's Report as of Oct 31, 2009
Bills for Payment
Wolf Audit Report
--------------------------------------------------------------------------------------------------------------------------------
Meeting Call to Order: The meeting was called to order at 5:04 PM.
Roll Call: Present: Chief Martin,Todd Overmyer, Glen Sibenaller,Fred Dusell,William Powell,
Attorney Cary Collins
Guests: Larry Debord(MVT),Dwight Owen(MVT),Butch Dusell
Previous Meeting Minutes: Aug 25, 2009
Corrections/Approval There were no corrections or additions to the Aug 25`s minutes.
Motion to Approve: Chief Martin(2nd Mr. Overmyer)made a motion to approve the minutes as submitted.
Ayes—4 Nays-0
Communications:
On Aug 27d'$60,000.00 was transferred from checking to the Schwab account.
On Sept 30th$125,000.00 was transferred from checking to the Schwab account.
Chief Martin reported that$150,000.00 was transferred from checking to the Schwab account on Oct 30`s.
Monthly Treasurer's Report: as of Oct 31, 2009
Motion to Approve: Chief Martin(2nd Mr. Overmyer)made a motion to approve the Treasurer's report as submitted.
Ayes—4 Nays -0
Bills for Payment:
MVT management fees:
From Schwab#3137-9036(Oct-Dec 09) $3603.00
Cary Collins: Attorney(Oct-Dec 09) $650.00
Kelly Zabinski 2009 IDOI filing: Final Payment $123.69
William Powell $575.00
Total Bills for Payment: $4951.69
Motion to Approve: Mr. Sibenaller(2"d Mr. Dusell)made a motion to approve the bill list as submitted.
Ayes—4 Nays -0
Additions to the Bill List:
A statement was submitted from Wolf&Co. for charges of$880.00 for the IDOI filing and 3150.00 for the
audit.
It was noted that the MVT management fees of$3,292.00 for the period from July V to Sept 30'"had not
been recorded in last meetings minutes. These fees are automatically deduced from the Schwab account as
indicated above.
Motion to Approve: Chief Martin (2nd Mr. Sibnealler)made a motion to approve the additions to the bill list.
Ayes—4 Nays -0
Investments:
Money transfers from YNB to Charles Schwab & Co
Pay to: Charles Schwab & Co.
Mail to: Institutional Client Service Group
P. 0. Box 628290
Orlando, Fl 32862-9906
Progress Report from Mitchell, Vaught, and Taylor:
Mr. Owen and Mr. Debord presented the 3`d Quarter of 2009 report ending Sept 30, 2009. Due to timing of
investments, the report does not include $ 125,000.00 deposited on Oct 5"` and $150,000 deposited on Nov 4d`.
Excluding these deposits, the fund had a balance of $3, 103,268 with a net investment gain of $367,914 since March
31, 2006. Management fees for the period from July V to Sept 3e are shown to be $3292.00.
Unfinished Business:
IDOI Filing progress: IDOI filing was completed on Oct 27, 2009. It has been forwarded to Tim Sharp.
The cost to complete the filing was: Mr. Powell: $300.00, Zabinski Consulting: 1300.00, Wolf & Co.
$880.00 for a total of $2480.00. It was suggested that Kelly Zabinski attend the next board
meeting to recommend improvements in the filing process.
SB 1974: Annual Training for Pension Board Trustees
Attorney Collins discussed the statue of Trustee training requirements. There is a Dee 0 seminar in
Hoffman Estates and one in Peoria in May. He will email the registration forms to the board
members.
House Bill 4603 : Creditable Service: Buyback Letters for file. Officer Pleckham will follow up.
This item will be carried over to the next meeting.
Illinois Public Pension Fund Association membership (JPPFA)
The board has decided not to participate in this association.
Discussion of the Investment Policy and the Rules and Regulations
Attorney Collins handed out a draft of an updated Investment Policy. The draft was discussed and
comments and changes should be emailed to Attorney Collins. He will revise it as needed and
resubmit to the board.
Chief Martin (2"d Mr. Dusell) made a motion to table a decision on the policy to the next meeting.
Ayes — 4 Nays - 0
New Business: A copy of the audit from Wolf & Co. was handed out to the board and Dwight Owen.
Additional Business: Mr. Owen will provide a copy of the Investment Management Agreement between the
Pension board and WT.
Motion to Adjourn: Chief Martin (2nd Mr. Overmyer) made a motion to adjourn at 6:25 PM.
Ayes — 4 Nays - 0
2010 Meeting Dates: Feb 9, May 11 , Aug 10, and Nov 9 file: Polieexagenda\minutes Nov 10 2009.doc
i
O
��D CJpJ, United City of Yorkville
0 800 Game Frame Road
Yorkville, Illinois 60560
Esr. 1836 phone 630-553-1887
Is hi� Fax: 630-553-7575
CE
Treasurer' s Report
(As of Jan 31 2010)
Dollars Percent
Cash: YNB (1) 839829. 10
Schwab (Includes 12,172.55 cash accrued) 315.094.81
Total Cash: $398,923.91 11 .5%
Schwab: (3)
Fixed Securities: 15609,529.96 46.3%
Equities: (2) 1 ,468,998.66 42.2%
Total Assets: 3,3845935.01 100.00%
t
2009 Tax Levy Estimate: $325,000.00
Tax Levy monies received:
Estimated monthly deposits: $155000.00
Estimated monthly retiree payments: $172500.00
William Powell
Treasurer
United City of Yorkville
(1) The board has established a $40,000.00 minimum balance
(2) The maximum equity percent is 45 % by statue
(3) Schwab accounts rounded to the nearest dollar.
File: T Report 013110.doc
� WB
n�ISTrr>3Tian�u .u. a l: ��itclwra�Qservlces. �n; �y. rf t,+ au; Via,tom.�l
Investment betaiE continued
escrf don Symbol Quantity. Price Maftt Value
Investments(continued)
FED NATL MTG 2.875%13 L 50,000 $103.0856 $51,542.80
NOTES DUE 12/11/13
CURRENT YIELD 2.78894%/%
FED NATL MTG 4.125%14 L 115,000 107.4395 123,555.43
NOTES DUE 04115114 so
CURRENT YIELD 3.83937°/%
FED NATL MTG 5.375%/017 L 80,000 112.4543 89,963.44
NOTES DUE 06/12/17
CURRENT YIELD 4.77971%
FNMA PL 256103 5.5%26 L 65,000 106.7688 35,967.73
DUE 02/01/26
FACTOR=.518269150 AMORT AMT=$33,687.49
CURRENT YIELD 5.15131%/%
FNMA PL 772646 5.5%34 L 159,848 106.3625 79,175.14
DUE 03/01/34
FACTOR=.465685930 AMORT AMT=$74,438.96
CURRENT YIELD 5.17099%
FNMA PL 872305 6%36 L 70,000 107.2000 39,802.38 Room
DUE 05/01/36
FACTOR=.530415510 AMORT AMT437,129.09
CURRENT YIELD 5.69701%
GNMA PL 781814 5%/%34 L 146,860 104.8313 60,883.98
DUE 10/15/34
FACTOR=.395465420 AMORT AMT=$58,078.05
CURRENT YIELD 4.76956%
Total Account Value $1,84$,179.48
Transaction Detail
K
Settle Trade
Date Date Transaction Description Quantity Price Total o
Cash&Money Market Fund(s)Activity W
01104 01104 Advisor Fee MGMTFEE TO ADVISOR $(3,952.00)
01/13 01113 Bond Interest FED NAIL MTG 3XXX 1,050.00
*"CALLED**DUE 01/13/14
01115 01115 Bond Interest GNMA PL 781814 5%/%34 249.19 �*
DUE 10/15/34
01115 01115 Band Interest UST INFL IDX 4.25%/o01XXX 1,502,19
**MATURED**DUE 01/15110
01119 01117 Bond Interest FED FARM CR 8K 4.875%17 2,315.63
NOTES DUE 01117117
01/25 01125 Bond Interest FNMA PL 256103 5.5%f%26 157.48
DUE 02/01126
01/25 01125 Bond Interest FNMA PL 772646 5.5%34 343.73
DUE 03/01/34
Please see Footnotes for Your Account"section for an explanation of the footnote codes and symbols on this statement.
Schwab Institutional is a division of Charles Schwab&Ca.,Inc.,("Schwab"),and provides back office and other services to investment advisor;and
retirement plan providers. This statement is furnished solely for your account at Schwab, *Except as noted in this statements Terms and Conditions,
investment advisors or retirement plan providers whose names appear in this statement are not affiliated with Schwab, Please see Terms and Conditions.
CCIA2111-013009 833720
02007 Charles Schwab&Co.,Inc.All rights reserved. Member SIPC. DTS 03045 (0603-0795) STP1049BRI-03 (03/07)
Law Offices of Cary J. Collins, AC. Invoice
2200 West Higgins Road Suite 155
Hoffinan Estates, IL 60169 Date Invoice
Telephone 847-519-0010 Fax 847-519-0016 12/16/2009 5110
Bill To
Yorkville Police Pension Board
Atten: Chief Harold Martin
804 Game Farm Road
Yorkville IL 60560
Terms
Due on receipt
Description Amount
Quarterly retainer for the months of. 650.00
JANUARY, FEBRUARY AND MARCH, 2010
Total $650.00
Please make checks payable to the LAW OFFICES OF CARY J. COLLINS payments/Credits
$0.00
Balance Due $650.00
i
r--
dt&t Hi,Bill Off line gr&t8tr! w Search -Web5earch
Check Mail :. New
What's New inbox 49 emails Re:Yorkville IDOI Invol
Search Mad... Go Delete Reply
Forward Spam Move Print Actions
Inbox (4) Re: Yorkville IDOI Invoice
Drafts From: 'zcsinca@sbcglobal.net'<zcsinc @sbcglobal.net>C�) Add to Contacts
Sent To: WM E POWELL
Spam (14) Empty
Trash (29) Fw,)ty Yes,the board still owes me the 650.
Contacts .add
I will put Feb 9 on my calendar. What tirne does the meeting start?
Folders Add Sent from my Verizon Wireless B1ackBerry
City (6)
Family From:WM E POWELL
Fire Fox Date: Sun, 15 Nov 2009 11:16:28-0800(PST)
To: ZCS 1nc.<zcsinc @sbcglobai.net>
Applications ----------- -------
Subject: Re: Yorkville IDOI Invoice
Attach large Files
Automatic organizer I thought the amount on the last bill should have been higher...
Calendar
Edit Photos Without me checking you are saying that in addtion to the$120+check we just sent we
Evite
Flickr Sound right to me without checkinLy...
My Photos --- TODAY:WED,213-WED,3139
1 of 1 2/3/2010 10:05 AM
LU iL.Li PcwE t�
Police Pension:Accounting`Sendces_Lo
Date ActlVity Hours
e °ta av'r ,aelvzv 04e:44�4r a r Ld � .
O NPJf" 0954 MA+. a�rna G
�nz Qa sr L s iS Q-, A
ar 3 , Lf A t 5x1
¢ Lt IF O g - o 900iLcr
i MAei Ftti G b 4VA ,40 Ce - U -b °C 05
o ET'S @
Eli sl oj F&gpAn g tl r apr
S1140i lLC Aa . Alto o,a 7Y a ,t, 6 s, D
Ta Nn = 0 o f b UrLS Dcs
0 Met rii �ttb cw, o Lid •�a
G S 40-r LL C`It7 Qr LC 9 D
0 T F i11A v e To tic 1 &taeTw A,4 A�.AF' %
o �o�. S S • � Ls sLS , O
°o i Q(1T L..OLAPT"% zr tL- a�
ne-u �.11
0 CIL f z oE.2 • S
c, 8 &w4 - SAM -40P CZi TNl fLT
o i Atiaor aL uv7aj &r6,.o 4_ - - O
-t- -f cvjSia . ,,J CJ ui.L,YA
a ma
69 M � w 'RE 6xv- 2.�s
/6fdjof A u • r o.J 1,tOA.4C
b a AM tv 1 d AA" 45CAT^ a 161 ey
0 Fldj N`{"1:; 'mac b 19 17 Q M t a
11131ti 000 10 Ad5eirW T u aA.T Ent C - `f A6104 fe , a cs0
,23 bd R >fn = 7S M 0 i LU D a23• v ' Y 71-4 2
i" i "a -y7t tjz biw& T M(iMr L ril • Role
u Nat; &i t•' TpJ r
f a etAOL
Agenda, Meeting Mintues
Employee contributions, YNB Bank, Merrill Lynch data entry
Quarterly member contributions letters
State of Illinois Internet filing for fiscal year end
file: Police Pension Time Log.xis
FACSIMILE #: ( 630 ) 553-1141
Number of pages (including this page): 4
Actuary
To: Mr. Bill Powell
Comments:
Re: Police Pension Fund
Bill:
Attached are the 5/1/09 preliminary actuarial results, the investment performance summary,
and the salary history for the Police Pension Fund. This year, the investment return was
much less than expected and salaries increased more than expected. One active member now
has more than 30 years of service. Thus, the Percent Funded has decreased and the Tax Levy
has increased.
Highlights
1 . Investment return -8.01
2. Annual payroll increase: 7.7%; average increase: 7.7%.
3. New members: 1 ; Terminations 1 ; Retirements 0; Incidents of Disability 0.
4. Tax Levy has increased from 429,562 to 481 ,207 (12.0%).
5. Percent Funded has decreased from 35.6% to 33.4%.
As Always,
T. Sharpe
Timothy W. Sharpe, Actuary, Geneva, IL (630) 262-0600
December 7, 2009
CITY OF YORKVILLE
Actuarial Valuation Results
POLICE 5/1/08 5/1109
Int: 7.5% Int: 7.5% Int 7.0% Int: 7.0%
Sal: 5.5% Sal: 5.5% Sal: 5.5% Sal: 5.0%
1 . City Normal Cost 216,136 230,297 2835742 2519305
2. Accrued Liability 713827023 85272,076 8,892,358 81700,630
3. Assets 2,6311594 2,7599119 2,759,119 2,759,119
4. Unfunded Liability/(Surplus) 4,750,429 5,512,957 67133,239 5,9411511
5. Amortization of UL 183,457 217,337 225,538 234,537
6. Interest for One Year 299969 335573 35,650 349009
7. Tax Levy Requirement 429,562 4 1 2(27 544_930 519.851
(1+5+6)
8. Payroll 1 ,789,042 1 ,926, 125 119269125 1 ,926,125
9. Percent Funded (3/2) 35.6% 33.4% 31.0% 313%
Tinwthy W. Sharpe, Actuary, Geneva, IL (630) 262-0600
December 7, 2009
CITY OF YORKVILLE
Police Pension Fund
Investment Performance 2003-2009
FYE 03 FYE 04 FYE 05 FYE 06 FYE 07 FYE 08 FYE 0
OY Assets 58932 lj2%779 1,583,047 2J56ffl2 2,631159
My Contribution 117,713 231, 124 248998 275J44 297532
fficer 357,026 202,458 206,099 176,036 203,07
ontribution
ension Payments 17907 1369211 1289235
Expenses 68CI 1 7,712 11,390 21,67 19,62
Income 2159 27,399 130J28 181942 (2257010
OY Assets 517,894 11583,04 29156,87 2163 1 ,594 2,759111
Annual Yield 0.900/C 2.04% 7.21 % 7.88% -8.01%
Year Yield 2.28%
2005-09)
Year Yield 2.00%
2003-09)
Timothy W. Sharpe, Actuary, Geneva, IL (630) 262-0600
G71Y OF YORKVILLE POLICE PENSION FUND SALARY HISTORY
Name - 2003 Sale ry ( r.ID ead; In 20075alary Inc ase 2 8 In r 9
Caked, Glenn "" 48,027 174% 56,3 58.421 4.8% ` 161, 99r8 6�4,. 7:
Gametes, Sarah 34,237! 35.8%-'. 46,506. 9.4% 50,899 9.2°/ 55,582 13.0% 62,797'
Delaney, Beer] W 40,6221 49.3% 60,653 4.1%S 63,124 16.5% 73,523 441% 76rM4i
Mott, Stacey 42,162 161%` 48,942 183% 57,921 3.9% _ 60,198 9.61/6 66,060`
Grcesch, Barry L 46,114 54,132 5.95/ 57,305 21.5% 69,600 -67%` 74,240
Hart, Richard 50,752 1950/1 60,649 1981: 72,650 15.70/4 84,050 39% 87,362-
He11arvJ, JOnalhonL ` ---40,622 200% 48,732` 161% 56,555 _-- 39% 58,787 64% 62566.'
Hitt, Larry J 51,750 19.9% - 62,052 0.6% 62,452 - 16.8% --- 74933 -4.3% 76060
Johnson, Jeffery A 34,237 43.0% 48,942 9.2K. 53,444 10.8% 59,198 7.3% 63,547
Klingel, Tory 41,392' 46.5%_ 60,653 400/6 I 63,076 13.1% 71,347 43% 74,411
Martin till Harold"0- - " 72,010 26.80/6 91,295 4.3%: 95,248 10.9% _--- 114,200 -4.9% 119,810'
Pleckham Jr, Daniel C 41,39211 18.3%' 48.962 16.05/: 56,805 6.0% 60,198 6.0% 63,797'..
Schwartzkcpt, Donald P 62,109E 18.1%': 73,330 4.40%, 10.20/1 84,370 39% 87,695!.
Shoup, Samuel J_-- 39,395 24.294, 48,941 17.8%' 57,671 218% 70,250 4.W 73,030'.
Bledsoe, Jacob _-- - ` 46,49- 42,036 - 14.2% -" 46,021 -152%. 55,317!.
Bozue, Stew 44,399 8.8%! 48,368 9.40/6 52,935 9.7% 58,063'
Had Robbie) 46,506 9.46% 50,899.... 9.2% --_-. 55,582 _.--13.06/o` 62W9
Jelemewskl, Andy C -- -_- - 45,594` 11.6%' - - _50,899 _ 0.2% -- 55,%2 1$.0% 62799.
McMahon, Patrick T 44,399 8.W% 48,366 9.4% 52,935 9.7% 58,083
Mikolasek, Raymond P 44,393 8.95/1 48,366 9.4% 5$935 9.7% 58083!
Presnak, James 11 -.-_ ..-... 46,506 33.3%' 62,000..-. 15.60/ 9999... 71,655 "".'4.0% 74.5215.
Goldsmith, Ryan - i 41,212_-- 14.2% '"""' 47,080 "' -'9.5% 51,534.
Ketchmall Matthew 42,036 14.2% 48,021 45% 50,183
7i !
Kolowakl, molfiY... --.. _-. -- 42,tl38."-.. 14.2% --.-.. 48,021 -"-.9.5% 52,564`
Carlyle,- Mitchell ...-. ......... ......... .9999 ....... -.._.. 43,718 ..... 14.8%1 50.7877
Grimes, Tom 43,718 148% 50,1831
Hurler, John 43,718 14.8% 50,1831
PAzenmsee, Befir-_ 9999. ......... 999-9 99 9 9 9.999 44,169 "" "00%` 44,7901
Poulos, Jordan 42,661 14.80/* 49,1991
HAYES, CHRISTOPHER 44,7901
Aierage mcreaze 25.6%' .-. 9.9%1 9999 12.5% -9999 -__..71%